Judge vs Magistrate
Judge and Magistrate are two terms that are often confused us to mean, It is generally believed that both the terms Judge and Magistrate refer to one and the same person. Actually, both of them differ in more than one aspect. A Judge is bestowed with more powers than a Magistrate. A magistrate has only administrative and limited law enforcement powers. The powers exercised by a magistrate are more than an Administrative Official. Magistrates may preside over lower level criminal cases and some civil matters. They may handle cases, such as, petty theft and small crimes etc. On the other hand, judges handle large cases.
Who is a Judge?
A judge is a person with a law degree who has experience in working as a lawyer in India. A judge also has a lot of power in taking decisions that concern legal matters. When it comes to cases, a judge is left to handle big and complex cases. The cases handled by a judge are usually not simple in nature. They also handle large cases in the sense that they can run for several years. The administrative powers of a judge are more when compared to those of a magistrate. The domain in which a judge works is almost unlimited and large. In some countries such as the US, judges appoint magistrates.
If we look at the root of the word judge, the word judge is derived from the French word ‘juger’ meaning to form an opinion on something. In Old French, the verb ‘jugier’ meant ‘to judge.’ So, the judge finally became a person who spells the final opinion.
Who is a Magistrate?
Usually, a magistrate is a state official who takes decisions in legal cases just like a judge, though he does not have as much power as a judge. It is important to know that the powers given to a magistrate are akin to those given to an administrator. This is why a magistrate handles small and minor cases only. The law enforcement powers exercised by a magistrate are very much limited in number and nature when compared to the law enforcement powers exercised by a judge.
It is interesting to note that a magistrate is appointed by a judge in a few countries. This only means that a judge has the authority to appoint even a magistrate. Thus, the domain in which a magistrate works is normally limited.
Main differences between Judge and Magistrate are:
·Key Difference:
A Judge is a person who presides over court proceedings, either alone, with a panel of judges or a jury, depending on the jurisdiction. A magistrate is considered as an officer of the state, but could also refer to a judge.
The origin and meaning of terms
The word ‘magistrate’ is derived from Middle English ‘magistrat,’ which means “civil officer in charge of administrating laws.”
Judge’ is a word that has been derived from the Anglo French word ‘juger’ meaning ‘to form an opinion about'.
·Level of Power
Basically a magistrate is more or less a civil officer. He has the power that is granted to administrative personnel. Hence he is in charge of administrative laws. Magistrate also takes decisions in a court of law. However, he has less power than a judge.
The judges have a higher authority and may widen to the state or even an entire country. Judge is a person who presides over court proceedings, either alone, with a panel of judges or a jury, depending on the jurisdiction. A judge also has the power to exercise law
Type of cases handled by judges and magistrate
Judges handles Criminal cases, High priority cases, federal cases, constitutional cases
Magistrate handles Lower level criminal cases, misdemeanor cases, or need to be assigned to certain cases
Jurisdiction
it can be said that the jurisdiction of magistrate falls within the state, province, or a district or a very small area for that matter.Judge has a better and expansive jurisdiction.Magistrate has a smaller jurisdiction than a judge.
Appointment
Judges are Nominated by President and approved by House of Senate
Magistrate are appointed by Judges
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#Economy:A draft notification by the CBDT has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the GST regime. It had come out with a draft notification seeking stakeholders' comment on the filing of Form 28AA by giving details of income and advance taxes paid.
#Finance:Nearly 2.2 million GST returns have been filed, so far, for August as businesses flocked the GSTN portal to submit their returns on Wednesday -- the last day for tax filing. This is the second month of return filing under the GST regime and similar to last month, businesses thronged the GST Network portal on the last day to pay taxes.
#The Govt could use the affordable housing route to help the economy out of the blues and generate jobs. Social sector schemes could also be revised to boost demand and rev up the slowing economic growth. Already, commerce and industry ministry has demanded a package for exports and manufacturing.
