Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
Everything is easy, when you are busy. But, nothing is easy, when you are lazy.
न कोई व्यक्ति अन्तिम है -
न कोई विचार .
धरती पर अनेक विचारक आए और अनेक विचार भी आए .
यह क्रम सतत जारी है - जारी रहेगा .
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04 January 2018 Updates 📄📄📄
UP VAT Dept Allows Issuance of C-Form manually for Closed Firms with lower Turnover [Read Circular]
Read more at: http://www.taxscan.in/vat-dept-allows-issuance-c-form-manually-closed-firms-lower-turnover-read-circular/15719/
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GST Notified that Manufacturers opted for Composition Scheme have to pay now 1% as against 2% earlier. And Traders to pay 1 % on turnover of taxable supplies earlier was paying on Total Turnover.
CBEC has released an updated set of FAQs on GST on Jan 1, 2018 which contains 24 chapters and 558 questions, taking in account the significant developments that have taken place specially in view of major decisions taken in GST Council meetings.
Non-resident taxable persons can now create and submit Form GSTR - 5 to give details of ITC taken, amendments, supplies made by them etc.
MCA has notified the Condonation of Delay Scheme, 2018 (CODS), which shall come into force with effect from 1st January 2018 and shall remain in force up to 31st March 2018.
Companies (Amendment) Act, 2017 has received assent of the President and the same has been published in the Official Gazette on 3rd January, 2018. The amendments shall come into force from the date notified by the MCA.
Calcutta bench of NCLT has passed specific orders if the RD OL and Income Tax does not file their affidavit within one months it shall be presumed that they have no objection in the case merger u/s 230 of Companies Act. Satyatej Commercial Company Ltd.
Bombay High Court has upheld constitutional validity of provisions of RERA and has held that the penalty, as provided under the Act for contravention of various provisions of RERA, shall be only perspective and not retrospective. Neelkamal Realtors Suborban P Ltd Vs. UOI.
Punjab National Bank invites applications from Chartered Accountants for empanelled as Revenue Auditors to send their Bio-data ON-LINE ONLY. last date 15.01.2018.
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Litigant should not suffer due to wrong statement made by counsel for the party that the appeal be decided on merits without addressing oral arguments. Judgement set aside appeal remanded for fresh consideration. SCJ plastic Ltd Vs. CCE 2018(359) ELT 20 Del.
The exporter could not furnish Redemption Certificate to show fulfilment of export obligation due to which Adjudicating Authority passed adverse order and party could not file an appeal before Commissioner Appeal. In writ petition filed by the party, the High Court permitted the party to submit Redemption Certificate before Adjudication Authority to demonstrate that they have fulfilled export obligations. Roberto Apparels (p) Ltd Vs. CCE 2018 (359) ELT 30 Madras.
The Bombay High Court has held that unutilized cenvat credit due to duty free clearance of goods under international competitive bidding, is permissible rejecting the plea of Department that it is only deemed export and not actual exports, was not taken in the Show Cause Notice, cannot be raised before appellate authorities. CCE VS.Fabrimax Engg. P LTD 2018 (359) ELT 43 Bom.
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Income Tax Dept to Request Restoration of Struck Off Companies against whom Demand is Pending [Read Letter]
Read more at: http://www.taxscan.in/income-tax-dept-request-restoration-struck-off-companies-demand-pending/15714/
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Bank’s Statutory Auditor’s Certificate mandatory for Waiver of Charges on Debit Cards/BHIM UPI/AePS transactions up to Rs 2000/- [Read Notification]
Read more at: http://www.taxscan.in/banks-statutory-auditors-certificate-mandatory-waiver-charges-debit-cards-bhim-upi-aeps-transactions-rs-2000/15736/
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Govt Notifies 7.6% Interest applicable to Special Deposit Scheme [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-7-6-interest-applicable-special-deposit-scheme/15730/
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🔔Important for Tran -2🔔
➡Tran -2 eligible only who already filed Tran-1
➡Tran-2 can be filed after filling of particular month of GSTR 3B & GSTR 1
➡No revision/reopen facility for Tran2, check completeness before submission
➡Credit immediately reflected in Electronic credit ledger (CGST)
➡ For 40/60 credit - Data to be reported in column no 4(stock detail filed in 7a Tran-1)
➡No last date of Tran -2
➡No penalty for not filling
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Due Dates for the month of January 2018
*07-01-2018* Income Tax Due date for deposit of Tax deducted/collected for the month of December, 2017.
