*Updates*
➡1. Internal auditors must monitor corrective steps taken by brokers to rectify deficiency in inspection report: SEBI
https://corporatelaws.taxmann.com/topstories/222330000000013014/internal-auditors-must-monitor-corrective-steps-taken-by-brokers-to-rectify-deficiency-in-inspection-report-sebi.pdf
https://corporatelaws.taxmann.com/topstories/222330000000013014/internal-auditors-must-monitor-corrective-steps-taken-by-brokers-to-rectify-deficiency-in-inspection-report-sebi.pdf
➡2. Sec. 14A disallowance had to be made even if assessee made investment in subsidiary co. as promoter
Future Corporate Resources Ltd. v. Deputy Commissioner of Income-tax (OSD)-8 (1), Mumbai.
Future Corporate Resources Ltd. v. Deputy Commissioner of Income-tax (OSD)-8 (1), Mumbai.
➡3. CBDT lays down procedure to furnish Form no. 67 to claim foreign tax credit
Notification 9 19th sept 2017 CBDT
Notification 9 19th sept 2017 CBDT
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*Big Relief from I.Tax Login compliance:*
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*Big Relief from I.Tax Login compliance:*
Now you can *skip* the page demanding new email, bank account info on Income tax Login.
Click on *Skip* Button at the bottom of the page without filing information.
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Govt Prescribes Procedure to furnish Form 67 to claim Foreign Tax Credit [Read Notification]
Read more at: http://www.taxscan.in/govt-prescribes-procedure-furnish-form-67-claim-foreign-tax-credit/11329/
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*Very Important*
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*Very Important*
Since the last date i.e. 30/09/2017 for payment of annual membership and COP fee for the year 2017-2018 is approaching very fast, kindly check your membership status:
URL for membership status check is:
http://112.133.194.253/reprintletter/memberp.aspx
http://112.133.194.253/reprintletter/memberp.aspx
URL for payment of online fee is:
http://memfee.icai.org/memfee.html
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http://memfee.icai.org/memfee.html
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Karnaraka HC quashes Order imposing VAT on Goods relying information available on ‘Wikipedia’ [Read Order]
Read more at: http://www.taxscan.in/karnaraka-hc-quashes-order-imposing-vat-goods-relying-information-available-wikipedia/11324/
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Cost incurred on Alteration / Renovation on the purchased unit is Eligible for Capital Gain Exemption u/s 54F: ITAT Bengaluru
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Cost incurred on Alteration / Renovation on the purchased unit is Eligible for Capital Gain Exemption u/s 54F: ITAT Bengaluru
Read more at: http://www.taxscan.in/cost-incurred-alteration-renovation-purchased-unit-eligible-capital-gain-exemption-us-54f-itat-bengaluru/11319/
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*#Income Tax Registration:* New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account. Users who have registered already and not activated has to register again. However, skip option waa enabled later on.
*#Income Tax:* Online Form i.e. Form No. 67 needs to be filed in the case where assessee claiming the benefit of foreign tax credit. Submission of Form 67 shall precede the filing of return of Income. Notification No. 9 - (19/09/2017)
*#MCA: Companies* (Restriction on Number of Layers) Rules 2017 notifiedw.e.f. 20.09.2017 u/s 2(87): http://egazette.nic.in/WriteReadData/2017/179104.pdf
Proviso to Sec.2(87) made effective from 20.9.2017: http://egazette.nic.in/WriteReadData/2017/179105.pdf
*#GST:* TDS Deductor Registration enabled on GST Portal.
Taxpayers can now edit, submit & file GSTR 3B for July 2017
Taxpayers can now edit, submit & file GSTR 3B for July 2017
*ICAI:* Indian Accounting Standards (Ind AS): An Overview (Revised 2017). Download from here https://resource.cdn.icai.org/47062indas36911.pdf
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# *GST*: CBEC has amended Notification No.1/2017- CT(R), dt.28.06.2017 to give effect to GST Council decisions regarding reduction in GST rates – Notification No. 27/2017-Central Tax (Rate), dt.22-09-2017.