#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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. SLP could be filed if levy of GST was questioned http://financebirds.com/gst/levy-gst/
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Nothing alarming about massive transitional GST credit claim, says finance ministry
https://gstindiaguide.com/nothing-alarming-massive-transitional-gst-credit-claim-says-finance-ministry/
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Over 1,400 flour mills face closure threat over GST levy on branded packs
https://gstindiaguide.com/1400-flour-mills-face-closure-threat-gst-levy-branded-packs/
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GST refund: ‘Mini-social crisis’ brewing
https://gstindiaguide.com/gst-refund-mini-social-crisis-brewing/
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Exporters urge government panel to speed up GST refunds
https://gstindiaguide.com/exporters-urge-government-panel-speed-gst-refunds/
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Maharashtra Govt to form Three New Sales Tax Tribunals
Read more at: http://www.taxscan.in/maharashtra-govt-form-three-new-sales-tax-tribunals/11262/
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Government may waive off interest, penalty on late filing of GSTR 3B
For more Information visit:
http://gstindiaupdates.com/government-may-waive-off-interest-penalty-on-late-filing-of-gstr-3b
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Deemed Deduction applicable to Joint Venture Agreements: CBEC Asst Commissioner Clarifies Issues on Construction Services under GST
Read more at: http://www.taxscan.in/deemed-deduction-applicable-joint-venture-agreements-cbec-asst-commissioner-clarifies-issues-construction-services-gst/11250/
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GST Transitional Credit Claims: Govt may proceed against 162 Companies, Ask for VAT Returns
Read more at: http://www.taxscan.in/gst-transitional-credit-claims-govt-may-proceed-162-companies-ask-vat-returns/11255/
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CBEC to Constitute Members of National Anti-Profiteering Authority Soon: Invites Recommendations for Selection
Read more at: http://www.taxscan.in/cbec-constitute-members-national-anti-profiteering-authority-soon-invites-recommendations-selection/11253/
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GSTN Technical Glitches: Rajasthan Tax Payers Get Relief from HC [Read Order]
Read more at: http://www.taxscan.in/gstn-technical-glitches-rajasthan-tax-payers-get-relief-hc/11258/
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Maharashtra Govt to form Three New Sales Tax Tribunals
Read more at: http://www.taxscan.in/maharashtra-govt-form-three-new-sales-tax-tribunals/11262/
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Now Half yearly Income Tax Returns proposed by CBDT
http://taxlawsinindia.com/half-yearly-returns-proposed-income-tax-department/
Ease of doing business....
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5% GST for Branded Pulses, Flour and Cereals, recommends GST Council
Read more at: http://www.taxscan.in/5-gst-branded-pulses-flour-cereals-recommends-gst-council/11266/
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Quick Reference to "Draft wrt Notice for Book Closure" :-
ON THE LETTER HEAD OF THE COMPANY
NOTICE FOR BOOK CLOSURE
The Notice hereby given pursuant to Section 91 of the Companies Act, 2013 and rules made thereunder along with SEBI (Listing Obligations and Disclosure requirements) 2015 that, the register of members and register of share transfer of the Company will remain closed from .....th day of ....(month) .....(year) to.......
For the purpose ( occasion ) of payment of Final Dividend.
The Members of the Company are requested to inform about their postal address, where the final Dividend warrants shall be sent by the Company.
Place:-. For...limited
Date:-. Sd/-
Company Secretary
(Mem. No.).
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CBEC to Constitute Members of National Anti-Profiteering Authority Soon: Invites Recommendations for Selection
Read more at: http://www.taxscan.in/cbec-constitute-members-national-anti-profiteering-authority-soon-invites-recommendations-selection/11253/
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Companies Act :
Where there is too much distrust between the petitioner and respondents giving rise to total mess in the functioning of the company, it is just and proper to provide exit to the petitioner, being minority shareholder rather than removing illegally. Surinder Kumar Virdi vs. Beavers Leathers (P.) Ltd. and Others. [2017] 140 CLA 1 (NCLT)
IBC :
Where Notice issued by advocate/lawyer who is not authorised by the appellant and who held no position with or in regard to appellant, cannot be treated as notice u/s 8, and hence petition u/s 9 at the instance of the appellant is not maintainable. Macquarie Bank Ltd. vs. Uttam Galva Metallics Ltd. [2017] 140 CLA 27 (NCLAT)
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GST taxpayers of Rajasthan get relief*
The division bench of the Rajasthan High Court comprising of Hon'ble Justice jhaveri and justice vyas heard the writ petition filed by the *Rajasthan Tax Consultants Associtation* due to the problems faced by the taxpayers on account of the technical glirches at tge gstn portal. Advocate Mr.Sanjay Jhanwar highlighted the impreparedness and the clinical trials on taxpayers by the govenrment and the gstn. The respondents argued that gstn portal is at a nasant stage and all issues would be resolved in the due course of time, though they admitted the glitches.
