Brokerage / Commission paid in Connection with Share Transaction is not subject to TDS: ITAT [Read Order]
Read more at: http://www.taxscan.in/brokerage-commission-paid-connection-share-transaction-not-subject-tds-itat/16884/
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Media Monitoring Services can’t be taxed as ‘Business Auxiliary Service’: CESTAT [Read Order]
Read more at: http://www.taxscan.in/media-monitoring-services-cant-be-taxed-business-auxiliary-service-cestat/16895/
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GST: Govt to ease Return Filing Process
Read more at: http://www.taxscan.in/gst-govt-ease-return-filing-process/16911/
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Company not Liable to pay Tax on Payment of Commission to a Whole Time Director since the Director already Paid Tax: ITAT [Read Order]
Read more at: http://www.taxscan.in/company-not-liable-pay-tax-payment-commission-tax-itat/16874/
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Revocation of Customs Broker License is too grave for Non-Declaration of details of Imported Goods in Bill of Entry: CESTAT [Read Order]
Read more at: http://www.taxscan.in/revocation-customs-broker-license-grave-non-declaration-imported-goods-bill-entry-cestat/16920/
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IBC Mechanism Being Used Actively to Resolve NPA Problem, asserts Economic Survey
Read more at: http://www.taxscan.in/ibc-mechanism-actively-resolve-npa-problem-asserts-economic-survey/16926/
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Supreme Court refers Ankitech Ruling on ‘Deemed Dividend’ to Larger bench [Read Judgment]
Read more at: http://www.taxscan.in/supreme-court-refers-ankitech-ruling-deemed-dividend-larger-bench/16891/
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Interest u/s 234 for Default in Payment of Advance Tax to be Levied till date of Passing Revisional order: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/interest-default-payment-advance-tax-revisional-order-kerala-hc/16956/
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30.01.18 is LAST DATE for Form 27D for quarter ended Dec, 2017 (Issue TCS Certificates by Collectors).
31.01.18 is LAST DATE for TDS Form 24Q and 26Q for quarter ended December, 2017.
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Last date for Income Tax return u/s 139(4) for Financial Year 2015-2016 & 2016-2017 is 31st March 2018, after that you cannot file return unless you have received notice from Income Tax Dept.
CBDT v. Regen Infrastructure & services (P) limited: Condonation of delay in filing of return of income cannot be rejected when assessee has encountered technical snags in website of income tax and the same be directed to be treated as filed u/s 139(1). CBDT (2016) 75 taxmann.com 135 (Mad.)
One Crore tax payers have been registered under GST till Jan 24, 2018 of which 17.11 lakh are Composition dealers which are required to file returns every quarter.
56.30 lakh GSTR-3B returns have been filed for the month of Dec 2017 till Jan 24, 2018.
MCA launched New Name approval form RUN (Reserve Unique Name ) w.e.f. 26th January’18.
MCA announced changes towards ease of doing business in India on the occasion of 69th Republic Day:
i.*No incorporation fee*: up to Rs. 10 lakh capital.
ii.*Introduction of 'RUN'*: "Reserve Unique Name". It is a one pager e-form into which one name of proposed company can be reserved without obtaining DIN and Digital Signature
iii.*Reduction of time limit for reservation of Name*: from 60 days to 20 days.
iv.*No resubmission for reservation of Name*: It can be either rejected or approved in one go.
v.*Simplified process for incorporation of company*: by removing the requirement of affidavit with declaration from the proposed directors and promoters.
vi.*New process for obtaining DIN*: combined SPICe form only at the time of an individual's appointment as Director.
Duty drawback rates increased on 102 items is expected to boost exports and also ease the liquidity crunch faced by exporters after the roll out of the GST. The drawback neutralizes customs and excise component on the inputs used for products exported.
Government extends Aadhaar-bank a/c linking deadline to March 31, 2018.
Result of CA (IPC) Exam Nov. 2017.
Group 1:
Appeared Passed
72148 10042 13.92%
Group 2:
Appeared Passed
65393 13330 20.38%
Both groups:
Appeared Passed
49215 13149 26.72%
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👉🏻Budget session of Parliament begins today.*
( The Budget session of Parliament begins today. The Economic Survey will also be tabled today. The Budget will be presented on Thursday)
👇🏻 👇🏻 👇🏻
https://goo.gl/aBj7fL
*👉🏻Finance ministry to conduct performance review of heads of 12 banks.*
(Finance ministry would soon initiate a performance review of heads of public sector banks that are under the RBI’s Prompt Corrective Action (PCA) as part of the reform process)
👇🏻 👇🏻 👇🏻
https://goo.gl/x6jzhb
*👉🏻Time limit to Bankuptcy resolution process may be extended by 60 days .*
(Govt is considering a proposal to extend the time limit for the bankruptcy resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code)
👇🏻 👇🏻 👇🏻
https://goo.gl/JZUUZ8
*👉🏻How to spot a fake GST bill.*
(Customer can spot whether the bill is fake or genuine and if the shopkeeper supplying the bill is competent enough to charge GST or not)
👇🏻 👇🏻 👇🏻
https://goo.gl/VS1cR7
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License Fee collected by Tenant while Sub-Letting Property is not Assessable as House Property Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/license-fee-collected-tenant-sub-letting-property-assessable-house-property-income-itat/16854/
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👉DIPP notifies FDI relaxation in several sectors.
