📺 *Updates*
➡1. No denial of sec. 80-IB relief if commercial shops of housing project was duly approved by local authority
Commissioner of Income-tax-6, Pune v. Makwana Brothers & Co. (HWP).
➡2. Foreign Co. could claim profits below sec. 44BBB presumptive rate if books were maintained following AS-7
Commissioner of Income-tax (IT & TP) v. Shandong Tiejun Electric Power Engineering Co.
➡3. Payment for AMC doesn’t fall under technical services; no liability for sec. 194J TDS
DHL Air Ltd. v. Deputy Commissioner of Income-tax, (IT), Mumbai.
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CBDT has signed seven more advance pricing agreements (APAs) with Indian taxpayers, as it looks to reduce litigation by providing certainty in transfer pricing.
GSTN isssued offline utility for GSTR 4. It can be downlaoded from download section on gst portal.
RBI has directed lenders not to renew or enhance the credit facilities of borrowers who do not obtain an LEI Unique code within a given time frame.
SEBI is working on a concept of system-driven disclosures that would capture and disclose changes in shareholding in a listed company.
MCA: wef 4th November 2017, stakeholders will NOT be required to upload signed 49A/49B using “Submit application for PAN/TAN” service, in respect of any fresh SPICe submission or Resubmission cases.
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Companies Act :
The NCLT dismissed restoration application filed by the applicant company u/s 252 of the Companies Act, 2013 and held that, there is no justification for restoration of such companies which neither commence business since incorporation(2009) nor filed Annual Accounts with ROC. It further held that restoration of such companies will jeopardize the Govt's crackdown on shell companies. *Ropure Aqua-Tech Pvt. Ltd. vs. Registrar of Companies. [LSI-2011-NCLT-2017-(HYD)]*
IBC :
The NCLT dismissed petition filed by the applicant u/s 9 of the Code, and held that debt owed to creditor on post termination of lease rent and interest does not fall under the category of 'operational debt', firstly because the amount doesn't fall within the definition of "claim" u/s 3(6) of the Code, secondly such claim doesn't fall within the confines of "debt" u/s 3(11) of the Code, thirdly such debt does not fall within the scope of "Operational Debt" u/s 5(21) of the Code. *Mrs. Pramod Yadav vs. Divine Infracon Pvt. Ltd. [LSI-2010-NCLT-2017-(NDEL)]*
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No credit to corporates without identification number RBI*
The Reserve Bank of India (RBI) on Thursday said corporate borrowers who do not obtain the legal entity identifier (LEI) number from banks won´t be given credit.
However, the schedule for getting the LEI number is spread out till December 2019 and depends on the exposure.The 20 digit unique code will be used to maintain a credit database with the RBI´s Central Repository of Information on Large Credits to facilitate assessment of aggregate borrowing by corporate groups, and monitoring of the financial profile of an entity or group.
The central bank had announced introducing the LEI number inaphased manner in its October policy.According to RBI norms, any corporate with exposure of more than Rs 5 crore has to obtain an LEI number.“Borrowers who do not obtain LEI as per the schedule are not to be granted renewal enhancement of credit facilities,” the central bank said in a statement on its website.
For total exposure of Rs 1,000 crore and above,acorporate entity will have to take the LEI number by March 31, 2018; between Rs 500 crore and Rs 1,000 crore by June 2018; between Rs 100 crore and Rs 500 crore by March 31, 2019; and between Rs 50 crore and Rs 100 crore by December 2019.The schedule for LEI number for exposure below this would be announced separately, the RBI said.
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Penalty paid on Sales Tax demand is not Compensatory in Nature: ITAT disallows Expenditure [Read Order]
Read more at: http://www.taxscan.in/penalty-paid-sales-tax-demand-not-compensatory-nature-itat-disallows-expenditure/12852/
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Disallowance of Additional Depreciation Claim would not Attract Penalty Provisions, says ITAT [Read Order]
Read more at: http://www.taxscan.in/disallowance-additional-depreciation-claim-not-attract-penalty-provisions-says-itat/12869/
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Quoting of PAN not Mandatory for Cash Sale Transaction of Rs. 2 Lakh or less of Agricultural Produce by Cultivators/Agriculturist: CBDT
Read more at: http://www.taxscan.in/quoting-pan-not-mandatory-cash-sale-transaction-rs-2-lakh-less-agricultural-produce-cultivatorsagriculturist-cbdt/12884/
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Due Dates for November 2017*
*Income Tax*
07.11.17 - Income Tax Audits and Returns for 44AB
07.11.17 - TDS/TCS Challan for October month
15.11.17- Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2017
30.11.17 - Income Tax Audit International TP and Domestic TP Cases & Returns
*GST*
15.11.17 - GSTR 4 Quarterly Return July to Sep. for Composition Dealers under GST.
