Leasing of Vehicles Purchased and Leased prior to GST Rollout would Attract GST, says Finance Ministry
Read more at: http://www.taxscan.in/leasing-vehicles-purchased-leased-prior-gst-rollout-attract-gst-says-finance-ministry/12060/
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Quick Reference to " Modes of Payment allowed for receiving FDI in the Indian Company " :-
# The Indian Company issuing Securities to a Resident Outside india cam receive payment of Consideration through :-
1. Normal Banking Channels ( Inward Remittance through banks ).
2. Debit to NRE Account ( Non Residdnt rupee A/c ).
3. Debit to FCNR ( B ) ( FCNR = Foreign Currency Non-Repatriable account ).
4. Debit to Escrow ( Non interest bearing account with approval of AD Category I bank )
5. Through Conversion of Royalty or Know - how fees.
6. Conversion of Import Payables with approval of FIPB.
7. Swap of Capital Instrument ( Govt. Approval is required) .
8. Conversion of Pre- Incorporation Expenses with approval of FIPB.
** Note:-
The Shares or Convertible Securities Should be issued within 180 days from the receipt / Collection of Inward Remittance or Date of Debit to NRE or FCNR ( B ) / ESCROW account otherwise amount shall be refunded.
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Actress Katrina Kaif wins a Tax Case from ITAT [Read Order]
Read more at: http://www.taxscan.in/actress-katrina-kaif-wins-tax-case-itat/12055/
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Bombay HC Slams ITAT for Harsh Comments against CA: Condones Delay of 2984 Days [Read Judgment]
Read more at: http://www.taxscan.in/bombay-hc-slams-itat-harsh-comments-ca-condones-delay-2984-days/12031/
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ICAI Correction Window-2 Open From Today for Nov 2017*
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The Correction Window facility is open from today till 24th October.
You can access it from ICAI Exam Website (www. icaiexam. icai. org) by logging in into your Account.
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*This facility will be charged at Rs.1,000.*
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Corrections relating to -
a. Change of exam centre
b. Change in medium
c. Change in Group (Single or Both)
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The candidate should upload scanned copy of a handwritten application in this regard, duly signed by him, seeking the corrections required.
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There is no specific format for this application. Its only purpose is to authenticate that no person other than the student is applying. So, you can write the letter in any format.
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Service Charge Earned on Pattern Development is eligible profit for Deduction u/s 80IA of IT Act: ITAT Ahmedabad [Read Order]
Read more at: http://www.taxscan.in/service-charge-earned-pattern-development-eligible-profit-deduction-us-80ia-act-itat-ahmedabad/12046/
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PIL filed in Punjab and Haryana HC for bringing Rich Farmers under Income Tax Net
Read more at: http://www.taxscan.in/pil-filed-punjab-haryana-hc-bringing-rich-farmers-income-tax-net/12035/
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S. 269SS of Income Tax Act would not be attracted in Cash Transactions between Husband & Wife: ITAT Kolkata [Read Order]
Read more at: http://www.taxscan.in/s-269ss-income-tax-act-not-attracted-cash-transactions-husband-wife-itat-kolkata/12023/
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S. 143(1)(a)(vi) would not be invoked in case of Discrepancies in Form 26AS or Form 16/16A: CBDT [Read Instructions]
Read more at: http://www.taxscan.in/s-1431avi-not-invoked-case-discrepancies-form-26as-form-1616a-cbdt/12041/
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Dear All,
This is to inform you that the *New study material for CA Students has been published* and the soft copy is available at https://icai.org/new_post.html?post_id=5720&c_id=314
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# *GST*: Filing of Returns in GSTR-3 & GSTR-3B is mandatory for considering Shipping bill / Bill of Export as Claim for Refund. Instruction No.15/2017-Customs of 09.10.2017.
# *GST Council* has made the recommendations for GST rate structure to reduce the cascading of taxes arising on account of non-inclusion of petrol, diesel, ATF, natural gas and crude oil in GST.
# *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.
# *ICAI*: 68th Annual Report & Audited Accounts of the Institute for the year 2016-17 is available at https://www.icai.org/new_post.html?post_id=1260&c_id=200.
# *IT*: Direct Tax Net Collections for six months up to Sep, 2017 shows Growth of 15.8% to ₹ 3.86 Lac Crores, which is 39.4% of the total Budget Direct Taxes Estimates for FY2017-18 of Rs.9.8 Lac Crore. Gross collections (before adjusting for refunds) have increased by 10.3% to ₹ 4.66 Lac crore during the same period.
