यदि आप सफल होना चाहते हैं,
तो अपना ध्यान समस्या खोजने में नही समाधान खोजने मैं लगाइए।।
IBBI
IBBI has issued a circular w.r.t Disclosures by Insolvency Professionals and other Professionals appointed by Insolvency Professionals conducting Resolution Processes. The IBC regulations authorise the Insolvency Professional to appoint registered valuers, accountants, legal and other professionals to assist him in discharge of his duties in resolution process. In the interest of transparency, it has been decided that an insolvency professional and every other professional appointed by the insolvency professional for a resolution process shall make disclosures as prescribed. An insolvency professional shall disclose his relationship, if any, and of the other professional(s) engaged by him with all concerned entities & professionals. Further, an Insolvency Professional Agency shall facilitate receipt of disclosures and shall disseminate such disclosures on its web site within three working days of receipt of the disclosure. The Insolvency Professional shall provide a confirmation to the Insolvency Professional Agency to the effect that the appointment of every other professional has been made at arms’ length relationship.
IBBI
IBBI has issued a circular w.r.t Fees payable to an insolvency professional and to other professionals appointed by an insolvency professional. Section 206 of the Insolvency and Bankruptcy Code, 2016 (Code) provides that only a person registered as an insolvency professional with the Insolvency and Bankruptcy Board of India (IBBI) can render services as an insolvency professional under the Code. Further, in terms of Section 5(13) of the Code, ‘the fees payable to any person acting as a resolution professional’ is included in ‘insolvency resolution process cost’, which needs to be paid in priority. It is clarified that an insolvency professional shall render services for a fee which is a reasonable reflection of his work, raise bills / invoices in his name towards such fees, and such fees shall be paid to his bank account. Any payment of fees for the services of an insolvency professional to any person other than the insolvency professional shall not form part of the insolvency resolution process cost. Similarly, any other professional appointed by an insolvency professional shall raise bills / invoices in his / its (such as registered valuer) name towards such fees, and such fees shall be paid to his / its bank account.
CBEC - GST
CBEC has issued Clarification regarding GST on College Hostel Mess Fees. The educational institutions have mess facility for providing food to their students and staff. Such facility is either run by the institution / students themselves or is outsourced to a third person. Supply of food or drink provided by a mess or canteen is taxable at 5% without Input Tax Credit [Serial No. 7(i) of notification No. 11/2017-CT (Rate) as amended vide notification No. 46/2017-CT (Rate) dated 14.11.2017 refers]. It is immaterial whether the service is provided by the educational institution itself or the institution outsources the activity to an outside contractor.
CBDT
CBDT has issued a Press Release w.r.t Reporting of U.S. Tax Identification Numbers (TINs) for pre-existing accounts by Financial Institutions. As India and USA have signed the Inter-Governmental Agreement (IGA) under FATCA in 2015 and with intent to enhance the effectiveness of information exchange and transparency, both the sides committed to establish, by January 1, 2017, rules requiring their Reporting Financial Institutions (RFIs) to obtain the Tax Identity Number (TIN) of each reportable person having a reportable account as of June 30, 2014 (pre-existing account). The Income-tax Rules, accordingly, provide for reporting of U.S. TIN from the year 2017 onwards in respect of any pre-existing account. The US-IRS has issued guidelines through Notice 2017-46 dated 25.09.2017 providing relaxation to Foreign Financial Institutions (FFIs) with respect to reporting of U.S.TIN for calendar years 2017, 2018 and 2019. The Indian RFIs reporting pre-existing accounts should, therefore, ensure that the U.S. TIN is reported in respect of pre-existing accounts for the year 2017 onwards.
DGFT
The Director General of Foreign Trade have made Amendments in Form ANFs 4A, 4E, 4F, 4G, 4H & 41 of Handbook of Procedures 2015-20 of the Foreign Trade Policy 2015-2020. The amended Ayat Niryat Forms is also are annexed to this Public Notice issued by the authorities in this regard. Amendments have been made in Ayat Niryat Forms (ANF) 4A, 4E, 4F, 4G, 4H & 41 of Handbook of Procedures 2015-2020 in light of implementation of GST and non-issuance of EP copies of Shipping Bills by Customs Authorities. Stakeholders are advised to use only the latest versions of the Ayat Niryat Forms.
