Government of India wants to introduce and implement GST in our Country w.e.f 01.04.2017.

So that
have already prepared draft GST Act and put in public domain for discussion by public and suggestions

[8:47 AM, 9/23/2016] +91 98480 99490: 2016 GST Act covered 3 acts ,Act- 1 : Integrated Goods and
Service Tax ( IGST), Act-2: Central Goods and Service Tax (CGST), and Act -3: State Goods and Service Tax
( SGST). IGST Act means Integrated Goods and Service Tax , this act covered transactions involved in
imported and exported of goods and services by the dealer or service receiver and service provider .
Simply says at present Sec .5 of the CST Act,1956. CGST Act means Central Goods and Service Tax, this
act covered transaction involved between two States ( interstate ) supply of goods and services between
dealers or service providers and service receivers. Simply says Sec . 3 of CST Acts, 1956. SGST means
State Goods and Service Tax, this act covered translations involved for supply of goods and services by
dealer , service provider and service receiver with in State only. Simply says APVATAct . B S Seethspathi
Rao tax consultant. Follow next session by tomorrow. Thank you.

[9:05 AM, 9/23/2016] +91 98480 99490: Government of India wants to introduce and implement GST in
our Country w.e.f 01.04.2017. So that have already prepared draft GST Act and put in public domain for
discussion by public and suggestions .

[8:38 AM, 9/23/2016] Acct. K D P Naidu, Eluru: 2016 GST Act covered 3 acts ,Act- 1 : Integrated Goods
and Service Tax ( IGST), Act-2: Central Goods and Service Tax (CGST), and Act -3: State Goods and Service
Tax ( SGST). IGST Act means Integrated Goods and Service Tax , this act covered transactions involved in
imported and exported of goods and services by the dealer or service receiver and service provider .
Simply says at present Sec .5 of the CST Act,1956. CGST Act means Central Goods and Service Tax, this
act covered transaction involved between two States ( interstate ) supply of goods and services between
dealers or service providers and service receivers. Simply says Sec . 3 of CST Acts, 1956. SGST means
State Goods and Service Tax, this act covered translations involved for supply of goods and services by
dealer , service provider and service receiver with in State only. Simply says APVATAct . B S Seethspathi
Rao tax consultant. Follow next session by tomorrow.

[8:35 AM, 9/24/2016] +91 98480 99490: GST acts is having 25 chapters covered 166 sections . Sec. 1
explain the jurisdiction of the Act, I.e. Short title, extent and commencement that means IGST apply
whole of India , CGST apply whole of India and SGST apply with in the State. It shall come into existence
on such date of Gazette notification by Central Government and State Government. Sec. 2 explain
definitions of words mentioned in GST Act. Sec 2 sub.section 1 "actionable claim " shall have the
meaning assigned to it in sec.3 of the Transfer of property act, 1882. i.e. Immovable property doe's not
including standing timber, growing crops or grass . Sec.2 sub section 2 " addresses of delivery" means
the address of the recipient of goods and / or services indicated on the tax invoice issued by a taxable
person for delivery of such goods and / or services. Members please note that in GST resume definitions
are most important . So I am giving sub sections of Sec.2. In detail. Kindly study and observer each
definitions and noted. Thank you . Next Lesson by tomorrow . Sub.section 3 of Section.2 of GST Act,2016
is "address on record " means the address of the recipient as available in the records of the supplier.
Commentary : The addresses of the person of who received goods / or Service receiver addresses
available in the records of supplier of goods / or service. So goods receiver / or service receiver must
provide addresses to mention on the tax invoice.

