📺 *Updates*
➡1. President approves ordinance to amend Insolvency and Bankruptcy Code, 2016
➡2. Monetary limit set by CBDT for filing appeal binding on department except in cases decided contrary to SC ruling.
Commissioner of Income-tax, JAIPUR-II v. GAD Fashion
➡3. Private co. deemed to be a defunct co. when it failed to enhance its paid up share capital: NCLT
Navbhart Gasflame Marketing Co. (P.) Ltd. v. Registrar of Companies
➡4. Promoter could not claim unsecured loan till his liability of bank stood extinguished: NCLT
Vivek Gupta v. Proactive Plast (P.) Ltd.
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*IBC Amendment:* *Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law*
1. The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.
2. “The amendments aim to keep out such persons who have willfully defaulted, are associated with non-performing assets (NPAs), or are habitually non-compliant and, therefore, are likely to be a risk to the successful resolution of the insolvency of a company."
3. “Those who have their accounts classified NPA for one year or more and are unable to settle their overdue amounts include interest thereon and charges relating to the account before submission of the resolution plan” would also be ineligible.
4. Corporates, promoters and associate companies undergoing insolvency resolution or liquidation under the Code would not be eligible for bidding for the stressed assets.
5. The Committee of Creditors (CoC) should ensure the viability and feasibility of a resolution plan before approving it.
6. CoC should “reject a resolution plan, which is submitted before the commencement of the Ordinance but is yet to be approved”.
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No Proposal Under Consideration to Withdraw Bank Cheque Book Facility, says Finance Ministry
Read more at: http://www.taxscan.in/no-proposal-consideration-withdraw-bank-cheque-book-facility-says-finance-ministry/13982/
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# *IBC*: The President of India, today gives his assent on an Ordinance to amend the Insolvency & Bankruptcy Code (IBC) to keep the promoters with 1. willful defaulters tag; 2. Defaulters with One Year old NPA, out of bidding process – Ordinance, dt.23.11.2017.
# *GST*: Govt. of India (TRU) clarifies that Inter-state movement of rigs, tools, spares and all goods on wheels (like cranes) - except in cases where movement of such goods is for further supply of the same goods, such inter-state movement shall be treated ‘neither as a supply of goods or supply of service’ – Cir.No.21/21/2017, dt.22.11.2017.
# *GST*: Govt. of India (Tax Research Unit) clarifies issue related to classification and GST rate on Terracotta Idols – will be eligible for Nil rate – Cir.No.20/20/2017, dt.22.11.2017.
# *IT Code*: Govt. has constituted task force for redrafting the 56-year old income tax law in sync with the economic needs of the country. It will submit report to the Govt. within 6 months. The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including *Dr. Girish Ahuja* (CA), Rajiv Memani (C&RMP of EY) and Mansi Kedia (Consultant, ICRIER).
# *IT*: Depreciation on the asset claimed as application u/s 11 at the time of purchase - ultimately assessee is a charitable institution and its income for tax purposes is required to be determined by taking into consideration provisions of Section 11 after extending normal depreciation and deductions from its gross income – CIT (E) Vs Compucom Foundation, Shree Mitra Gyan Shiksha Samiti (2017 (11) TMI 1158 - Rajasthan HC).
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GSTN Chairman Led Panel to Consult Tax Experts on GST Filing
Read more at: http://www.taxscan.in/gstn-chairman-led-panel-consult-tax-experts-gst-filing/13862/
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President Okays Ordinance to Amend Insolvency and Bankruptcy Code, 2016 [Read Ordinance]
Read more at: http://www.taxscan.in/president-okays-ordinance-amend-insolvency-bankruptcy-code-2016/13919/
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GST Gets Five Months Older: Take a Look at the CGST Amendments So Far
Read more at: http://www.taxscan.in/gst-gets-five-months-older-take-look-cgst-amendments-far/13870/
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Routers, Hubs and Switches are ‘Computer Peripherals’, attracts 4% Sales Tax: Madras HC [Read Order]
Read more at: http://www.taxscan.in/routers-hubs-switches-computer-peripherals-attracts-4-sales-tax-madras-hc/13913/
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Supreme Court Strikes down provision Imposing Twin Condition for granting Bail under Sec. 45 of PMLA [Read Judgment]
Read more at: http://www.taxscan.in/supreme-court-strikes-provision-imposing-twin-condition-granting-bail-sec-45-pmla/13952/
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ITAT allows Expenditure by Company for Travelling Expenses incurred on behalf of its Associated Companies [Read Order]
Read more at: http://www.taxscan.in/itat-allows-expenditure-company-travelling-expenses-incurred-behalf-associated-companies-read-order/13936/
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: 💐 *Restoration of ICAI Membership or COP:Steps*
👉 *Step 1:* Check your status, whether both membership & COP is cancelled or only COP is cancelled : http://112.133.194.253/reprintletter/membercard.aspx
👉 *Step 2:* If both membership & COP is cancelled , only Form 9 is required to be filled along with fees. To download form 9 : https://www.icai.org/new_post.html?post_id=1564&c_id=89
👉 *Step 3:* If only COP is cancelled, Form 101 is required to be filled along with fees.To download form 101 : https://www.icai.org/new_post.html?post_id=1564&c_id=89
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Govt constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country. It will submit report to the govt within 6 months. Chief Economic Adviser Arvind Subramanian will be a permanent special invitee.
CBEC has issued a notification inviting suggestions from the Industry and Trade Associations for budget 2018-19 regarding changes in Direct and Indirect taxes.
GST- 3B reset facility is working Now . Used it for Aug , Sept and surprisingly for Oct also.
Functionality for refund of Input Tax Credit of inputs/input services attributed to export of Goods & Services is now available on the GST Portal.
Taxpayers who have not filed Form GSTR 1 for July 2017, can now file it on the GST Portal.
GST payable on advance received for Services. Wef 15.11.17, all assessees to pay GST at time of supply of goods & not when advance received.
BSE The Exchange has shared the details of the non-compliant Exclusively Listed Companies and its Promoters/Directors with the Depositories for initiating the action against Exclusively Listed Companies and its Promoters / Directors in accordance with the circular issued recently.