CBEC notifies certain supplies as deemed exports under CGST Act, 2017 vide Notification No. 48/2017-Central Tax dated 18th October, 2017.
SEBI laid down the framework for Mutual Fund industry. Now they will have to provide a ranking of stocks at the end of June and December, based on their average market cap on both the BSE and NSE.
The SEBI has issued circular to notify the amendments to Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015.
Commerce and industry ministry has eased the mechanism for processing foreign direct investment (FDI) proposals by doing away with the requirement of sending the applications to the department of revenue.
DGFT has notified the Amendments in Foreign Trade Policy 2015-2020. Various provisions of Foreign Trade Policy 2015-20 is amended to enable certain additional duties / taxes / cess exemptions etc.
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CBEC Declares Authorized Officer for Enrollment of GST Practitioners [Read Circular]
Read more at: http://www.taxscan.in/cbec-declares-authorized-officer-enrollment-gst-practitioners-read-circular/12292/
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CBEC Clarifies Issues on Movement of Goods on Approval Basis under GST [Read Circular]
Read more at: http://www.taxscan.in/cbec-clarifies-issues-movement-goods-approval-basis-read-circular/12288/
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File GSTR-2 Now
You can even import invoices from other accounting software and upload them on our software for reconciliation and matching. Remember, you can only claim ITC on reconciled invoices. It’s important that you begin the process now to avoid last-minute errors.
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Quick Reference to " Corporate Social Responsibility " (Few aspects only ) :-
Legal Provision:-
Section 135 of Companies Act, 2013.
Companies ( CSR Policy ) Rules, 2014.
Schedule VII of Companies Act, 2013.
Points:-
1. Meaning:-
In Simple Words, Corporate Social Responsibility Means Contribution towards our Society in a principled manner.
2. Applicability:-
Companies having Turnover of ₹ 1000 cr or more.
Or
Having net worth of ₹ 500 cr or more.
Or
Having Net Profit of ₹ 5 cr or more.
3. How much shall be Contribute:-
2% of Avg. Profit of Preceding 3 years.
4. CSR Committee:-
# It shall consist of 3 or more Directors.
# One Director should be independent Director out of 3.
# If there is only 2 directors in case of Pvt.co then CSR Committee is also with that 2 directors.
5. Other Important Aspects :-
# The CSR activities undertaken outside India is not Considered as CSR activities.
# Contribution to Political Party as per Section 182 of Companies Act, 2013 is not Considered as CSR activity.
# CSR expenditure cannot be claimed as Business Expenditure.
# Marathons / Awards / Advertisement / Activities in Normal Course of Business / Expenses for fulfillment of any other act are not Considered as CSR activities.
# If the Company fails to Spend CSR amount then it should be mentioned in Board Report. Because it is based on " Comply or Explain" Principle.
# Excess CSR amount Spend cannot be carried forward to Next year.
# If there is any Surplus from CSR Projects then It should not be Considered as Business Profit of the Company.
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Govt Notifies CGST (Tenth Amendment) Rules [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-cgst-tenth-amendment-rules/12250/
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IT Dept to enable ‘On-line Chat’ Facility to Address Queries of Tax payers
Read more at: http://www.taxscan.in/dept-enable-line-chat-facility-address-queries-tax-payers/12285/
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CBDT invites Comments & Suggestions for Amending Rules relating to Registration of Charitable Trusts
Read more at: http://www.taxscan.in/cbdt-invites-comments-suggestions-amending-rules-relating-registration-charitable-trusts/12254/
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Govt Notifies Evidences Required to be Produced for Claiming Refund in case of ‘Deemed Export’ [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-evidences-required-produced-claiming-refund-case-deemed-export/12302/
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CBEC Declares Authorized Officer for Enrollment of GST Practitioners [Read Circular]
Read more at: http://www.taxscan.in/cbec-declares-authorized-officer-enrollment-gst-practitioners-read-circular/12292/
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Quick reference to " Issue of Debentures at a Discount and Basics of Bonds":-
1. The Company can absolutely issue Debentures at Discount.
2. Section 53 i.e. Prohibited Issue of shares at Discount is not applicable to issue Debentures at Discount.
3. If Debentures are converted into equity shares then Conversion should be at par or at premium.
Bonds:-
1. It is a Form of Loan.
2. Issued by Financial Institutions, RBI, Govt, & Company.
3. Helps to meet ling term funding requirement.
4. The term Debenture includes Bond as per section 2(30) of Companies Act, 2013.
5. Deep discount bond is also known as Zero Coupon Bond.
6. Sovereign bonds are issued by RBI. It is also known as Risk-free bond.
7. Bonds can also be converted into equity shares.
8. Normally, at the maturity date Principal is repaid.
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👉🏻Income Tax dept launches ONLINE CHAT to answer taxpayers queries.*
(Income Tax Department has launched an 'online chat' service for taxpayers so that they can seek answers to their basic queries and doubts relating to direct tax issues.)
👇🏻 👇🏻 👇🏻
https://goo.gl/X4jtTG
https://goo.gl/dVsYPW
*👉🏻Income tax department issues draft notification for registration of trusts.*
(Income tax department came out with draft notification for fresh registration of trusts who have carried out modification of their objects.)
👇🏻 👇🏻 👇🏻
https://goo.gl/5Hv6eq
*👉🏻CBEC notifies certain supplies as deemed exports under CGST Act, 2017.*
(Notification No. 48/2017-Central Tax, Dated 18/11/2017 - Seeks to notify certain supplies as deemed exports under section 147 of the CGST Act, 2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/3Ad4wy
*👉🏻GST - Clarification on movement of goods on approval basis.*
(Circular No.10/2017 Dated 18/10/2017. Clarification on issues wherein the goods are moved within the State or from the State of registration to another State for supply on approval basis.)
👇🏻 👇🏻 👇🏻
https://goo.gl/FHU5je