The hon'ble bench after hearing the matter has granted the following interim reliefs on 20.09.2017:
a) no late fees or penalty in case of late filing of FORM 3B for the month of August after 20.09.2017, if the delay is due to the technical glitches
b) composition scheme to be available w.e.f. 01.07.2017 for all the registered persons who could not opt for the composition scheme within the prescribed time frame due to unavailability of FORM at portal upon sending of an email by 30.09.2017 to the concerned officer.
c) Speedy redressal of any other problems faced due to the portal glitches
Moreover, the central and the state departments have been directed to provide separate district wise email addresses for remedy of issues and opting for composition scheme. The court further directed that a registered person can send emails to the respective district email ids in case of any technical errors in the gstn portal and the department is bound to redress the same at the earliest. These benefits would however be available only in the state of Rajasthan. The matter is listed for further hearing on 05.10.2017
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Deemed Deduction applicable to Joint Venture Agreements: CBEC Asst Commissioner Clarifies Issues on Construction Services under GST
Read more at: http://www.taxscan.in/deemed-deduction-applicable-joint-venture-agreements-cbec-asst-commissioner-clarifies-issues-construction-services-gst/11250/
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Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962.
September 19, 2017
Contents
F. No. 370142/27/2017-TPL
Government of India
Ministry of Finance
Department of Revenue
(Central Board of Direct Taxes)
*********************************
New Delhi, September 19, 2017
Sub: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.
It is proposed to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers viz. companies and tax audit cases, on voluntary compliance basis. Accordingly, in exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), an amendment of the Income-tax Rules, 1962 (“the Rules”) is proposed for insertion of a new Rule 39A and Form No.28AA in the Rules. The draft proposal is as under:-
(I) Intimation of estimated income, tax liability and payment of taxes
39A. (1) An assessee being a company and a person (other than a company), to whom the provisions of section 44AB are applicable shall furnish an intimation of estimated income and payment of taxes as on 30th September of the previous year, on or before 15th November of the previous year.
(2) If the income estimated as on 30th September of the previous year is less than the income of the corresponding period of the immediately preceding previous year by an amount of ₹ 5 Lakh or 10 percent, whichever is higher, then the assessee shall be required to furnish an intimation of estimated income and payment of taxes as on 31st December of the previous year, on or before 31st January of the previous year.
(II) In the rules, in Appendix II, after the „Form No. 28A‟, the following Form shall be inserted, namely:-
Form No.28AA
(See rule 39A)
Intimation of estimated income, tax liability and payment of taxes for the previous year
1. Name of the assessee.__________________________________________
2. PAN._________________ 3. Previous Year (PY). ____________
4. Assessment Year (AY):____________
5. Nature of Business or profession (if more than one business or profession indicate the main activities/products)*#
Sl.no.
Code
Description
6. Details of estimated Income/tax liability for previous year:-
Sl.No.
Particulars
Period ending on 30th September or 31St December of PY(As applicable)**
Period ending on 30th September or 31st December of year immediately preceding the PY(As applicable)**
1 Income from salary
2 Income from house property
3 Profits and gains from business or profession before depreciation as per Income-tax Act
4 Less depreciation as per Income-tax Act
5 Income from business or profession (34)
6 Capital gains
7 Income from other sources
8 Gross total income (1+2+5+6+7)
9 Losses to be set off
10 Deduction u/s 10 AA
11 Deduction under Chapter VI-A
12 Total Income [8-(9+10+11)]
13 Tax payable on total income
14 Deemed total income u/s 115JB / 115JC
15 Tax payable on deemed total income u/s 115JB/115JC
16 Tax payable (Higher of the Sl. No.13 & 15)
17 Credit u/s 115JAA/115JD
18 Tax relief u/s 90/90A/91
19 Net tax liability [16(17+18)]
20 TDS/TCS
21 Advance tax
7. Details of turnover, profit etc.:-
Sl.No.
Particulars
Period ending on 30th September or 31St December of PY(As applicable)**
Period ending on 30th September or 31st December of year immediately preceding the PY(As applicable)**
For the PY ending on 31st March (Estimated).
For the year immediatel y preceding the PY.
1 Gross receipts/turnov er
2 Less: Expenses other than interest, depreciation
3 Less: Interest
4 Less:
Depreciation as per books
5 Profit before tax[1-(2+3+4)]
8. If the estimated advance-tax payment for the previous year is less than the advance tax paid during the preceding previous year, please specify the reasons (Point-wise).
( )
Signature of the Assessee
Dated:
(Note: * Please see ITR Forms and instructions for the filling the business code and description.
** see rule 39A of the Income-tax Rule, 1692.
# In case of more than one business of different nature, the information may be furnished for each of the businesses separately.)”
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Quick Reference to "Common but Important Query Regarding Section 188 of Companies Act, 2013" :-
Query:-
The XYZ ltd is a listed Company. The Company wants to Appoint Mr X as a Company Secretary of the Company who is son of Mr Y.
