R A R E And ASSOCIATES_Tuticorin

Intra State E-Way Bills: Staggered Rollout From April 1 interstate movement of goods will need generation of e-way bill State have divided into four groups for the purpose of E-Way bills implementation The mechanism will be rolled out in a staggered manner, with one new zone be added every week. will try and complete the rollout of intra-state E-Way bills by April end. Reverse Charge Mechanism: The reverse charge mechanism has been extended by three months Relief For Exporters: The tax relief for exporters has been  extended by 6 months. Exporters presently availing various promotion schemes can now continue to avail such exemptions on their imports up to october1, by which time an e-wallet scheme is expected to be in place to continue the benefits in future. Council directed GSTN to expeditiously forward the balance refund claims to the customs / Central / State GST authorities, as the case may be, for their immediate solution and disbursal. Return Fili...

Long Term Capital Gain: If an asset was held for more than one year, then sold for a gain, is a Long Term Capital Gain(LTCG) includes conversion of capital asset into stock in trade. Tax Rate: Taxed at the rate of 20%. Scheme: Income tax act allows deduction in respect of LTCGs if invested in Long Term Specified Assets Long Term Specified Assets: Any bond issued by National Highway Authority of  India Rural Electrification Corporation Limited Quantum of Deduction: Case 1: If the amount invested in specified asset >= Capital gain then entire capital gain is exempt Case 2: If the amount invested in specified asset < Capital gain then to the extent of amount invested Maximum to the extent of Rs 50 Lacs Conditions For Availing Exemption: The investment has to be made within a period of 6 months from the end of the month in which the transfer takes place. The specified asset should not be transfered within a period of 3 year...