15.11.17 -GSTR 6
20.11.17 - GSTR - 3B for the month October
30.11.17 - GSTR-2 for the month of July.
30.11.17 - TRAN-1, ITC -1, ITC -4, CMP -03
*MCA & Others*
28.11.17 - AOC 4 and MGT 7 with ROC
15.11.17 - ESI & PF
15.11.17 – DVAT submit details of closing stock held on 31st Mar & 30th June 2017
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Non-corporates subject to audit, Working Partners of (Firms subject to audit) & Companies can now file ITR & Audit Reports by 7 Nov. CBDT Order of 31 Oct.
DVAT department has issued a Notification No. 987-95 dated 27/10/2017 requiring all Dealers earlier regisered under DVAT to submit Rate Wise details of closing stock held on 31/03/2017 and 30/06/2017 Due date 15/11/2017.
GST: On adding missing invoice in GSTR-2, Error Invoice No. already exist in GSTR 1 or 5 means that invoice already issued by Supplier to another party
Due Dates for the month of November 2017
07.11.17 - TDS/TCS Challan for Oct. entries.
07.11.17 - Income Tax Audits and Returns for 44AB
15.11.17 - ESI & PF
15.11.17 - GSTR 4 Quarterly Return July to Sep. for Composition Dealers under GST.
15.11.17 -GSTR 6
15.11.17- Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2017
20.11.17 - GSTR - 3B for the month October
28.11.17 - AOC 4 and MGT 7 with ROC
30.11.17 - Income Tax Audit International TP and Domestic TP Cases & Returns
30.11.17 - GSTR-2 for the month of July.
30.11.17 - TRAN-1
30.11.17- ITC -1
30.11.17- ITC -4
30.11.17 - CMP -03
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*👉🏻RBI mandates unique code for all large corporate borrowers.*
(RBI said corporate borrowers having exposure of Rs 5 crore and above will have to mandatorily obtain 20-digit Legal Entity Identifier (LEI) from banks, a move that is aimed at improving risk management.)
👇🏻 👇🏻 👇🏻
https://goo.gl/3VSrbq
*👉🏻GSTN launches offline utility for GSTR-2.*
(So far, nearly 21 lakh businesses have filed GSTR-2 for July, Nearly 47 lakh businesses had filed GSTR-1 or sales returns, which has to be correspondingly matched with GSTR-2 or purchase returns.)
👇🏻 👇🏻 👇🏻
https://goo.gl/athJSm
*👉🏻RPF for Appointment of Concurrent Auditors for Bank of Baroda.*
(RFP for Appointment of Concurrent Auditors for Bank of Baroda namely Baroda (Group II - Surat) Zone, Bengaluru Zone, Jaipur Zone, Kolkata Zone and Pune Zone to carry out Concurrent Audits of Branches/RBOs/CBOs/Other Units)
👇🏻 👇🏻 👇🏻
https://goo.gl/UoYhaq
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Mobilization Fee paid to Non-Resident to move Oil rigs from Foreign to India is subject to Income Tax in India: SC [Read Judgment]
Read more at: http://www.taxscan.in/mobilization-fee-paid-non-resident-move-oil-rigs-foreign-india-subject-income-tax-india-sc/12832/
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📺 *Updates*
➡1. Maximum age for joining National Pension Scheme increased to 65 years: PFRDA
➡2. Plea for insolvency resolution process was to be admitted to prevent erosion of share capital of company: NCLT
NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARH BENCH
Oasis Agroinfra Ltd., In re
➡3. Salient features of Country-by-Country report and Master File Rules
https://www.taxmann.com/fileopennew.aspx?id=222330000000013331&mode=home&page=
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*DVAT:* Delhi VAT require all the dealers who were registered under the said act to submit details of closing stock as was held by them on 31st March 2017 and 30th June 2017 online on the website www.dvat.gov.in. latest by 15th Nov. 2017. (Notification 987 dt 27.10.17)
*NIRC: Seminar on Assessment* under Income Tax Act, 1961 on Saturday 04th November, 2017 at Hotel Eros, Nehru Place. To register visit at www.nircseminars.org.
*MCA:* As part of its continuous *efforts for simplifying Incorporation related process* for providing Ease of Doing Business to stakeholders, MCA will be dispensing with the requirement of separately uploading Forms 49 A& 49B after filing SPICe e-forms wef 4th Nov 2017.
