CBDT has extended the due date of filing by Country-by-Country report (CbCR) in respect of an international group by its constituent or parent entity for reporting accounting year 2016-17 to 31st March, 2018.
Last date of filing GSTR-2 & GSTR-3 for July 17 is extended to 30.11.2017 & 11.12.2017 respectively vide Notification No. 54/2017 Central Tax date. 30.10.17.
No GST on Gifts on Diwali etc to Staff (upto 50,000 in year) & Clients etc (No Limit) as same not Supplies. No ITC available on purchase of same.
MCA has called an urgent meeting to discuss if there are “grey areas“ in the Companies Act that need to be addressed on disqualification of over 300000 directors as some of them have move to Courts.
MCA has released circular on Relaxation of additional fee and extension of last date of filing of AOC-4 and AOC-4 (XBRLnon-IndAS) under the Companies Act, 2013.
Finance ministry and RBI are drawing up a list of reform measures to accompany the recent Rs 2.11-lakh- crore bank recapitalisation plan into short-, medium- and long term measures.
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: Govt Amends CGST Rules for Eleventh Time [Read Notification]
Read more at: http://www.taxscan.in/govt-amends-cgst-rules-eleventh-time/12686/
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Commission Paid to Managing Director and Working Director is Deductible from Company’s Total Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/commission-paid-managing-director-working-director-deductible-companys-total-income-itat/12657/
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Difference Between Judicial And Non-Judicial Stamp Paper
The stamp paper is a foolscap size paper having printed revenue stamp of specific value such as Rs.10, Rs.20,Rs. 50,Rs.100,Rs.500 etc. by Govt. Generally, all important transactions like buying, selling or renting of any property shall be done on stamp paper.
The stamp paper is also used for giving power of attorney or doing any type of agreements containing financial deals, contracts, affidavits, declaration.
There are 14 different varieties of stamp papers, available in 10 denominations. They are of two kinds: Judicial, used for legal and court work; non-judicial, used for registration of documents, insurance policies etc.
01. Judicial stamp paper
02. Non-judicial stamp paper
Judicial stamp paper:
Judicial stamp papers are generally used for a legal purpose or for court cases. The Judicial stamp papers are also commonly known as court fee stamp paper. The judicial stamp papers are used for payment of court fee in the court to avoid cash transactions. The case may not be admitted without payment of court fees.
Now, when you are lodging any civil plaint or a complaint under the negotiable instruments act, you have to pay court fees which is proportionate to the amount of your claim. now, the clerks cannot be trusted with money which could go to a maximum of 3 lakhs. so in order to avoid this cash transaction, court fe stamp papers are made on which the case no, name of the parties and signature of advocates are put and attached to the end of the plaint
Non-judicial stamp paper:
Non-judicial stamp papers are generally used for documentation like power of attorney, sale deed, rent agreement, affidavits, transfer of immovable property like building, land, mortgage or other important agreements etc.
At present the non-judicial stamp papers of value Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs. 10000, Rs. 15000, Rs. 20000 and Rs. 25000 are available.
It is advisable to purchase stamp papers from Govt. approved legal stamp vendors.
Parts of Non-Judicial Affidavits
There are five main parts of a Non Judicial Affidavit.
Non Judicial Stamp Paper
Affirmation by Deponent
Assertion of Facts
Verification by the Deponent
Attestation by Notary/Oath Commissioner.
Thus it is mandatory to use stamp paper for creating enforceable documents and that too, you have to use stamps of specified value as prescribed in the stamp act..
Stamp Duty paid in respect of Non-Judicial stamp paper is paid under The Indian Stamp Act, 1899 and Stamp Duty paid in respect of Judicial stamp paper is paid under the Court Fees Act, 1870.
How to pay stamp duty?
There are three ways to pay stamp duty. However, not all states have all three options available. If all methods are available, all are recognised legally and the choice is with the individual(s) concerned. These options are Stamp Paper,Franking and e Stamping.
Using papers bearing impressed stamps (non-judicial stamp paper)
Using the e-stamping facility.