MCA
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. Stakeholders are therefore requested to file necessary ‘overdue documents’ as per the scheme. They may further note that the scheme is not applicable for those Directors who may have been associated with a company which was struck off under Section 248(1) of the Companies Act-2013 and DINs for such individuals shall be re-activated only upon receipt of orders for revival of the said company, as per due process laid down under Section 252 of the Companies Act-2013.
CBDT
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). As per the provisions of Section 143(1)(a)(vi), while processing the return of income, prescribes that the total income or loss shall be computed after making adjustment for addition of income appearing in Form 26AS or Form 16A or Form 16 (the three Forms) which has not been included in computing the total income in the return. It has been decided that before issuing an intimation of the proposed adjustment, initially an awareness campaign would be carried out to draw the attention of the taxpayer to such differences, through e-mail and SMS communication and requesting him to submit response to the variation within one month of receiving the communication electronically. In case the taxpayer does not respond within the available time-frame or the response is not satisfactory, a formal intimation ujs 143(1)(a)(vi) proposing adjustment to the returned income would be issued to him.
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Highlights of decision taken in 25th GST Council Meeting:
1. Inter-state e-waybill to be operational from 1stFeb’2018. 15 states also ready for implementation of e-waybill for intra-state movement. Intra-state e-waybill to be implemented from 1st June, 2018
2. Low revenue collection a cause of concern; focus on anti-evasion measures
3. GST exempted on 29 handicraft items
4. Rate reduced/rationalized for 53 services
5. New rate to be effective from 25th January, 2018
6. Return simplification discussed but not finalized; GSTR 3B with supplier invoice details being considered for simplification purposes
7. Inclusion of petroleum products & real estate into GST net to be discussed in next council meeting
8. Low collection under Composition Scheme a cause of concern; re-introduction of RCM mechanism for composition dealer being considered
9. Late fee payable for failure to furnish various returns reduced
10. Time bar of 1 year for cancellation of registration by voluntarily registered person removed
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GST Council Meet: Tax Rate on 33 Services Changed
Read more at: http://www.taxscan.in/gst-council-meet-tax-rate-33-services-changed/16374/
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GST: Kerala Govt Prescribes Norms for Manual Filing and Processing of Refund Claims in respect of Zero-Rated Supplies [Read Circular]
Read more at: http://www.taxscan.in/gst-kerala-prescribes-norms-manual-filing-processing-refund-claims-zero-rated-supplies/16323/
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Kerala Govt releases Instructions on Disbursal of SGST Components of Refund Claim [Read Circular]
Read more at: http://www.taxscan.in/kerala-releases-instructions-disbursal-sgst-refund-claim/16319/
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ICAI forms Group to Identify Non-Performing Chartered Accountants
Read more at: http://www.taxscan.in/icai-forms-group-identify-non-performing-cas/16363/
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Sending Application for Revision of Returns through E-Mail is Improper: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/sending-application-revision-returns-e-mail-improper-kerala-hc/16350/
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NCLT (New Delhi Bench) : In Indian Bank vs. Athena Demwe Power Ltd.
*_Where the members of Joint Lender Forum have not disbursed any financial assistance, any decision made by the Forum not to proceed against corporate debtor is not binding on the financial creditor._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/18/nclt-new-delhi-bench-in-indian-bank-vs-athena-demwe-power-ltd/
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NCLT (Kolkata Bench) : In Shaw Traders vs. Balaji Paper & Newsprint (P.) Ltd.*
*_Where notice under sub-section (1) of section 8 is unsustainable, and a long standing dispute prior to issue of notice is also pending with the operational creditor, the application for initiation of corporate insolvency resolution process is liable to be rejected._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/18/nclt-kolkata-bench-in-shaw-traders-vs-balaji-paper-newsprint-p-ltd/
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West Bengal Notifies Authority for Advance Ruling Regulations, 2018 [Read Notification]
Read more at: http://www.taxscan.in/west-bengal-notifies-authority-advance-ruling-regulations/16326/
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CBEC has issued Clarification regarding GST on College Hostel Mess Fees. Supply of food or drink provided by a mess or canteen is taxable at 5% without Input Tax Credit. It is immaterial whether the service is provided by the institution itself or outsources to outside contractor.