Sub.section . 4 of Section .2 of GST Act " adjudicating authority " means any authority competent to pass
any order or decision under this Act, but does not include the Board, the First Appellate and the
Appellate Tribunal;

Commentary: adjudicating authority means assessing officer for conducting assessment of the assesse
and pass an order for Supply of goods / or Services in his jurdications

[6:27 AM, 9/26/2016] +91 98480 99490: Sub.section 5 of Section 2 of GSTAct,2016 " agent" means a
person who carriers on the business of supply or receipt of goods and/ or services on behalf of another,
whether disclosed or not and includes a factor, broker, commission agent, arhatia, del credere agent ,
intermediary or an auctioneer or any other mercantile agent , by whatever name called , and whether of
the same description as herein before mentioned or not;

Commentary: " agent" means any person carrying business on behalf of principle person or on behalf of
head office or commission agent for collection of goods or services from the agricultural farmers , whole
sellers , retailers etc.,

Sub.section 6 of Section 2 of GST Act,2016 is " aggregate turnover " means the aggregate turnover value
of all taxable and non- taxable supplies, exempt supplies and export of goods and / or service of a
person having the same PAN , to be computed on all India basis and excludes taxes, if any , charged
under the CGST Act, SGST Act and the IGST Act, as the case may be;

Commentary : Aggregate turnover means the total turnover of the dealer of all taxable , non-taxable
goods, exempted goods / or services under CGST Act, SGST Act and IGST Acts all over country under one
PAN of the individual person or partnership firm or company .

[9:09 AM, 9/26/2016] +91 98490 48517: SALIENT FEATURES OF GST:- GST would be applicable on
supply of Goods and Services as against the present concept of tax on manufacture of goods or on sale
of goods or on provision of service.

GST would be a destination based tax as against the present concept of origin based tax.

It would be a dual GST with the Centre and States simultaneously levying it on a common base.

IGST would be levied on Inter State supply of goods and services.

Import of goods or services would be treated as inter State supplies and would be subject to IGST in
addition to the applicable Customs Duty.

Please note IGST will not be a 3rd tax in addition to SGST & CGST but it is only a mechanism to monitor
the Inter State Trade of goods and services.

THIS IS INCOME TAX DEPARTMENT'S MANUAL ON WHAT TO SEE IN YOUR ACCOUNTING SOFTWARE
AND WHAT TO DO WITH YOUR COMPUTERS AND SMART PHONES IN AN EVENT OF SURVEY AND OR
RAID

[7:40 AM, 9/27/2016] +91 98480 99490: GST Act: As per sub.section 7 of Sec.2 said about agricultural"
means with all its grammatical variations and cognate expressions , includes floriculture,sericultural , the
raising of crops, grass or garden produce and also grazing , but does not include dairy framing, poultry
farming , stock breeding , the mere cutting of wood or grass, gathering of fruit, raising of man - made
forest or rearing of seeding or plants;

Explanation :- For the purpose of this clause, the expression 'forest' to which the Indian Forest Forest ,
1972 applies.

Commentary: Agricultural means who are cultivate and growing commercial crops I.e. Floriculture ,
horticultural , sericultural, raising of crops, grass or garden produce and also grazing that activity comes
under ' Agricultural ' definition . But not natural forest as per definition of Forest Act, 1927.

As per sub.section .8 of Section 2 of GST Act: means a person who cultivate land personally , for the
purpose of agricultural;

Commentary: agriculturist means who are having own land and cultivate in person not cultivate with
other person I.e. Cultivate by other person On rental basis of other's land.

Next lesson by tomorrow . Thank you.

[9:10 AM, 9/27/2016] +91 98490 48517: GST-----/

1) The GST would replace the following taxes currently levied and collected by the Centre:

a. Central Excise duty

b. Duties of Excise (Medicinal and Toilet Preparations)

c. Additional Duties of Excise (Goods of Special Importance)

d. Additional Duties of Excise (Textiles and Textile Products)

e. Additional Duties of Customs (commonly known as CVD)

f. Special Additional Duty of Customs (SAD)

g. Service Tax

h. Central Surcharges and Cesses so far as they relate to supply of goods and services

2) State taxes that would be subsumed under the GST are:

a. State VAT

b. Central Sales Tax

c. Luxury Tax

d. Entry Tax (all forms)

e. Entertainment and Amusement Tax (except when levied by the local bodies)

f. Taxes on advertisements

g. Purchase Tax

h. Taxes on lotteries, betting and gambling

i. State Surcharges and Cesses so far as they relate to supply of goods and services

3) The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates
would be notified on the recommendations of the GST Council.