# *GST*: CBEC has amended Notification No.2/2017- CT (R), dt.28.06.2017 to give effect to GST Council decisions regarding GST exemptions – Notification No. 28/2017-Central Tax (Rate),dt.22-09-2017.
# *GST*: CBEC has amended Notification No.5/2017- CT (R), dt.28.06.2017 to give effect to GST Council decisions regarding restriction of refund on corduroy fabrics – Notification No. 29/2017-Central Tax (Rate),dt.22-09-2017.
# *CBDT*: Residential Status, Mobile Number, Email ID, Bank details and last Mobile & E-mail OTP are required to login income tax website by the taxpayer. Further, single Mobile Number and E-mail ID can be used only for up to 3 Assessees. You can skip the same now.
# *IT IDS2016*: 30 SEP 2017 is the last date for payment of Final Installment of Tax due under IDS, 2016.
# *CBDT* is planning to give cash rewards to the tune of Rs.1 crore to secret informers who provide tip-offs to investigative agencies in connection with Benami Properties.
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Govt ensures Timely Refund of Taxes
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Govt ensures Timely Refund of Taxes
Read more at: http://www.taxscan.in/govt-ensures-timely-refund-of-taxes/11312/
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After death of depositor, TDS on Interest on deposits is required to be deducted against PAN of legal heir. CBDT Notification 8/2017 dated 13.09.2017.
The government said only Rs 12,000 crores of the Rs 65,000 crores of input tax credit claimed by assessees for the pre-GST stocks were valid.
TDS deductor registration has been enabled on GST portal. It can be applied through PAN / TAN issued in the name of Government department as specified in Sec.51.
Govt. has notified ´All Industry Rates´ of duty drawback, the refund of duties on imported inputs for export items, on a host of items, including toys, furniture, musical instruments, aircraft and vehicles, effective from 01.10.2017.
MCA clarified that corporates can have only two layers of subsidiaries under the companies law, with the government putting in place stricter norms as it continues with the clampdown on illicit fund flows. Only banking, NBFC companies and Govt. companies have been exempted.
NICAI is organising a practical workshop on GST & Income Tax on Friday, 29.09.2017 from 4PM to 8PM at IMA Hall, ITO, and New Delhi-110002. Fee Rs. 250/-. By: CA (Dr) Girish Ahuja Ji. CA Raj Chawla, CA Vinod Kashyap, CA Alok Jain & CA Kuldeep Sharma. Please confirm your participation by SMS your name and details at 9811081083.
NICAI is organising an Overseas Educational Tour to Colombo-Candy-Bentota (Sri Lanka) from 16 Nov to 21 Nov 5 nights & 6 day. Package Rs 49600/- it includes stays at 5 Star Hotel, airfare, all meals, seminars, City Tour, visa charges etc. Please confirm your participation by Email your name and details or call at 9811081083.
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: *Important Tweets Posted on @askGSTech & @askGST_GOI twitter Handel in past Few Days-(PART-2)*
1. *Unregistered dealer cannot make inter-state supplies* except in terms of Notification 32/17-Central Tax dated 15/09/17. The purchaser will be liable u/s 9(4) to pay GST.
2. *ITC is available under GST with respect to CSR expenses* incurred by companies.
3. *Insurance/freight paid and charged separately in export invoice*(with IGST), will not be treated as export of service.
4. *MRP is inclusive of all taxes*. No amount of GST can be charged over and above MRP. Amount of GST, however is required to be shown separately on Tax Invoice.
5. *Even in case of over the counter sales*, if the address of purchaser on Invoice is of other state than it would be treated Inter state Sale.
6. *Section 52 of CGST Act has not yet been notified*. Till the section is notified all supplies made through E- commerce portal need to be shown in Part-4A of GSTR-1. These supplies are also need to be shown in Part 3.1 of GSTR-3B
7. *Amount of IGST* need to be mentioned on the invoice made to SEZ.
