Good Morning,
Kindly note that Blue pen has been banned in the examination.
You can only use black pen.
Beware before exams.
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Quick Reference to "Forged Transfer of Shares"
Points:-
1. If the Signature of Transferor on the Transfer Document of Shares is Forged then it's Known as Forged Transfer.
2. Forged Transfer is Nullity.
3. It does not give any legal title to the transferee.
4. Actual/ Original/ True Owner of Shares can apply for rectification of Register of Members to the Company.
5. It is absolutely different from Blank Transfer.
6. The Company can Claim for damages from that Individual who Submit/ Present the Forged/Counterfeit Transfer Documents.
7. The True Possessor / Holder of Shares can get its name reinstate in the register of Members.
8. It is illegal and felonious activity.
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Sebi to freeze promoter holdings if a firm violates minimum shareholding norms*
🍾 As per the circular dated 10/10/1991
Sebi says that share depositories will freeze the entire shareholding of the promoters if a company is found to have failed to comply with the MPS norms for 15 days
💎MPS requires a listed company to have at least 25% public shareholding.
👠The directors of the company will also be barred from holding such positions in other companies till the non-compliant company achieves 25% public shareholding.
📟In addition, non-compliance with the norms will attract a monetary penalty of Rs5,000 per day.
☑if the non-compliance continues for more than a year then the per-day penalty will rise to Rs10,000.
🔘In addition, all the securities held by the promoter would be frozen.
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No Disallowance u/s 40(a)(ia) when Assessee deducted TDS under Wrong Provision under a bonafide belief: ITAT Mumbai [Read Order]
Read more at: http://www.taxscan.in/no-disallowance-us-40aia-assessee-deducted-tds-wrong-provision-bonafide-belief-itat-mumbai/11972/
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Govt proposes GST rate structure for Petroleum and Oil Sector
Read more at: http://www.taxscan.in/govt-proposes-gst-rate-structure-petroleum-oil-sector/11991/
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Cenvat Credit on Stock of Goods purchased prior to One Year under GST: Gujarat HC Issues Notice to Govt.
Read more at: http://www.taxscan.in/cenvat-credit-stock-goods-purchased-prior-one-year-gst-gujarat-hc-issues-notice-govt/11997/
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Govt proposes GST rate structure for Petroleum and Oil Sector
Read more at: http://www.taxscan.in/govt-proposes-gst-rate-structure-petroleum-oil-sector/11991/
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License Fee from Lease of Retail Space in the Shopping Mall is Taxable as ‘Income from House Property’: ITAT Delhi [Read Order]
Read more at: http://www.taxscan.in/license-fee-lease-retail-space-shopping-mall-taxable-income-house-property-itat-delhi/12004/
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The GST Network did not perform optimally on Tuesday, the last day of filing of GSTR-1 forms for business done in July.
Sources said about one third of the total returns are yet to filed, and businessmen will have to pay a penalty of Rs 4,200 for late filing. Tax practitioners and businessmen are angry for the penalty that they will have to bear for a fault in the system.
GSTR-1 form gives the details of the outward supplies of goods and services. The deadline for filing of GSTR-1 for July was October 10. Messages, that GST system is not functioning properly, started pouring in during the day. Sources estimate that nationally, close of 35 per cent of returns are yet to be filed. Now, filing will be done only after 21 days, and for each day, a penalty of Rs 200 (Rs 100 for CGST and Rs 100 for SGST) will be levied.
"The department knows clearly that the GST system is not working properly. When you are launching a new system, it should be user friendly. The manner of execution has made it harsh for businessmen to comply. We will represent at the topmost level to see that the penalty is withdrawn," said Shailesh Patwari, president of Gujarat Chamber of Commerce and Industry.
Tax practitioners complained that even after uploading GSTR-1, a lot of errors were encountered. It took around three hours to rectify them. Many errors cropped up again, delaying the filing of returns. "This is a mental harassment to businessmen and tax practitioners alike. The government should extend the deadline for filing of returns," said Vaaris Isani, president of Gujarat Sales Tax Bar Association.
As sizable returns are yet to be filed, the cross matching of returns of buyers and sellers will be difficult, blocking the tax credit due to the buyers
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Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.8% up to Sept, 2017
Read more at: http://www.taxscan.in/direct-tax-collections-f-y-2017-2018-show-growth-15-8-sept-2017/12000/
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*NIRC: “Workshop on GST Impact Analysis on Specific Sectors”* on Thursday 12th October, 2017, at 3pm to 7pm venue Dilli Haat, Lal Sai Mandir Marg Opposite Hari Nagar Bus Depot, Janakpuri, Block C, Janakpuri, New Delhi. NO FEE
*ICAI* has recently written a letter to MCA and GOI seeking its intervention in designating Chartered Accountancy qualification as equivalent to Post-graduation and CA-Intermediate to be treated equivalent to Graduate degree in the University education system.
