Tax evaders: income tax department finding out tax evaders with isro खेती के नाम पर टैक्स चोरी करने वालों पर सैटलाइट की मदद से शिकंजा - Navbharat Times - http://navbharattimes.indiatimes.com/business/business-news/income-tax-department-finding-out-tax-evaders-with-isro/moviereview/60735715.cms?utm_source=whatsapp
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#Economy:The topmost rungs of the Modi Govt are looking for solutions to arrest the slide in GDP growth. The PM is expected to meet FM and top finance ministry officials on Tuesday evening to discuss the state of the economy and possible measures to boost growth.This comes on the backdrop of April-June economic growth dropping to its lowest under the current administration, and petrol and diesel prices rising to a near three-year high in spite of low crude oil prices, and a stable rupee.There is expected to be a detailed analysis on various macro-economic indicators and solutions to kick-start growth, private investment, and create jobs for millions who join the workforce every year. The top economic policymakers are also expected to discuss the fiscal space that the Centre has to provide stimulus in the form of higher spending. There is also expected to be representation from the commerce ministry to discuss the state of exports. Exporters are facing the issue of refunding taxes under the GST regime. Even then, exports grew by over 10% in August after three months of single-digit expansion.
#Finance:Rich people who use tax exemption on agricultural income to evade taxes might be on Govt's target.The i-tax dept has shortlisted for scrutiny nearly 50 persons with suspicious farm income more than Rs 50 lakh each. Agricultural income is exempt from tax in India. But many times people use this exemption to convert black money into white. According to experts, some land-owners claim tax exemption on the basis of fake payment slips from vendors, thus proving that they had farmed the land before selling it. But now income tax department has a very effective way to find out such tax evaders. The department accesses satellite imagery from Indian Space Research Organisation (ISRO) of the piece of land for specific time periods and if there are no standing crops in that period, it is proved that the assessee is trying to avoid taxes. Recently, an assessee claimed exemption on capital gains he made by selling his farmland. However, exemption is given only if the land has been used for agriculture purpose for at least two years before the sale. Suspecting false information, the tax officials contacted ISRO and procured satellite images of the land, taken over a period of three years. Based on ISRO's scientific appraisal, the department was able to prove that the land was barren and not used to raise crops.
#Last date for payment of ICAI Membership and COP Fee for the year 2017-18 is 30.09.2017. Link for payment of membership fee
http://memfee.icai.org/memfee.html
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: SEBI
SEBI has issued Clarification on Exchange Traded Cross Currency Derivatives contracts on EUR-USD, GBP-USD and USD-JPY currency pairs. Stock exchange / clearing corporation shall submit a proposal to SEBI for approval for the launch of the cross -currency derivatives product(s). Such proposal shall, inter-alia, include the details of contract specifications, risk management framework, surveillance systems, and other requirements specified in this circular and SEBI circular dated March 09, 2016. Stock exchanges and Clearing corporations are directed to take necessary steps to put in place necessary systems for implementation of the circular, including necessary amendments to the relevant bye-laws, rules and regulations and to bring the provisions of this circular to the notice of the stock brokers and also disseminate the same on their website and to communicate to SEBI the status of implementation of the provisions of this circular.
DGFT
DGFT has issued Trade Notice stating that "Contact@DGFT" serviceas single point contact for all foreign trade related issues has been established. Contact@DGFT system has been activated at the DGFT website (www.dgft.gov.in) as a single point contact for resolving all foreign trade related issues. Exporters/Importers are requested to use this facility for resolution of foreign trade related issues either directly concerning DGFT (headquarters or regional offices) or concerning other agencies of the Central or State Governments. Best efforts will be made for expeditious resolution of issues which are directly related to DGFT and the issues concerning other agencies will be taken up by DGFT on behalf of the exporters/importers with the agencies concerned. A reference number will be issued for each request so that the status of action taken can be tracked. Effective monitoring arrangements have been made. All stakeholders are request in the interest of systematic monitoring and effective resolution, exporters/importers are requested not to send their queries through twitter or email and use Contact@DGFT service instead.
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STATUS OF THE BOARD OF DIRECTORS WHERE AN INTERIM RESOLUTION PROFESSIONAL HAS BEEN APPOINTED
Board of directors - Its status where an interim resolution professional ('IRP') has been appointed under section 17(1) of the Insolvency and Bankruptcy Code, 2016 - On the appointment of an IRP to a company, its directors would not cease to hold the office of the director of the company ; but they would be guided in the discharge of their duties by the IRP.