Mr. Y is the Whole time Director of the Company.
Mr.X is the Fellow member of ICSI.
Can company appoint Mr. X in monthly salary of ₹ 1 lakh ??
Answer:-
1. Mr. X can be appointed as CS of XYZ ltd.
2. In this case, Mr X is regarded as Related party as per Section 2 (76) of Companies Act, 2013.
3. The Appointment of Mr. X , who is son of Mr. Y as a CS attracts section 188 of Companies Act, 2013.
4. Special Resolution is not required to pass because ₹ 1 lakh is less than specified limit.
5. The approval of Board of Directors in Board meeting is required and DIR-12 , MGT-14 is required to file.
6. The answer Would be same even if he is Associate Member of the ICSI.
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CBEC releases Concept Note on ‘Pure Agent’
Read more at: http://www.taxscan.in/cbec-releases-concept-note-pure-agent/11241/
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‘Bogus Donation’ cannot be a Ground for Withdrawal of 12AA Registration for Trusts: ITAT Kolkata [Read Order]
Read more at: http://www.taxscan.in/bogus-donation-cannot-ground-withdrawal-12aa-registration-trusts-itat-kolkata/11245/
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Society
1. Introduction
GST as we all know is the tax payable when goods or services are supplied. It is very important to understand the concept of supply as it is the basic rule to apply whether a particular goods or services would attract GST. Supply is the taxable event under GST. In this article we would discuss whether housing society is covered under GST.
2. Are housing Society covered under GST?
As per GST law, GST is payable on goods or services supplied. Supply as per GST Law includes all forms of supplies such as sale, transfer, exchange, barter, lease, rental, license or disposal made or agreed to be made for a consideration, by a person, in the course or furtherance of business. Let us now analysis the 3 concepts of supply in detail:
Consideration: Any payment made or to be made whether in money or otherwise for supply of goods or servicesPerson: Person as per GST law includes individual, HUF, company, firm, LLP, AOP or BOI whether incorporated or not in India or outside India, any corporation established by or under any Central Act, State Act or provincial act or a government company, any body corporate incorporated by or under the laws of a country outside India, a co-operative society registered under any law relating to co-operative societies, a local authority, central or state government, society as defined under the societies registration act 1860, trust and every artificial judicial personBusiness: Business includes any trade, commerce, manufacture, profession, vocation, adventure, wager or any other similar activity whether or not it is for pecuniary benefit, supply or acquisition of goods including capital goods and services in connection with commencement or closure of business, provision by a club, association, society or any other such body of the facilities or benefits to its members, admission for a consideration of persons to any premises, services supplied by a person, services provided by a race club, any activity or transaction undertaken by central, state government or any local authority in which they are engaged as public authorities
A co-operative society (being a person as defined above) provides services to its member in the form of facilities or benefits to it member (in course of business) for a consideration. Hence based on above definition and concept of supply co-operative society also gets covered under GST.
3. Registration
A co-operative society like any other businesses is liable to register if the aggregate turnover or collection is more than 20 lakhs in the preceding financial year. If the turnover does not exceed 20 lakhs the society may not get register. Society being a service provider cannot register under composition scheme
4. Rate of Tax
The society is liable to collect tax at the rate of 18% if the aggregate turnover exceeds 20 lakhs
5. What are the charges levied by co-operative society from its member liable to GST?
The society generally collects the following charges from its members:
Charges Collected
Whether GST applicable or not
Maintenance Charges
Co-operative society is liable to levy GST on maintenance charges at the rate of 18%.
Exemption: If the maintenance charges is Rs 5000 or less per month per member than GST shall not be levied by the society if the society is registered under GST
Property tax as per Municipal Corporation of Greater Mumbai, Water tax- Municipal Corporation of greater Mumbai(MCGM)
Services provided by the Central Government, State Government, union territory or local authority to a person other than business entity is exempted from GST. If the society collects such taxes on behalf of MCGM from individual flat owners then GST is not leviable
Non-Agricultural Tax- Maharashtra State Government, Electricity Charges
GST is not leviable on non agricultural land, electricity charges etc which are collected under other statutes from individual flat owners but if these charges are collected by the society for generation of electricity by society’s generator or to provide drinking water facility or any other service then such charges collected by the society are liable to GST
Sinking Fund, Repairs & maintenance Fund, Car parking charges, Non occupancy charges, simple interest for late payment
These charges collected are liable to GST as these are collected by the society to provide services to its members
6. Input Tax Credit
Co-operative housing society is eligible to claim input tax credit on taxes paid by it on purchase of capital goods or input services such as repair and maintenance. In pre-GST regime society was not liable to claim ITC on taxes paid by them. This would benefit the society in the form of reduction in cost. No ITC would be available where GST is not applicable on expenses like Electricity expenses, Stamp Duty, property taxes etc
7. Reverse Charge Mechanism
Reverse Charge is a mechanism under which the recipient of supply is liable to pay GST. Co-operative societies are also covered under reverse charge mechanism. If the society avails any supply of goods or services from unregistered persons the society is liable to pay GST on such goods or services. Similarly if the society avails services which are compulsorily covered under RCM, the society is liable to pay GST on such services. The society can claim ITC on tax paid under RCM.