4) There would be a floor rate with a small band of rates within which the States may fix the rates for
SGST.

5) The list of exempted goods and services would be common for the Centre and the States.ArthaKranti
proposal -It will Fully Change IndiaArthaKranti proposal is a designed technical correction that can
completely transform the current Indian socio-economic scenario. We firmly believe that
impl...www.youtube.com

[9:26 AM, 9/27/2016] +91 90000 03742: Anil Bokil , one of the key member of Arthakranti Sansthan was
given time to share to PM Modi. He was given 9min for sharing but Mr Modi heard him for 2 hrs.
Arthakranti Proposal

What is Arthakranti Proposal and who hasgiven the proposal?

“Arthakranti Proposal” has been given by a Pune (Maharashtra) based “Arthakranti Sansthan” which is
an Economic Advisory body constituted by a group of Chartered Accountants and Engineers. This funda
has been patented by the Sansthan.

Arthakranti Proposal is an effective and guaranteed solution of Black Money Generation, Price rise and
Inflation, Corruption, Fiscal Deficit, Unemployment, Ransom, GDP and industrial growth, terrorism and
good governance.

What is in the Proposal ?

“Arthakranti Proposal has FIVE point of actions simultaneously.

(1) Scrap all 56 Taxes including income tax excluding import duty.

(2) Recall and scrap high denomination currencies of 1000, 500 and 100 rupees.

(3) All high value transaction to be made only through banking system like cheque, DD, online and
electronic.

(4) Fix limit of cash transaction and no taxing on cash transaction.

(5) For Govt. revenue collection introduce single point tax system through banking system – Banking
Transaction Tax (2% to 0.7%) on only Credit Amount
Important Points to note:

(1) As on today total banking transaction is more than 2.7 lakh crores per day say more than 800 lakh
crores annually.

(2) Less than 20% transaction is made through banking system as on today and more than 80%
transaction made in cash only, which is not traceable.

(3) 78% of Indian population spend less than 20/- rupees daily why they need 1000/- rupee note.

What will happen if All FIFTY SIX Taxes including income tax scrapped :

(1) Salaried people will bring home more money which will increase purchasing power of the family.

(2) All commodities including Petrol, Diesel, FMCG will become cheaper by 35% to 52% .

(3) No question of Tax evasion so no black money generation.

(4) Business sector will get boosted. So self employment.

What will happen if 1000/ 500/ 100 Rupees currency notes recalled and scrapped :

(1) Corruption through cash will stopped 100%.

(2) Black money will be either converted to white or will vanish as billions of 1000/500/100 currency
notes hidden in bags without use will become simple pieces of papers.
(3) Unaccounted hidden huge cash is skyrocketing the prices of properties, land, houses, jewellery etc
and hard earned money is loosing its value; this trend will stop immediately.

(4) Kidnapping and ransom, “Supari killing” will stop.

(5) Terrorism supported by cash transaction will stop.

(6) Cannot buy high value property in cash showing very less registry prices.

(7) Circulation of “Fake Currency” will stop because fake currency printing for less value notes will not be
viable.

What will happen when Banking Transaction Tax (2% to 0.7%) is implemented :

(1) As on today if BTT is implemented govt can fetch 800 x 2% = 16 lakh crore where as current taxing
system is generating less than 14 lakh crore revenue.

(2)When 50% of total transaction will be covered by BTT sizing 2000 to 2500 lakh crores, Govt will need
to fix BTT as low as 1% to 0.7% and this will boost again banking transaction many fold.

(3) No separate machinery like income tax department will be needed and tax amount will directly
deposited in State/Central/District administration account immediately.

(4) As transaction tax amount will be very less, public will prefer it instead paying huge amount against
directly/indirectly FIFTY SIX taxes.
(5) There will be no tax evasion and govt will get huge revenue for development and employment
generation.

(6) For any special revenue for special projects, govt can slightly raise BTT say from 1% to 1.2% and this
0.2% increase will generate 4,00,000 crores additional fund.