E-way bill Mandatory wef 1.2.2018 for Inter-state supplies. Enabled for ALL states. Assessees register & Transporters enrol at www.ewaybill.nic.in
While disposing a PIL filed against E- Way Bill by K.K Ramesh, the Madras High Court said that, the E-Way Bill provisions must take care of the interest of the Revenue.
MCA had decided to strike off the names of 120,000 more companies from the official records for various noncompliances as part of its continuing fight against the black money menace.Nearly 226,000 firms have been deregistered and around 309,000 directors associated with these entities have been disqualified.
IBBI has issued a circular w.r.t Fees payable to an insolvency professional and to other professionals appointed by an insolvency professional.
CA FINAL RESULT :Group-1 Appeared 39328 Passed 6257 Pass % 15.91%
Group-2 Appeared 39753 Passed 6006 Pass % 15.11% Both Groups Appeared 30054 Passed 6841 Pass % 22.76% 9479 candidates qualified as New Chartered Accountants.
NIRC of ICAI is organising a Women Conference on 20th of Jan, 2018 from 10AM to 5PM at Hotel Royal Plaza, New Delhi. Fee Rs Rs 500/-. Latest Topics, Prominent Speakers. For Details call CA Ruchi Goel at 88005 52801
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📺 *Updates*
➡1. Now Insolvency Professionals need to disclose relationship with stakeholders within three days of appointment
CIRCULAR No. IP/005/2018 16th January, 2018.
➡2. CIT can't make section 263 revision merely because he wasn’t satisfied with the view taken by AO
Vinod Agarwal v. Principal Commissioner of Income-tax, Central, Kolkata
➡3. No cessation of liability if sum received as share application money was subsequently adjusted against sales
Commissioner of Income-tax v. Indo Widecom International Ltd.
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NCLT (New Delhi Bench) : In Paundra Enterprises (P.) Ltd. vs. HCL Services Ltd.*
*_The application is liable to be dismissed where in fact there exists a real and serious dispute which may have to be resolved at an appropriate forum._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/17/nclt-new-delhi-bench-in-paundra-enterprises-p-ltd-vs-hcl-services-ltd/
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IBBI issues Circular on Fees payable to an Insolvency Professional and to other professionals appointed by an Insolvency Professional [Read Circular]
Read more at: http://www.taxscan.in/ibbi-issues-circular-fees-payable-insolvency-professional/16252/
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A Service not being delivered or used outside India but provided for the Benefit of Foreign Entity, can be termed as Export of Service: Rajasthan HC [Read Judgment]
Read more at: http://www.taxscan.in/service-delivered-used-outside-india-but-provided-benefit-foreign-entity-termed-export-service-rajasthan-hc/16235/
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IBBI : Circular regarding timeline for disclosures of relationship of IP with other Professionals*
*_IBBI, in the interest of transparency, has decided that an IP and every other professional appointed by an IP shall make disclosures within time limit as specified in Para 3 & 4 of the Circular. However, disclosures in respect of ongoing resolution processes shall be made to the respective Insolvency Professional Agency by 31st January, 2018._*
*_Read my analysis on circular at :_* https://dasgovernance.com/2018/01/17/ibbi-circular-regarding-timeline-for-disclosures-of-relationship-of-ip-with-other-professionals/
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IBBI mandates Insolvency Professional to Disclose Relationship with Stakeholders within three days [Read Circular]
Read more at: http://www.taxscan.in/ibbi-mandates-insolvency-professional-disclose-relationship-stakeholders/16256/
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E-way bill enabled for movement of goods between assessees of Maharashtra, Karnataka, Rajasthan, Uttarakhand, Kerala, Jharkhand, Sikkim & Gujarat.