QUERY
What is the status of the Board of directors of a company in respect of whose affairs an interim resolution professional has been appointed under Insolvency and Bankruptcy Code, 2016 ?
REPLY
Under clause (a) of sub-section (1) of section 17 of the Insolvency and Bankruptcy Code, 2016 (the Code), on the appointment of an interim resolution professional (IRP) for a company, inter alia, the powers of the Board of directors of the company in respect of whose affairs an IRP has been appointed shall stand suspended and be exercised by the IRP. Further, clause (c) of sub-section (1) of section 17 of the Code stipulates that 'the officers and managers of the corporate debtor shall report to the IRP and provide access to such documents and records of the corporate debtor as may be required by the IRP.'
By virtue of the provisions of section 238 of the Code, the provisions in the Code would override the provisions in other laws including the Companies Act, 2013 ('the Companies Act'). It would be significant to note that under clause (b) of sub-section (1) of section 17, only the powers of the Board of directors are suspended. As such they would continue to be in office and should discharge their duties enshrined in the Companies Act and comply with all the regulatory requirements therein. At the same time, they should not exercise the duties which would be contrary to the requirements set out in the Code. As indicated earlier, 'the officers and managers of the corporate debtor' is mandated statutorily required to report to the IRP. As under clause (a) of sub-section (1) of section 17, the management of the affairs of the corporate shall vest in the IRP and they have to report to him, all the officers and managers of the corporate debtor should act according to the directions of IRP.
The term 'officer' has not been defined in the Code. Pursuant to the provisions of clause (37) of section 3 of the Code, the definition of the term, 'officer' in the Companies Act would apply to the term 'officer' occurring in the Code. The term 'officer' has been defined in clause (59) of section 2 of the Companies Act, to include its directors and managers. In consequence, all the directors of the corporate debtor, i.e., the company, would continue to be in office and would have to discharge their duties and exercise such powers as are required to discharge their duties subject of course, to the instructions and directions of the IRP.
Thus, it would be apparent that on the appointment of an IRP to a company, its directors would not cease to hold the office of the director of the company. But they would be guided in the discharge of their duties by the IRP. It would not be irrelevant to note that the directors would be deemed to be discharged of their duties and responsibilities in relation to the corporate debtor, i.e., the company under sub-section (7) of section 33 of the Code, if and when the company is ordered to be into liquidation under sub-section (1) of section 33 of the Code.
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Transport & Hostel Facilities surplus cannot be considered as Business Income of the Society if the same was an integral part of Its objects: ITAT
Read more at: http://www.taxscan.in/transport-hostel-facilities-surplus-cannot-considered-business-income-society-integral-part-objects-itat/11214/
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How to determine Time of Supply under Reverse Charge?
Time Of Supply in case of Goods
In case of reverse charge, the time of supply shall be the earliest of the following dates:
(a) the date of receipt of goods OR
(b) the date of payment* OR
(c) the date immediately after THIRTY days from the date of issue of invoice by the supplier
If it is not possible to determine the time of supply under (a), (b) or (c), the time of supply shall be the date of entry in the books of account of the recipient.
*The date of payment shall be earlier of:
The date on which the recipient entered the payment in his books ORThe date on which the payment is debited from his bank account
Illustration:
Date of receipt of goods 15th May 2018Date of payment 15th July 2018Date of invoice 1st June 2018Date of entry in books of receiver 18th May 2018
The Time of supply of service in this case will be 15th May 2018
If for some reason time of supply could not be determined supply under (1), (2) or (3) then it would be 18th May 2018 i.e., date of entry
Time Of Supply in case of Services
In case of reverse charge, the time of supply shall be the earliest of the following dates:
(1) The date of payment** OR
(2) The date immediately after SIXTY days from the date of issue of invoice by the supplier
If it is not possible to determine the time of supply under (1) or (2), the time of supply shall be the date of entry in the books of account of the recipient.
The date of payment shall be earlier of:
The date on which the recipient entered the payment in his books ORThe date on which the payment is debited from his bank account
Illustration:
Date of payment 15th July 2018Date of invoice 15st May 2018Date of entry in books of receiver 18th July 2018
The Time of supply of service in this case will be 15th May 2018
If for some reason time of supply could not be determined supply under (1) or (2) then it would be 18th July 2018 i.e., date of entry in books.
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: Govt explains TDS Mechanism under GST
Read more at: http://www.taxscan.in/govt-explains-tds-mechanism-gst/11209/
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# *GST*: Generation of E-way bill / Challan shall be mandatory (irrespective of value) in case of interstate movement of goods for Job work or by exempted persons in case of handicraft goods – Rule-138 – Noti.No.34/2017 – CGST, dt.15.09.2017.
