📺 *Updates*
➡1. Govt. constitutes Task Force for drafting new Direct Tax law
➡2. Sec. 69C additions relating to bogus purchases couldn’t be restricted to only profit elements: ITAT
Income-tax Officer, Mumbai v. Ashok V. Viradia
➡3. ICAI releases revised Guidance Note on ‘Transfer Pricing’
➡4. Appeal filed beyond 90 days from date of judgment of tribunal couldn’t be entertained: NCLAT.
P. Ram Bhoopal v. Pragnya Riverbridge Developers Ltd.
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Cabinet approves Setting Up of the 15th Finance Commission
Read more at: http://www.taxscan.in/cabinet-approves-setting-15th-finance-commission/13850/
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Cabinet approves Agreement between India and Philippines on Co-Operation and Mutual Assistance in Customs Matters
Read more at: http://www.taxscan.in/cabinet-approves-agreement-between-india-and-philippines-on-co-operation-customs/13853/
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Companies Act :
It is held that 'Even if the management of the company entrusted with the responsibility of filing documents had failed to do so, yet since the company is a running company(held based on observations made of submitted documents i.e. Income tax and VAT Returns) and the application has been filed in time, the Tribunal clearly has the power to restore the name of the company.' *M/s County Hotels and Resorts Pvt. Ltd. [LSI-2085-NCLT-2017-(NDEL)]*
IBC :
Moratorium will neither affect any suit or case pending before the Supreme Court nor will it affect the power of the High Court to hear Writ Petition. *Canara Bank vs. Deccan Chronicle Holdings Ltd. [2017] 141 CLA 93 (NCLAT)*
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*Notification No 66/2017 - Central Tax dated 15-11-2017*
Owing to a major restructuring in the tax rates of the supplies of “Goods” under GST, Sec 14 of the tax was getting attracted on supplies whose rates got changed.
*Kindly note – Supplier of Services have to follow Section 14 only.*
Hence, the government has specified that all registered persons except for persons paying tax under section 10 i.e. (composition levy) as the class of persons who shall pay CGST on the outward supply of goods at the time of supply as specified under section 12(2)(a) including in the situations attracting the provisions of section 14 of the said Act, and the details and returns shall be furnished accordingly.
Hence, the government once again have asked the suppliers to ignore Section 14 and follow Section 12(2)(a)
Earlier, under *Notification no 40/2017 dated 13-10-2017*, the government had asked tax payers whose turnover is *less than ₹. 1.5 crores* to follow Section 12(2)(a) instead of Section 14.
*Section 12(2)(a)* reads as follows:
The time of supply of goods shall be the *EARLIER* of the following dates, namely, -
1. The date of issue of invoice by the supplier or
2. The last date on which he is required to issue the invoice under section 31(1)
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Money Laundering Case: SC Upholds Rejection of Bail to Rohit Tandon for Possession & Conversion of Demonetised Currency [Read Judgment]
Read more at: http://www.taxscan.in/money-laundering-case-sc-upholds-rejection-bail-rohit-tandon-possession-conversion-demonetised-currency/13815/
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ICAI Revises Guidance Note on Transfer Pricing [Read Guidelines]
Read more at: http://www.taxscan.in/icai-revises-guidance-note-transfer-pricing-read-guidelines/13798/
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No TDS is deductible on Bank Guarantee Commission: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-tds-deductible-bank-guarantee-commission-itat/13719/
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: Govt Notifies Income Tax Deduction to International Crops Research Institute for the Semi-Arid Tropics [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-income-tax-deduction-international-crops-research-institute-semi-arid-tropics/13728/
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# *GST Council* may discuss Big bang changes in GST laws, rules and procedures as per law advisory group’s recommendations in its next meeting in January including a decision on whether to continue with RCM, TDS and TCS provisions in the Act.
# *GSTR 3B* RESET facility (after submission but before filing of return) is working now and can be used for the month of Aug, Sept & Oct, 2017.
# *IBC*: Cabinet clears ordinance to amend the Insolvency & Bankruptcy Code to keep the ailing promoters out of bidding process.
# *CBDT* has issued a Draft notification in respect of conversion of Indian branch of Foreign Bank into Indian Subsidiary Company .
# *CBEC* has issued a notification inviting suggestions from the Industry and Trade Associations for Budget 2018-19 regarding changes in Direct and Indirect taxes.
# *IT*: The payment made by the assessee for acquisition of the software as well as right to use the key provided by the supplier for making necessary modification, alteration, amendments or changes which amounts to acquiring the right to use the copy right and therefore the payment will fall in the definition of royalty as defined u/s 9(1)(vi) as well as under Article 13(2) of Indo-US DTAA – Isys Softech Pvt. Ltd. Vs ITO (2017 (11) TMI 1070 - ITAT Jaipur).
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: E-Sealing is Optional for Exporters till 15th December if the readers are in place at the Customs Station of Export: CBEC [Read Circular]
Read more at: http://www.taxscan.in/e-sealing-optional-exporters-till-15th-december-readers-place-customs-station-export-cbec/13735/
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GST: Govt to take action against Restaurants for Hiking Food Price
Read more at: http://www.taxscan.in/gst-govt-take-action-restaurants-hiking-food-price/13765/
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GST: More than 4.3 Million Businesses filed October Returns
Read more at: http://www.taxscan.in/gst-4-3-million-businesses-filed-october-returns/13744/
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: *👉🏻43.67 lakh businesses file initial GST returns for October.*
(As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October -- the highest monthly return filing within due date, GST Network said.)
👇🏻 👇🏻 👇🏻
https://goo.gl/mrKkXd
*👉🏻Govt sets up 14-member panel to identify issues in Insolvency law.*
(With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law)
👇🏻 👇🏻 👇🏻
https://goo.gl/VBZ9Gq
*👉🏻Guidance Note on Report Under Section 92E of The Income-Tax Act.*
(ICAI issued Guidance Note on Report Under Section 92E of The Income-Tax ACT, 1961 (Transfer Pricing) (Revised 2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/R2y1mX
