Snehal khanna Blog

While talk of land bank monetisation has been around for over a decade, little has been done by way of a fully structured policy and its consequent implementation BUDGET NEWS  :           As India's Finance Minister is days far from offering finances 2018, there are two key issues that he should deal with to boost funding and growth inside the usa. they may be: Non-tax sales from land bank monetisation of public establishments, and complete tax-exempt status for profits from debt devices issued through actual property funding Trusts (REITs) and Infrastructure funding Trusts (InvITs) in India. The finances ought to pay attention to non-tax resources of revenues mainly that allows you to partially monetising the land banks of large public establishments consisting of the Indian Railways and the Airport Authority of India (AAI). Land bank monetisation solves two core problems for India -- lack of available land for inf...

LATEST NEWS  : The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said. Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail outward supplies of taxable goods and/or services, inward supplies for claiming input tax credit and monthly return. The review follows businesses complaining problems in matching invoices while filing July returns. "There will be a review of the norms to file GSTR-1, 2 and 3. Businesses have complained of trouble in invoice matching while filing GSTR-2. It would be reviewed whether matching of invoices would be pursued in the coming months," a senior government official told PTI. Under the Goods and Services Tax (GST) regime rolled out from July 1, the government has allowed businesses to file initial returns and pay taxes by filing up form GSTR-3B by th...

  India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved LATEST NEWS :  A fresh, vast leak of financial records, dubbed the Paradise Papers , has shined the light on how global corporate giants and hedge funds allegedly skirted taxes and the apparently hidden wealth of prominent Indians. This cache of 13.4 million documents follows over a year after the release of the Panama papers and includes names of Indians such as Amitabh Bachchan, MoS Civil Aviation Jayant Sinha, and Vijay Mallya, among others, reported Indian Express. The paper has not suggested any illegality associated with the leaked names. India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved, reported the Indian Express on Monday. Further, according to the report, 714 Indians find mention in the papers. The leaked data, obtained by German newspaper Süddeutsche Zeitung, as was the case...

Govt has asked states to complete Aadhaar enrollment of school children by August 31 LATEST NEWS :    Centre has asked Karnataka and 15 other states to complete Aadhaar enrollment of school children by August 31 and submit the data to ensure serving of the mid-day meal to them "in a seamless manner." According to Deccan Herald, this comes as the Human Resource Development (HRD) Ministry observed that many of these 16 States were lagging far behind in completion of the task, with Nagaland having enrolled just 15 percent of 1,59,449 students to Aadhaar. In Karnataka, only 70 percent of the total number of students have so far been enrolled to Aaadhar card . A total of 49,10,765 students enrolled in the Government schools in the State.  “The stipulated date for completing 100% Aadhaar enrollment is August 31, 2017. I earnestly suggest the Aadhaar enrollment campaign be given an added thrust by the Government of Karnataka in a time bound manner,” school ed...

Many traders are making profits by imposing GST on pre-GST price, the state Finance Minister said Latest news : The Kerala government on Thursday said stern action will be taken against those hiking prices of commodities following the launch of Goods and Services Tax (GST). Chief Minister Pinarayi Vijayan said the government viewed the present increase in prices of commodities very seriously. The government has already established a mechanism to file complaints on increase of prices of commodities, he said in a press release. He added that Kerala has already raised the issue before the Centre. Earlier, state Finance Minister T M Thomas Isaac urged the central government to take steps to check tendency in trade and business to make undue profits following the launch of the GST. Kerala wants the Centre to set up an anti-profiteering authority at the national level, he said. In a letter to his counterpart at the Centre, Arun Jaitley, Isaac claimed that though...

As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN. Latest news : The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of permanent account number (PAN). Finance Minister Arun Jaitley through an amendment to tax proposals in the Finance Bill for 2017-18 had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to check tax evasion through use of multiple PAN cards. The revenue department said "every person who has been allotted PAN as on July 1, 2017, and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the principal director general of income tax (systems) or D...