CBDT
CBDT has notified Income-tax (22nd Amendment), Rules, 2017 dated 18th August, 2017 to revise the Form 29B i.e accountant’s report on computation of book profits u/s 115JB, consequent to Finance Act, 2017 amendment in Sec. 115JB (providing a framework for Ind-AS regime). Changes include modification to Part A and introduction of new part B and part C in Annexure to Form 29B seeking various details regarding the amount required to be increased or decreased in accordance with amended Sec. 115JB (2A)/(2C) applicable to companies preparing financial statements under Ind AS; Revised Form also requires disclosure of whether the accounting year followed is same as relevant previous year; Where the accounting year is different, the new form requires accountant to state whether profit and loss statement for computing book profit u/s 115JB is prepared following same accounting policies/accounting standards/depreciation rates as adopted for preparing accounts "for the respective parts of the financial year laid or to be laid before the company at its annual general meeting" and extent and nature of variations if any.
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# *GST*: Ministry of Finance has issued clarification w.r.t. selling of space for advertisement in print media on the basis of the queries being raised regarding GST applicability of the same.
# *RBI*: The Cabinet has approved a framework to speed up mergers of public sector banks, the first of which could take place by March’ 2018.
# *MEF*: The last date of online filing of MEF 2017-18 is hereby extended from 25 AUG 2017 to 31 AUG 2017 and the last date of submission of duly signed hard copy of declaration has been extended from 30 AUG 2017 to 7 SEP 2017.
# *CBDT* has notified the revised FORM-29B on “Report under section 115JB of the Income Tax Act, 1961 for computing the book profits of the company” vide notification No.80/2017, dt.18.08.2017.
# *SC*: Though right of privacy is a fundamental right. Informational privacy is a facet of the right to privacy. An invasion by the Government is allowed only for legitimate aims.
# *AADHAAR*: 5 Judge Bench of the Supreme Court to hear on linking of Aadhaar with PAN under the new Chief Justice of India..
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SEBI
SEBI has notified the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017. SEBI exempts open offer obligations for acquisitions pursuant to resolution plans approved under Bankruptcy Code. In a major relief to banks and other lenders holding stressed assets, market regulator SEBI relaxed norms for a stake purchased in distressed listed companies by lenders, exempting them from making open offers for shareholders. The relaxation will be subject to certain conditions, including shareholders’ approval of the stake acquisition by way of special resolution. SEBI eased the norms for restructuring in stressed companies that are listed on exchanges as well as resolution plans approved under the Insolvency and Bankruptcy Code. The move could lead to a turnaround of listed companies in distress which will benefit their shareholders and lenders. Currently, relaxations from preferential issue requirements and open offer obligations are available for lenders undertaking restructuring of distressed listed companies under the Strategic Debt Restructuring (SDR) scheme. Relaxations will be subject to a lock-in of their shareholding for a minimum three years.
MCA - IBBI
IBBI has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations,2017 which shall come into force on the date of their publication in the Official Gazette. A new provision has been inserted and Form F has been inserted for Submission of Claims by Creditors other than Financial Creditors and Operational Creditors of the Corporate Debtor under Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 provide for Forms for submission of claims by operational creditors (including workmen and employees), and financial creditors. There could be claims from a creditor who is not a financial creditor or an operational creditor and it needs a specific form for submitting its claim.
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ICSI - Secretarial Standards
The Secretarial Standards have been revised by the ICSI and approval of the Central Government, as required, under section 118(10) of the Companies Act, 2013 has been obtained for the revised SS-l and SS-2 vide Ministry of Corporate Affairs vide letter dated 14th June, 2017. Earlier, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the Companies Act, 2013 on 10th April, 2015 and were additionally published in the Gazette of India by the ICSI for making them effective from 1st July, 2015. It has now been decided by the Council to withdraw that additional notification only w.e.f. 30th September, 2017 without affecting the enforceability of SS-1 and SS-2 during the period before such withdrawal. Further, the revised version of SS-l and SS-2 as approved by the MCA, shall be applicable to all the companies (except the exempted class of companies) w.e.f. 1st October, 2017 and will supersede the text of earlier SS-l and SS-2. Till the revised SS - 1 & SS- 2 are made effective, all are required and requested to follow the present version.
