Notification No. 1/2018- Central Tax

Notification No. 1/2018- Central Tax

New Delhi, the 1st January 2018

G.S.R. (E).- In exercise of the forces presented by sub-segment (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the suggestions of the Council, therefore makes the accompanying further corrections in the notice of the Government of India in the Ministry of Finance.

Central Tax Notification

In the said notification, in the opening paragraph, –

(a) in clause (i), for the words “one percent.”, the words “half percent.” shall be substituted;

(b) in clause (iii), for the words “half per cent. of the turnover”, the words “half per cent.of the turnover of taxable supplies of goods” shall be substituted.

July 31 deadline for filing income-tax returns

Without UID, Expatriates are unable to file tax returns

Many expatriates living in India and non-resident Indians living in any other country may just end up in tax trouble with no fault of theirs. They all are set to miss the July 31 deadline for filing income-tax returns due to snags in the e-filing system.

 

efiling Income tax - International Taxation- GST

 

Foreign citizens are not required to obtain Aadhaar card for tax filing purpose.

Several expats are unable to file tax returns because the e-filing system would not accept it without an Aadhaar card link.  This despite the government, through a recent notification, clarified that foreign citizens are not required to obtain Aadhaar card for tax filing purpose.

 

As per a leading tax expert,  the income tax e-filing system is not allowing expatriates to upload their returns without Aadhaar as they have been tagged as Indian citizens in the income tax database. This anomaly seems to have its origin at the time of allotment of PAN.

 

In several cases, expats who are not tagged in the jurisdiction of the international tax ward are also not able to upload their tax returns.There seems to be some bug in the IT application as it asks expatriates to submit their foreign bank account when that’s not required as per the law

 

NRIs, too, are unable to upload their tax returns when they mention their country of residence
Several representations on the issue have been made to the government in the last couple of weeks. The government is yet to take any action in this regard. An email sent to Central Board of Direct Taxes (CBDT) did not elicit any response.

 

Many expats and NRIs want the government to extend the deadline for filing the returns.
However, If the government decides to extend the deadline, that has to be done for all taxpayers.

 

The issue of Aadhaar card has come to revisit expats who had thought it was resolved. In April, many tax experts took a view that the Finance Act, 2017 had made it mandatory to enroll for Aadhaar to file tax returns in India or apply for a PAN or keep the existing PAN active effective July 1 if the person is eligible for Aadhaar.

 

Under the Aadhaar Act, anyone who is in India for more than 182 days in aggregate in the past 12 months becomes eligible to obtain Aadhaar. This meant that many expatriates were required to obtain an Aadhaar number, experts said. The possibility of having to give out personal details including biometric ones caused panic among the expat community.

Most important income tax changes applicable from April 1

Income Tax: Get Notified with the changes 

With the tax proposals in the Budget 2017 turning into  law, we are all set to file our income tax returns . Below are 10 most important income-tax changes affecting you; thereby lets plan to save more!

Income Tax Assistance in Bangalore

  •  With a deviation in tax rate from 10 per cent to 5 per cent for total income between Rs 2.5 lakh and Rs 5 lakh, there is tax saving of up to Rs 12,500 per year and Rs 14,806 (including surcharge and cess) for those with income above Rs 1 crore.
  • 2. Tax rebate is descreased to Rs 2,500 from Rs 5,000 per year for tax payers with income up to Rs 3.5 lakh (earlier Rs 5 lakh). Due to the combined effect of change in tax rate and rebate, an individual with taxable income of Rs 3.5 lakh will now pay tax of 2,575 instead of 5,150 earlier.
    Income tax Updates
  • Extra charge at 10 for each penny of expense collected on rich citizens, with pay between Rs 50 lakh and Rs 1 crore. The rate of surcharge for the super rich, with income above Rs 1 crore, will remain 15 per cent.
  • Having period for immovable property to be considered “long term” decreased to 2 years from 3. This will ensure immovable property held beyond 2 years is taxed at reduced rate of 20 per cent and eligible for various exemptions on reinvestment.Income tax Bangalore
  • Long haul capital increases expense will bring about a lower payout attributable to valuable corrections. The base year for indexation of cost (adjustment of inflation) has been shifted to April 1, 2001, from April 1, 1981. This means lower profits on sale.
  • Further, charge exception will be accessible on reinvestment of capital picks up in told redeemable bonds (notwithstanding interest in NHAI and REC bonds).
  • A simple one-page tax return form is to be introduced for individuals with taxable income up to Rs 5 lakh (excluding business income).

  • Delay in documenting expense form for 2017-18 will draw in punishment of Rs 5,000 if recorded by Dec 31, 2018 and Rs 10,000 if recorded later.Such charge will be restricted to Rs 1,000 for little nationals with wage up to Rs 5 lakh.

  • Deduction for first-time investors in listed equity shares or listed units of equity oriented fund under the Rajiv Gandhi Equity Savings Scheme is withdrawn from 2017-18. On the off chance that an individual has as of now guaranteed derivation under this plan before April 1, 2017, he/she should be permitted to profit a conclusion for the following two years.

  • Day and age for modification of government form sliced to one year (from 2 years) from the finish of the pertinent FY or before fruition of evaluation, whichever is prior.

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