GST: Govt’s Twitter Handle Issues FAQs on Immovable Property
Read more at: http://www.taxscan.in/gst-govts-twitter-handle-issues-faqs-immovable-property/12982/
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http://www.news18.com/amp/news/india/massive-gst-fraud-unearthed-in-hyderabad-nearly-5000-raids-conducted-1568795.html
The raids were conducted after department received over 10,000 complaints against small traders to big shopping malls, restaurants and even multiplexes alleging *they have been charging GST on MRP, non GST items and even selling at a higher price claiming GST.*
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https://goo.gl/FghvVA
*CBEC has prescribed procedure regarding procurement of goods from DTA units by Export Oriented Unit (EOU)/ Electronic Hardware Technology Park (EHTP) Unit/ Software Technology Park (STP) Unit/ Bio-Technology Parks (BTP) Unit for deemed export benefits under section 147 of CGST Act, 2017*
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Mere Conversion of Seats from Push Back to Fixed would not attract Lower Tax Rate under Kerala Motor Vehicles Act: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/mere-conversion-seats-push-back-fixed-not-attract-lower-tax-rate-kerala-motor-vehicles-act-kerala-hc/12977/
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https://goo.gl/WRtCzS
*CBEC has issued Clarification on Due Dates for Generation of FORM GSTR-1A (1 Dec to 6 Dec. 2017)/ GSTR-2A (11 Oct. 2017 to 30 Nov. 2017), in accordance with the extended Due Dates for filing of FORM GSTR-1/ GSTR-2 respectively, for the month of July 2017*
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CBEC lays down Norms for Supplies to EOU/EHTP/STP/BTP under ‘Deemed Exports’ [Read Circular]
Read more at: http://www.taxscan.in/cbec-lays-norms-supplies-eouehtpstpbtp-deemed-exports/13009/
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Time Limit for Generation of GSTR-1A & 2A Extended Due to Date Extension to file GSTR 1 and 2 [Read Circular]
Read more at: http://www.taxscan.in/time-limit-generation-gstr-1a-2a-extended-due-date-extension-file-gstr-1-2/13005/
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CBDT has No Power to issue Circulars with Retrospective Effect, says Supreme Court [Read Order]
Read more at: http://www.taxscan.in/cbdt-no-power-issue-circulars-retrospective-effect-says-supreme-court/12986/
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More than 1 ,000 Malls booked for GST Violation in Telangana
Read more at: http://www.taxscan.in/1-000-malls-booked-gst-violation-telangana/12990/
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MCA
MCA has notified the revised Annual Filing Forms i.e Form AOC-4 (Form for filing financial statement and other documents with the Registrar), Form AOC-4 XBRL (Form for filing financial statement in XBRL (Non-Ind AS) and other documents with the Registrar) are being revised and are likely to be notified on 7th November 2017 including therein demonetization related changes. Stakeholders are advised to download the latest version before filing these forms w.e.f. 8th November 2017. Form- wise date of last version change is available at on the website of MCA.
MCA
MCA has release a press release stating that based on the massive drive undertaken by the Ministry in the recent past, around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more. Further, over 3,000 disqualified Directors are Directors in more than 20 companies each, which is beyond the limit prescribed under the Law; To address the criminality angle, the Director, Additional Director or Assistant Director of SFIO have been recently authorized to arrest any person believed to be guilty of any fraud punishable under the Act. Steps are underway for setting-up National Financial Reporting Authority (NFRA), an independent body, to test check Financial Statements, prescribe Accounting Standards and take disciplinary action against errant professionals;. A separate initiative is underway to develop a State-of-the-Art software application to put in place an 'Early Warning System' (EWS) to strengthen the Regulatory Mechanism. Moreover with a view to check the problem of Dummy Directors, action is underway to seed DIN with PAN and Aadhaar at the stage of DIN application through biometric matching for new applications. The same may be extended to legacy data in due course.
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As per CPC bangalore regarding notices of 139(9).......they have suggested as follows.
*Nothing to worry*
✴log in IT portal of client
✴Go to e file section then select efile in response to notice u/s 139(9)
✴Then select disagree if the auditor has already submitted report however audit report must be approved by client.