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📺 *Updates*
➡1. Land acquired from pension dues received from State Govt. couldn’t be termed as unexplained u/s 69
Principal Commissioner of Income-tax, Panaji v. Prakash kittur.
➡2. Only solar days are to be considered & not man days for determination of PE under the India-Saudi Arabia DTAA
Electrical Material Center Co. Ltd. v. Deputy Director of Income Tax (International Taxation), Circle-1(1)*
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*No update/news for extension of ITR and Tax Audit Report.*
CBEC notifies extended due date to file Form GSTR-2 (Upto 30th November, 2017) and Form GSTR-3 (Upto 11th December, 2017) for July, 2017 vide Notification No. 54/2017.
*Case Study:* TDS not deductible on Reimbursement of expenses billed separately - ITO Vs Deepak Bhargawa (ITAT Delhi)
*Case Study:* HC allows export against advance license issued prior to GST implementation - Chemico Synthetics Limited Vs. Union Of India & Ors. (Delhi High Court)
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GST: Centre releases Rs 8,698 crore as Compensation to States
Read more at: http://www.taxscan.in/gst-centre-releases-rs-8698-crore-compensation-states/12644/
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10 Lakh Dealers are yet to file GST Returns, says Sushil Kumar Modi #GSTNews #TaxNews
Read more at: http://www.taxscan.in/10-lakh-dealers-yet-file-gst-returns-says-sushil-kumar-modi/12646/
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GsT Alert:* To facilitate trade, last date for filing GSTR-2 & GSTR-3 for July 2017 extended to 30th Nov & 11th Dec 2017 respectively.
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*Word of D-DAY:*
*Gab*
_Verb_
*Meaning:*
to talk continuously and eagerly, especially about things that are not important:
*Example:*
I got so bored listening to him gabbing on about nothing.
_Keep Learning, Sharing and Growing Everyday._
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Late Fee for GSTR 1, 2 and 3 Not Waived, says CBEC [Read FAQ]
Read more at: http://www.taxscan.in/late-fee-gstr-1-2-3-not-waived-says-gst-goi-read-faq/12673/
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Govt Extends Due Date for Filing GSTR-2 and GSTR-3
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-gstr-2-gstr-3/12670/
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Migrated Tax Payers below the Threshold Limit can now cancel Provisional Registration: GST Portal Introduces Six New Functionalities #TaxNews #GSTNews
Read more at: http://www.taxscan.in/migrated-tax-payers-threshold-limit-can-now-cancel-provisional-registration-gst-portal-introduces-six-new-functionalities/12690/
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GST: If no inward supplies in a month, take action on auto-populated details, if any & submit GSTR-2 as mandatory to file NIL GSTR-2 also.
The CBEC has released the following 3 Notifications and 4 Orders for extension of due dates of various compliance. A brief gist of the notifications is given below:
Notification No. 51/2017 - CT - CGST 11th Amendment Rules relating to Form GSTR-1 etc.
Notification No. 52/2017 - CT - Extension of time limit for filing Form GST ITC-01 applicable to new registrations upto 30th November, 2017
Notification No. 53/2017 - CT - Extension of time limit for filing Form GST ITC-04 for job work details of Q2 upto 30th November, 2017
Order 05/2017 - GST - Extension of due date for furnishing details of stock for Composition dealers in Form GST CMP-03 to 30th November, 2017
Order 06/2017 - GST - Extension of due date for cancellation of migrated cases application in Form GST REG-26 to 31st December, 2017
Order 07/2017 - GST - Extension of due date for filing original Form GST TRAN-1 to 30th November, 2017.
Order 08/2017 - GST - Extension of due date for filing revised Form GST TRAN-1 to 30th November, 2017.
Ministry of Corporate Affairs has extended due date of Annual filing Forms AOC-4/AOC-4 XBRL till 28th November 2017.
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# *MCA* has released the much awaited circular on Relaxation of additional fee and extension of last date of filing of AOC-4 and AOC-4 (XBRLnon-IndAS) for FY under the Companies Act, 2013 2016-17 to 28 NOV 2017. The MCA has already extended the date of filing of AOC-4 (XBRL E-forms using Ind AS) for the financial Year 2016-2017 without additional fee till 31.03.2018.
