#Economy:The Govt extended by three months till March 31, 2018 the deadline for mandatory quoting of Aadhaar and PAN for all bank accounts and certain financial transactions.The decision to extend the deadline was taken after various representations as well as inputs received from banks. Last week, the deadline for linking PAN with Aadhaar too was extended by three months to March 31, 2018.
#The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, as anticipated, but left its rate outlook for the coming years unchanged even as policymakers projected a short-term acceleration in US economic growth. The move, coming at the final policy meeting of 2017 and on the heels of a flurry of relatively bullish economic data, represented a victory for a central bank that has vowed to continue a gradual tightening of monetary policy.
#In the first such move against bitcoin dealers, the I-T dept conducted surveys in Delhi, Mumbai, and Hyderabad. I-T investigative teams began surveys to gather information related to the dealer’s source of income, bank accounts, and tax liability, among others, amid tax evasion concerns. A clarification from the Govt on bitcoin regulation and taxation is awaited, as Bitcoins are not recognised as currency. So, capital gains tax liability arises at the time of sale of bitcoins on gains made on it, whether held for short-term or long-term, they are not tax exempt.
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The Institute of chartered Accountants in India (ICAI) today revised the minimum recommended scale of fees for the professional assignments done by the Chartered Accountants under the initiative of the Committee for Capacity Building of Members in Practice (CCBMP) The committee has recommended the fee to be charged as per the work performed for various professional assignments and the amount quoted under respective heads of professional work. The fee has been recommended separately for Class A and Class B Cities. The prescribed Minimum Recommended Scale Fees will enhance the productivity and Capacity Building of Practitioners & CA Firms and will largely benefit the Practitioners. The fee structure for partnership deeds, filing of tax returns including income tax, GST, Company law and LLP work, audit and other assignments, RERA, FEMA matters etc has been revised.
Read more at: http://www.taxscan.in/breaking-icai-revises-minimum-recommended-scale-fees-professional-assignments-done-chartered-accountants/15061/
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Press Information Bureau
Government Of India
Ministry of Finance
(12-December, 2017 15:41 IST )
Filing of Form TRAN-I to avail Input Tax Credit
Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of Form TRAN-1 is 27th December, 2017. In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017.
It has been noted that some taxpayers have availed extraordinarily high transitional credit of CGST which is neither commensurate with the trend of input tax credit of the industry nor as maintained by the taxpayer himself in the past. Some of these high transitional credits may have a bonafide explanation or may be a case of bonafide mistake. However, it has been noted that high transitional credit has been claimed in many cases for which perhaps no bonafide explanation exists. Analysis to identify such units is underway. Such behaviour leads to breach of trust between the taxpayer and the tax-administration, which is the bed-rock of self-assessment regime in GST.
Taxpayers who have claimed transitional credit erroneously are advised to avail of the opportunity to revise Form TRAN-1 by 27th December, 2017 and ensure that only correct and bonafide credit is availed in transition, failing which the tax administration would be constrained to initiate audit and enforcement action against the identified units.
*One Tweet and its Answer*
*Q* How to get credit of sale return on goods on which excise duty was paid? The third party has shown purchase return in ER-1. But we received goods in July so was not able to take credit in ER-1. How can we take credit now ?
*A* You can furnish the detail in TRANS-1/TRANS-2.
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RBI Revises Limits for Investment by Foreign Portfolio Investors in Government Securities [Read Circular]
Read more at: http://www.taxscan.in/rbi-revises-limits-investment-foreign-portfolio-investors-government-securities/15011/
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ICAI submits Pre-Budget Memorandum for Indirect Taxes other than GST [Read Memorandum]
Read more at: http://www.taxscan.in/icai-submits-pre-budget-memorandum-indirect-taxes-gst/15032/
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Sale of Land cannot be treated as Business Activity even though there is a Higher Volume of Sale Consideration: ITAT [Read Order]
Read more at: http://www.taxscan.in/sale-land-cannot-treated-business-activity-even-though-higher-volume-sale-consideration-itat/15018/
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CBEC clarifies issues on Refund of Countervailing Duty as Duty Drawback [Read Circular]
Read more at: http://www.taxscan.in/cbec-clarifies-issues-refund-countervailing-duty-duty-drawback/15023/
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*NewsFirst* : IncomeTax Dept conducts surveys at all major Bitcoin exchanges across country.
