Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
अतीत पर ध्यान मत दो, भविष्य की चिंता मत करो, केवल अपने मन को वर्तमान छण पर केंद्रित करो। 🎯
It is not in the stars to hold our destiny but in ourselves.
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21 December 2017 Updates 📄📄📄
#Economy:The Govt is finalising a plan to allow 100% FDI for telecom services through the automatic route, which allows firms to attract foreign funds without its approval. At present 100% FDI is allowed, of which up to 49% investment in a company can be done through the automatic route. The inflow of overseas investment beyond that requires Govt approval because of security reasons.
#Finance:The CBDT has incurred an expenditure of over Rs 58,500 crore in the last nine years only on interest paid to individuals and corporates for delayed refunds of excess income tax paid to the dept. The CAG in its report tabled in Parliament, has criticised the CBDT and the revenue department in the finance ministry for not making budgetary provisions for the interest to be paid on delayed refunds and incurring such expenditure without the approval of Parliament.
#With continuing weak financial and credit profile, the RBI put public sector lender, Bank Of India, under prompt corrective action (PCA) with immediate effect. The action would mean the Mumbai-based lender would face restrictions on lending activity. BOI, where the Govt holds 75.1% stake, will also have to step up efforts on recoveries from stressed assets, sale of non-core assets, and control costs. BOI is the first among large banks to be placed under PCA. It joins the pack of state-owned banks such as IDBI Bank, Central Bank of India, Dena Bank, Bank of Maharashtra, and Indian Overseas Bank, which are already under the PCA framework.
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🍎 *What is GST ITC-04?*
GST ITC-04 has to be furnished by registered manufacturers, showing details of inputs or capital goods dispatched or received from a job worker in a quarter.
🍊 *The details of the following 4 types of transactions need to be furnished in GST ITC-04:*
👉 Inputs or capital goods dispatched to job workers in the quarter
👉 Inputs or capital goods received from job workers in the quarter
👉 Inputs or capital goods sent from one job worker to another in the quarter
👉 Inputs or capital goods supplied from the premises of job workers in the quarter
🍋 *GST ITC-04 due date*
The regular deadline for filing GST ITC-04 will be the 25th of the month succeeding a quarter. Note that last date for filing Form ITC-04 for the quarter July- September ’17 has been extended from 25th October ’17 to 31st December ’17.
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Over 58,500 crore spent by IT Dept on Interests for delayed Tax Refund, says CAG Report
http://www.taxscan.in/58500-crore-spent-dept-interests-delayed-tax-refund-says-cag-report/15256/
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Govt failed to recover Rs 1.2 lakh crore due to Pending Appeals: CAG [Read Report]
Read more at: http://www.taxscan.in/govt-failed-recover-rs-1-2-lakh-crore-due-pending-appeals-cag/15258/
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Income Tax E-Assessment to Roll Out Next Year
Read more at: http://www.taxscan.in/income-tax-e-assessment-roll-next-year/15247/
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Investment Shown under the head ‘Current Asset’ in the balance Sheet can’t be treated as Unexplained: ITAT [Read Order]
Read more at: http://www.taxscan.in/investment-shown-head-current-asset-balance-sheet-cant-treated-unexplained-itat/15252/
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CBDT Releases Income Tax Return Statistics for AY 2015-16 [Read Report]
Read more at: http://www.taxscan.in/cbdt-releases-income-tax-return-statistics-ay-2015-16/15249/
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ITAT Allows 80P Deduction to ‘Interest Income’ earned by SBI Officers Co-op. Credit Society Ltd on deposits placed with SBI [Read Order]
Read more at: http://www.taxscan.in/itat-allows-80p-deduction-interest-income-earned-sbi-officers-co-op-credit-society-ltd-deposits-placed-sbi/15236/
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ITAT Rejects Plea for Set Off of Unabsorbed Depreciation since Hospitals can’t be treated as an Industrial Undertaking [Read Order]
Read more at: http://www.taxscan.in/itat-rejects-plea-set-off-unabsorbed-depreciation-since-hospitals-cant-treated-industrial-undertaking/15240/
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Note on quarterly returns FORM GSTR1
Taxpayers opting for quarterly filing of return will have to select the last month of the quarter from the drop down menu. However, for the month of July 2017, GSTR-1 has to be filed separately by all taxpayers, as option to file quarterly returns is applicable for returns from August 2017 onwards. If a taxpayer opts to file quarterly return, and their annual turnover is less than Rs 1.5 Cr (on basis of their turnover in previous financial year or in case of new registration obtained after 1st July 2017, expected turnover for current financial year), then in such cases GSTR-1 of August, 2017 is disabled and he can file details for August and September, 2017 in GSTR 1 of September,2017 and so on. Thus, taxpayers who opt for quarterly return filing will have to file GSTR-1 of the various tax periods in the following manner: For July: Monthly (by choosing July from drop down menu) For 2nd Quarter (August and Sept): Quarterly, by choosing Sept. For 3rd Quarter (Oct-Dec): Quarterly, by choosing December Taxpayer who has already filed GSTR 1 for July 2017, will not be able to revise the same. However, amendment relating to invoices and other relevant document of July 2017 can be made through amendment Table (Table 9). Once taxpayer has chosen the option “Quarterly”, they cannot change this option in the remaining part of the financial year 2017-18. Thus, they will be required to file Quarterly returns and they cannot opt for Monthly filing of returns during current financial year.
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# *MCA*: In a major relief for disqualified directors of companies, the government has provided a three-month window to file their returns and normalise operations by launching Condonation of Delay Scheme, 2018. The scheme, however, does not provide amnesty to the directors on the boards of companies that have been deregistered. A draft of the scheme finalised by the MCA has been placed before the Delhi High Court in response to various writ petition by directors against their disqualification.
# *GST*: FM Mr. Arun Jaitley said the Centre supports the inclusion of petroleum products within the ambit of the GST, but only after the states unanimously agree on the matter.
# *CA2013*: Parliament on Tue passed a Bill to amend the Companies Act, 2013 to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business in the country.
# *NCLAT* has issued the directions to remove the difficulties faced by the litigants and the office, in the contingency that may arise in the working of the Appellate Tribunal particularly with regard to the handling of Interlocutory Application(s).
# *IT*: TDS u/s 195 - assessee having not obtained the necessary Certificate u/s.197(2), the disallowance made by the AO on account of non-deduction of TDS is on a right footing and does not call for any interference – Chennai Petroleum Corp. Ltd. Vs JCIT (2017 (12) TMI 917 - ITAT Chennai).
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👉🏻Faceless and Nameless E-Assessment for Income Tax payers from 2018.*
(Govt is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT constituting a high-level committee.)
👇🏻 👇🏻 👇🏻
https://goo.gl/FWs6s9
*👉🏻Companies (Amendment) Bill, 2017 passed in Parliament.*
(The bill seeks to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doing business.)
👇🏻 👇🏻 👇🏻
https://goo.gl/K26HWq
*👉🏻Govt may provide relief for disqualified directors of Shell Companies.*
(MCA, will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ciZQVp
*👉🏻Submission of Financial Information to Information Utilities - RBI.*
(RBI asks banks to share info with information utilities. IBBI has registered National E-Governance Services Limited (NeSL) as the first Information Utility under the IBBI)
👇🏻 👇🏻 👇🏻
https://goo.gl/6jSy86