DDT cannot be brought to Tax in a different year Merely due to Mistake committed by Assessee: ITAT [Read Order]
Read more at: http://www.taxscan.in/ddt-cannot-brought-tax-different-year-merely-due-mistake-committed-assessee-itat/12120/
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Companies Act :
Application to amend petition, complaining of Oppression/Mismanagement, cannot be allowed where amendment is sought with regard to a separate cause that had occurred 3 years back and in respect whereof no pleading was made in the original petition. *Aurosagar Estates Pvt. Ltd. vs. M C Davar Holdings Pvt. Ltd. [2017] 140 CLA 133 (NCLAT)*
IBC :
Where the adjudicating authority has passed order considering the relevant provisions of Sections 10, 14 and 60, which clarifies that separate application relating to insolvency resolution or bankruptcy of a personal guarantor is required to be filed before the same Bench of the Adjudicating Authority, and such application pending before any other court of law or tribunal is required to be transferred to the same Bench, the impugned order which thus, stands in accordance with law, cannot be challenged in appeal with success. *Schweitzer Systemtek India (P.) Ltd. vs. Phoenix ARC (P.) Ltd. and Others. MANU/NL/0057/2017*
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#Economy:The Govt's Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about $9 billion by eliminating fraud in beneficiary lists.The system launched by the previous UPA Govt has been enthusiastically supported by the current Govt. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure.
#Finance:Union minister said that the Union Govt would soon open Post Office Passport Seva Kendras in all the districts across the country. Addressing a gathering after inaugurating a Passport Adalat-cum Mela in Jammu, he said the 'adalats' were being organised to resolve grievances and ensure transparency.
#The Nifty scaled a fresh peak on Friday ahead of the festival of lights, Diwali. The festive mood has now set in and it looks like markets likely to witness more fireworks in Samvat 2074. Stable global cues and rise in domestic liquidity are fuelling a rally in equity markets, although earnings growth still remain elusive. With domestic investors dipping their toes in the equity markets at an accelerated pace, the process of making new highs in the markets is likely to continue beyond the immediate highs.
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SEBI has one employee for every six listed companies
🍭Markets regulator SEBI has on an average one employee for every six listed companies, while its counterpart in the US SEC has almost one staff for each listed firm, according to a report by a high-level panel on corporate governance.
http://www.moneycontrol.com/news/business/markets-business/sebi-has-one-employee-for-every-six-listed-companies-2407109.html
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IBBI
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. The Insolvency and Bankruptcy Board of India had constituted a Working Group to recommend the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 dealing with insolvency and bankruptcy in respect of (i) Guarantors to corporate debtors, i.e., personal guarantors, and (ii) Individuals having business, and submit a report along with draft Rules and Regulations. IBBI invites public comments on these draft rules and regulations by 31st October 2017.
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#disaster_gst
ATTN-
Yesterday, I told you about late fee being applied in case of Sept month 3B. This is not for any delay on filing of Sept month as we have not reached 20th Oct. It is on account of late filing of return for previous period.
The system does entry into ledgers from 3B return on the date on which return is submitted (entries get frozen). The late fee till that date is applied, if date of submission is later than the last date of filing. In case the return is filed later than the date of filing then the late fee for the gap between date of filing and last date of filing return or date of submission (whichever is later) is added in the next month’s return.
In case a taxpayer had submitted last month’s return on 22nd Sept (D1) and filed the return on 26th Sept (D2), then late fee was calculated for 22nd -20th Sept and shown in the payment sheet of Sept Return (2*100*2). . The delay between date of submission (D1) and date of filing (D2) [26th -22nd Sept] amounting to 4*2*100 is to be paid by the taxpayer. The same is now being added in the return and shown to the taxpayer.
Hope this clarifies the position.