*NPS:* Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS- Private Sector.
*Due Date: 07-Nov-17*
- E filing of tax audit report
- Filng of income tax return by the Assessee who were liable to file by 30th September 2017
- Due date for deposit of Tax deducted/collected for the month of October, 2017
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Amenity Charges received along with Rental Income constitutes ‘House Property Income’ If it is part of same transaction: ITAT [Read Order]
Read more at: http://www.taxscan.in/amenity-charges-received-along-rental-income-constitutes-house-property-income-part-transaction-itat-read-order/12808/
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*GSTR1 July Late Fee 10000/-*
The due dates for *GSTR 2* and *GSTR 3* has been extended by Government of India to 30th November and 11th December 2017. This extension would result into non filling of GSTR 1 for the month of July for those assesee who fails to file there return by 10th October 2017.
*As per the GST Rules, Late filling fee of Rs 100 each for CGST and SGST act would be applicable in cases where returns are filled after due date.*
Before extension , the window for filling GSTR 1 was expected to be opened by 1st of November 2017 I.e after 21 days amounting to a late fee of Rs 21*200 = 4200/-
However after the notification of extending due dates, the taxpayer is required to pay for another 30 days I.e 30*200 = 6000/-
*The total late fee would be Rs 10000/- (Max late fee can only be Rs 5000 for each CGST and SGST act)*
Government cannot impose such late fee on the taxpayers as they fail to provide them the window for filling GSTR 1.
*For the benefit of taxpayers , such late fee should also be waived as it is a unjustifiable levy from the pockets of taxpayers.*
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Madras HC Permits Individual to File Income Tax Returns without Quoting Aadhaar [Read Order]
Read more at: http://www.taxscan.in/madras-hc-permits-individual-file-income-tax-returns-without-quoting-aadhaar/12817/
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GST Council may reduce number of Items Listed in 28% Category
Read more at: http://www.taxscan.in/gst-council-may-reduce-number-items-listed-28-category/12826/
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Payments via Paypal are subject to GST from this Month
Read more at: http://www.taxscan.in/payments-via-paypal-started-levying-gst/12822/
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Delhi Govt Directs VAT Dealers to submit Closing Stock Details held by them pre-GST Rollout [Read Notification]
Read more at: http://www.taxscan.in/delhi-govt-directs-vat-dealers-submit-closing-stock-details-held-pre-gst-rollout/12811/
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CBDT
As Section 286 of the Income-tax Act, 1961 (‘the Act’) requires for furnishing of a Country-by-Country report (CbCR) in respect of an international group by its constituent or parent entity. The ‘due date’ for furnishing the Country-by-Country Report is the date specified under section 139(1) for furnishing the return of income for the relevant accounting year. FY 2016-17 will be the first reporting year for furnishing of CbCR. As the rules for furnishing of CbCR are also still under consideration. The Central Board of Direct Taxes, in respect of all assessees, has extended the ‘due date’prescribed therein for furnishing of report in respect of international group for reporting accounting year 2016-17 to 31st March, 2018.
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MCA - IBBI
MCA has issued clarification regarding approval of resolution plans under Section 30 and 31 of the Insolvency & Bankruptcy Code, 2016. MCA has provided clarity, that the resolution plans under the Insolvency and Bankruptcy Code does not require approval of the shareholders. The clarification comes against the backdrop of concerns in certain quarters about the possibility of promoters of a company blocking insolvency resolution process under the existing provisions of the Code. As Resolution process is taken up only after it is approved by the National Company Law Tribunal (NCLT), the adjudicating authority, a resolution plan approved by the adjudicating authority shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. It is further clarified that approval of shareholders of the company for a particular action required in the resolution plan is deemed to have been given by the adjudicating authority.
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MCA
MCA has issued the Companies (Removal of Difficulties) 2nd Order, 2017, whereby it has amended, Sub-Section (1) of Section 247 of the Companies Act, 2013. The Companies (Registered Valuers and Valuation) Rules, 2017 as recently notified, there will be number of organizations dealing with various assets, such as land and building, machinery and equipment having separate set of valuers for valuation; And unless these different organisations are recognised, it would be difficult to ensure the required level of regulation for the valuers by registering them directly with the central Government. Therefore, in Section 247(1), for the words, "a person having such qualifications and experience and registered as a valuer in such a manner, on such terms and conditions as may be prescribed", the words "a person having such qualifications and experience, registered as a valuer and being a member of an organisation recognised in such a manner, on such terms and conditions as may be prescribed" shall be substituted.