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Quick Reference to Important Query in relation with "Section 180 (1) (c) of Companies Act, 2013. w.r.t. Borrowing Powers " :-
Query:-
ABC ltd is a unlisted Public Company. The company wants to borrow ₹ 500 crore from the Financial Institution.
The Financial Position of the Company is as follows;-
Paid up share capital:- ₹ 100 Cr.
Profit & loss credit balance (Profit) :- ₹ 80 Cr.
General Reserve :- ₹ 100 Cr.
Asset revaluation reserve:- ₹ 40 Cr.
Debenture Redemption reserve:- ₹ 30 Cr.
Long Term Borrowing (Loan):- ₹ 50 Cr.
Short term Borrowing :-
₹ 15 Cr.
Then, whether Company is required to pass Special resolution in general meeting???
Answer:-
1. As per section 180 (1) (c) of Companies Act, 2013, The Special resolution is required if the amount of Borrowing is more than Total paid up share capital + Free Reserve + Surplus (Profit) apart from Temporary & Short term loan in ordinary Course of business.
2. In this Case/ Question The Company is required to pass Special resolution in general meeting.
3. How/ Calculation :-
Paid up share capital:-
₹ 100 Cr
+ Surplus (Profit) :- ₹ 80 Cr.
+ Free Reserve :- ₹ 100 Cr.
Total= ₹ 280 Cr.
( - ) Long term loan ₹ 50 Cr.
Final Total / Amount upto which Company can borrow without passing Special resolution ( ₹ 280 Cr - ₹ 50 Cr ) = ₹ 230 Cr.
4. Hence, It is conclude that Special resolution in general meeting is required because Company wants borrow ₹ 500 Cr ( Which is more than ₹ 230 Cr ).
5. Debenture Redemption reserve, Asset revaluation reserve, Short term loan Should not be considered in our Caluation. It should be Excluded.
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Penalty u/s 271(1)(c) is not Leviable when a Bonafide Claim of the Assessee gets Rejected: ITAT [Read Order]
Read more at: http://www.taxscan.in/penalty-us-2711c-not-leviable-bonafide-claim-assessee-gets-rejected-itat/12019/
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CBDT signs two Advance Pricing Agreements in September
Read more at: http://www.taxscan.in/cbdt-signs-two-advance-pricing-agreements-september/12012/
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*👉🏻GST - Nearly 70% file GSTR-1 for July.*
(About 70 per cent of the assessees under the goods and services tax (GST) had filed detailed sales returns for July as on Tuesday, the official deadline. Low compliance, said officials.)
👇🏻 👇🏻 👇🏻
https://goo.gl/8rLW9V
*👉🏻RBI brings in fresh guidelines for mobile wallet players*
(RBI has introduced strict Know Your Customer norms for wallet users, allowed interoperability and also brought in fraud detection norms to prevent fake wallet transactions)
👇🏻 👇🏻 👇🏻
https://goo.gl/fiw35P
*👉🏻Will new benami law be given retrospective effect - HC.*
(The Delhi High Court asked the Income Tax department whether it intended to examine under the new benami law all accommodation entries made prior to 2016 when it came into effect)
👇🏻 👇🏻 👇🏻
https://goo.gl/Fp4iau
*👉🏻Policy of Empanelment of CA Firms and Selection of Auditors of PSUs.*
(Chartered Accountant firms in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for allotment of audit of Public Sector Undertakings.)
👇🏻 👇🏻 👇🏻
https://goo.gl/MFN9kR
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Supreme Court in CIT Vs Balbir Singh Maini On and after the commencement of the Registration and Other Related Laws (Amendment) Act, 2001, if an agreement, like the JDA in the present case, is not registered, then it shall have no effect in law for the purposes of Section 53A.
GST: Mandatory to file GSTR-3/3B for considering Shipping bill/Bill of Export as Claim for Refund. Instruction 15/2017-Customs of 9.10.17.
The Ministry of Corporate Affairs has opposed some of the recommendations made by the Securities and Exchange Board of India committee on corporate governance on the grounds that they concern matters already covered by the Companies Act.
Sebi has imposed stringent penalties on companies which don´t comply with the minimum public shareholding (MPS) norms. Sebi has asked the stock exchanges to impose a fine of Rs 5,000 per day.
