Hello Readers,
Greetings of the Day !
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Today's Word of Wisdom -
Today's Word of Wisdom -
गुणों से ही मानव की पहचान होती है, ऊँचे सिँहासन पर बैठने से नहीं। महल के उच्च शिखर पर बैठने के बावजूद कौवे का गरुड़ होना असंभव है।
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16 January 2018 Updates
Dear All,
I wish you know the E-Way bill will be implementing from 01-02-2018 in all over India.
Let’s we know some important key of E-Way Bill:
Q-1> Who is responsible for E-way Bill ?
Ans.: The responsibility for E-way Bill is :
Ist – The Supplier
IInd – The receiver
IIIrd – the Registered person if Purchase or sale from a Un-Registered Person/dealer
Q-2> what type of supply is cover under E-Way Bill ?
Ans.: There is all type of movements of Goods are Cover under E-Way Bill. Including Rejection, Sale Return ,Repair and Maintance and Job Work or material send for Job Work with
A Delivery Challan. A approx Value wiii be show on Delivery Challan of Job work and made a E-way Bill for this Challan.
Q-3> what Amount is cover under E-Way Bill ?
Ans.: There is the material value up to Rs. 50000/= is not cover under E-way Bill ,if the total Value of material who load in a single vehicle more than 50000/= E-way bill will be generated by the Transporter.
Q-4> How Many part file in E-way Bill ?
Ans.: There is 2 part of E-way bill, it’s A and B. in part A ,we fill the detail of Goods receiver , items detail and Value of Goods. And Part B is Colum of Transporter detail ,mean Transport name, vehicle number, and GR number.
Q-5> What is the limit of fill Part B in E-way Bill?
Ans.: If the material Dispatch less than 10Km.through by hand or Rickshaw part B will not be required.
Q-6> What is the Identity of Goods in E-way Bill?
Ans.: The Goods will be Identified with the HSN Code shown is E-way Bill.
Q-7> Any Printout of E-way bill need with the Invoice of Goods?
Ans.: No Printout need with the Invoice of Goods, show only number of E-way bill in front of Invoice.
Q-8> What is Consolidated E-way Bill ?
Ans.: consolidated E-way bill is generated when the transporter is carrying multiple consignments in a single vehicle. Consolidated E-Way
allows the transporter to carry a single document ,instead of a separate document for each consignment in a conveyance.
Q-9> What is the validity of E-way Bill?
Ans.: The validity of E-way Bill is:
00 to 100 Km. : 01 Days
100 to 300 Km.: 03 Days
300 to 500 Km. : 05 Days
500 to 1000 Km. : 10 Days
More than 10000 km.: 15 Days
Q-10> What is the penalty of non-filling of E-way Bill ?
Ans.: the penalty of non-filling of E-way Bill is 200% of GST value of invoice..
And please note that there is no editing in E-way bill after final submission.
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Stay can be allowed for Penalty u/s 271(1)(c) if the same is levied as a Result of Enhancement of Income in First Appeal: ITAT [Read Order]
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Stay can be allowed for Penalty u/s 271(1)(c) if the same is levied as a Result of Enhancement of Income in First Appeal: ITAT [Read Order]
Read more at: http://www.taxscan.in/stay-allowed-penalty-2711c-levied-result-enhancement-income-first-appeal-itat/16217/
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Indian Reporting Financial Institutions reporting pre-existing accounts should Ensure Reporting of U.S. TIN from 2017 onwards: CBDT
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Indian Reporting Financial Institutions reporting pre-existing accounts should Ensure Reporting of U.S. TIN from 2017 onwards: CBDT
Read more at: http://www.taxscan.in/indian-reporting-financial-institutions-reporting-pre-existing-accounts-ensure-reporting-u-s-tin/16179/#popup1
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CIDCO not Liable to pay Tax for the Income Earned by it as an Agent of Maharashtra Govt: ITAT [Read Order]
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CIDCO not Liable to pay Tax for the Income Earned by it as an Agent of Maharashtra Govt: ITAT [Read Order]
Read more at: http://www.taxscan.in/cidco-not-liable-pay-tax-income-earned-agent-maharashtra-govt-itat/16204/#popup1
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Addition in respect of Capital Gain Income can’t be made when Assessee not sold Property and Just Signed as a Confirming Party: ITAT [Read Order]
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Addition in respect of Capital Gain Income can’t be made when Assessee not sold Property and Just Signed as a Confirming Party: ITAT [Read Order]
Read more at: http://www.taxscan.in/addition-respect-capital-gain-income-made-assessee-sold-property/16210/#popup1
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Profit Earned by Pharmacy Shop in the Hospital cannot be Taxed, rules ITAT [Read Order]
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Profit Earned by Pharmacy Shop in the Hospital cannot be Taxed, rules ITAT [Read Order]
Read more at: http://www.taxscan.in/profit-earned-pharmacy-shop-hospital-cannot-taxed-rules-itat/16223/
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CBDT has issued a circular w.r.t Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-l to 6 & applicability of Section 143(1)(a)(vi).