- People who invested in Bitcoin will be under IT scanner.
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ICAI submits Pre-Budget Memorandum for Direct Taxes [Read Memorandum]
Read more at: http://www.taxscan.in/icai-submits-pre-budget-memorandum-direct-taxes/15028/
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Bitcoins: IT Dept conducts Surveys on Major Exchanges in India
Read more at: http://www.taxscan.in/bitcoins-dept-conducts-surveys-major-exchanges-india/15042/
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Govt extends Due Date for Linking Aadhaar-PAN with Bank Accounts [Read Notification]
Read more at: http://www.taxscan.in/govt-extends-due-date-linking-aadhaar-pan-bank-accounts/15050/
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Breaking: ICAI Revises Minimum Recommended Scale of Fees for Professional Assignments done by Chartered Accountants
Read more at: http://www.taxscan.in/breaking-icai-revises-minimum-recommended-scale-fees-professional-assignments-done-chartered-accountants/15061/
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GST: Dept clarifies Issues on Input Tax Credit to Builders
Read more at: http://www.taxscan.in/gst-dept-clarifies-issues-input-tax-credit-builders/15057/
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👉🏻Govt asks panel to review amendment to Insolvency and Bankruptcy Code.*
(Govt has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets
👇🏻 👇🏻 👇🏻
https://goo.gl/7LDAFK
*👉🏻14 crore PAN-Aadhaar linkages done till now.*
(Over 14 crore Permanent Account Numbers (PANs) have been linked with Aadhaar till now, official sources said.)
👇🏻 👇🏻 👇🏻
https://goo.gl/FYSzoD
*👉🏻Govt sets aside Rs 10000 cr service tax demand notices on IT firms.*
(In a relief to IT companies, government has set aside a 10,000 crore rupee service tax demand notices on IT companies. Finance Ministry said, as a result, apprehensions about the negative effects on the software industry are without basis.)
👇🏻 👇🏻 👇🏻
https://goo.gl/yK5NBB
*👉🏻Filing of Form TRAN-I to avail Input Tax Credit.*
(Taxpayers who have claimed transitional credit erroneously are advised to avail of the opportunity to revise Form TRAN-1 by 27th December, 2017 and ensure that only correct and bonafide credit is availed in transition, failing which the tax administration would be constrained to initiate audit and enforcement action against the identified units)
👇🏻 👇🏻 👇🏻
https://goo.gl/hQGBz5
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The last date for filing of Form TRAN-1 is 27th December, 2017. In keeping with the philosophy of voluntary compliance, revision of Form TRAN-1 has also been provided. The last date for revision of TRAN-1 is also 27th December, 2017.
GST department Issued Advisory to file GSTR-1 for July positively although Option to taxpayers to upload the invoices on monthly basis (August-2017) has been given who are required to file return on quarterly basis.
MCA has recently started to take action against companies by highlighting non-compliances to the provisions of the Companies Act 2013 with regard to the CSR.
Government has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets, two people aware of the matter said.
Sebi has reconstituted its Primary Market Advisory Committee (PMAC), which advises it on issues related to the regulation and development of IPOs and other such segments.
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Expenditure cannot be disallowed since Assessee followed Accounting Standard issued by ICAI: ITAT [Read Order]
Read more at: http://www.taxscan.in/expenditure-cannot-disallowed-since-assessee-followed-accounting-standard-issued-icai-itat/15003/
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📺 *Updates*
➡1. Guarantee fees charged by Parent co. isn’t interest, taxable as ‘other income’ as per article 23 of DTAA
Johnson Matthey Public Ltd. Company v. Deputy Commissioner of Income-tax (International Taxation), Circle 2 (2) (1), New Delhi
➡2. HC quashes notifications curtailing 100% excise duty exemption to industrial units set up in Sikkim
Sun Pharma Laboratories Ltd. v.Union of India
➡3. Objections of debtors need to be taken into account by resolution professional on moratorium: HC
Power Grid Corporation of India Ltd. v. Jyoti Structures Ltd.
🙏�Thank you🙏�
Have a nice day