# *GST*: CBEC notifies 11th Amendment to CGST Rules 2017 relating to Form GSTR-1, Etc. – Noti.No.51/2017-CT, dt.28.10.17.
# *GST*: CBEC notifies Extension of time limit for filing Form GST ITC-01 up to 30 NOV 2017 (Applicable to New Registrations) – Noti.No.52/2017-CT, dt.28.10.17.
# *GST*: CBEC notifies Extension of time limit for filing Form GST ITC-04 for Q2 for Job Work details of upto 30 NOV 2017 – Noti.No.53/2017-CT, dt.28.10.17.
# *GST*: CBEC issues following Orders for Extension of time limit for:-
• Submitting application in FORM GST REG-26 - Order No.06/2017-GST, dt.28.10.2017.
• Submitting the declaration in FORM GST TRAN-1 under rule 117 - Order No.07/2017-GST, dt.28.10.2017.
• Submitting the declaration in FORM GST TRAN-1 under rule 120A - Order No.08/2017-GST, dt.28.10.2017.
# *IT*: Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed – ACIT Vs Deepakbhai N. Parikh & Ors (2016 (11) TMI 1469 - ITAT Ahd).
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No GST on services supplied to Nepal against payment in Indian Currency [Read Notification]
Read more at: http://www.taxscan.in/no-gst-services-supplied-nepal-payment-indian-currency-read-notification/12635/
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No GST on services supplied to Nepal against payment in Indian Currency [Read Notification]
Read more at: http://www.taxscan.in/no-gst-services-supplied-nepal-payment-indian-currency-read-notification/12635/
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Dear All,
The Institute of Chartered Accountants of India (ICAI) as partner of Nation Building supports to Central Vigilance Commission (CVC) in celebration of Vigilance Awareness Week from October 30, 2017 to November 4, 2017 with the theme “My Vision- Corruption Free India”.
https://www.icai.org/new_post.html?post_id=14009.
It’s simple (with number of PAN/ Aadhar/ Passport / DL) and take just 2 minutes. After taking the pledge as a Citizen, in the question of how you come to know, select Organisation and write ‘Institute of Chartered Accountants of India’
I have taken pledge and the certificate is attached. Requesting all to take pledge and support government in vision of Corruption Free India.
Let’s take a step towards creating New Corruption Free India🇮🇳.
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#Economy:LIC may be roped in to participate in the Rs 2.11 lakh crore recapitalisation initiative for public sector banks. As part of the programme, LIC could also increase its stake in various PSBs which are required to raise Rs 58,000 crore from the capital market. Besides, they said, LIC could participate in a non-operating holding company structure to which the Govt may transfer its share in various PSHs.
#Finance:A high-level panel on the GST recommended major changes in the new indirect tax system that may ease the compliance burden for all assessees and make the composition scheme more attractive. It proposed further easing the burden for restaurant owners and recommended that all GST payers be allowed to file quarterly returns, even as those with an annual turnover of above Rs 1.5 crore had to pay the tax every month.
#The new norms proposed by the SEBI corporate governance panel for auditors, has strengthened the case for the establishment of an independent auditor as mooted by the Govt.The Parliamentary Standing Committee on Finance had in 2012 specified the need for a quasi-regulatory body for supervising audit quality. This would in the form of a National Financial Reporting Authority (NFRA) provided for in Section 132 of the Companies Act, 2013 for matters relating to accounting and auditing.
#More than 860 fresh overseas investors were registered with SEBI in the first five months of 2017-18, driven by their continued interest in the Indian capital markets.The reason for increasing FPIs registrations is continued interest in the Indian equity, bonds and real estate. Besides, the end of the earlier FII/sub-accounts regime, which ended in Sept 2016
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📺 *Updates*
➡1. No DTAA relief if NR failed to established that it was operating ships in International traffic on its own
APL Director Co. Pte. Ltd.
v. Assistant Director of Income-tax.
➡2. Writ not maintainable against direction of DRP as order on such direction could be challenged in regular appeal.
Hyundai Motor India Ltd.
v. The Secretary, Income-tax Department
🙏�Thank you🙏�
Have a nice day