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MCA
MCA has notified the Companies (Registered Valuers and Valuation) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette i.e 18th October, 2017. A person shall be eligible to be a registered valuer if he is a valuer member of a registered valuers organisation, possesses the prescribed qualifications and experience and his candidature is recommended by the registered valuers organisation of which he is a valuer member for registration as a valuer. The Insolvency and Bankruptcy Board of India (IBBI) is the authority responsible for these regulations. These rules are basically about who could become valuers and the process of registration and deregistration of these valuers with the IBBI. The Chartered Accountants can conduct a financial audit, while subject experts will have to be hired for other specific audits such as for machinery and real estate. Essentially, there will be separate financial valuers and technical valuers. These rules will also be applicable to companies going in for liquidation under the Insolvency Code. Further, companies are now allowed to function as registered valuers, provided three or all of their directors are registered valuers. Because of this, merchant bankers also qualify to become valuers. Unregistered valuers can continue to work till March 31, 2018.
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CBDT
CBDT has issued Clarification related to guidelines for establishing 'Place of Effective Management' (PoEM) in India. The concept of 'Place of Effective Management' (PoEM) is being used for deciding residency status of a company, other than an Indian Company. It has been clarified that so long as the Regional Headquarter operates for subsidiaries/ group companies in a region within the general and objective principles of global policy of the group laid down by the parent entity in the field of Pay roll functions, Accounting, HR functions, IT infrastructure and network platforms, Supply chain functions, Routine banking operational procedures, and not being specific to any entity or group of entities per se; it would, in itself, not constitute a case of BoD of companies standing aside and such activities of Regional Headquarter in India alone will not be a basis for establishment of PoEM for such subsidiaries/ group companies.
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*Service Tax:*
1. *Rent-a-cab service and Travel Agent service* is used by employees for travelling and meeting customers which is core activity for fetching business for appellant, CENVAT Credit is admissible.
*2017-TIOL-3867-CESTAT-MUM*
2. *Rule 6(3A) of CENVAT Credit Rules, 2004* only provides procedure for application of Rule 6(3) and does not mandate that on failure to intimate in writing for availing option the manufacturer or the service provider shall lose their choice to avail option under Rule 6(3)(ii) for reversing proportionate credit.
*2017-TIOL-3839-CESTAT-MUM*
*Central Excise:*
3. *Job work -* When the sale price of very same goods is available and the same the has been accepted for discharging the excise duty, there is no need to adopt value which is arrived on basis of valuation rules u/s 4 (1)(b).
*2017-TIOL-3859-CESTAT-MUM*
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HC allows export against advance license issued prior to GST implementation. [Case Name: Chemico Synthetics Limited Vs. Union Of India & Ors. (Delhi High Court) dated 27/09/2017].
CCI finds conduct / practice of AIFEC in contravention of Competition Law [Case Name : Shri Vipul A. Shah Vs. All India Film Employee Confederation & Others (Competition Commission of India) dated 31/10/2017].
Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS- Private Sector.
General Provident Fund (GPF) and other similar funds shall carry interest at the rate of 7.8% w.e.f. 1st October, 2017 to 31st December, 2017.
SEBI revised the framework for ´block deals´ by providing two separate trading windows of 15 minutes each and increasing the minimum order size to Rs 10 crore.
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📺 *Updates*
➡1. Mobilization fees paid to NR to move oil rigs from foreign to India is taxable u/s 44BB: SC
Sedco Forex International Inc.
v. Commissioner of Income-tax
➡2. CBDT notifies protocol amending India-Slovenia DTAA
➡3. No sec. 271AAA penalty if income was declared during scrutiny assessment & not during search: Delhi ITAT Mahavir Prasad Jaipuria v. Assistant Commissioner of Income-tax, Central Circle-New Delhi*
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TDS not applicable to Bank Guarantee Commission: ITAT follows CBDT Circular [Read Order]
Read more at: http://www.taxscan.in/tds-not-applicable-bank-guarantee-commission-itat-follows-cbdt-circular/12777/
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Delhi HC deletes Income Tax Proceedings against ‘ESPN Mauritius’ [Read Judgment]
Read more at: http://www.taxscan.in/delhi-hc-deletes-income-tax-proceedings-espn-mauritius/12798/
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#Economy:Indian economy is making "tremendous" progress and is adapting to the demands of life in the 21st century, Indian-American Pepsico chairman Indra Nooyi said today, a day after India jumped 30 places to rank 100th in the World Bank's 'ease of doing business' ranking. India, which was ranked 142nd when Modi Govt took office in 2014 and 130th last year, is the only large country this year to have achieved such a significant shift.