*GSTN no. to be mentioned now in TDS / TCS Statements* - Addition of new field i.e. GSTN under form page of TDS/TCS statements -15 digit alpha-numeric value to be entered under this field
*GST:* PFMS portal not ready to issue IGST Refund on export of goods vide Instruction No. 16/2017-Customs
*IBBI invites public comments* on (i) Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017, and (ii) Draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017 by 31st October, 2017
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40 Lakh Traders filed GST July Returns till the End of Deadline
Read more at: http://www.taxscan.in/40-lakh-traders-filed-gst-july-returns-till-end-deadline/11984/
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Quick Reference to " Who are eligible to Become Member of Company & Who is not " :-
Eligible to Become Member of Company:-
1. Another Company.
2. Cooperative Society.
3. Trade Union.
4. Partnership Firm only
in a Section 8 Company.
5. Foreigner.
6. Joint Shareholder.
7. Central Government.
8. State Government.
9. Insolvent ( with certain Conditions ).
Not Eligible to Become Member of Company:-
1. Minor ( Except shares are full paid up ).
2. Partnership Firm.
3. HUF.
4. Subsidiary Company in its Holding Company ( except in certain case ).
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# *GST*: 43 Lac out of the 53 Lac businesses have filed GSTR-1 returns for the m/o July by the deadline ended on 10.10.2017.
# *GDP*: IMF cuts India’s growth forecast for FY 2017-18 to 6.70% agst 7.20% but sees it regaining ‘fastest-growing’ title in FY2018-19.
# *MCA* issued suggestions to stakeholders for Annual filing by the Companies incorporated under the Companies Act, 1956 / 2013 for FY 2016-17 in due time to avoid last time rush.
# *MCA* has opposed some of the recommendations made by the SEBI committee on corporate governance on the grounds that they concern matters already covered by the Companies Act.
# *ICAI*: Admit Card for Nov’ 2017 IPC & Final Exams has been hosted at http://icaiexam.icai.org.
# *IT*: Assessees cannot be permitted to avail 100% deduction u/s 80IA, without depreciation which they want to utilise in the subsequent years – Plastiblends India Ltd. Vs Addl.CIT & Anr (2017 (10) TMI 423 - Supreme Court).
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Quick Reference to "Conversion of Private Company into One Person Company" :-
Legal Provision:-
Rule 7 of Companies ( Incorporation ) Rules, 2014.
Points:-
1. The Private Company can convert into OPC but with maximum paid up share capital of ₹ 50 lakhs and Avg. Annual Turnover during immediately preceding 3 Financial Year is Maximum ₹ 2 Cr.
2. Section 8 Company cannot convert into OPC.
3. No objection letter in writing is required from members and creditors. Board Resolution in the Board meeting and then Special resolution in the general meeting is required to pass.
4. MGT-14 should be filed within 30 days from passing of Special Resolution.
5. Form INC-6 should be filled with ROC.
6. Altered MOA/ AOA with latest balance sheet of Company is also a mandatory attachment with form INC 6.
7. ROC will provide New/ Fresh Certificate of Incorporation after Complying the Procedure in a proper manner.
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GST Gyan-Mandatory to file GSTR-3/3B for considering Shipping bill/Bill of Export as Claim for Refund. Instruction 15/2017-Customs of 09.10.2017.
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*Taxability of goods, imported into India pending customs clearance*-, is governed by the Proviso to Section 5(1) and not by the main Section 5(1) of the IGST Act. Accordingly, when goods imported, pending customs clearance, are supplied, the supplier is not liable to pay IGST. The taxability is determined by proviso to Section 5(1) and accordingly, the IGST as leviable under Section 3(7) of the Custom Tariff Act(CTA). Further, the IGST under Section 3(7) of the CTA is leviable at the point when the Customs Duty under Section 12 of the Customs Act is leviable. Therefore, till the point of time Customs Duty is not leviable, IGST under Section 3(7) of CTA read with proviso to Section 5(1) of the IGST Act is not leviable.
Some Practical Case in Case of Import
1. *High Sea Sale of imported goods / Sale in the course of Import*- Tax is not Payable as per Section 5(1) but payable as per Proviso to Section 5(1). It means that the person clearing the goods for home consumption liable to pay IGST under Section 3(7) of CTA read with Customs Circular no 33/2017. Supplier of goods making High Sea Sale not liable to pay IGST on such sale.
