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Greetings of the Day ! 🙏
You may not know what is going to happen when you try; but if you do not try; nothing will happen. Never give up trying till you SUCCEED! 🌍
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17 December 2017 Updates 📄
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Clarification from Sintex
The ED has undertaken a very general investigation against all the person / entities mentioned in Panama papers, whose registered agent is M/s Mossack Fonseca & Co., a law firm based in Panama. The entity, Sintex BV (company) also shares the same law firm and therefore was part of such investigation.
However, the company is a genuine business entity (in operation since 2007), all the transactions of whose were duly reported and complied with applicable FEMA & RBI regulations from time to time. The Company is fully confident of its understanding of the FEMA Act and is well equipped with facts and records to defend its case successfully against what it perceives as gross misinterpretation of FEMA & ODI guidelines by the ED.
The reported seizure of its properties is only a provisional seizure and not a final order or outcome of any legal case against the company. The seizure is temporary & will only remain in force till the completion of investigation by ED. Also, this seizure does not affect the operations or profitability of the company in any manner whatsoever.
It is also clarified that the investigation is confined to Sintex Holdings BV and not extendable to Sintex Industries Limited or Sintex Plastics Technology Limited. The company further reiterates that it has not done any violation of FEMA guidelines and any charge of technical violation or breach of guidelines by ED is incorrect and lacks complete understanding of the facts, law and guidelines.
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GST on Bitcoins: CBEC Investigates on Bitcoins Exchange to determine the Rate of Tax
Read more at: http://www.taxscan.in/gst-bitcoins-cbec-investigates-bitcoins-exchange-determine-rate-tax/15122/
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24th GST Council Meet is Over: E-Way Bill Compulsory from 1st February
Read more at: http://www.taxscan.in/24th-gst-council-meet-e-way-bill-compulsory-1st-february/15119/
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ICAI releases Exposure draft of Guidance Note on Audit of Banks [Read Draft]
Read more at: http://www.taxscan.in/icai-releases-exposure-draft-guidance-note-audit-banks/15124/
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24th GST Council Meeting held yesterday through video conferencing decides that Inter-State e-way Bill to be made compulsory from 1st of February, 2018
The 24th Meeting of the GST Council held through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the *implementation of e-way Bill system* in the country. Till such time as the *National e-way Bill is ready* the *States were authorized to continue their own separate e-way Bill systems* However, it was represented by the trade and transporters that this is *causing undue hardship* in the Inter-State movement of goods and therefore, bringing in an early all India system of *e-way Bill* has become a *necessity*
The GST Council reviewed the *progress of readiness of hardware and software* required for the introduction of *nationwide e-way Bill System* After discussions with all the States, the following *decisions* were *taken* :-
i) The nationwide e-way Bill system will be ready to be *rolled out on a trial basis latest by 16th January, 2018* Trade and transporters can start using this system on a voluntary basis from 16th January, 2018.
ii) The *Rules* for implementation of nationwide e-way Bill system for Inter-State movement of goods on a *compulsory basis will be notified* with effect from 1st February, 2018. This will *bring uniformity* across the States for seamless inter-State movement of goods.
iii) While the System for both inter-State and intra-State e-way Bill generation will be *ready by 16th January, 2018* the States may choose their own timings for implementation of e-way Bill for intra-State movement of goods on any date before 1st June, 2018. There are certain States which are already having *system of e-way Bill for intra-State as well as inter-State movement and some of those States* can be *early adopters of national e-way Bill system* for intra-State movement also. But in any case, the *Uniform System of e-way Bill for inter-State as well as intra-State movement will be implemented* across the country by 1st June, 2018.
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Assessee is Entitled to Claim Deductions of Expenses incurred in relation to Interest Income u/s 57(iii): ITAT [Read Order]
Read more at: http://www.taxscan.in/assessee-entitled-claim-deductions-expenses-incurred-relation-interest-income-u-s-57iii-itat/15113/
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Revenue Deptt. has amended the rules pertaining to maintenance of records by financial entities under the Prevention of Money Laundering Act of 2002, to drop the December 31 deadline specified for bank account–holders to link Aadhaar and PAN.
The Enforcement Directorate is set to issue fresh notices to more than 45 Indian entities named in the Panama Papers list on charges of possible for ex law violations, official sources said.
DVAT Department vide Notification No. 1219 Dated 15.12.2017 has extended the date of online filing of Rate wise Closing Stock details upto 31.12.2017.
TRANS 2 filing has been enabled on GST common portal, ensure you fill the same in case if credit was claimed in Trans 1 i.e. under Part 7B of Table 7(a) or under Table 7(d) as per deemed credit provision.
The Insolvency and Bankruptcy Code of India has issued guidelines for Technical Standards for the performance of Core services and other services under IBBI (Information Utilities) Regulations, 2017.
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GST TRAN-2 form is live on portal now.
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IBBI
The Insolvency and Bankruptcy Code of India has issued guidelines for Technical Standards for the performance of Core services and other services under IBBI (Information Utilities) Regulations, 2017. The Technical Committee constituted by IBBI under the chairmanship of Dr. R. B. Barman, has made recommendations on 14 out of 18 matters for which technical standards are required to be laid down by IBBI through Guidelines issued under the Regulations. The Technical Standards will ensure and enforce the reliability, confidentiality and security of financial information to be stored by the information utilities. In furtherance thereof, the Board hereby lays down Technical Standards on the basis of the recommendations given by the Technical Committee on Information Utilities. The Technical Committee consciously did not prescribe any specific choice of technology or platform, so that each IU can exercise its own choice. Instead, it recommended that the IUs adopt robust data governance standards to take care of complete integrity of the IU database. In terms of the IBBI (Information Utilities) Regulations, 2017, an Information Utility shall ensure compliance with these Technical Standards at all times.
Ministry of Finance - PML
The revenue department in the ministry has amended the relevant rules pertaining to maintenance of records by financial entities under the Prevention of Money Laundering Act of 2002, to drop the December 31 deadline specified for bank account–holders to link Aadhaar and PAN cards. After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity.
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📺 *Updates*
➡1. Subsidy provided by Maharashtra & West Bengal Govt. to Multiplexes held as capital receipt
Commissioner of Income-tax-I, Kolhapur v. Chaphalkar Brothers Pune
➡2. Validity of SCN issued for concealment of income couldn't be questioned in writ petition : HC
Krishnaswami Vijayakumar v. Principal Director of Income-tax (Inv.) Chennai*
➡3. Ownership of land on which building is constructed isn’t necessary to taxing rental income as house property income
JG Exports v. Income-tax Officer, Chennai.
🙏Thank you🙏
Have a nice day