Effect of if implemented today :

(01)Prices of all things will come down.

(02)Salaried people will get more cash in hand.

(03)Purchasing power of Society will increase.

(04)Demand will boost, so will production and industrialisation and ultimately more employment
opportunity for youth.

(05) Surplus revenue to the govt for effective health/ education/ infrastructure/ security/ social works.

(06) Cheaper and easy loans from banks, interest rate will come down.

(07) Tendency of society will changes from scarcity to quantity.

(08) Spare money for political system for clean politics,

(09) Prices of land/ property will come down,

(10) No need to export beef to cover up trade deficit

(11) Sufficient fund for research and development.

(12) Society will be free from “Bad elements”.

A very nice n simple compilation with logical impact. W

"ArthaKranti proposal -It will Fully Change India" on YouTube - https://youtu.be/GVfmUmB0bpM

Forward it to all and spread awareness about the proposal.

[10:30 AM, 9/27/2016] +91 99634 00455: Sir I am both group pl remove from group 2

Anand Naidu

9963400455

[2:45 PM, 9/27/2016] +91 98480 99490: http://www.cbec.gov.in/resources//htdocs-cbec/gst/gstr_9b-

26092016.xlsx

[2:45 PM, 9/27/2016] +91 98480 99490: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-

refund-formats-26092016.pdf

[2:45 PM, 9/27/2016] +91 98480 99490: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-

refund-rules-26092016.pdf

[2:46 PM, 9/27/2016] +91 98480 99490: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-

return-formats-26092016.pdf
[2:46 PM, 9/27/2016] +91 98480 99490: http://www.cbec.gov.in/resources//htdocs-cbec/gst/draft-
return-rules-26092016.pdf

[2:46 PM, 9/27/2016] +91 98480 99490: http://www.cbec.gov.in/resources//htdocs-cbec/gst/itc-

mismatch-report-26092016.xlsx

[2:46 PM, 9/27/2016] +91 98480 99490: Format for Returns, Refunds, Audit Report Released.

[7:53 PM, 9/27/2016] +91 98480 99490: Dear members I have referred draft GST rules , 2016. As per my
understanding they have elaborate Tax Return Preparer . As per rule 24(1) Now every TPR will file an
application in GST TRP-1 may be made to the officer authorised on this behalf for enrolment as Tax
Return Preparer.

As per rule 24(10)(i) who qualified graduate, post graduate or its equivalent examination having degree
in commerce, Law, Business Administration , Business Management from any Indian University
established by any law for the time being in force;

After receiving an application authorised officer enrolled as a Tax Return Preparer and issue a certificate
in Form GST TRP-2, that certificate shall be valid till until it is cancelled.

As per rule 25 (2) oh GST Rules'2016 An Accountant or a Tax Return Preparer attending on behalf of a
taxable person or a person in proceedings under the act before any authority shall produce before such
authority, if required , copy of the authorisation given by the taxable person or person in Form GST-
TRP-6.

So , as per the above position we have no authorised for audit and certification and only appearance on
behalf of taxable person before appropriate officer. We are not authorised for audit of whose aggregate
turnover during a financial year exceeds 1 Crores as per sec 42(4) of GST model law. This is my
understanding if any mistake kindly correct me. Thank you all. B S Seethapathi Rao.

[8:28 PM, 9/27/2016] +91 98480 99490: Dear members I have referred draft GST rules , 2016. As per my
understanding they have elaborate Tax Return Preparer . As per rule 24(1) Now every TPR will file an
application in GST TRP-1 may be made to the officer authorised on this behalf for enrolment as Tax
Return Preparer.

As per rule 24(10)(i) who qualified graduate, post graduate or its equivalent examination having degree
in commerce, Law, Business Administration , Business Management from any Indian University
established by any law for the time being in force;

After receiving an application authorised officer enrolled as a Tax Return Preparer and issue a certificate
in Form GST TRP-2, that certificate shall be valid till until it is cancelled.
As per rule 25 (2) oh GST Rules'2016 An Accountant or a Tax Return Preparer attending on behalf of a
taxable person or a person in proceedings under the act before any authority shall produce before such
authority, if required , copy of the authorisation given by the taxable person or person in Form GST-
TRP-6.