2. *Supply made from a Bonded Warehouse to another Bonded Warehouse*- Tax is Not Payable as per Section 5(1) and neither as per Proviso to Section 5(1). No tax will be charged
3. *Supply made from a Bonded Warehouse to EOU*- Tax is not Payable as per Section 5(1) but payable as per Proviso to Section 5(1). W.e.f. 13.08.2016 (notification no. 44/2016-Cus), EOU’s delicensed. It means that he person clearing the goods for home consumption liable to pay IGST under Section 3(7) of CTA read with Customs Circular no 33/2017. Basic Customs duty is exempted vide Notification 52/2003. Supplier of goods in the Bonded Warehouse not liable to pay IGST on such sale.
4. *Supply made from a Bonded Warehouse to a unit in Domestic Tariff Area* - Tax is not Payable as per Section 5(1) but payable as per Proviso to Section 5(1). It means that the person clearing the goods for home consumption liable to pay IGST under Section 3(7) of CTA read with Customs Circular no 33/2017. Supplier of goods in the Bonded Warehouse not liable to pay IGST on such sale.
5. *Supply made from a SEZ to another SEZ* - Tax is Not Payable as per Section 5(1) and neither as per Proviso to Section 5(1). No tax will be charged
6. *Supply made from a SEZ to a unit in Domestic Tariff Area (Goods)*- Tax is not Payable as per Section 5(1) but payable as per Proviso to Section 5(1). It means that the person clearing the goods for home consumption liable to pay IGST under Section 3(7) of CTA. Supplier of goods in the SEZ not liable to pay IGST on such sale.
7. *Supply made from a SEZ to a EOU*- Tax is not Payable as per Section 5(1) but payable as per Proviso to Section 5(1). W.e.f. 13.08.2016 (notification no. 44/2016-Cus) EOU’s are not considered as private licensed warehouse. Therefore, premises of EOU will be treated as a place outside the customs frontiers of India. It means that the person clearing the goods for home consumption liable to pay IGST under Section 3(7) of CTA. Basic Customs duty is exempted vide Notification 52/2003. Supplier of goods in the SEZ not liable to pay IGST on such sale.
8. *Supply made from a SEZ to Bonded Warehouse*- Tax is Not Payable as per Section 5(1) and neither as per Proviso to Section 5(1). No tax will be charged
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SC upholds Levy of Entry Tax on the Imported/Foreign Goods [Read Judgment]
Read more at: http://www.taxscan.in/sc-upholds-levy-entry-tax-importedforeign-goods-read-judgment/11966/
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Companies Act :
It is true that there is no specific provision in the Act to put a hold on the winding up order after it has been passed, but at the same time, it is equally true that there is no prohibition for the same. It depends on the facts and circumstances of each case and so where the sale of some assets is enough to pay off all the secured and unsecured creditors and the company is still left with surplus assets, it can apply for staying the winding up permanently or for recall of the winding up order and revival of the company. *Government of Karnataka v. NGEF Ltd. (In Liquidation) [2017] 140 CLA (Snr.) 119 (Kar.)*
IBC :
Objection of Corporate Debtor, that the petition of financial creditor should be dismissed for non-filing of record of default from Information Utility Centre, is liable to be rejected, firstly as IUCs were not established by the time this petition was filed, and secondly because filing of record of default with the IUC was only optional, if it was available. *Edelweiss Asset Reconstruction Co. Ltd. v. Bharati Defence & Infrastructure Ltd. [2017] 140 CLA 53 (NCLT)*
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Supreme Court stays operation of the judgement of the Delhi High Court in Dayawanti Gupta vs. CIT 390 ITR 496 (Del). The High Court dealt with the issue whether an assessment u/s 153A can be made even if no incriminating material has been found during s. 132 search proceedings.
The department of industrial promotion and policy (DIPP) has notified the guidelines for manufacturing units in excise-free zones to claim budgetary support in the GST regime. these units can claim refund on 58% of the Central tax (CGST) and 29% of the integrated GST paid after using CGST and IGST input tax credit (ITC).
NSE has sent out 307 notices to listed companies in two tranches seeking explanations on their disqualified directors. BSE Ltd has also identified 500 companies so far and is sending out notices to these firms.
Nearly 40% of the companies listed on the NSE will have to appoint a woman independent director if the recommendation of the Uday Kotak-led Sebi panel on corporate governance were to be implemented.
RBI will sell gold bonds at Rs 2,956 a gram, Online applicants who pay digitally will get a `50 discount per gram. The sale would be open between Monday and Wednesday of every week starting from October 9 to December 27.
ICAI hosted Admit Card for Intermediate (IPC) and Final November-2017 Examinations with their photographs and signatures on them at http://icaiexam.icai.org
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📺 *Updates*
➡1. Sale proceeds of agricultural land acquired to non-agriculture purposes wasn’t entitled to capital gains exemption
Synthite Industrial Ltd. v. Commissioner of Income-tax
➡2. Depreciation claim is mandatory before computing profits eligible for sec. 80-IA relief: Apex Court
Plastiblends India Ltd. v. Additional Commissioner of Income-tax, Mumbai
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