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SEBI – BSE
BSE has issued a public notice stating that the Trading Members of the Exchange are hereby informed that the 55 companies that have been compulsorily delisted by NSE, would be delisted from the platform of the Exchange, with effect from August 23, 2017 pursuant to order of the Delisting Committee of the Exchange (BSE) in terms of Section 21(2)(b) of the Securities Contracts (Regulation) Rules 1957. Some of these companies are under liquidation. Exit price is not applicable to those companies, however consequences under Regulation 24 of the Delisting Regulations are applicable to such companies. As per SEBI Delisting Regulations, 2009 the consequences of compulsory delisting would apply to the said companies and the securities of these companies would cease to be listed and therefore not be available for trading on the platform of the Exchange. The Promoters of these delisted companies will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the Exchange, as mentioned in the Public Notice to be issued shortly. Further, these companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as advised by SEBI.
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Prevention of Money-laundering (Maintenance of Records) Rules, 2005
Ministry of Finance has notified further amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. New proviso in rule 2(1)(fb)(iii), has been inserted, namely:-“Provided that this limit on balance shall not be considered while making deposits through government grants, welfare benefits and payment against procurement”.
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RBI
The Cabinet has approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps. The government also said there would be no job losses after any of the mergers. The Cabinet has given in-principle approval for Public Sector Banks to amalgamate through an Alternative Mechanism (AM). The decision would facilitate consolidation among the Nationalised Banks to create strong and competitive banks, however the decision would be solely based on commercial considerations. The proposal must start from the Boards of Banks and then shall be placed before the Alternative Mechanism (AM). After in-principle approval, the Banks will take steps in accordance with law and SEBI’s requirements. The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.
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MEF ICAI Alert: The Last Date of Online Filing of Multipurpose Empanelment Form (MEF) for the year 2017-18 is extended from 25th August, 2017 to 31st August, 2017.*
Income Tax: CBDT notifies revised Form no. 29B for MAT audit with Annexures - Notification No. 80/2017 dated 18/08/2017 - The amended Form 29B requires specific disclosures related to the impact of Ind AS and their inclusion for determining MAT liability.
Case Study: Not giving sufficient time to file details is against principles of natural justice: Systra Sa Project Office Vs Dispute Resolution Panel (Delhi High Court)
*Income Tax:*
# Govt. notifies countries and specified territories for the purposes of section 9A- Notification No. 78/2017 dated 3.08.2017.
# Indian Advance Pricing Agreement regime moves forward with signing of nine APAs by CBDT in July, 2017 - Press Release, dated 31.7.2017
*Due Date*
GST: Extended GST Payment & GSTR-3B filing date to 25 August 2017 for all category of tax payers
#EXCEPT for those who have pre-GST credit, the extended date is 28 August 2017.
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Remuneration to Chartered Accountants for Special Audit Work under DVAT Cant be denied due to Default committed by Dealers: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/remuneration-chartered-accountants-special-audit-work-dvat-cant-denied-due-default-committed-dealers-delhi-hc/10513/
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Persons providing Renting of Immovable Property Services can avail Credit of Tax paid on Construction Services: CESTAT [Read Order]
Read more at: http://www.taxscan.in/persons-providing-renting-immovable-property-services-can-avail-credit-tax-paid-construction-services-cestat/10509/
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How to fill TRAN-1 under GST – Step by Step Guide
Every registered person under GST who wants to take transitional credits as per transitional provisions is required to fill TRAN-1 within 90 days from appointed day i.e. 28th September. But if that person wants to utilise transitional credits for making payment of taxes dues for the month of July, he is required to fill TRAN-1 before filing summary return of July. Therefore, he is bound to fill TRAN-1 before filing GSTR-3B of July. The last date of filing TRAN-1 for such persons is August 28th, 2017.
