SC Confirms Levy of Excise Duty on Perfumery Compounds as it is ‘Marketable’ [Read Judgment]
Read more at: http://www.taxscan.in/sc-confirms-levy-excise-duty-perfumery-compounds-marketable/12385/
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Advance received for Car Booking without Invoice cannot be treated as Unexplained Cash Credit: ITAT [Read Order]
Read more at: http://www.taxscan.in/advance-received-car-booking-without-invoice-cannot-treated-unexplained-cash-credit-itat/12350/
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Notional Interest can’t be applied on Advances given by Holding Companies to Subsidiaries: DLFs Subsidiary gets Tax Relief [Read Order]
Read more at: http://www.taxscan.in/notional-interest-cant-applied-advances-given-holding-companies-subsidiaries-dlfs-subsidiary-gets-tax-relief/12420/
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RBI Denies News Reports on Linking of Aadhaar with Bank Accounts; Says It is Mandatory
Read more at: http://www.taxscan.in/rbi-denies-news-reports-linking-aadhaar-bank-accounts-says-mandatory/12417/
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ITAT Ahmedabad to Go Paperless [Read Office Order]
Read more at: http://www.taxscan.in/itat-ahmedabad-go-paperless/12374/
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Madras HC Strikes Down Provision of TNVAT Act Disallowing Input Tax Credit to Jewellers [Read Order]
Read more at: http://www.taxscan.in/madras-hc-strikes-provision-tnvat-act-disallowing-input-tax-credit-jewellers/12365/
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IGST Rate on Food Packages Distributed to Economically Weaker Sections under Govt Approved Programmes Reduced [Read Notification]
Read more at: http://www.taxscan.in/igst-rate-food-packages-distributed-economically-weaker-sections-govt-approved-programmes-reduced/12390/
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Depreciation has to be taken into account for computing profits eligible for deduction U/s. 80-IA. Plastiblends India Limited Vs Addl. CIT (Supreme Court of India)
UTGST and IGST rate reduced on Food preparations in containers for weaker sections. Notification No. 39/2017 and 40/2017 dated 18th October, 2017
MCA has issued Valuation Rules on 18th Oct 2017 wherein there will be good scope for professionals in offing in Valuation Field (Companies Act and in Insolvency and Bankruptcy Code).
The SEBI has issued circular to notify the amendments to Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015.
DGFT has notified the Amendments in Foreign Trade Policy 2015-2020 to enable certain additional duties / taxes / cess exemptions for Advance authorisations, EPCG Authorisations and units under EOU / EHTP / STP/ BTP Scheme.
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Quick Reference to " Class Action under Companies Act, 2013 " :-
Points:-
1. Legal Provision:-
Section 245 of Companies Act, 2013. But Notified from 1st June, 2016.
2. Meaning:-
In Simple Words, Class Action means a Legal Action/ Lawsuit against the Company or its Directors or Auditors by the members or depositors.
3. Requirement to File:-
# By Members:-
∆ Company having share capital:-
Minimum 100 members or Minimum 10% of total Number of Members (whichever is lower) or any member holding Minimum 10% of issued share capital of Company.
∆ Company not having share capital :-
Minimum 20% of total Number of Members.
# By Depositors:-
∆ Company having share capital:-
Minimum 100 depositors or Minimum 10 % of total number of Depositors (Whichever is Lower) or any depositor to whom company owes 10% of total deposits of the Company.
∆ Company Not having Share Capital:-
~ Same as Above ( having share capital ) ~.
4. Filed to :-
NCLT ( National Company Law Tribunal ). Through form NCLT -9.
## Few FAQ's on Class - action :-
1. Whether Class Action is same as Oppression & Mismanagement Case ?
∆ No. In case of Oppression & Mismanagement Case, Suit can only filed by Members of the Company but in case of Class Action, Suit can be filed by Members as well as depositors.
2. Whether Class- Action can be filed against Expert or Advisor connected to the Company?
∆ Yes. Order of NCLT is binding on them also.
3. Whether this section is also applicable to Banking Company?
∆ Not Applicable . ( As per section 245 (9) of Companies Act, 2013.
4. What kind of Order will provide by NCLT after filling Class- Action Suit ?
The Complete list is provided in Section 245 (1) of the Companies Act, 2013.
5. Whether Only section 245 dealth with Class Action ?
∆ No. Rule 84 to Rule 87 of the National Company Law Tribunal Rules, 2016 is also dealth with Class Action.
6. Whether 2 Class Action Suits can be filed for the same cause of Action?
∆ No. Its not allowed.
