Ld. Assessing officers must follow CBDT Instructions in Limited Scrutiny Assessments. Reasons in Writing for expanding scope & Principal CIT approval is must. CBDT Instruction of 30.11.17.
.
================>
.
#Economy:The Govt will give three-six months to link the biometric identifier Aadhaar with PAN in case the apex court rules in its favour, after which it may cancel all PANs that have not been linked. The cancellation will weed out all duplicate PANs and make benami transactions void. The Govt has indicated to the Supreme Court that it is willing to extend this deadline to 31 March 2018.
#Finance:Foreign investors pumped over Rs 19,700 crore into the country's stock markets in November, the highest in eight months, mainly due to Govt's plan to recapitalise PSU banks and surge in India's ranking in the World Bank's ease of doing business.This is the highest net investment by FPIs since March, when they had poured in Rs 30,906 crore in the equity market.
#In a major step to curb vehicular pollution, the Govt decided that the country will leapfrog directly from Euro IV emission norms for petrol and diesel to Euro VI standards from April 1, 2020.
#With an aim to attract over Rs 5 lakh crore investment and create 20 lakh jobs in Uttar Pradesh by 2022, Yogi Govt will promote "brand UP" in a big way by holding roadshows in other states and investors summit in the state capital. The roadshows will start from New Delhi on December 8. It will also be held in Bengaluru, Hyderabad, Ahmedabad, Mumbai and Kolkata to showcase UP's potential and to attract investors.
.
================>
.
DEFAULTING IN HOLDING ANNUAL GENERAL MEETING
If a Company not holding an Annual General Meeting as per Section 96, or not complying with any direction of the Central Government, then the Company and its every officer come in the Category under Section 99 of the Company Act, 2013 and punishable with fine which may extend to Rs. 100,000 and in case of continuing default, it may extend to Rs. 5000 for every day.
Further, Section 97 of the Companies Act, 2013, provides for the power of the Tribunal to call AGM if the Company fails to hold Annual General Meeting. Any member of the company can request to NCLT for calling AGM. [Section 97(1)].
.
================>
.
BUSINESS TO BE TRANSACTED AT AGM
As per section 102(2) of the Companies Act, 2013, the following businesses may be transacted during AGM:-
1) Ordinary Business [Section 102(2)], i.e.
a. Consideration of financial Statements and reports of board of directors and Auditors.
b. Declaration of any Dividend
c. Appointment of directors in place of retiring one
d. Appointment of and Fixation of the remuneration of the auditors.
2) Special Business [Section 102(b)]: Apart from the above businesses, the rest are deemed to be a Special business, transacted during the AGM.
.
================>
.
ITAT Confirms Addition since Assessee Received Rent in Cash to avoid Tax Liability [Read Order]
Read more at: http://www.taxscan.in/itat-confirms-addition-since-assessee-received-rent-cash-avoid-tax-liability/14631/
.
================>
.
Reimbursement of Credit Card Payments Incurred by Director on behalf of the Company during Foreign Visits is not Taxable as Perquisite: ITAT [Read Order]
Read more at: http://www.taxscan.in/reimbursement-credit-card-payments-incurred-director-behalf-company-foreign-visits-not-taxable-perquisite-itat/14646/
.
================>
.
Govt Approves Hike in Audit Fee Paid to Auditors of Head/Branch Offices of RRBs
Read more at: http://www.taxscan.in/govt-approves-hike-audit-fee-paid-auditors-head-branch-offices-rrbs/14651/
.
================>
.
The government has indicated to the Supreme Court that it is willing to extend this deadline toMarch 31, 2018
Read More At http://latestwithyou.blogspot.in/2017/12/centre-may-give-3-6-months-more-for.html?m=1
.
================>
.
#Economy:The economic survey had forecast a GDP growth of 6.75 to 7.5% for FY18 based on conversations with multiple stakeholders and industry captains show they are optimistic that GDP growth for this financial year could range as above.