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CBDT has issued a circular w.r.t Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-l to 6 & applicability of Section 143(1)(a)(vi).
Income from Sub-letting property under leave and license agreement is taxable as “other Income” under Income Tax Act : Kolkata ITAT
Tax payers need to file online application for cancellation of GST registration within 30 days from the date from which registration is liable to be cancelled, in case of voluntary cancellation.
The composition dealers, who opt out of composition scheme and opt to pay as regular tax payers can file ITC-01, to take credit of input tax in respect of input tax held in stocks, input tax contained in semi finished goods or finished goods held in stock or on capital goods on the day immediately preceding the date on which he becomes liable to pay tax under Sec 9. Please refer Sec 18(3) of the CGST Act).
GST Taxpayers have now being provided with a facility to lodge grievance related to processes (application), ledgers etc on the GST Portal. https://t.co/4BfQcNH7ZH
MCA has issued circular on its website stating that process for ‘reactivation’ of the DINs in respect of disqualified Directors has been completed and the status of the relevant DINs are now reactivated.
RBI released draft directions on hedging of commodity price risk and freight risk in overseas markets. Comments on the draft directions are invited from banks, market participants and other interested parties by January 31, 2018.
SEBI has approached PMO and MCA to look into its proposal mandating listed companies to make public disclosures within a day of loan defaults. According to sources, the market regulator is keen on implementing its initial proposal with certain changes.
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#Economy:India and Israel inked nine pacts across diverse sectors, from increasing cooperation in the oil and natural gas sector to film co-production, marking 25 years of diplomatic relations between the two countries. PM said India and Israel would seek to strengthen cooperation in sectors that touch the lives of “our peoples”, in agriculture, science and technology, and security. He invited Israeli companies to take advantage of the liberalised FDI regime for joint production in the defence sector
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#Economy:India and Israel inked nine pacts across diverse sectors, from increasing cooperation in the oil and natural gas sector to film co-production, marking 25 years of diplomatic relations between the two countries. PM said India and Israel would seek to strengthen cooperation in sectors that touch the lives of “our peoples”, in agriculture, science and technology, and security. He invited Israeli companies to take advantage of the liberalised FDI regime for joint production in the defence sector
#Finance:Exports rose 12.36% in December to $27.03 billion year-on-year on account of strong performance by sectors like engineering goods and petroleum products. Imports surged significantly to $41.91 billion, up 21.12%, on increased inbound shipments of crude oil and gold. The trade deficit or difference between imports and exports was $14.88 billion, up about 41% year-on-year.
#Non-performing assets in affordable housing loans increased during 2016-17, as loans below Rs 200,000 witnessed a significant growth in disbursements and a “moderate” increase in NPA levels. Housing finance companies and public sector banks experienced a slowdown in housing loan disbursements during 2016-17, while the overall NPA levels for the loan segment increased year-on-year.