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Refund Claim of Service Tax Mistakenly paid cannot be denied by Invoking Limitation: CESTAT [Read Order]
Read more at: http://www.taxscan.in/refund-claim-service-tax-mistakenly-paid-cannot-denied-invoking-limitation-cestat/12274/
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Govt Notifies certain supplies as ‘Deemed Exports’ under GST [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-certain-supplies-deemed-exports-gst/12313/
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Expenses in respect of Service Tax paid out of Rental Income is deductible from the Business Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/expenses-respect-service-tax-paid-rental-income-deductible-business-income-itat/12265/
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Claim of Investments cannot be considered as ‘Operational Debt’ under Insolvency and Bankruptcy Code: NCLT [Read Order]
Read more at: http://www.taxscan.in/claim-of-investments-cannot-be-considered-as-operational-debt-under-insolvency-and-bankruptcy-code-nclt/12318/
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GTB Scam Case: Delhi HC dismisses PwC Auditors Petition seeking Quashing of ICAI Disciplinary Proceedings [Read Judgment]
Read more at: http://www.taxscan.in/gtb-scam-case-delhi-hc-dismisses-pwc-auditors-petition-seeking-quashing-icai-disciplinary-proceedings/12355/
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Fees Collected from Students by Charitable Educational Institution would not amount to Commercial Activity: ITAT Delhi [Read Order]
Read more at: http://www.taxscan.in/fees-collected-students-charitable-educational-institution-not-amount-commercial-activity-itat-delhi/12270/
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GST Podcast-57*
*Deemed Export under GST*
*Dear Learned Professional*
On the recommendation made by the GST Council, the central government vide *Notification no. 48/2017 Central Tax* Dated 18th October 2017, has notified the following supplies as the “*Deemed Export”* under GST:
• Supply made by the registered person against *Advance Authorisation*.
• Supply of *capital goods* by a registered person against *Export Promotion Capital Goods Authorisation.
• Supply of *goods* by a registered person to *Export Oriented Unit*.
• Supply of *gold* by a bank or Public Sector Undertaking specified in the notification No. 50/2017-Customs, dated the 30th June, 2017 (as amended) against Advance Authorisation.
Further, Central Government vide *Notification no. 49/2017 Central Tax* Dated 18th October 2017, also amended the *Refund rules* to provide benefits to the supplier for claiming refund against supply mentioned above.
Now, supplier in order to claim refund under GST, has to produce the *additional document* specified in the *Notification no. 49/2017 Central Tax* as an *evidence of deemed export* along with refund application and other documents prescribed under Rule 89 of the CGST Rules.
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CBEC notifies certain supplies as deemed exports under CGST Act, 2017 vide Notification No.48/2017-Central Tax dated 18th October, 2017.
Exemption from obtaining compulsory registration U/s 24 of CGST Act, 2017 in case of Inter State Supply of Services.
No RCM on procurements made from unregistered person till March 31, 2018
Extension of time limits for filing GSTR 4, GSTR 5A, GSTR 6 - Extended date 15th November 2017.
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Quick Reference to "Few Important aspects about Section 8 Companies i.e. Non -Profit Organization "
Points:-
1. Section 8 company can be a Private Company or Public Company.
2. Section 8 Companies are not allowed to Pay Dividend to its members.
3. Alteration of MOA and AOA of Section 8 Companies can be done only with the Approval of Central Government.
4. A Partnership firm may be a Member of Section 8 Companies.
5. Section 8 Company shall amalgamate only with another Section 8 Company having similar objects.
6. Proxy need to be a Member of Section 8 Companies.
7. Section 8 Company can accept Foreign Contributions only after getting a certificate of Registration under Foreign Contribution (Regulation) Act, 2010.
8. Section 8 Companies may have any number of Directors.
9. A person who is holding office as Director in more than 20 Companies can still be appointed as Director in section 8 Companies.
10. General meeting of Section 8 Companies can now be conducted with notice of 14 days before the meeting.
11. The Revised SS-1 and SS-2 is not applicable to Section 8 Companies.
12. Quorum for Board meeting is 8 Directors or 1/4th of total strength whichever is lower. But subject to Minimum of 2.
13. Licence Requirement is mandatory for Section 8 Companies.
14. Permanent Account Number is must for every charitable Organization.
15. The Provisions relating to Minutes i.e. Section 118 is not applicable to Section 8 Companies except AOA provides for that.
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Companies Act :
Articles of Association of the company, which at best is only a contract between the company and its members, cannot shorten the Time span as mandated by Statute. *R Ramesh vs. Devi Polymers Pvt. Ltd. MANU/TN/1267/2017*
IBC :
Where the requirements of Section 10 of the Code and Rules framed thereunder have been fulfilled, Insolvency Resolution Process can be initiated on application by Corporate Debtor, even when reference to the BIFR stands registered and automatic moratorium under the SICA is in operation in respect of Corporate Debtor. *Incredible Unique Buildcon Ltd. vs. Clutch Auto Ltd. MANU/NC/0578/2017*
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MCA issues Companies (Registered Valuers and Valuation) Rules, 2017:
http://www.mca.gov.in/Ministry/pdf/RegisteredValues_19102017.pdf
Cost Accountants recognized as Registered valuer for valuation of financial assets.
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📺 *Updates*
➡1. Payment of AMC of medical equipments in hospital are liable to sec. 194C TDS and not sec. 194J TDS
Income-tax Officer, (OSD) (TDS) 1(3) Mumbai v. Dr. Balabhai Nanavati Hospital*
➡2. No denial of Sec. 54B relief merely because new property was purchased without registered sales deed
Anil Bishnoi v. Assistant Commissioner of Income-tax, Chandigarh
➡3. Govt. notifies four supplies as deemed export
🙏�Thank you🙏�
Have a nice day