So , as per the above position we have no authorised for audit and certification and only appearance on
behalf of taxable person before appropriate officer. We are not authorised for audit of whose aggregate
turnover during a financial year exceeds 1 Crores as per sec 42(4) of GST model law. This is my
understanding if any mistake kindly correct me. Thank you all. B S Seethapathi Rao.

[7:06 AM, 9/28/2016] +91 95428 67770: y

[7:45 AM, 9/28/2016] +91 98480 99490: GST Act: As per sub.section 7 of Sec.2 said about agricultural"
means with all its grammatical variations and cognate expressions , includes floriculture,sericultural , the
raising of crops, grass or garden produce and also grazing , but does not include dairy framing, poultry
farming , stock breeding , the mere cutting of wood or grass, gathering of fruit, raising of man - made
forest or rearing of seeding or plants;

Explanation :- For the purpose of this clause, the expression 'forest' to which the Indian Forest Forest ,
1972 applies.

Commentary: Agricultural means who are cultivate and growing commercial crops I.e. Floriculture ,
horticultural , sericultural, raising of crops, grass or garden produce and also grazing that activity comes
under ' Agricultural ' definition . But not natural forest as per definition of Forest Act, 1927.

As per sub.section .8 of Section 2 of GST Act: means a person who cultivate land personally , for the
purpose of agricultural;

Commentary: agriculturist means who are having own land and cultivate in person not cultivate with
other person I.e. Cultivate by other person On rental basis of other's land.

Next lesson by tomorrow . Thank you.

[9:35 AM, 9/28/2016] +91 98854 81819: I have exit the group. II because I was registered in both groups
than you sir

[1:34 PM, 9/28/2016] +91 98490 48517: ITPI-GST-28/9/16

DEAR FRIENDS AN OVER ALL VIEW OF GST RETURNS:-

GSTR-1 - OUTWARD SUPPLY- Within 10 days from the end of the month.

GSTR-2-INWARD SUPPLY- within 15 days from the end of the month.

GSTR-3-MONTHLY RETURN- within 20 days from the end of the month.

GSTR-4-COMPOUNDING CASES-within 18 days from the end of the quarter.

GSTR-7-TDS RETURN-within 10 days from the end of the month.

GSTR-8-ANNUAL RETURN- date of filing is before 31st Dec.

Every assessee shall file 37 returns for 1 financial year. If the dealer is having business establishment in
2 States the total number of returns to be filed are 74.

[3:36 PM, 9/28/2016] +91 94409 31965: Income tax deduction for AY 16-17

*Section 80c*

👉🏻The maximum tax exemption limit under Section 80C has been retained as Rs 1.5 Lakh only. The
various investment avenues or expenses that can be claimed as tax deductions under section 80c are as
below;

PPF (Public Provident Fund)EPF (Employees’ Provident Fund)

Five year Bank or Post office Tax saving Deposits

NSC (National Savings Certificates)

ELSS Mutual Funds (Equity Linked Saving Schemes)

Kid’s Tuition Fees

SCSS (Post office Senior Citizen Savings Scheme)

Principal repayment of Home Loan

NPS (National Pension System)

Life Insurance Premium

Sukanya Samriddhi Account Deposit Scheme

*Section 80CCC*

👉🏻Contribution to annuity plan of LIC (Life Insurance Corporation of India) or any other Life Insurance
Company for receiving pension from the fund is considered for tax benefit. The maximum allowable Tax
deduction under this section is Rs 1.5 Lakh.

*Section 80CCD*

👉🏻Employee can contribute to Government notified Pension Schemes (like National Pension Scheme –
NPS). The contributions can be upto 10% of the salary (or) Gross Income and Rs 50,000 additional tax
benefit u/s 80CCD (1b) was proposed in Budget 2015.