E-Way bill will be implementing from 01-02-2018 in all over India. Some important FAQ of E-Way Bill:
Who is responsible for E-way Bill ?
Ans.: The responsibility for E-way Bill is of :
Ist – The Supplier
IInd – The receiver
IIIrd – the Registered person if Purchase or sale from a Un-Registered Person/dealer
what type of supply is cover under E-Way Bill ?
Ans.: There are all type of movements of Goods Cover under E-Way Bill. Which Include Rejection, Sale Return ,Repair and Maintance and Job Work or material send for Job Work with a Delivery Challan. A approx Value will be there on Delivery Challan of Job work and make a E-way Bill for this Challan.
what Amount is cover under E-Way Bill ?
Ans.: Material valued up to Rs. 50000/= are not covered 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.
How Many part file in E-way Bill ?
Ans.: There are 2 part of E-way bill, it’s A and B. Part A ,we have to mention the detail of Goods receiver , items detail and Value of Goods. Part B is a Column of Transporter details such as Transport name, vehicle number, and GR number.
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.
What is the Identity of Goods in E-way Bill?
Ans.: The Goods will be Identified with the HSN Code shown in E-way Bill.
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.
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.
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
What is the penalty of non-filling of E-way Bill ? is it editable ?
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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📺 *Updates*
➡1. Royalty on use of brand name was taxable in hands of 'Dabur' even if it acquired 100% shareholdings of payer co.
Dabur India Ltd. v. Principal Commissioner of Income-tax-III*
➡2. No sec. 68 additions as amount introduced as capital by partner was duly reflected in his books of account
Principal Commissioner of Income-tax-4 v. Vaishnodevi Refoils & Solvex*
➡3. Circular No. 5/2010 providing for computation of margins of comparables as per safe harbour rules has no retro-effect
Freescale Semiconductor India (P.) Ltd. v. Deputy Commissioner of Income tax, Circle-9(2), New Delhi
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#Economy:The Govt has decided to strike off the names of 1.20 lakh more companies from the official records for various non-compliances as part of its continuing crackdown on “shell companies” to tackle the black money menace. Nearly 2.26 lakh companies have already been deregistered and around 3.09 lakh directors associated with these entities have been disqualified. The latest decision to strike off more 1.20 lakh companies from official records came after a review meeting of the actions taken with respect to deregistered firms last week.
#Those hiding unaccounted income in banks in Singapore will come under the scanner of Indian authorities, with New Delhi soon getting information of all accounts opened in the country since 2008. The Singapore revenue authority has asked all banks to share details of Indian account holders to pass it on to New Delhi under a DTAA. As part of the information-exchange drive to curb back money stashed overseas, many Indians with bank accounts in Singapore have received letters about this.
#The 2017 annual status of education report on assessment of youth in the age group 14 to 18 years, facilitated by Pratham education foundation has found that about 60% of the rural youth have never used a computer or accessed internet; 57% cannot solve a division problem; 40% struggle to tell time in hours and minutes, while around 14% of them cannot measure length using a reference scale properly. In less simple tests of ability, only 54% could understand three out of four instructions written on a food packet, and further down the complexity line, only 38% could find a particular count after applying a discount, and only 15% could calculate a loan repayment amount exercise.
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E way Bill* : The URL for the e-way bill system for the whole nation is
http://ewaybill.nic.in
The same URL will be used for both the trial run(16-01-2018 to 31-01-2018) and final roll out(01-02-2018 onwards).
However, the tax payers need to be told that the e-way bills
generated upto 31.01.2018 (during trial run) would not be used by the department for any purpose.
Hence, the tax payers can register, practice and use the system without any problem.
As same system (URL) continues from 1st Feb 2018, the tax payers need not have to register again. The same registration will be used further. Hence, all officers are requested to advise the dealers /transporters to register /enrol themselves during the trial period itself. This avoids last-minute confusion to the tax payers.
You can open and check the URL and see the details. This URL is used by 6 states now for e-way bill generations.
*Offline method of e-way bill generation*
This is method to generate the multiple e-way bills in one-go by the tax
payers of transporters. This can be used by the two categories of tax payers.