Hope this information will help u
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Recently, Income tax assessees started receiving notice u/s 139(9) of Income tax Act for defective returns due to non filing of tax audit reports, although TAR has been infact filed -
Solution for Notice u/s 139(9) regarding Non-Filling of Tax Audit Report
Section 139(9) of the Income Tax Act 1961 provides for the situations in which the return of income filed by the taxpayer can be treated as defective return.
Non filing of The report of the audit referred to in section 44AB (Form 3CA or 3CB & 3CD) popularly referred to as Tax Audit Report even though assessee was liable for getting his books of account audited based on the data of income put in the Return of Income is also one of the conditions under which a return of income shall be regarded as defective.
Many assesses have started receiving notices u/s 139 (9) saying the audit report has not been filed eventhough they have filed the same. The same seems to be because the assessee have not selected the designated procedure or have erroneously entered the details in Return of Income or e filing site.
Following are the probable solutions for same -
1) Date for Furnishing of Audit Report entered should be date on which client has accepted such audit report with DSC and not the date of filling as per CA login.
2) The details of Auditor info such as PAN, Firm Registration Number, ICAI Membership number are entered correctly. The details of auditor as entered in Return of Income should match with login details as per Income Tax E filing website. Last year the issue of mismatch of PAN of auditor was brought to notice of members of ICAI and a facility to correct the same was made available at ICAI website at
https://www.icai.org/new_post.html?post_id=12892
Thus the assessee is required to put correct details in Income Tax Return as per the above and file response to Notice u/s 139(9) online after login into e filing website.
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GST: Govt to Review Monthly Returns Filing Process
Read more at: http://www.taxscan.in/gst-govt-review-monthly-returns-filing-process/13003/
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Cases pertaining to ‘Panama Papers’: Investigation in Full Swing, says Finance Ministry
Read more at: http://www.taxscan.in/cases-pertaining-panama-papers-investigation-full-swing-says-finance-ministry/12992/
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Indians whose names are revealed through ‘Paradise Papers’ are under IT Scanner: Govt to Set Up Multi Agency Group
Read more at: http://www.taxscan.in/indians-whose-name-revealed-paradise-papers-scanner-govt-set-multi-agency-group/12968/
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# *TODAY* (07 NOV 2017) is LAST Date for Companies & Tax Audit cases to file ITR & TAR.
# *NFRA*: Ministry of Finance announced constitution of National Financial Reporting Authority (NFRA) soon to check financial statements & Prescribe Accounting Standards.
# *PMLA*: Client Due Diligence - liability of Every reporting entity to get and verify the identity of the client - Rule 9 of PML (Maintenance of Records) Rules, 2005 as amended.
# *CBDT* has introduced new Rule-10DA on Information and documents to be kept and maintained under proviso to sub-section (1) of section 92D and to be furnished in terms of sub-section (4) of section 92D - Notification No.92/2017, dt.31.10.2017.
# *MCA* has notified the revised Annual Filing Forms i.e AOC-4 & AOC-4 XBRL are being revised w.e.f. 8 NOV 2017.
# *MCA* has released a Press release stating that based on the massive drive undertaken by the Ministry in the recent past, around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more. Further, over 3,000 disqualified Directors are Directors in more than 20 companies each, which is beyond the limit prescribed under the Law.
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👉🏻20572 Income Tax Returns under scanner for Detailed Investigation.*
(20,572 Income tax returns have been selected for detailed scrutiny after their profiles before and after demonetisation did not match.)
👇🏻 👇🏻 👇🏻
https://goo.gl/DqxQ9f
*👉🏻Govt may review monthly GST return filing process.*
(The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers.)
👇🏻 👇🏻 👇🏻
https://goo.gl/GEJpwP
*👉🏻Bitcoins not to be used for payments and settlements for now - RBI.*
(RBI reiterated its stand on cryptocurencies saying the bitcoins will not be used for making payments and settlements for now.)
👇🏻 👇🏻 👇🏻
https://goo.gl/qtGAKg
*👉🏻Partners Required*
(Partners Required for firm of Chartered Accountants of ten partners with branches in bhubaneswar, delhi, chennai, kolkatta, mumbai, rajasthan and chandigarh)
👇🏻 👇🏻 👇🏻
https://goo.gl/6Z9CgF
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7 Nov (Today ) is LAST Date for Companies & other audit cases to file ITR & Audit Reports. File Tax Audit Report before ITR to avoid Defective Return Notices.