👉🏻To claim this deduction, the employee has to contribute to Govt recognized Pension schemes like
NPS. The 10% of salary limit is applicable for salaried individuals and Gross income is applicable for non-
salaried. The definition of Salary is only ‘Dearness Allowance.’ If your employer also contributes to
Pension Scheme, the whole contribution amount (10% of salary) can be claimed as tax deduction under
Section 80CCD (2).

👉🏻Kindly note that the Total Deduction under section 80C, 80CCC and 80CCD(1) together cannot exceed
Rs 1,50,000 for the financial year 2016-17. The additional tax deduction of Rs 50,000 u/s 80CCD (1b) is
over and above this Rs 1.5 Lakh limit.
*Section 80D*

👉🏻Deduction u/s 80D on health insurance premium is Rs 25,000. For Senior Citizens it is Rs 30,000. For
very senior citizen above the age of 80 years who are not eligible to take health insurance, deduction is
allowed for Rs 30,000 toward medical expenditure.

👉🏻Preventive health checkup (Medical checkups) expenses to the extent of Rs 5,000/- per family can be
claimed as tax deductions. Remember, this is not over and above the individual limits as explained
above. (Family includes: Self, spouse, dependent children and parents).

*Section 80DD*

👉🏻You can claim up to Rs 75,000 for spending on medical treatments of your dependents (spouse,
parents, kids or siblings)who have 40% disability. The tax deduction limit of upto Rs 1.25 lakh in case of
severe disability can be availed.

To claim this deduction, you have to submit Form no 10-IA.

*Section 80DDB*

👉🏻An individual (less than 60 years of age) can claim upto Rs 40,000 for the treatment of specified
critical ailments. This can also be claimed on behalf of the dependents. The tax deduction limit under
this section for Senior Citizens is Rs 60,000 and for very Senior Citizens (above 80 years) the limit is Rs
80,000.
👉🏻To claim Tax deductions under Section 80DDB, it is mandatory for an individual to obtain ‘Doctor
Certificate’ or ‘Prescription’ from a specialist working in a Govt or Private hospital.

👉🏻For the purposes of section 80DDB, the following shall be the eligible diseases or ailments:

Neurological Diseases where the disability level has been certified to be of 40% and above;

(a) Dementia

(b) Dystonia Musculorum Deformans

🔗(c) Motor Neuron Disease

(d) Ataxia

(e) Chorea

(f) Hemiballismus

(g) Aphasia

(h) Parkinson’s Disease

🖇Malignant Cancers

🖇Full Blown Acquired Immuno-Deficiency Syndrome (AIDS) ;

🖇Chronic Renal failure

🖇Hematological disorders

🖇Hemophilia

🖇Thalassaemia

* Section 24 (B)*

👉🏻The interest component of home loans is allowed as deduction under Section 24B for up to Rs 2 lakh
in case of a self-occupied house. If your property is a let-out one then the entire interest amount can be
claimed as tax deduction.

*Section 80EE*

This is a new proposal which has been made in Budget 2016-17. First time Home Buyers can claim an
additional Tax deduction of up to Rs 50,000 on home loan interest payments u/s 80EE. The below
criteria has to be met for claiming tax deduction under section 80EE.

The home loan should have been sanctioned in FY 2016-17.Loan amount should be less than Rs 35 Lakh.

The value of the house should not be more than Rs 50 Lakh &The home buyer should not have any other
existing residential house in his name.
*Section 80U*

This is similar to Section 80DD. Tax deduction is allowed for the tax assessee who is physically and
mentally challenged.

*Section 80GG*

As per the budget 2016 proposal, the Tax Deduction amount under 80GG has been increased from Rs
24,000 per annum to Rs 60,000 per annum. Section 80GG is applicable for all those individuals who do
not own a residential house & do not receive HRA (House Rent Allowance).

The extent of tax deduction will be limited to the least amount of the following;

✌🏽Rent paid minus 10 percent the adjusted total income.

✌🏽Rs 5,000 per month.

✌🏽25 % of the total income.

*Section 80G*

Contributions made to certain relief funds and charitable institutions can be claimed as a deduction
under Section 80G of the Income Tax Act. This deduction can only be claimed when the contribution has
been made via cheque or draft or in cash. But deduction is not allowed for donations made in cash
exceeding Rs 10,000. In-kind contributions such as food material, clothes, medicines etc do not qualify
for deduction under section 80G.

