Hello Readers,
Greetings of the Day ! 🙏
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Today's Word of Wisdom -
"जीवन की हर समस्या ट्रैफिक की "लाल बत्ती" की तरह होती है,
यदि हम "थोड़ी देर" प्रतीक्षा कर लें, तो वह हरी हो जाती है..
धैर्य रखें, प्रयासः करें, समय बदलता ही है।
Open your book of life only to a few people, because in this world very few care to understand the chapters others are just curious to know theme or just turning the page only.
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12 January 2018 Updates 📄📄📄
Wife cannot plead Ignorance about a Huge Cash Flow in her deceased Husband’s Bank Account: Karnataka HC [Read Judgment]
Read more at: http://www.taxscan.in/wife-cannot-plead-ignorance-huge-cash-flow-deceased-husbands-bank-account-karnataka-hc-read-judgment/16011/
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SEBI Bans PwC Entities from Issuing Audit Certificates for 2 years [Read Order]
Read more at: http://www.taxscan.in/sebi-bans-pwc-entities-issuing-audit-certificates-2-years-read-order/15992/
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Income Tax Department steps-up actions under Prohibition of Benami Property Transactions Act: Benami Properties of more than Rs. 3,500 cr in more than 900 cases attached
Read more at: http://www.taxscan.in/income-tax-department-steps-actions-prohibition-benami-property-transactions-act-benami-properties-rs-3500-cr-900-cases-attached/15998/
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HC Dismisses Writ Petition challenging Detention of Goods since Assessee has Alternative Revisional Remedy [Read Judgment]
Read more at: http://www.taxscan.in/hc-dismisses-writ-petition-challenging-detention-goods-since-assessee-alternative-revisional-remedy-read-judgment/15972/
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GST Gyan - Get orders from transporters for services to GTA and receive the commission out of truck hire fixed with GTA from transporters are liable to get GST registration if the aggregate amount of commission exceeds the threshold limit.
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👉🏻SEBI bans PwC entities from issuing audit certificates for 2 yrs in Satyam Case.*
(SEBI has barred auditor major Price Waterhouse's network entities from issuing audit certificates to any listed company in India for two years after finding it guilty in the multi-crore Satyam scam.)
👇🏻 👇🏻 👇🏻
https://goo.gl/sya4XD
*👉🏻Existing NBFC cannot operate as peer-to-peer lender - RBI.*
(RBI notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn)
👇🏻 👇🏻 👇🏻
https://goo.gl/PLDGDB
*👉🏻Income Tax Dept warns of 7-year jail term and hefty fine in Benami Transactions.*
(Income-Tax Dept warned people to “keep away” from Benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years.)
👇🏻 👇🏻 👇🏻
https://goo.gl/YCjUCm
*👉🏻Concurrent Audit of operations of SIDBI Branch offices at various locations.*
(Concurrent Audit of Operations of Branch Office (BO) of SIDBI at the following locations. Chandigarh, Hubballi, Jaipur, Nasik, Pune)
👇🏻 👇🏻 👇🏻
https://goo.gl/HR42Sq
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KEY HIGHLIGHTS OF THE COMPANIES (AMENDMENT) BILL, 2017
1.For incorporation of company declaration will be required instead of affidavits.
2.Name reservation in case of new company shall be valid for 20 days from date of approval instead of 60 days from the date of application.
3.Annual General Meeting of unlisted company can be held anywhere in India.
4.Every company shall have registered office within 30 days of incorporation instead of current requirement to have registered office with in 15 days.
5.Notice of every changes of situation of the registered office shall be given to ROC within 30 days instead of 15 days as currently provided.
6.Sweat equity shares can be issued at any time currently it can be issued after 1 year from commencement of business.
7.In addition to Directors & KMP, any employee of the company can also authenticate company documents as authorised.
8.Wholly owned subsidiary (WOS) of a company incorporated outside of India is now allowed to hold EGM outside India.
9.No central govt. approval required for payment of remuneration in excess of 11% of net profit.
10.Money received under the private placement shall not be utilised unless the return of allotment is filled with the ROC.
11.Central govt. Can provide any other number to be treated as DIN like Aadhar or Pan.
12.Where a director incur any of disqualification under section 164(2) due to default of filing of financial statement or annual return or repayment of deposit or pay interest or other mentioned in section, than he shall be vacate office of the director in all the companies other than the company which is in default.
13.Requirememt of filing of form DIR 11 (Filing of a copy of resignation to ROC by director itself) made optional.
14.Elegibilty for doing CSR to be determined based on preceding "Financial Year" instead of "three preceding Financial year";
15.The requirement related to annual ratification of appointment of auditor by members is omitted.
16.CG will prescribe an abridged Board Report for One Person Company and small company.
17.Disclosure which have been provided in the financial statement shall not be required to be reproduced in the Board Report again.
18.Disclosure by promotes and top ten shareholder with respect to 2% change in shareholding in a listed company is omitted.
19.In case delay in filing documents, fact or information required to be submitted under section 92 (Annual Return) or 137 (copy of financial statement), after expiry of prescribed period a flat additional fee of Rs.100 per day shall be paid instead of slab wise additiinal fee.