#Finance:The indirect tax appellate tribunal has ruled that there is no service tax liability on payments based on revenue sharing arrangements. The judgment, issued by an Allahabad HC Bench, will have ramifications on all revenue sharing arrangements.
#Income Tax officials in Bengaluru conducted raids on a few doctors and diagnostic centres that seems to have blown the lid off a doctors-diagnostic centre commission nexus. The raid on five medical diagnostic centre chains in Bengaluru shows that doctors were paid a huge amount for referring medical tests. Searches on top doctors pioneering in assisted reproduction and on IVF centres has resulted in the seizure of cash exceeding Rs 1.4 crore, jewellery and bullion exceeding 3.5 kg, a significant amount of foreign currency and detection of offshore accounts with deposits running into more than 100 crores.
.
================>
.
Chartered Accountants and Students to get Concessional Fare from Jet Airways
Read more at: http://www.taxscan.in/chartered-accountants-and-students-to-get-concessional-fare-from-jet-airways/14635/
.
================>
.
RBI mandates Authorization from Competent Authorities on Delay in Reporting Govt Transactions by Banks [Read Letter]
Read more at: http://www.taxscan.in/rbi-mandates-authorization-competent-authorities-delay-reporting-govt-transactions-banks/14642/
.
================>
.
If Excess Tax Paid By Mistake Under GST than it can be Credited back to Your Bank Account*-
A new facility has been started by the government on its GSTN portal, under which the taxpayers who paid excess tax money by mistake, can now transfer the money back to their bank accounts. This facility has started online from 29th November. With just one click, the money will be transferred directly to the bank account of the particular taxpayer.
*To get back their excess tax money*, businesses will be required to log on to GSTN portal by using their GSTN registered numbers and then they can apply for returning of the excess money. The money will automatically be credited to the concerned bank account.
.
================>
.
Payment of Non-Competent Fee is Capital Expenditure since Assessee obtained an Advantage of an Enduring Nature: Delhi HC [Read Judgment]
Read more at: http://www.taxscan.in/payment-non-competent-fee-capital-expenditure-since-assessee-obtained-advantage-enduring-nature-delhi-hc/14619/
.
================>
.
# *CBDT*: Scope of limited scrutiny – AO should abide by the CBDT instructions while completing *limited scrutiny assessments* and should be scrupulous about maintenance of note sheets in assessment folders - F.No.DGIT(Vig)/HQ/SI/2017-18, dt.30.11.2017.
# *MEF ICAI*: Draft Bank Branch Auditors Empanelment of CAs/firms for the Year 2017-18 is available at http://meficai.org/draftpanel.jsp till 04 DEC 2017. For Query / observation, please call at +91 11 3011 0440 / 3011 0444.
# *IBBI*: The NCLT has for the first time directed that a liquidator be appointed in place of an existing resolution professional in the case of a company which has no feasible resolution plan in sight marking a new chapter in the evolving Insolvency and Bankruptcy Code.
# *BSE* has issued Public Notice Informing all Trading Members of the Exchange that the 87 companies that have remained suspended for more than 3 years would be delisted from the platform of the Exchange, with effect from December 1, 2017.
# *IT*: Validity of penalty orders u/s 271AAB - penalty notice issued under Section 274 read with Section 271 - penalty where the search has been initiated - levy of penalty sustained – Pr.CIT Vs Shri Sandeep Chandak & Ors (2017 (12) TMI 70 - Allahabad HC).
.
================>
.
👉🏻60000 SHELL Companies deposited Rs 21000 crore during demonetisation.*
(Bank details of these 60000 companies reveal that Rs 21,000 crore was deposited post-demonetisation and were withdrawn subsequently raising doubts that some of these companies were involved in laundering of unaccounted cash after demonetisation)
👇🏻 👇🏻 👇🏻
https://goo.gl/qu3SgM
*👉🏻CBDT warns taxman against roving, fishing scrutiny inquiries.*
(CBDT has warned the taxman against undertaking "roving or fishing" inquiries in the name of scrutiny assessments and asked them to scrupulously adhere to its guidelines.)