*First,*
those tax payers who have automated their supplies but enable to use the API
interface because of various reasons. *Second*, the tax payers/transporters who want
to generate the e-way bills in one shot by entering the e-way bill details in one excel
type of file as and when order comes. And after finalization of the entries, including
may be vehicle number, generate the EWB number. This avoids entering one-by-
one in the EWB system and generate the EWB Number.
In this process, the tax payer logs in to the E-Way Bill system and uploads the file
containing themultiple requests for EWB as per the format. The system generates
the EWB number for all these requests one-by-one and shows the result in table.
Otherwise it shows error details. The table details can be cut and pasted into user’s
system for further use and action.
*Bulk e-Way Bill Generation Preparing Bulk EWB request file*
There are two methods for generating the Bulk EWB requests. First, the tax payers
can prepare the Bulk EWB request file as follows.
1. In the bulk EWB generation method, the request for e-way bill is accepted in the
JSON format. Please refer to excel file for the format and parameters of the
JSON request file.
2. Ensure the codes are included in the JSON for the parameters as specified in the
code list. Please refer to the code list in the excel file.
3. JSON file with multiple requests are allowed. However, prepare the JSON file
with around 500 requests to avoid uploading challenges.
4. Validate all the parameter value as per the format, codes and interlinked values
before preparing the JSON file. Pl download the following files from the web site
EWB JSON Format.xlsx
Sample EWB JSON Format.xlsx
OR
*Second method* is ‘Bulk EWB converter tool’. This tool has been provided on the
demand of the tax payers as alternative mechanism. This tool can be downloaded
by the tax payer from the portal and ‘instructions to use’ has been provided in the
tool itself. It is not necessary to use this tool. The tax payer can prepare similar tool
or use first method and use.
Using the EWB bulk converter tool, the tax payer can prepare this JSON file. This
tool will allow you to enter the requests in excel file and allow to validate and
convert into JSON file. For this, download the following file from web-site.
EWB_Converter_tool.xlsx
*Generating the EWB from bulk file*
1. User logins to the e-way bill portal with his credentials.
2. Select the ‘Generate Bulk’ option in the ‘Generate EWB’ menu.
3. Upload the EWB request file.
4. On click of ‘Choose file’ button, the system will request to select the JSON file
5. Next on click of ‘Upload & Generate’ button, the system generates the EWB for
error freerequests and shows the EWB Number in the grid for them.
6. Now, the user can cut and paste the results from the grid into his system and
use them. In case of error related requests, correct the error and generate the
file again and process accordingly.
*Bulk Consolidate EWB Generation*
4.1 Preparing Consolidated Bulk EWB request file
There are two methods for generating the Consolidated Bulk EWB requests. First,
the tax payers and transporters can prepare the Consolidated Bulk EWB request
file as follows.
a. In Consolidated bulk EWB generation method, the request for trip sheet
is accepted in the JSON format. Please refer to excel file for the format
and parameters of the JSON request file.
b. Ensure the codes are included in the JSON for the parameters as
specified in the code list. Please refer to the code list in the excel file.
c. JSON file with multiple requests are allowed. However, prepare the
JSON file with around 200 requests to avoid uploadingchallenges.
d. Validate all the parameter value as per the format, codes and
interlinked values before preparing the JSON file. Pl download the
following files from the web site
Consolidated EWB JSON Format.xlsx
Sample Consolidated EWB JSON Format.xlsx
OR
*Second* method is ‘Consolidated Bulk EWB converter tool’. This tool has been
provided on the demand of the tax payers and transporters as alternative mechanism. This tool can be downloaded by the tax payer from the portal and
‘instructions to use’ has been provided in the tool itself. It is not necessary to use
this tool. The tax payer/transporter can prepare similar tool or use first method
and use.
Using the Consolidated EWB bulk converter tool, the tax payer/transporter can prepare this JSON file. This tool will allow you to enter the requests in excel file and
allow to validate and convert into JSON file. For this, download the following file
from web-site.
Consolidated_EWB_ConvertorTool.xlsx
🙏�Thank you🙏�
Have a nice day