*Section 80E*

If you take any loan for higher studies (after completing Senior Secondary Exam), tax deduction can be
claimed under Section 80E for interest that you pay towards your Education Loan. This loan should have
been taken for higher education for you, your spouse or your children or for a student for whom you are
a legal guardian. Principal Repayment on educational loan cannot be claimed as tax deduction.

There is no limit on the amount of interest you can claim as deduction under section 80E. The deduction
is available for a maximum of 8 years or till the interest is paid, whichever is earlier.

*Section 87A Rebate*

If you are earning below Rs 5 lakh, you can save an additional Rs 3,000 in taxes. Tax rebate under Section
87A has been raised from Rs 2,000 to Rs 5,000 for FY 2016-17 (AY 2017-18).

👉🏻In case if your tax liability is less than Rs 5,000 for FY 2016-17, the rebate u/s 87A will be restricted up
to income tax liability only.

*Section 80 TTA*
Deduction from gross total income of an individual or HUF, up to a maximum of Rs. 10,000/-, in respect
of interest on deposits in savings account with a bank, co-operative society or post office can be claimed
under this section. Section 80TTA deduction is not available on interest income from fixed deposits.

Conclusion

It is prudent to avoid last minute tax planning. Do not invest inunwanted life insurance polices or in any
other financial products just to save taxes. It is better you plan your taxes based on your financial goals
at the beginning of the Financial Year itself. Plan your taxes from April 2016 itself, instead of waiting
until late December 2016 (or) January 2017.

It is OK to pay some taxes when you can not save or cannot invest in right financial products. But, do
not invest just to save TAXES. The cost of buying wrong financial products may outweigh the cost of
taxes. Tax Planning is not a goal but a tool. Remember “Tax Planning alone is not Financial Planning.”

Also, kindly understand the tax treatment of the selected investment products across the different
investment stages (i.e., investment, accrual & withdrawal) and then invest.

I believe that the above list is useful for your Tax Planning purposes. The above ‘Income Tax Deductions
2016-17’ are applicable for financial year 2016-2017 (Assessment Year 2017-2018).

[10:44 AM, 9/29/2016] +91 98490 48517: ITPI-GST-29/9/16.

WHAT IS GST:- GST stands for Goods and Services Tax and is proposed to be a comprehensive indirect
tax levy on manufacture, sale and consumption of goods as well as services at the national level.

FOR EXAMPLE:- CGST- Rate of Tax 9% Collected by the Central Government and retained by Central
Government.

IGST- Rate of Tax 18% collected by Central Government retained its share and balance
transfer to State Government.

SGST- Rate of Tax 9% collected by State Government and retained by State Government.

Central Government would levy IGST ( which would the combination of CGST AND IGST) on all Inter
State transactions of taxable good and services.
The Inter State adjustment will be made by Central Clearing Agency and the assessee will not be
concerned with such adjustment at all.

[11:31 AM, 9/29/2016] +91 98480 99490: PLV Narasimhulu Garu pl note this group name is GST study
group but you have posted Income tax issue , kindly post in only APTPCA group not in this.

[11:33 AM, 9/29/2016] +91 98480 99490: GSR Act; I continuous Commentary on Agricultural any
person will give land for lease for used for cultivation of commercial crop or used for any storage of
material that lease rental is taxable under good and services act. At present lease rental received on
vacant land for used any storage purpose is taxable Under Service Tax Act.

Sub. section 9 of Section .2 of GST Act " Appellate Tribunal means the National Goods and Service Tax
Tribunal constituted under sec.81.

Commentary: Central Government will establish Tribunal at National level and State Level like at VAT
Tribunal at State level and Central Sales Tax Tribunal ( CST ),

sub.section 10 of Section 2 of GST Act appointed day " means the date on which section 1 of this Act
comes into effect.

Commentary: "appointed day means Goods and Service Tax Act come into existence on the date of
signed by President of India .