20.For calculation of net worth of the company debit or credit balance of profit and loss account shall be included
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📺 *Updates*
➡1. Cabinet approves of 100% FDI in single brand retail trading via automatic route
➡2. ‘Ex-gratia’ from employer as settlement of dispute was retrenchment compensation eligible for sec. 10(10B) relief
Vishnu Mohan T Nair v. Income Tax Officer
➡3. No additions merely relying statement of director recorded after search if no evidence was found against co.
Principal Commissioner of Income-tax v. Sunrise Finlease (P.) Ltd.
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➡ *IMPORTANT ORDER BY SC BENCH OF JUSTICE J. CHELAMESWAR & JUSTICE SANJAY KISHAN KAUL on 10-01-2018*
SC dismisses Revenue SLP, refuses to interfere with order of Delhi HC that held Section 9(2)(g) of Delhi VAT Act to the extent it disallows ITC to purchaser due to default of selling dealer in depositing tax, as violative of Articles 14 and 19(1)(g) of the Constitution of India; According to HC, Section 9(2)(g) gave a free hand to Dept. in deciding to proceed either against the purchasing dealer or selling dealer, however, in the situation envisaged by said section, clearly the defaulting party was the selling dealer for which the purchasing dealer was expected to bear the consequence; HC had observed that failure by Legislature to distinguish between bona fide and non-bona fide purchasing dealers resulted in Section 9(2)(g) applying equally to both the classes of purchasing dealers, which was certainly hit by Article 14 of Constitution; However, SC grants liberty to Revenue to move the HC with particulars of cases where the purchase transactions are not bona fide, so as to have the matters therein remitted back to the competent authority : SC
Regards-Sanjay Sharma (Adv)🙏
Order of SC & Final Judgment of DHC out of which SLP arose are Attached. ⬇
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#Economy:Union Cabinet has relaxed rules for attracting foreign investments across sectors such as aviation, retail, and construction. This is the fourth time in the past three years that the Govt is tweaking the FDI rulebook. In a significant step, the Cabinet permitted FDI in state-owned carrier Air India, which is up for disinvestment. Foreign airlines or any other foreign investor can now put in up to 49% in Air India, thereby making it easier for the Govt to divest its holding. The Cabinet has also made it simpler for international single-brand retail companies keen to set up business in India.
#Finance:Buoyed by the 18.2% rise in direct tax collections in the first nine months of fiscal year 2017-18, the CBDT is confident about achieving its collection target for the current financial year.The apex body has even set itself a target of crossing the Rs 10-trillion milestone. The collection, under all categories such as personal tax, advance tax, and TDS, are showing good results.
#UIDAI has introduced a concept of ‘Virtual ID’, which is a temporary number that can be generated by users for the purpose of verification and authentication.The 'Virtual ID', which will be mapped with the Aadhaar number, can be shared with authorities to authenticate identity for availing various services and it will provide users an option of not sharing their Aadhaar number.
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Food or Drink supplied in College Canteen/ Mess attract 5% GST without Input Tax Credit [Read Circular]
Read more at: http://www.taxscan.in/food-drink-supplied-college-canteen-mess-attract-5-gst-without-input-tax-credit-read-circular/15937/
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ITAT Rejects Revenue’s Application for Constitution of Special Bench to decide Reliance Communication’s Appeals [Read Order]
Read more at: http://www.taxscan.in/itat-rejects-revenues-application-constitution-special-bench-decide-reliance-communications-appeals-read-order/15905/
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ICAI Announces Exemptions from appearing in CA Exams under New Syllabus [Read Announcement]
Read more at: http://www.taxscan.in/icai-announces-exemptions-appearing-ca-exams-new-syllabus-read-announcement/15966/
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Assessees in Karnataka, Rajasthan & Uttarakhand generate e-way bill from www.ewaybill.nic.in. Others to use it after their state adopts it by 1.2.2018.
GST Council will meet on 18 January in New Delhi to discuss on simplifying the invoice matching process to check tax evasion and the revenue leakages under the composition scheme.
MCA on monday notified amendments to the Companies Act 2013, aimed at making the insolvency process more effective.
SEBI is seeking “unit-based” taxation for products broadly classified as hedge funds as part of its proposals for the union budget.
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📺 *Updates*
➡1. Defaulter Companies to seek Lender's nod to pay managerial remuneration
➡2. Penalty imposed to be set aside as there was nothing on record that debtor had suppressed any fact
Unigreen Global (P.) Ltd. v. Punjab National Bank, New Delhi
➡3. HC set-aside interest even when assessee failed to pay demand as its affairs were being controlled by State Govt.
Madras Race Club v. Commissioner of Income-tax, Chennai-III*
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NCLT Calcutta has held that 284 employees of operational debtors cannot file one petition as joint petitions by more than one creditors cannot filed under Section 9 of IBC Code. S N singh vs Tayo Rolls Ltd MANU/NC/0009/2018
Where a party had provided finance where there is element of sharing of profit as well, it cannot be argued that this is pure transaction of loan and the financial creditor cannot claim that there is a debt due and petition is liable to be dismissed.
Bravo Builders P Ltd Vs crosstown Fashions Ltd MANU/NC/0005/2018
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*MCA - AADHAR Integration for availing MCA services*:
MCA is actively considering Aadhaar Integration for availing various MCA21 related services. As a preparatory step, all individual stakeholders viz. DIN holders/Directors/Key Managerial Personnel are requested to obtain Aadhaar as early as possible for integrating their details with MCA21 and also ensure that the information in Aadhaar is in harmony with PAN.
🙏Thank you🙏
Have a nice day