8. *Transporter whose 100% GST liability is paid under reverse charge* by receiver of service is not required to be registered under GST as Per Notification No-5/2017 of Central Tax
9. *GST paid on RCM* for July on 20 Aug can be utilised against July liability.
10. *RCM is applicable on Expenses incurred by Director outside India* for business Purpose if it is in the nature of supply imported into India.
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After death of depositor, TDS on Interest on deposits is required to be deducted against PAN of legal heir. CBDT Notification 8/2017 dated 13.09.2017.
The government said only Rs 12,000 crores of the Rs 65,000 crores of input tax credit claimed by assessees for the pre-GST stocks were valid.
TDS deductor registration has been enabled on GST portal. It can be applied through PAN / TAN issued in the name of Government department as specified in Sec.51.
Govt. has notified ´All Industry Rates´ of duty drawback, the refund of duties on imported inputs for export items, on a host of items, including toys, furniture, musical instruments, aircraft and vehicles, effective from 01.10.2017.
MCA clarified that corporates can have only two layers of subsidiaries under the companies law, with the government putting in place stricter norms as it continues with the clampdown on illicit fund flows. Only banking, NBFC companies and Govt. companies have been exempted.
NICAI is organising a practical workshop on GST & Income Tax on Friday, 29.09.2017 from 4PM to 8PM at IMA Hall, ITO, and New Delhi-110002. Fee Rs. 250/-. By: CA (Dr) Girish Ahuja Ji. CA Raj Chawla, CA Vinod Kashyap, CA Alok Jain & CA Kuldeep Sharma. Please confirm your participation by SMS your name and details at 9811081083.
NICAI is organising an Overseas Educational Tour to Colombo-Candy-Bentota (Sri Lanka) from 16 Nov to 21 Nov 5 nights & 6 day. Package Rs 49600/- it includes stays at 5 Star Hotel, airfare, all meals, seminars, City Tour, visa charges etc. Please confirm your participation by Email your name and details or call at 9811081083.
.
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.
: *Important Tweets Posted on @askGSTech & @askGST_GOI twitter Handel in past Few Days-(PART-2)*
1. *Unregistered dealer cannot make inter-state supplies* except in terms of Notification 32/17-Central Tax dated 15/09/17. The purchaser will be liable u/s 9(4) to pay GST.
2. *ITC is available under GST with respect to CSR expenses* incurred by companies.
3. *Insurance/freight paid and charged separately in export invoice*(with IGST), will not be treated as export of service.
4. *MRP is inclusive of all taxes*. No amount of GST can be charged over and above MRP. Amount of GST, however is required to be shown separately on Tax Invoice.
5. *Even in case of over the counter sales*, if the address of purchaser on Invoice is of other state than it would be treated Inter state Sale.
6. *Section 52 of CGST Act has not yet been notified*. Till the section is notified all supplies made through E- commerce portal need to be shown in Part-4A of GSTR-1. These supplies are also need to be shown in Part 3.1 of GSTR-3B
7. *Amount of IGST* need to be mentioned on the invoice made to SEZ.
8. *Transporter whose 100% GST liability is paid under reverse charge* by receiver of service is not required to be registered under GST as Per Notification No-5/2017 of Central Tax
9. *GST paid on RCM* for July on 20 Aug can be utilised against July liability.
10. *RCM is applicable on Expenses incurred by Director outside India* for business Purpose if it is in the nature of supply imported into India.
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*Updates*
➡1. Tribunal has no power to allow any person to withdraw application filed under Bankruptcy Code: NCLAT
➡2. Ind AS: FAQs on Disclosures in Ind AS Financial Statements
➡3. Certain amendments to GST rate schedule announced by Govt.
➡4. Upliftment and protection of farmers at national level was to be regarded as ‘Charitable activities’
Bhartiya Kisan Sangh Sewa Niketan v. Commissioner of Income-tax (Exemptions), Lucknow*
Bhartiya Kisan Sangh Sewa Niketan v. Commissioner of Income-tax (Exemptions), Lucknow*
Thank you
Have a nice day
Have a nice day