#Finance:The Pension Fund Regulatory and Development Authority has increased the maximum age of joining the National Pension System for subscribers in the private sector to 65 years from the existing 60 years.
#The presence of foreign banks in India declined in terms of number of branches and employees during 2016-17.
#The Supreme Court on Wednesday asked the Govt to frame a central scheme for setting up special courts across the country to exclusively try criminal cases involving ‘political persons. In a determined effort to cleanse politics of criminality and corruption, the apex court said it takes years, probably decades, to complete the trial against a politician.By this time, he or she would have served as a minister or legislator several times over.
#The Madras High Court on Wednesday allowed a woman to file her income tax returns without quoting Aadhaar card or enrolment number. Justice TS Sivagnanam passed the interim order on a plea by Preethi Mohan. She had moved the court relying upon a Supreme Court decision in Binoy Viswam Vs Union of India case, in which it had imposed a partial stay on the operation of Section 139AA of the Income Tax Act, which mandates linkage of Aadhaar with I-T returns.The counsel for the woman contended that the directions issued by the apex court in the case make it clear that Aadhaar scheme was always meant to be voluntary. But despite a partial stay imposed by the apex court, the I-Tax dept is acting in a manner directly opposed to the court order and are demanding linkage of Aadhaar.
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*GST*: CBEC has again extended the last date for filing of GSTR-2 for the m/o July, 2017 to 30 NOV 2017 and the last date for GSTR-3 to 11 DEC 2017 – Noti.No.54/2017-Central Tax, dt.30.10.2017.
# *World Bank* upgrade India’s Ranking in Ease of doing Business to 100 from 142 in 2014. Introduction of GST will further improve ease of doing business ranking next year.
# *IT*: Reopening of assessment - A.O. cannot take a different view as it would amount to a change in opinion which is not permitted in law even after 01.04.1989 –CIT (Central-3) Vs Unitech Indraprastha TV Ltd. (2017 (10) TMI 1273 - Delhi High Court).
# *IT*: Monetary limit for filing an appeal - Lower Tax effect - CBDT has no power of issue any instruction with retrospective effect –CIT & Anr Vs. Gemini Distilleries (2017 (10) TMI 1275 - Supreme Court).
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Income Tax due date for filing ITRs & Tax Audit Reports has been extended from 30.09.2017 to 07.11.2017 for those liable to file ITRs by 30.09.2017.
Supreme Court ruling lets I-T department open closed cases. The revenue authorities had in the past decided that for tax demands below certain limits, the department would not wage legal battle to recover dues.
Extension of time limit for submitting application in FORM GST REG-26. The commissioner extends the period for submitting electronically the application in the FORM GST REG-26 till 31st December 2017.
The central government has decided to increase the basic customs duty on polyester fabric to 20 per cent, from 10 per cent, with effect from last Friday.
Last date for filing GSTR-2 & GSTR-3 for July 2017 extended.
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*Central Excise:*
1. *Petitioner's challenge to vires of S.4A of CEA, 1944 fails-* It is clear that the excise duty on the doctors' free samples can be levied only under section 4 of the Act and not under section 4A. [Valuation of excisable goods with reference to retail sale price]. Free samples provided to the doctors do not carry any retail sale price.
*2017-TIOL-2270-HC-AHM-CX*
2. *Registration-* Separation of both the premises by only one plot is not significant, grant of common registration cannot be rejected on the ground that both the premises are interlinked by pipeline for supply and use of furnace oil by both the units.
*2017-TIOL-3836-CESTAT-MUM*
3. *Erroneous availment of CENVAT Credit-* Exporter cannot, on his own, devise new method to avail credit which is not prescribed under law.
*2017-TIOL-3829-CESTAT-MUM*
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📺 *Updates*
➡1. No denial of sec. 80G approval once sec. 12AA registration granted to assessee: ITAT
Anand Incubation Centre
v. Commissioner of Income-tax (Exemptions), Jaipur.
➡2. Deposit in capital gain scheme before due date of ITR is mandatory to claim sec. 54 deduction: ITAT
Anita Ajay Shad v. Income Tax Officer, Ward-10(2), Ahmedabad.
➡3. Before admitting exparte insolvency plea, authority must issue limited notice in addition to statutory notice
Vivek Agarwal v. Kanak Resource Management Ltd.
🙏Thank you🙏
Have a nice day