👉MCA amends various Rules :Companies (Incorporation) Rules for replacing INC 1 with Reserve Unique Name (RUN) and several other INC Forms.
👉Directors(Appointment & Qualification) Rules for alloting DIN for 3 directors through INC-32.
👉 A Will has to be attested by two witnesses to be valid and in case of transfer of Property Will registration is a Must (SC).
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📺 *Updates*
➡1. No additions merely relying on doc. found in Pen drive if AO failed to prove assessee had made ‘on money’ payment
Anil Jaggi v. Assistant Commissioner of Income Tax, Circle 30(1), Mumbai.
➡2. Govt. notifies GST Rates, Compensation Cess and Exemptions for Goods.
➡3. Sale transactions with company-in-liquidation to defeat interest of creditors couldn’t be validated by court.
VGP Finances Ltd. v. Official Liquidator.
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Repair & Maintenance Expenditure incurred by Hotel is Revenue in Nature: Delhi HC [Read Order]
Read more at: http://www.taxscan.in/repair-maintenance-expenditure-incurred-hotel-revenue-nature-delhi-hc/16850/
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Vodafone Loses Tax Case: ITAT upholds ALP Adjustment following SC Verdict [Read Order]
Read more at: http://www.taxscan.in/vodafone-loses-tax-case-itat-upholds-alp-adjustment-following-sc-verdict/16845/
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No Cess on Old and Used Motor Vehicles: CBEC Notifies [Read Notification]
Read more at: http://www.taxscan.in/no-cess-old-used-motor-vehicles-cbec-notifies/16878/
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Inability to pay Pre-Deposit can’t be ground for Invoking Writ Jurisdiction: Madras HC [Read Judgment]
Read more at: http://www.taxscan.in/inability-to-pay-pre-deposit-cant-be-ground-for-invoking-writ-jurisdiction-madras-hc/16689/
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Power to Rectification can’t be invoked to Levy Interest u/s 220: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/power-rectification-invoked-levy-interest-u-s-220-kerala-hc/16801/
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Companies should Opt for Joint Audit when Investor insists on having an International Auditor: DIPP Reviews FDI Policy [Read Press Note]
Read more at: http://www.taxscan.in/companies-should-opt-for-joint-audit-when-investor-insists-on-having-an-international-auditor-dipp-reviews-fdi-policy/16829/
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# *GST* Collections for the month of December 2017 stand at ₹ 86,703 crore till 24 JAN 2018.
# *GST*: CBEC has made first amendments to the CGST Rules in 2018 - Notification No.3/2018-CT, dt.23.01.2018.
# *MCA* has introduced a new web service "RUN” (Reserve Unique Name) for reserving ‘name of proposed company and for changing name of existing company w.e.f.26th January 2018:
1. Under the new process, the reservation of name shall be only for 20 days instead of 60 days for new Company and existing companies will still have 60 days to change their name after name reservation.
2. Further, Form SPICe (INC-32), Form SPICe MoA (INC-33), Form SPICe AoA (INC-34), Form INC-3, Form INC-22, Form INC-24, Form DIR-3, Form DIR-12 and Form GNL-1 will be revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version of the form before filing.
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Govt Notifies Change of GST rates on Services recommended by GST Council [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-change-gst-rates-services-recommended-gst-council/16788/
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Govt Notifies Change of GST rates on Goods recommended by GST Council [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-change-gst-rates-goods-recommended-gst-council/16805/
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No Deduction to Evacuation of Land for Installation of Wind Turbine Generators: Kerala HC rejects Muthoot Finance Ltd’s Plea [Read Judgment]
Read more at: http://www.taxscan.in/no-deduction-evacuation-land-installation-wind-turbine-generators-kerala-hc-rejects-muthoot-finance-ltds-plea/16812/
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GST will be payable by the Refinery on Net Quantity of Polybutylene Feedstock and LPG retained by Manufacturer: CBEC [Read Circular]
Read more at: http://www.taxscan.in/gst-payable-refinery-net-quantity-polybutylene-feedstock-lpg-retained-manufacturer-cbec/16821/
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✳MCA Update:
▶Stakeholders may kindly note that eForm URC-1 would be revised shortly and a suitable notification would be issued. On notification, the revised form would be available on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version of the form before filing.