# *GST*: Anti-Profiteering Authority - Certain provisions U/Rs 120, 122 & 124 of GST Rules 2017 amended – Noti.No.34/2017 – CGST, dt.15.09.2017.
# *GST*: Revision of Form TRAN-1 - option to revise the TRAN-1 once within such period as may be extended by the Commissioner in this behalf – Noti.No.34/2017 – CGST, dt.15.09.2017.
# *GST*: Option to avail composition scheme under GST by electronically filing intimation in Form CMP-02 and Form ITC-03 - Rule 3(3A) inserted – Noti.No.34/2017 – CGST, dt.15.09.2017.
# *GST*: TDS liability U/s 51 of CGST, 2017 come into force w.e.f. (18.09.2017) – Persons liable to deduct TDS from payment made or amount credited to the supplier of taxable goods or services specified – Noti.No.33/2017 – CGST, dt.15.09.2017.
# *GST*: CBEC notifies exemption to a casual taxable person making taxable supplies of handicraft goods from the requirement to obtain registration –Noti.No.32/2017-CT, dt.15.09.2017.
# *IT*: Govt. is planning to make PAN, the business Aadhaar for companies & NGOs, may amend IT Act & PMLA.
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: CBEC releases Concept Note on GST Practitioner
Read more at: http://www.taxscan.in/cbec-releases-concept-note-gst-practitioner/11194/
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Information received from the DRI cannot be a basis for Demanding Sales Tax: Madras HC [Read Order]
Read more at: http://www.taxscan.in/information-received-dri-cannot-basis-demanding-sales-tax-madras-hc/11197/
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: Quick Reference to Few examples of "What is not Considered as Deposits" means Deposit Excludes :-
1. Amount Received by Chit Fund Company as a Subscription.
2. Amount Received under Collective Investment Scheme in compliance with SEBI.
3. The Amount brought in by the Promoters of the Company by way of Unsecured loan.
4. Inter Company Loan (Separately Covered under Section 186 of Companies Act, 2013.)
5. Amount Received against issue of Commercial paper.
6. Amount accepted by Alternatie Investment Fund.
Legal Provision:-
Rule 2(1)(C) of Companies ( Acceptance of Deposit ) Rules, 2014.
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CBDT issued Standard Operating Procedure (SOP) with regard to implementation of Benami Property Transactions Act, 1988 [as amended by Benami Transactions (Prohibition) Amendment Act, 2016], following setting up of dedicated Benami Prohibition Units (BPUs) under each PDIT(Inv).
Before passing an order u/s 263 Principal CIT or CIT has to do their own enquiry. [Case Name: PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)]
Last date for filing summary GST return in form GSTR-3B and payment of tax for the month of August 2017 is 20.09.2017.
GST Transitional Claims of over Rs 1 Cr to be scrutinized. While tax collections in July were Rs 95,000 Cr, transitional credit claims are Rs 65,000 Cr.
MCA has issued Clarification regarding obligation with the Indian Accounting Standards (Ind AS) and Rule 4 of Companies (Indian Accounting Standards) Rules 2015 with respect to payment banks, small finance banks which are subsidiaries of Corporates.
The government is planning to link driving licences with Aadhaar to curb duplicate and fake licences, IT minister Ravi Shankar Prasad said.
DGFT: Removal of prohibition on export of Pulses till further orders Ministry of Commerce & Industry. [Notification No. 28/2015-2020. Dated: 15.09.2017]
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Concepts of Inspection, Search, Seizure & Arrest under GST Explained
Read more at: http://www.taxscan.in/concepts-inspection-search-seizure-arrest-gst-explained/11183/
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IT Dept to conduct More TDS Surveys: CBDT suggests Measures to Enhance TDS Revenue
Read more at: http://www.taxscan.in/dept-conduct-tds-surveys-cbdt-suggests-measures-enhance-tds-revenue/11188/
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: *👉🏻Income Tax department goes after defunct companies for tax frauds.*
(Income tax office is reopening old records of many companies that have wound up and no longer exist in the books of the government — something the revenue department has rarely done in the past.)