*10-01-2018* GSTR-1 by registered person with aggregate turnover upto 1.50 crores for July to September 2017.
*10-01-2018* GSTR-1 by registered person with aggregate turnover more than 1.50 crores for July to November 2017.
*14-01-2018* Income Tax Due date for issue of TDS Certificate for tax deducted u/s 194-IA in the month of November, 2017
*15-01-2018* Income Tax Due date for furnishing of Form 24G by an office of the Government where TDS for the month of December, 2017 has been paid without the production of a challan.
*15-01-2018* TCS returns for the quarter ending December 2017.
*15-01-2018* Filling form 15G/15H of declaration received for non deduction of tax for the quarter ending December 2017.
*15-01-2018* PF Monthly Payment for December 2017.
*15-01-2018* ESIC Monthly payment for the month of December 2017.
*18-01-2018* GSTR-4: Quarterly return for composition dealer for October to December 2017.
*20-01-2018* GSTR-3B for the month of December 2017.
*25-01-2018* Provident Fund (includes EDLI) PF Return filling for December 2017.
*30-01-2018* Income Tax Monthly challan-cum statement for December 2017 of TDS u/s 194IA (FORM 26QB)
*30-01-2018* Issue of TCS Certificate for the quarter ending December 2017.
*31-01-2018* TDS returns for the quarter ending December 2017.
*31-01-2018* GSTR-5 return by a NRI taxable person (July-Dec.)
*31-01-2018* FORM GSTR-5A (Details of Supplies of Online Information and Database Access or Retrieval Services by a person located outside India made to Non-Taxable persons in India) for the months of July, August, September, October, November and December, 2017.
*31-01-2018* FORM GST ITC-01 (Declaration for claim of Input Tax credit under Sub-section(1) of Section 18 ) by the registered persons, who have become eligible during the months of July, August, September, October and November, 2017.
*31-01-2018* FORM GST CMP-03 (Intimation of details of stock on date of opting for composition levy).
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👉🏻PNB invites applications for Revenue Auditors.*
(Punjab National Bank invites applications from practising firms of Chartered Accountants in India who fulfill the eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as Revenue Auditors in the Bank for conducting revenue audit of branches.
*The Bio-data is to be submitted ON-LINE ONLY*
The last date for submission of on-line application with complete details is 15.01.2018 till close of working hour)
👇🏻 👇🏻 👇🏻
https://goo.gl/dQuhBa
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*CBEC amends Composition rate for Traders & Manufacturers*
(Notification No. 1/2018- Central Tax, Dated 01/01/2018. Composition rate U/s 10 of CGST Act for Manufacturers is reduced from 2% to 1% to equate it with rate for traders.#casansaar)
👇🏻 👇🏻 👇🏻
https://goo.gl/HCjNA9
*👉🏻Income Tax Dept launches new e-Filing helpline for taxpayers.*
(The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: India Toll Free- 18001030025. Direct Number-+918046122000.”#casansaar)
👇🏻 👇🏻 👇🏻
https://goo.gl/Jr6Nvp
*👉🏻Make PAN mandatory for overseas package tours: ICAI to Govt.*
(ICAI has suggested the government to make PAN compulsory on air-ticket bookings for overseas package tours to bring high value transactions into the data system. #casansaar)
👇🏻 👇🏻 👇🏻
https://goo.gl/b1LbBN
*👉🏻Govt relaxes norms for rectification of returns under GST.*
(The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty. #casansaar)
👇🏻 👇🏻 👇🏻
https://goo.gl/B1PJ1v
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📺 *Updates*
➡1. Financial Reporting of Cryptocurrencies under Ind AS
https://accountsandaudit.taxmann.com/topstories/105010000000015020/financial-reporting-of-cryptocurrencies-under-ind-as.aspx
➡2. Society granting loan to general Public as well couldn’t be termed as co-operative society; SC dismissed SLP
Citizen Co-operative Society Ltd. v. Assistant Commissioner of Income-tax, Circle 9(1), Hyderabad.
➡3. MCA introduces Condonation of Delay Scheme, 2018 to remove director’s disqualification
🙏Thank you🙏
Have a nice day