8. Compliance to be followed by the society under GST law
Returns Society are also liable to file monthly returns i.e. GSTR-1, GSTR-2, GSTR-3Invoices: Society is required to change the invoice format of monthly/quarterly/yearly bills invoiced to the members. Society should mention the GSTIN No, the tax collected and so on in the invoice issued by itBooks of Accounts: Society is liable to prepare and maintain proper books of accounts. It would also be liable to audit if the aggregate turnover exceeds the threshold limit of audit
9. Conclusion
If the aggregate turnover exceeds 20 Lakhs co-operative society are compulsorily required to get registered, there is no other exemption for registration. Also in GST regime hosing society are eligible to claim ITC on inward supply made by it which was not allowed earlier, this would benefit the society in the form of reduction in cost. The society can transfer this benefit to its member is the form of reduction of maintenance charges collected from its member after due a detailed the cost benefit analysis available to the society under GST
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CBEC releases Concept Note on ‘Pure Agent’
Read more at: http://www.taxscan.in/cbec-releases-concept-note-pure-agent/11241/
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CBDT issued Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962– comments and suggestions on 19.09.2017.
Big 4 Auditors figure in the list of entities that have been empanelled by the Indian Banks' Association (IBA) to do forensic audit of frauds in banks. The number of banking fraud cases involving Rs 1 lakh and above is on the rise, which has increased to 5,076 in the fiscal ending March 2017.
MCA have started the procedure to issue show cause notices to the Companies who have not appointed the Company secretary as KMP according to the section 203 of the Companies Act, 2013.
Bank unions have requested Finance Minister Arun Jaitley to withdraw the FRDI Bill as it proposes to empower authorities with sweeping powers to wind up public sector banks and insurance companies.
SEBI allowed infrastructure investment trusts (InvITs) and real estate investment trusts (Reits) to raise capital by issuing debt securities. SEBI also made several other relaxations to the InvIT and Reit framework to provide a boost to stalled infrastructure projects.
ICAI extension of date empanelment of members to act as observers for November / December 2017 examinations up to 25th September, 2017.
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: CBEC to Move Supreme Court against the Orders of High Courts staying of Tax Collection under GST
Read more at: http://www.taxscan.in/cbec-move-supreme-court-orders-high-courts-staying-tax-collection-gst/11236/
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*CBDT issued draft notification to introduce self reporting system* of income tax by the assessees quarterly or half yearly (as per draft notification). - Another compliance to be added under Income Tax for advance tax payers. CBDT to introduce Rule 39A & Form 28AA for voluntary reporting of estimated current income and advance tax liability to be filed by 15th November for 30th September half year ended
*GST Composition:* Small Traders/Manufacturers/Restaurants can now opt for availing the Composition Scheme till September 30, 2017. You can now opt for availing the Composition Scheme till 30th September, 2017 and avail its benefits from 1st October, 2017.
*Case Study:* Before Passing an Order U/s. 263 Principal CIT or CIT has to do their Own Enquiry - PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)
*#ICAI: Membership and COP Fee* for the year 2017-18 is payable on or before 30 Sep., 2017 without GST. Link for payment of fee: http://memfee.icai.org/memfee.html
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Revenue Block Due to Litigations: CBEC Instructs Its Officials to focus on 10 Cr & Above Cases
Read more at: http://www.taxscan.in/revenue-block-due-litigations-cbec-instructs-officials-focus-10-cr-cases/11239/
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📺 *Updates*
➡1. SetCom application couldn’t be rejected if it was allowed for other group companies making similar disclosure
➡2. CBDT notifies draft rule for reporting of estimated income & advance tax liability
F.No.370142/27/2017-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes)
➡3. Reassessment order couldn’t be held invalid merely because AO had failed to mention sec. 143(2) in notice: HC
Padinjarekara Agencies (P.) Ltd. v. Commissioner of Income-tax.
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