👇🏻 👇🏻 👇🏻
https://goo.gl/diXWux
*👉🏻SEBI Guideline on appointment of Auditors of Mutual Funds.*
(No MF shall appoint an auditor for more than 2 terms of maximum five consecutive years. Such auditor may be re-appointed after cooling off period of 5 years.)
👇🏻 👇🏻 👇🏻
https://goo.gl/Zojgr8
*👉🏻EOI for Special Audit of various Branch Building Construction Projects of ICAI.*
(Notice inviting Expression of Interest for Special Audit of various Branch Building Construction Projects of the Institute of Chartered Accountants of India. Last Date : 08-12-2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/qu3SgM
.
================>
.
GST: Madhya Pradesh HC Dismisses Plea against Levy of Tax on Confectionery Items [Read Order]
Read more at: http://www.taxscan.in/gst-madhya-pradesh-hc-dismisses-plea-levy-tax-confectionery-items/14606/
.
================>
.
📺 *Updates*
➡1. Advances given in normal course of business was allowed as deduction if necessary steps were taken to recover it
Deputy Commissioner of Income-tax, Circle-4, Kolkata
v. J. Thomas & Co. (P.) Ltd.
➡2. Sec. 54G: Time limit for investment to be reckoned from sale of asset & not from shifting of industrial undertaking
Everest Industries Ltd. v. Assistant Commissioner of Income-tax, Circle-3, Thane.
➡3. Mere exclusion/inclusion of comparables isn’t question of law unless relevant facts to determine ALP are excluded
Principal Commissioner of Income-tax-9 v. WSP Consultants India (P.) Ltd.*
.
================>
.
Non-Contest in Proceedings relating to Non-Payment of Service Tax can’t be a Ground for Levying Penalty: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/non-contest-proceedings-relating-non-payment-service-tax-cant-ground-levying-penalty-delhi-hc/14597/
.
================>
.
CBDT has issued Instruction No F.No DGIT(Vig)/HQ/SI/2017-18 dated 30th November 2017, to AO on unauthorized expansion of the scope of limited scrutiny.
CBDT has issued Clarification of India’s position on the acceptance of MAP and bilateral APA in cases of countries where Article 9(2) of OECD Model Tax Commentary is absent.
BSE has made a presentation to the Union finance ministry that LTCG exemptions cause huge revenue loss to the government and also lead to market manipulation. So it should be withdrawn.
BSE has issued a public notice informing all Trading Members of the Exchange that the 87 companies that have remained suspended for more than 3 years would be delisted from the platform of the Exchange, with effect from December 1, 2017.
Aadhaar will now be used for new as well as existing properties against benami properties and this will become a big weapon for the government,” PM Modi said at the 15th HT Leadership Summit.
NCLT in the case M/s Ansal Housing and Construction Ltd dated 1st December 2017 modified the sactioned scheme (sanctioned in Oct 2016) permitting the company to pay Rs. 1.20 Cr per month as against sactioned amount of Rs 2 crore per month.
RBI vide its Notification dated 14th November, 2017 has made amendments pertaining to the submission of Annual Performance Report by Indian Companies which has set up/acquired a Joint Venture (JV)/ (WOS) overseas in terms of the RBI Regulations.
RBI monetary policy committee is unlikely to tinker with the policy rate in its December review, as inflationary pressure and normalisation of policies by global central banks would keep the Indian central bank cautious .
Draft Bank Branch Auditor's Panel 2017-18 is live at www.meficai.org till 4/12/17 for viewing the status of applicants.
.
================>
.
*FREQUENTLY ASKED QUESTIONS* *(Source-Twitter handle of askGST_Gol)*
✍Sir I have started my firm under proprietorship but due to some reason I wanted to transfer my ownership but I could not due to new GST law it can not, kindly let me know what can be done?
*Answer:-*you can transfer your business and as per sec 22(3) of CGST Act, the person to whom you have transferred shall be liable to get registered with effect from the date of such transfer or succession.