Step-by-Step guide to fill TRAN-1
1. Transitional credits can be availed only if registered person has filled all the returns for preceding six months required under existing laws, otherwise he is not eligible to claim transitional credit. In point 4 of TRAN-1, he has to fill that he has filled all the preceding returns required under existing laws.
2. Point 5 of TRAN-1 is for claiming amount of tax credit which is to be carried forward from returns filed under earlier Excise, VAT and Service Tax Laws.
a. Table 5(a) is for claiming credit of central taxes (excise and service tax) which have to be carried forward as Central Tax in GST. In Table 5(a), he is required to fill Excise or Service Tax registration number. He has to select the tax period for which last return is filed and date of filing of last return has to be mentioned. Balance amount which was carried forward in last return has to be specified. Out of that amount, he has to mention how much amount is admissible as ITC in GST as Central Tax.
b. Table 5 (b) is for persons who are registered under VAT and CST. Here, he is required to fill details of C-form, F-forms and H-forms for which assessment is pending. He is required to fill details such as TIN of issuer, name of issuer, Serial Number of such Form, Amount and VAT rate as applicable.
c. Table 5 (c) is for claiming credit of State taxes (VAT) which have to be carried forward as State/UT Tax in GST. In Table 5(c), he is required to fill VAT registration number. He has to mention amount of ITC remaining in last VAT return. He is also required to fill turnover for which C forms and F forms are pending along with difference tax payable thereon. Also, he is required to fill amount of ITC which is liable to be reversed due to such C Forms and F forms. He has to fill exact transition credit of ITC which has to be claimed as State Tax under GST after deduction amount liable to be reversed.
3. Table 6(a) is for claiming unavailed credit of Capital Goods which has not been carried forward under existing law. He is required to fill Invoice Number, Invoice Date and Registration Number of Supplier from whom such capital goods are purchased. He is also required to fill details of invoice such as Amount, Excise Duty/CVD or SAD charged. He has to fill total credit available from that invoice, amount of credit availed under existing law and balance amount which has to be claimed in GST Law.
Similarly. Table 6(b) is for claiming unavailed credit of Capital Goods which has not been carried forward under State VAT law And Entry Tax Law. He is required to fill Invoice Number, Invoice Date and Registration Number of Supplier from whom such capital goods are purchased. He is also required to fill details of invoice such as Amount, VAT or Entry Tax charged. He has to fill total credit available from that invoice, amount of credit availed under existing law and balance amount which has to be claimed in GST Law.
4. Table 7 is for assesses who were not registered in excise but registered in VAT or dealing in exempted goods under excise or exempted services under service tax but they want to claim credit of inputs held in stock. Those assesses who are manufacturers or service providers must have valid tax invoice in order to claim credit under section 140(3). But other persons such as traders etc. can claim deemed credit. Table (7) is also to be filled by persons who were dealing in both exempted goods or services and taxable goods or services but now those exempted goods or services are taxable.
Also, persons who paid duty on inputs or input services before July 1 but goods were in transit and received after July 1 and if invoices received after July 1, are also required to fill Table 7 and claim credit here. Table 7 will be filled as follows:
a. Table 7(a), details of stock is required to be filled for claiming credit by assesses who were not registered in excise but registered in VAT or dealing in exempted goods under excise or exempted services under service tax. Here, HSN Code wise details of stock has to be filled. Unit, Quantity and value of such stock along with eligible duty have to be mentioned. It is noteworthy that invoice wise details is not required here. Only HSN code wise stock details are required.
b. Table 7(b) is for assesses who paid duty on inputs or input services before July 1 but goods were in transit and received after July 1. They are required to fill name of supplier, invoice number, invoice date, quantity, eligible duties and date on which invoice is entered. It is noteworthy that invoice must be received and entered before 30th July.
c. Table 7(b) is for assesses who were not registered in VAT but registered in excise or Service Tax. Here, HSN Code wise details of stock has to be filled. Unit, Quantity and value of such stock along with eligible duty have to be mentioned. It is noteworthy that invoice wise details is not required here. Only HSN code wise stock details are required.