On adding the missing invoice in GSTR 2 , Error Invoice Number already exist in GSTR 1 or 5 means that invoice already issued by Supplier to another party.
Ministry of Finance announced constitution of National Financial Reporting Authority (NFRA) soon to check financial statements & Ptescribe Accounting Standards.
Ministry of Finance To check problem of Dummy Directors, action is underway to seed DIN with PAN & Aadhaar at time of new DIN applications via biometric matching.
National Financial Reporting Authority (NFRA) will also take disciplinary action against errant professionals i.e. CAs, CSs & cost Accountant.
National Financial Reporting Authority (NFRA) an independent body to be set-up soon to test check Financial Statements & Prescribe Accounting Standards.
Ministry of Finance To address criminality angle, Director, Addl/ Assitt Director of SFIO recently authorized to arrest a person believed to be guilty of fraud.
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#Economy:The I-Tax dept has attached benami assets worth Rs 1,833 crore so far as part of its “sustained action plan” against such properties, the CBDT said. CBDT Chairman said the I-T dept would continue taking “strong” action against benami asset holders and that this action “will not stop”. We are obtaining more data and information from all available avenues on such assets. More such instances will be identified and strong legal action will be taken,” he said.
#Over 13.28 million PANs have been linked with the Aadhaar till now. With this, 39.5 % of PANs are now linked with Aadhaar numbers.There are about 330 million PAN cards, while Aadhaar has been issued to about 1,150 million people. The Supreme Court had in June upheld the validity of an Income Tax Act provision making Aadhaar mandatory for allotment of PAN cards and ITR filing, but had put a partial stay on its implementation till a Constitution bench addressed the issue of right to privacy. The CBDT had in June this year said the apex court's order had only given a "partial relief" to those who did not have an Aadhaar or an Aadhaar enrolment ID, and the taxman, hence, "will not cancel" the PAN of such individuals.
#The I-Tax Dept will start dispatching notices under the Income Tax Act to nearly 70,000 entities that deposited over Rs 50 lakh each in old notes into bank accounts but did not care to reply to data uploaded in their accounts or even file returns. A total of 2 lakh such accounts were identified; 1.3 lakh account holders have already responded to the inquiry. Apart from this, the IT dept has identified 18 lakh cases which it believes feature suspect deposits. Out of this, around 12 lakh accounts have already responded. The focus is now on the remaining 6 lakh-odd accounts. The Govt is checking other data points which signal how unaccounted wealth could be used. One such is the sharp surge in overseas travel expenditure from USD 36.2 million in November 2015 to USD 246.6 million in November 2016.
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: The Income Tax Department has picked 20,572 tax returns for "detailed scrutiny" suspecting discrepancies in incomes before and after demonetisation, official sources said on Monday.
Separately, they said, the department has identified one lakh "high risk" cases of alleged tax evasion for detailed investigation.
According to the sources, 20,572 tax returns have been selected for detailed scrutiny after their profiles before and after demonetisation did not match.
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Key Points about Charitable Trust Or NGO-Part-2*-
1. *If trusts are running schools, colleges* or any other educational institutions specifically for abandoned, orphans, homeless children, physically or mentally abused persons, prisoners or persons over age of 65 years or above residing in a rural area, such activities will be considered as charitable activities and income from such supplies will be wholly exempt from GST.
2. *Charitable trust rents out religious place* meant for general public (owned and managed by a registered charitable trust under 12AA of the Income Tax Act, 1961). GST will be exempted when: A) Rent out rooms are charged lesser than Rs.1,000 a day; B) Open area is charged lesser than Rs.10,000 a day; C) Rent out shops and other spaces for business are charged less than Rs.10,000 a month
3. *All NGOs making a taxable supply of even a single rupee* and having exempt supply, the aggregate turnover of which crosses ₹ 20,00,000, would require to get registered as per section 22(1) of CGST.