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Indian Reporting Financial Institutions reporting pre-existing accounts should Ensure Reporting of U.S. TIN from 2017 onwards: CBDT
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Indian Reporting Financial Institutions reporting pre-existing accounts should Ensure Reporting of U.S. TIN from 2017 onwards: CBDT
Read more at: http://www.taxscan.in/indian-reporting-financial-institutions-reporting-pre-existing-accounts-ensure-reporting-u-s-tin/16179/#popup1
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Promotional Expenses incurred by Reebok India are includable in the Assessable Value while Importing Goods from its Parent Company: CESTAT [Read Order]
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Promotional Expenses incurred by Reebok India are includable in the Assessable Value while Importing Goods from its Parent Company: CESTAT [Read Order]
Read more at: http://www.taxscan.in/promotional-expenses-incurred-reebok-india-includable-assessable-value-importing-goods-parent-company-cestat/16174/#popup1
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Bombay High Court in the case Jotun India P Ltd Vs PSL Ltd MANU/MH/0005/2018 st.5.1.2018 In a landmark judgement has held as follows
1. If the proceedings are pending before NCLT, No court or tribunal or authority can injunct proceedings pending before NCLT.
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Bombay High Court in the case Jotun India P Ltd Vs PSL Ltd MANU/MH/0005/2018 st.5.1.2018 In a landmark judgement has held as follows
1. If the proceedings are pending before NCLT, No court or tribunal or authority can injunct proceedings pending before NCLT.
2.NCLT can entertain a petition under IBC code against the company even if the proceedungs are pending before Company Court till such time finally company is not ordered to be wound up under orders of Company Court.
When a petition is admitted and moratorium is ordered under Section 14 of IBC CODE, then proceedings pending before Company Court cannot proceed further.
The provisions of Insolvency and Bankruptcy Code shall have primacy over all other laws including Companiels Act 2013 and SARFASIE Act
It has also been held that if notice has already been served upon the respondent then company petition shall continue with Company Court and where notice has not been then the proceedings shall lie before IBC CODE.
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Cash transaction between close family members for giving a support and help not amount to ‘Loan’ u/s 269SS of the Income Tax Act: KOLKATA ITAT.
The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5 (1) of the Prevention of Money-laundering Act, 2002 (PMLA).
GSTN has provided an Off Line Tool for preparing GSTR-11. Taxpayers having Unique Identification Number (UIN) can now file details of inward supply of goods & services, refund amount claimed etc.
GSTN has enabled the functionality to save, submit, and file GSTR-4 for Oct-Dec 2017 quarter at GST portal.
GSTN has provided an online facility at GST portal to lodge complaints / grievances related to processes (application), ledger etc.
Persons registered under the composition scheme must mention the words “GST Composition Taxable Person” on every notice or sign board displayed at a prominent place at both the principal and the additional place of business.
Delay in producing E-Way Bill is a Mere Technical Breach: Allahabad High Court Deletes Penalty against M/S Raj Iron & Building Materials, a division bench of the Allahabad High Court under GST law.
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#Economy:Govt to auction over 9,400 enemy properties worth Rs 1 trillion and has started the process of identifying all such estates. The properties were left behind by people who took citizenship of Pakistan and China. The move came after the amendment of the 49-year-old Enemy Property Act which ensured that the heirs of those who migrated to Pakistan and China during Partition and afterwards will have no claim over the properties left behind in India.
#Finance:India's total export of finished steel in December last year jumped 28.9% to 0.964 million tonnes. During April-December of 2017-18, the export of finished steel increased 52.9% to 7.606 MT, from 4.975 MT in the year-ago period. On the other hand, imports were down 26% at 0.561 MT in December 2017 compared to 0.762 MT during the same month a year ago.
#Companies will now have to go for joint audits in case a foreign investor insists on having an international auditor, a move that will provide a fillip to Indian audit entities. The Govt's decision is seen as a significant step towards boosting the prospects of local auditing firms amid the backdrop of Big 4 audit firms holding sway, especially when it comes to companies where there is an overseas investment.
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*Updates*
➡1. Kerala HC quashed scrutiny notice served on assessee after expiry of limitation period
Commissioner of Income-tax-II, Cochin v. V.V. Devassy*
Commissioner of Income-tax-II, Cochin v. V.V. Devassy*
➡2. CBDT to intimate about proposed income/loss adjustments prior to issuing intimation u/s 143(1)
Thank you
Have a nice day
Have a nice day