5. Table 8 is for ISD registered under Service Tax. If any ISD wants to distribute credit between registered persons under GST having same PAN, here ISD can fill details. ISD is required to mention Registration number, last return filing date, amount of credit carried forward in last return, GSTIN of receivers to whom credit is transferred along with amount and invoice number through which credit is transferred.
6. Table 9 is only for Job worker and Principals. They have to mention all the details of challan no. through which stock transferred, challan date, description of goods, HSN Code, quantity and value so that when these goods are returned within 6 month of July 1st, GST will not be levied.
7. Table 10 is for agents registered under VAT who have held goods on behalf of Principal. They are required to fill GSTIN of Principal along with description of goods, unit, quantity and value of such goods.
8. Table 11 is for assesses who are dealing in items on which both VAT and servicer tax is applicable and now GST is to levied on supply of such goods.. They have to fill registration number of VAT, Service Tax, Invoice Number, Tax Paid whose credit is to be taken.
9. Table 12 is for assesses who sent goods on approval not before 6 months prior to July 1st. If such goods are received back within 6 months if July 1, no tax will be levied under GST. Therefore, they have to fill document number and date which is used to send goods on approval. Also, he is required to mention name and GSTIN number of recipient to whom goods sent if any. It is also required to fill details of such goods as HSN Code, description, Unit, Quantity and Value.
After filing all details in abovementioned tables, form has to be submitted. Please note that no modification allowed after submitting this form. After submitting, it has to be filled with OTP received on registered mobile number or it can be filed by signing through digital signature.
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CBDT Notifies the revised FORM NO 29B i.e “ Report under section 115JB of the Income Tax Act,1961 for computing the book profits of the company” vide notification No. 80/2017 dated 18.08.2017.
(25 Aug) is last date to pay GST of July for all Assessees. File GSTR-3B also by 25 Aug if TRAN-1 NA or you will not file it by 28 Aug.
GST on composite, supply of works contracts for affordable housing up to carpet area of 60 sq metre in a project approved by a competent Authority will be 12% instead of 18% earlier GST rate notified on 22.08.2017.
As many as 19,42,354 taxpayers have till Wednesday filed returns for July under GST regime. GSTN said they hoped 2.8 million more would do so by 25.8.2017.
MCA has notified amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, shall come into force on the date of their publication in the Official Gazette.
Now Aadhaar is compulsory for Demat & Trading Account. All Clients need to submit the same by 31.12.2017. Else account to be not operational.
ICAI Has released New Syllabus Books :http://www.icai.org/post.html?post_id=13635
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Lawyers can Complete/ Cure Defective Applications within 15 Days: SC Grants 1 Month Time to Bar Councils for Verification [Read Order]
Read more at: http://www.taxscan.in/lawyers-can-complete-cure-defective-applications-within-15-days-sc-grants-1-month-time-bar-councils-verification/10481/
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📺 *Updates*
➡1. Remarks made by SC in criminal proceedings was to be considered if criminal case was sequel to search & seizure
K. Inbasagaran v. Principal Commissioner of Income-tax-6, Chennai*
➡2. Sum received as Freight rebate wasn’t liable to service tax under Business Auxiliary Service
➡3. Professional was guilty of misconduct for illegally signing prospectus even after resigning as director of Co.
Chartered Accountants Act, 1949, In re
PANKAJ MITHAL AND UMESH CHANDRA TRIPATHI, JJ. REFERENCE AGAINST MISC. ACTS NO. 1 OF 2014
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