👇🏻 👇🏻 👇🏻
https://goo.gl/XJcqis
*👉🏻GST Composition Scheme registration open till Sept. 30.*
(The GST Network said it has reopened the facility for small taxpayers with turnover of upto 75 lakh rupees to opt for composition scheme. Such small taxpayers will have time till September 30 to opt for the scheme.#casansaar)
👇🏻 👇🏻 👇🏻
https://goo.gl/ACKeaK
*👉🏻GoM admits to glitches in network delaying GST filings.*
(Declining to explain the glitches faced by dealers to comply with the GST norms, GoM had discussed the issues with Infosys, Commercial Tax officials of the state and central governments and tax consultants and resolved to fix about 80 per cent of them by October 30.)
👇🏻 👇🏻 👇🏻
https://goo.gl/F3BVP9
*👉🏻Check Online ICAI Membership Fees Payment Status.*
(Last Date for payment of Membership fees for the year 2017-18 are 30th September 2017. Following is the link where you can check whether your fees are paid or still pending.)
👇🏻 👇🏻 👇🏻
https://goo.gl/To9RYK
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#Economy:SEBI will update its board about action being taken against suspected shell companies allegedly abetting routing of illicit funds through stock markets.Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be mis-using the stock exchange platform for tax evasion, among other wrongdoings.To select cases for enforcement actions, the markets regulator will soon put in place internal guidelines, which would also be made applicable to pending cases.The proposal assumes significance against the backdrop of various high-profile cases, including those related to the NSE and PwC, where settlements are being sought. The board is likely to have a detailed discussion on the developments related to suspected shell companies listed on the bourses and actions taken against them, sources said.While a large number of listed companies are under the scanner for allegedly being conduits for illicit money, the regulator is also keeping a close watch on cases where entities are availing LTCG benefits through sham transactions in stocks.
#Finance:The GST Network has reopened the facility for small taxpayers with a turnover of up to Rs 75 lakh to opt for composition scheme. Such small taxpayers will have time till September 30 to opt for the scheme, which offers easy compliance for business as returns are to be filed only quarterly.Taxpayers were earlier given time till August 16 to opt for composition scheme. In a statement, GSTN said the window will be open for those assessees who have migrated from the earlier excise/ service tax/VAT regime as well as for new registered taxpayers.
#Oil Minister said he has requested the Ministry of Finance to bring petroleum products under the ambit of GST in the interest of consumers. Justifying the move, he said there has to be a "uniform tax mechanism" all over the country.Looking into the consumer interest, there must be tax rationalisation.
#Last date for payment of ICAI Membership and COP Fee for the year 2017-18 is 30.09.2017. Link for payment of membership fee
http://memfee.icai.org/memfee.html
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📺 *Updates*
➡1. Litigant can’t request for assignment of matter to another bench by doubting integrity of Judges: HC
Commissioner of Income-tax. v. M.H. Patel
➡2. No sec. 153C proceedings if loose papers seized from premises didn’t make any reference to assessee
Deputy Commissioner of Income-tax, Central Circle- 7 (3), Mumbai v. National Standard India Ltd.
➡3. Commercial Tax Officer to release detained goods on payment of 50% of demand as per GST law: HC
Commercial Tax Officer v. Madhu M.B.
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GST – GST Window for much awaited *Composition scheme* for 2017-18 now operational. You can opt on GSTN portal till 30/09/2017.
#GSTN has started issuing *GST REG 06* (Final Registration Certificate) to all existing taxpayers without quoting GSTIN.
*GST: For input tax credit claim* of more than Rs 1 crore in TRAN-1, closing balance of ITC in ST, VAT returns etc & eligibility of such claim under GST being verified by officials.
*Due date to Pay GST & file Form GSTR 3B*for Aug-Dec 2017 notified vide Notification No. 35/2017–Central Tax – For August GSTR 3B - 20thSeptember, 2017
*GST Central Tax* Notification No. 33/2017 dated 15th September, 2017 Notified hereby appoints the 18th day of September, 2017 as the date on which the provisions of sub-section (1) of section 51 shall come into force.
*ICAI on Articleship:* Now students of Intermediate Course can commence their Practical Articleship Training even after passing Either Group i.e. Group 2 or Group 1 or both the groups of Intermediate Examination.
*Seminar Info:* Seminar of ICDS and GST Critical Issues by CP Study Circle on 20 September timing 4.00pm to 9.00pm at Malviya Smriti Bhawan, DDU marg. Opp. CAG Building ITO. *Fees - 500/- CPE 5 Hours*. (Speakers CA Gopal Ji Agarwal and CA Rakesh Garg Ji)
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TDS Mechanism Under GST-Guide by CBEC👇🏻👇🏻
https://acasouravbagaria.wordpress.com/2017/09/16/tds-mechanism-under-gst-guide-by-cbec/
Thanks for Reading