▶Stakeholders may kindly note that a new web service "RUN” (Reserve Unique Name) for reserving ‘name of proposed company and for changing name of existing company will be launched w.e.f. 26th January 2018. Also, Forms SPICe(INC-32), SPICe MoA(INC-33), SPICe AoA(INC-34), INC-3, INC-22, INC-24, DIR-3, DIR-12 and GNL-1 will be revised on MCA21 company forms download page. Stakeholders are advised to check the latest version of the form filling.
✳Direct Tax:
▶Mumbai ITAT deletes addition u/s. 41(1) [on account of cessation of trading liability] in case assessee-company (engaged in engineering, designing services for oil & gas industry) with respect to outstanding commission payable to its agent in Kuwait (‘creditor’) for AY 2011-12;
[TS-30-ITAT-2018(Mum)]
▶Mumbai ITAT holds that consideration of Rs.112.83 lakhs received by assessee (a UAE based Booz group company) for providing technical/professional personnel to its Indian associated enterprise (i.e. Booz India) during AY 2011-12, not taxable as business income under Article 7 of India-UAE DTAA absent assessee’s PE in India; [TS-27-ITAT-2018(Mum)]
✳Key Dates:
▶GSTR-5A (Non-Resident Foreign Taxpayers) July to December, 2017-31/01/2018
▶Payment of TDS on purchase of Property for December: 30/01/2018
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GST: RCM applicable to Service of Renting of Immovable Property by Govt to Registered Persons [Read Notification]
Read more at: http://www.taxscan.in/gst-rcm-applicable-service-renting-immovable-property-govt-registered-persons/16751/
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CBDT issued an advisory regarding cash transactions over prescribed limits specified under the law. the tax payers not to accept cash of Rs. 2,00,000/- or more from a single person in a day and amount in excess of Rs. 20,000 or more shall be received or repaid in cash for transfer of immovable Property.
Allahabad High Court directed the Government to re-open the Goods and Services Portal in order to enable the tax payer to file TRAN-1 on a petition filed by M/S Continental India Private Limited,
The Government has cut GST rate from 12% to 8% for houses purchased using the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana.
Registering a U turn, GST collections in Dec 2017 have increased from a low of Rs. 80,808 cr. in Nov 2017 to Rs. 86,703 Cr. With the introduction of e-Way Bill from Feb 2018, GST collection is expected to increase substantially.
Form REG-10 for filing online application of registration by providers of online information and database access or retrieval services (OIDAR) is now available at GST portal.
RBI has warned lenders about cryptocurrencies, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of bitcoins and similar digital tender.
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📊 *_[ Excel Tips For You ]_* 📈📍
************************************
🌾 *Topic : Move within a selection by using shortcut keys*
*👉👉 To 👉👉Press*
👉 Move from top to bottom within the selection (down), or in the direction that is selected on the Edit tab (Tools menu, Options command) :*ENTER*
👉 Move from bottom to top within the selection (up), or opposite to the direction that is selected on the Edit tab (Tools menu, Options command): *SHIFT+ENTER*
👉 Move from left to right within the selection, or move down one cell if only one column is selected: *TAB*
Move from right to left within the selection, or move up one cell if only one column is selected :*SHIFT+TAB*
👉 Move clockwise to the next corner of the selectionCTRL+PERIOD
Move to the right between nonadjacent selections : *CTRL+ALT+RIGHT ARROW*
👉 Move to the left between nonadjacent selections : *CTRL+ALT+LEFT ARROW*
*----------------------------
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GST Challan Paid After 8 PM and gets Scheduled for Next Day*
When GST payments are made after 8 pm, payment gets scheduled by bank for next day i.e. bank account is debited on next day for challan amount and challan also gets generated on next day.
We frequently face the issue of payment getting deducted from bank account on next day in morning but status of challan shown on gst.gov.in is still “Awaiting confirmation from bank” in which case return cannot be filed since sufficient balance in cash ledger will not be available.
Even grievance for the same is accepted by GST website only after 24 hours of payment deducted by bank.
This creates big trouble especially at time of deadlines of various returns.
Solution:
*If you are making payment through net banking facility of SBI, following steps will be useful*
1. After payment getting debited to your bank account you can go to module Reprint challan under tag” E TAX PAYMENT”
2. Provide dates during which challan amount is deducted from bank account.
3. You will see transaction details with fields i.e. Reference no, transaction date, amount and status
4. Click on reference no, you will see Reference details
5. Last line will be hyperlink with following words “CLICK HERE TO UPDATE TRANSACTION STATUS TO GSTN PORTAL(APPLICABLE ONLY FOR GSTN TRANSACTIONS)”-click on this and you will get message”STATUS UPDATED SUCCESSFULLY”
6. After this you can login on GSTN site and check staus of challan, same will be change to “PAID”
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Amount received by Malayala Manorama from its Subsidiary Co.was part of Regular Business Transactions, Not Deemed Dividend: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/amount-received-malayala-manorama-business-transactions-deemed-dividend-kerala-hc/16793/