4. In the service tax legislation, *services provided by way of construction, completion, repair, , to an entity* registered under 12AA of The Income Tax Act, 1961 and meant predominantly for religious use by general public was exempt from service tax. These services are now taxable under the GST laws resulting in an increase in costs to the extent of GST charged on these services.
*
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Providing Assistance to Banks and Financial Institutions for Fee can be treated as for ‘Charitable Purpose’: Hyderabad HC [Read Judgment]
Read more at: http://www.taxscan.in/providing-assistance-banks-financial-institutions-fee-can-treated-charitable-purpose-hyderabad-hc/12948/
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Around 2.24 Lakh Companies Struck-off, 3.09 lakh Directors disqualified, says MCA
Read more at: http://www.taxscan.in/around-2-24-lakh-companies-struck-off-3-09-lakh-directors-disqualified-says-mca/12928/
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Disseminating, Practicing and Educating #Yoga are within the Term ‘Medical Relief’: Delhi HC admits Appeal against #Patanjali [Read Order] #TaxNews
Read more at: http://www.taxscan.in/dissemination-practice-educating-yoga-are-within-term-medical-relief-delhi-hc-admits-appeal-against-patanjali/12934/
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Share Transactions can’t be deemed as Unaccounted If it is evident through DMAT Account and Contract Notes: ITAT [Read Order]
Read more at: http://www.taxscan.in/share-transactions-cant-deemed-unaccounted-evident-dmat-account-contract-notes-itat/12957/
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GSTN introduces new facility for Exporters to Claim Refunds
Read more at: http://www.taxscan.in/gstn-introduces-new-facility-exporters-claim-refunds/12931/
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# *GST*: The Exporters are required to file exports details in Table-6A separately on GST portal even before filing GSTR-1 for claim as well as faster processing of Refunds, w.e.f. August, 2017.
# *GST Council* is likely to consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting scheduled to be held on 9 & 10 Nov 2017 at Guwahati and to ease problems faced by small businesses.
# *IT*: Prime Minister, Shri Narendra Modi has hinted at a crackdown on 'benami' properties.
# *RBI* has introduced Legal Entity Identifier Code for large Corporate Borrowers. The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. LEI is a 20-digit unique code to identify parties to financial transactions worldwide.
# *IT*: Even though the assessee had suo-moto offered for disallowance, but once this issue has been challenged before the appellate proceedings and same has been decided in accordance with the law, then relief cannot be denied to the assessee solely on the ground that assessee had offered for disallowance – DCIT Vs Delphi Automotive Systems Pvt. Ltd. (2017 (11) TMI 247 - ITAT Delhi).
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📺 *Updates*
➡1. Ind AS: Measure land & building based on its classification as PPE or Investment property
➡2. Allegation of deficiencies in after sale service would fall under consumer Protection Act & not under Competition Act.
Akhil R. Bhansali v. Skoda Auto India (P.) Ltd.
➡3. Sec. 11 relief was available to School if surplus generated by transportation was used for educational purposes
Dehradun Public School
v. Additional Commissioner of Income-tax, Ghaziabad.
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NFRA to Initiate Disciplinary Proceedings against CA, CMA and CS Professionals: MCA
Read more at: http://www.taxscan.in/nfra-initiate-disciplinary-proceedings-ca-cma-cs-professionals-mca/12903/
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GSTN launches Offline Utility for filing GSTR-4 on GST Portal
Read more at: http://www.taxscan.in/gstn-launches-offline-utility-filing-gstr-4-gst-portal/12925/
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CBDT issued Clarification on Cash sale of agricultural produce by cultivators / agriculturists vide Circular No. 27/2017 dated 3rd November, 2017, CBDT to the trader for an amount less than Rs 2 lacs.
For faster processing of Refunds, wef Aug Exporters can fill details of exports in table 6A separately on GST portal even before filing GSTR1.
The insolvency rules for corporate guarantors and individual firms under the Insolvency and Bankruptcy Code (IBC) are likely to be notified by December.
Government is planning to make hallmarking along with carat count mandatory for gold jewellery sold in the country, food and consumers affairs minister Ram Vilas Paswan said.
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Key Points about Charitable Trust Or NGO*-
1. *Criteria for a charitable trust to be exempted from GST*- (a) Must be registered under Section 12AA of the Income Tax Act, and (b) Services provided by the charitable trust or the NGO must be for a charitable cause.