Three states cut VAT on fuels: Maharashtra, Gujarat and Himachal Pradesh reduced VAT on petrol and diesel. The move follows the Centre cutting excise duty on petrol and diesel by Rs 2 per litre last week.
ICAI has released Mock Test Papers for CA Nov 2017 Exams. Download it from:IPCC MTP : IPCC Mock Test Papers Nov 2017 CA Final MTP : Final Mock Test Papers Nov 2017
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📺 *Updates*
➡1. Objective of Trust to carry out programmes and activities of Church represents general public utility: Delhi HC.
Commissioner of Income-tax (Exemptions) v. Indian Society of the Church of Jesus Christ of Latter Day Saints
➡2. Sec. 54F relief couldn't be denied just because construction of new house wasn't completed in 3 years.
Smt. Babitha Kemparaje Urs
v. Commissioner of Income-tax, Mysore
➡3. GST Council has revised GST rate for petroleum and oil sector to remove cascading effect
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Recent Taxation judgements
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Solarfield Energy Two Pvt. Ltd. Vs. ITO
*_ITAT_*
Since *FDR was inextricably linked* with power project set-up, *interest* thereon is a *capital receipt*
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Everest Industries Ltd. vs. ACIT
*_ITAT_*
Sec. 54G, being a *benevolent provision* should be *interpreted liberally* and there is *no precondition* that new machinery should be purchased at the time of shifting of industrial undertaking. Most important and decisive factor for *claiming the deduction* is ‘transfer’ of capital asset.
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Leena Kasbekar vs. ACIT
*_ITAT_*
*Rule 8D(2)* with respect to Sec. 14A inapplicable as in absence of *failure* by AO to *establish nexus* between the exempt income and the impugned expenditure.
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Tata Tea Co. Ltd. & Anr. vs. Union Of India & Ors
*_SC_*
*Constitutional validity of dividend distribution levy* (DDT- Sec. 115 O) on Tea Companies *affirmed*
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Harish Narinder Salve vs. ACIT
*_ITAT_*
*Penalty u/s 271(1)(c) not applicable* in the case of *legal luminary* & Senior Advocate as there is *no malafide intention* to conceal income or furnish inaccurate particulars.
_____________________________
*_IT_*
Since *agreement for letting out premises* and agreement *providing amenities* like electricity supply, security services etc. were *inseparable, compensation received* by assessee for providing amenities was *assessable* under *head income from house property*
[2017] 85 taxmann.com 167 (Mumbai - Trib.)
_____________________________
*_IT_*
Where AO made *addition to assessee's income* under section 68 in respect of loan taken from various parties, since assessee *failed to prove* that any of those creditors had financial *strength to lend* such huge sums of money to assessee, that too without any collateral security, without interest and without a loan agreement, impugned addition deserved to be confirmed
[2017] 85 taxmann.com 104 (Delhi)
_____________________________
*_IT_*
Where *Tribunal* had *deleted additions* in assessee's case taking a view that he had *explained sources of income* declared in course of search proceedings, a criminal complaint filed on basis of said additions also deserved to be quashed.
[2017] 85 taxmann.com 133 (Punjab & Haryana)
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Quick Reference to " One Person Company " :-
Legal Provision:-
2(62), 193 of Companies Act, 2013.
Rule 3 (1), Rule 4, of Companies ( Incorporation ) Rules, 2014.
Points:-
1. One person Company means a Company having only 1 Person as a member.
2. Its basically a Private Company with some unique features.
3. The OPC must have minimum 1 director and maximum limit is 15.
4. A Person should be resident of India, Natural Person and Citizen of India to incorporate a OPC.
5. A Person must not be member of more than 1 OPC and Nominee of More than 1 OPC.
6. OPC cannot be converted into Section 8 Company.
7. OPC cannot be registered as NBFC.
8. OPC can have max. ₹ 50 lakh or Max Avg. Annual T/O of ₹ 2 Cr.
9. Two Years should have expired from the date of Incorporation OPC in the case of Voluntary Conversion from OPC to another Company.
10. OPC can be incorporated through SPICe Mode.
11. Body Corporate cannot become member of an OPC.
12. Section 98 & Section 100 to Section 110 of Companies Act, 2013 are not applicable to OPC.
13. In case of an OPC, the Board report and Financial Statement will be signed by 1 Director only.
14. The Fixed term of 5 years for appointment of Auditor is not applicable to OPC.
15. Minor shall not become member or Nominee of an OPC.
16. Form INC-5 is not required to filed in case of Voluntary Conversion of OPC.