✍ I am a used goods dealer if I sell goods to other States should I Bill on margin amount or full amount?
*Answer :-* If no ITC was availed, then as per rule 32(5) of CGST Rules, value shall be the margin value.
✍I am in Delhi and one customer from Gujarat, GST registration also of Gujarat, but wants delivery of goods in Delhi. What tax will be applicable?
*Answer :-* CGST and SGST as per sec 10(1)(a) since Place of Supply in this case is where the movement of the goods terminated for delivery to the recipient.
✍It is mandatory to mention in GST return the turnover of service (s) which is 0% rated?
*Answer :-* Yes. Details of zero rated services are required in GSTR 3B.
✍Is a job worker required to take mandatory registration ?
*Answer :-*No. Job worker would be required to obtain registration if his aggregate turnover exceeds the prescribed threshold limit.
✍If I provide free samples or goods. Can I take ITC of it ?
*Answer:-* ITC with respect to free samples is not allowed. Sec 17(5)(h) refers.
✍Can unutilized ITC be given refund, in case goods exported are subject to export duty ?
*Answer :-* As per section 54(3) of CGST Act,2017, refund of ITC is not allowed if goods exported outside India are subject to export duty.
✍Please clarify whether payment of GST is applicable on advance received in respect of supply of services.
*Answer :-*GST is leviable on advances received for supply of services.
✍Whether notification 66/2017 central dated 14.11.2017 is applicable for all assesses or for those only who are eligible for compounding scheme but not opted for the same?
✍We have filed GSTR3B with that days exchange rate for shipments other than IGST paid. But invoice value as per Shipping Bill is as per Customs notified rates. Pls suggest which value to be updated in TABLE 6A?
*Answer:-* As per exchange rates notified under Customs Act.
✍In case of return of a good (or service), is the GST paid liable for refund?
*Answer :-* Credit note may be issued and tax liability can be adjusted with in a time limit- pls. refer to sec 34
.
================>
.
Interest Income from Nationalized Banks is Business Income, Eligible for 80-P Deduction: ITAT [Read Order]
Read more at: http://www.taxscan.in/interest-income-nationalized-banks-business-income-eligible-80-p-deduction-itat/14449/
.
================>
.
ICAI Removes Two CAs for Misconduct as Confirmed by the Allahabad HC [Read Notification]
Read more at: http://www.taxscan.in/icai-removes-two-cas-misconduct-confirmed-allahabad-hc/14540/
.
================>
.
Details of Zero Rated Goods must be included in GSTR 3B: GST Twitter Handle Issues FAQs
Read more at: http://www.taxscan.in/details-zero-rated-goods-must-included-gstr-3b-gst-twitter-handle-issues-faqs/14551/
.
================>
.
Belated deposit of Employees’ Contribution to PF/ESI made before Filing of Income Tax Returns is Not Deductible: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/belated-deposit-employees-contribution-pf-esi-made-filing-income-tax-returns-not-deductible-kerala-hc/14525/
.
================>
.
Company is Guilty for making False Depreciation Claim: Delhi HC Rejects Plea of Accounting Mistake [Read Order]
Read more at: http://www.taxscan.in/company-guilty-making-false-depreciation-claim-delhi-hc-rejects-plea-accounting-mistake/14572/
.
================>
.
Non-Disposal of Objections by the AO through a Separate Speaking Order would make Re-Assessment Invalid: ITAT [Read Order]
Read more at: http://www.taxscan.in/non-disposal-objections-ao-separate-speaking-order-make-re-assessment-invalid-itat-read-order/14578/
.
================>
.
ITAT Confirms Re-Assessment ‘approved’ by Higher Authority than the Authority Prescribed in Section 151, Refuse to Follow Precedents [Read Order]
Read more at: http://www.taxscan.in/itat-confirms-re-assessment-approved-higher-authority-authority-prescribed-section-151-refuse-follow-precedents/14593/