2. *Goods sold by a charitable trust* is taxable. The charitable trust must pay the GST rate applicable while purchasing the supply.
3. *Charitable trust is conducting training programs*, yoga camps, or other programs that are not free for participants, it will be considered as a commercial activity and hence will be liable for GST. Even the donation received for such an activity will be liable for taxation under GST.
4. *Services provided by way of training or coaching* in recreational activities relating to arts and culture, or sports by a charitable entity will be exempt from GST.
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*Ministry of Finance:* National Financial Reporting Authority (NFRA), an independent body, to be set-up soon to test check Fin Statements & prescribe Accounting Standards. NFRA will also take disciplinary action against errant professionals i.e.CAs, CSs & Cost Accountants.
*MCA:* Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of two (2) years or more;
http://pib.nic.in/newsite/PrintRelease.aspx?relid=173244
No need to file PAN-TAN application in Form 49A/49B after filing SPICe e-forms: MCA
Cash sale of the agricultural produce by its cultivator for a sum below ₹ 2 Lakh will not attract disallowance, any penalty or PAN
*GST:* Full Exemption allowed in respect of IGST on supply of services to Nepal and Bhutan against payment in INR
*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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Addition cannot be made If Gift is Invalid: ITAT [Read Order]
Read more at: http://www.taxscan.in/addition-cannot-made-gift-invalid-itat-read-order/12891/
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*Form GST PMT-07* is now available on the portal.
As per Rule 87(8), this form can be represented when bank account has been debited but no CIN is generated or generated but not communicated to the portal.
Steps:-
*Login>Services>User Services>Grievance/Complaints>GrievanceType>Grievance Against Payment*
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#Economy:PM has said more reforms will be rolled out to further ease the business climate in the country, while pointing out that the recent jump in India’s rank in the World Bank’s Ease of Doing Business report was only a beginning. PM was addressing ‘India’s Business Reforms Conference’, a mega event jointly held with World Bank to elaborate on how India was able to move up 30 places in the Ease of Doing Business pecking order.
#Finance:The Income Computation and Disclosure Standards, which played a key role in improving the country’s ranking by over 50 notches in ease of paying taxes in the World Bank report, have not gone down well with industry even as the authorities say that these create consistency in computing taxable income. Writ petition against the ICDS in the Delhi High Court, challenging the constitutional validity of these standards.
#Bank employees have filed a petition in the Supreme Court stating that they do not have the wherewithal to provide Aadhaar related services in 10% of the branches as ordered by Unique Identification Authority of India. The rules hold the bank officer accountable if anyone commits fraud. Bank officers are not in a position to identify fraudulent cards. How can bank employees be held liable when 49,000 Aadhaar enrolment centres which have been collecting information been blacklisted.
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Sales Tax Bar Association Moves Delhi HC on Technical Flaws on GST Portal
Read more at: http://www.taxscan.in/sales-tax-bar-association-moves-delhi-hc-technical-flaws-gst-portal/12889/
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Disallowance under Rule 8D cannot be made merely on ground of ‘Change of Opinion’: Delhi HC [Read Judgment]
https://t.co/DC11oNsEqx
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# *GSTN* launches offline utility for filing of returns in GSTR-2 & return under composition scheme in GSTR-4. Bothe the utilities are available on GST portal.
# *GST*: Facing criticism over glitches in the software developed for the GST Network, the Infosys has deployed more IT experts and engineers in states to steady the GST return filing portal.
# *CBDT* issues clarification on cash sale of the agricultural produce by its cultivator for a sum below Rs.2 Lakh will not attract disallowance, any penalty or PAN – CirNo.27/2017, dt.03.11.2017.
# *MCA* has dispensed with the requirement of separately uploading Forms 49 A& 49B after filing Spice e-forms with effect from TODAY (04.11.2017 - 6P.M.). PAN and TAN will continue to be issued as before based on the details submitted in the SPICe form itself.
# *IT*: While calculating annual value of the let out property, maintenance charges paid to the society by the assessee is admissible deduction from the annual let out value u/s 23(1)(b) - Krishna N Bhojwani Vs. ACIT (2017 (11) TMI 110 - ITAT Mumbai).