A ticker has been put on the portal explaining this. Please disseminate this to taxpayers
Thanks
Team GSTN
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Embezzlement Loss due to Siphoning of Funds of Company by Employees is ‘Business Loss’: ITAT Mumbai [Read Order]
Read more at: http://www.taxscan.in/embezzlement-loss-due-siphoning-funds-company-employees-business-loss-itat-mumbai/12135/
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CESTAT Quashes Rs. 2.72 Cr Demand against Federation of Indian Export Organization [Read Order]
Read more at: http://www.taxscan.in/cestat-quashes-rs-2-72-cr-demand-federation-indian-export-organization/12141/
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Quick Reference to " Buy - Back of Shares" :-
(Few Important Aspects Only ).
Legal Provision:-
Section 68, 69, 70 of Companies Act, 2013.
Rule 17 of Companies ( Share Capital and Debenture ) Rules, 2014.
SEBI ( Buy- Back of Securities ) Regulation, 1998.
1. Meaning:-
In simple Words, It means Purchase of Own Shares by the company.
Earning Per share will increase Due to Buy-Back of Shares.
2. Limit:-
With Board Resolution:-
Upto 10% of Total paid - up equity capital & Free reserves.
With Special Resolution
@ General Meeting :-
Upto 25 % of Paid up capital & Free Reserves of the Company.
* But Buy-Back of equity Shares should not be more than 25 % of Total paid up Equity Capital of Company.
3. Points:-
# There should be a Buy-back of Fully paid up Shares only .
# Statutary Reserves, CRR, DRR will not be used for Buy-back of Shares.
# Sources:-
a) Free reserves;
b) Securities premium account;
c) The proceeds of the issue of any shares or other specified securities.
# No buy-back of any kind of shares or other specified securities shall be made out of the proceeds of an earlier issue of a same kind of shares.
# AOA authorization is Mandatory.
# Debt equity ratio should be 2:1.
# 1 years interval / Gap is required between 2 Buy-back of Company.
# Buy-back shall be Completed within 1 year from the date of passing respective Resolution.
Any issue of Shares or Securities within 6 months from the end date of completion of Buy-back is not allowed except in case of Bonus- Shares, Sweat equity Shares, Conversion of preference Shares, Conversion of Debentures.
# In case of Listed Company, Buy-back can be through Reverse Book- building method or Through Open market.
4.For Listed Companies in reverse book building method:-
∆ Buy-back shall remain open for 15-30 days.
∆ Alteast 30 bidding Centres.
∆Appointment of Merchant banker is mandatory.
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# *GST*: CBEC on the recommendations of the GST Council, has on 13-10-2017 issued various Notifications under CGST, IGST and UTGST.
# *CGST*:
• Seeks to amend notification No.8/2017-Central Tax - No. 46/2017 - Dated: 13-10-2017 - CGST.
• Seeks to amend the CGST Rules, 2017 - No. 45/2017 - Dated: 13-10-2017 - CGST
• Seeks to extend the time limit for submission of FORM GST ITC-01 - No. 44/2017 - Dated: 13-10-2017 - CGST
• Seeks to extend the time limit for filing of FORM GSTR-6 - No. 43/2017 - Dated: 13-10-2017 - CGST
• Seeks to extend the time limit for filing of FORM GSTR-5A - No. 42/2017 - Dated: 13-10-2017 - CGST
• Seeks to extend the time limit for filing of FORM GSTR-4 - No. 41/2017 - Dated: 13-10-2017 - CGST
• GST on receipt of advance - payment of tax to be made on issuance of invoice by registered persons having aggregate turnover less than ₹ 1.5 crores - No. 40/2017 - Dated: 13-10-2017 - CGST
• Seeks to cross-empower State Tax officers for processing and grant of refund - No.39/2017 - Dated: 13-10-2017 - CGST.
• Seeks to amend notification no. 32/2017-CT dated 15.09.2017 so as to add certain items to the list of “handicrafts goods - No. 38/2017 - Dated: 13-10-2017 - CGST
# *CGST Rate*
• GST on Reverse Charge Mechanism (RCM) - payment of tax u/s 9(4) of the CGST Act, 2017 exempted till 31.03.2018 - No. 38/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to prescribe Central Tax rate on the leasing of motor vehicles - No. 37/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to amend notification No. 4/2017-Central Tax (Rate) - No. 36/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to amend notification No. 2/2017-Central Tax (Rate) - No. 35/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to amend notification No. 1/2017-Central Tax (Rate) - No. 34/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to amend notification No. 13/2017-CT(R) regarding services provided by Overseeing Committee members to RBI under RCM - No. 33/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to amend notification No. 12/2017-CT(R) - No. 32/2017 - Dated: 13-10-2017 - CGST Rate
• Seeks to amend notification No. 11/2017-CT(R) - No. 31/2017 - Dated: 13-10-2017 - CGST Rate
# *IGST*
• Seeks to cross-empower State Tax officers for processing and grant of refund under IGST - No. 11/2017 - Dated: 13-10-2017 - IGST
• Persons making inter-State supplies of taxable services shall be exempted from registration u/s 23(2) where turnover is not exceeding ₹ 20 Lac - No. 10/2017 - Dated: 13-10-2017 - IGST
• Seeks to amend notification no. 8/2017-IT dated 14.09.2017 so as to add certain items to the list of “handicrafts goods” - No. 9/2017 - Dated: 13-10-2017 - IGST
# *IGST Rate*
• Seeks to amend notification No.8/2017-Integrated Tax (Rate) - No. 39/2017 - Dated: 13-10-2017 - IGST Rate
• Seeks to prescribe Integrated Tax rate on the leasing of motor vehicles - No. 38/2017 - Dated: 13-10-2017 - IGST Rate
• Seeks to amend notification No.4/2017-Integrated Tax (Rate) - No. 37/2017 - Dated: 13-10-2017 - IGST Rate
• Seeks to amend notification No.2/2017-Integrated Tax (Rate) - No. 36/2017 - Dated: 13-10-2017 - IGST Rate
• Seeks to amend notification No.1/2017-Integrated Tax (Rate) - No. 35/2017 - Dated: 13-10-2017 - IGST Rate
• Seeks to amend notification No.10/2017-IT(R) regarding services provided by Overseeing Committee members to RBI under RCM - No. 34/2017 - Dated: 13-10-2017 - IGST Rate
• Amendments in the Notification No.9/2017- Integrated Tax (Rate), dated the 28th June, 2017 - No. 33/2017 - Dated: 13-10-2017 - IGST Rate
• IGST on Reverse Charge Mechanism (RCM) - payment of tax u/s 5(4) of the IGST Act, 2017 exempted till 31.03.2018 - No. 32/2017 - Dated: 13-10-2017 - IGST Rate
# *UTGST Rate*
• UTGST on Reverse Charge Mechanism (RCM) - payment of tax u/s 7(4) of the UTGST Act, 2017 exempted till 31.03.2018 - No. 38/2017 - Dated: 13-10-2017 - UTGST Rate
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Fresh Exemption to GTA
Vide Notification no. 32/2017 CT (Rate)
Dt. 13-10-17
Services provided by a goods transport agency to an unregistered person, including an unregistered casua taxable person,
other than the following recipients, namely: -
(a) any factory registered under or governed by the Factories Act, 1948(63 of 1948); or
(b) any Society registered under the Societies Registration Act, 1860 (21 of 1860) or under any other law for the time being in force in any part of India; or
(c) any Co-operative Society established by or under any law for the time being in force; or
(d) any body corporate established, by or under any law for the time being in force; or
(e) any partnership firm whether registered or not under any law including association of persons;
(f) any casual taxable person registered under the Central Goods and Services Tax Act or the Integrated Goods and Services Tax Act or the State Goods and Services Tax Act or the Union Territory Goods and Services Tax Act.
So, Practically, exemption is limited to when services are provided by GTA to Unregistred indiviual.
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Interest Paid on Money Borrowed to bring into Existence a Showroom is Revenue Expenditure: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/interest-paid-money-borrowed-bring-existence-showroom-revenue-expenditure-kerala-hc/12071/