ICAI - Revised Formats of Statutory Auditor’s Report for Urban Cooperative Banks - (30-01-2018) - https://www.icai.org/new_post.html?post_id=14392&c_id=219
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No E-Way Bill for Intra-State Supplies in Rajasthan [Read Notification]
Read more at: http://www.taxscan.in/no-e-way-bill-intra-state-supplies-rajasthan/17050/
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Assam Notifies Effective Dates for Rollout of E-Way Bill for both Inter-State and Intra-State Supplies [Read Notification]
Read more at: http://www.taxscan.in/assam-notifies-effective-dates-rollout-e-way-bill-inter-state-intra-state-supplies/17071/
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NCLT (New Delhi Bench) : In ICICI Bank Ltd. vs. Tirupati Inks Ltd.*
*_Financial creditor bank being a member of the consortium of banks giving loan is competent to file application on its own behalf and also on behalf of other banks who are members of consortium._*
*_Read full case law at :_* https://dasgovernance.com/2018/01/31/nclt-new-delhi-bench-in-icici-bank-ltd-vs-tirupati-inks-ltd/
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No Deemed Dividend If Assessee is not a Shareholder in Payer Company: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-deemed-dividend-if-assessee-is-not-a-shareholder-in-payer-company-itat/17052/
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*May 2018 Exam Timings Changed back to Afternoon*
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Last month, ICAI announced that the Exam Timings for May 2018 CA Final Exams are changed to morning hours, that is, 10.30 AM to 1.30 PM.
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However, ICAI has today reverted this back to old timings.
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It has now been decided that all the CA Exams to be held in May 2018 will now be held at the the earlier timings, i.e. 2.00 PM to 5.00 PM.
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Students are advised to take note of this change.
ICAI - Examination Timings - CA May - 2018 Examinations - (31-01-2018) - https://www.icai.org/new_post.html?post_id=14397&c_id=219
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ICAI Announces Change in CA Exam Timing
Read more at: http://www.taxscan.in/icai-announces-change-exam-timing/17058/
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No E-Way Bill for Intra-State Supplies in Rajasthan [Read Notification]
Read more at: http://www.taxscan.in/no-e-way-bill-intra-state-supplies-rajasthan/17050/
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Income Tax Returns for FY 2015-16 and 2016-17 cannot be filed after 31.03.2018.
After 31.03.2018, 2 Years ITR filing will stop...Only 1 year filing can be filed.
Brokerage / commission paid in connection with share transaction is not subject to TDS: Kolkata ITAT.
Indirect tax base grew 50 per cent since the GST roll-out, led by a large increase in registrations, especially by small enterprises. The demonetisation of high-value currency notes in November 2016 resulted in widening of taxpayers’ base. :Survey.
Media monitoring services can’t be taxed as ‘business auxiliary service’: New Delhi bench of CESTAT in the case of CST Delhi vs. M/s IPAN.
SEBI : private placement, rather than a public issue, is the markets regulator’s favoured route to start trading in securities receipts issued by (ARCs). Only certain “qualified buyers” will be permitted to trade in them, and the minimum lot size will be Rs10 lakh.
SEBI has issued circular w.r.t Online Registration Mechanism and Filing System for Depositories.
Insolvency & Bankruptcy Board of India has issued a Press release in Public Interest that the Board has no Association with “IBBI Insolvency Practitioners LLP”.
ICAI: Last date for payment of Membership fee and Certificate of Practice fee for the year 2017-18 be extended upto 15th March, 2018 (instead of 30th September, 2017).
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📺 *Updates*
➡1. CIT couldn’t pass revisional order without concluding that AO’s order was erroneous on merits
Sadhana Stocks & Securities (P.) Ltd. v. Principal Commissioner of Income Tax-4, Kolkata.
➡2. Ind AS 109: Guarantee by director for loan taken by company not to be recorded in the books
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000014185&mode=home&page=
➡3. Payee not liable to Sec. 234B interest if payer had paid interest for non-deduction of TDS
John Baptist Lasrado
v. Income Tax Settlement Commission
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The CBDT has issued a Notification No 151/2017-A&PAC-1 dated 10th Jan 2018 to Assessing Officer prescribing standard procedure for applying provision of Sec 68 of Income Tax Act 1961.
Finance Minister presented the Economic Survey 2017-18 before the Parliament. It is a report card of India’s economic performance which gives the current and expected direction of the Government Policies.
E-Way bill will be introduced by 13 states for both Inter-State as well as Intra-State movement of goods. These States are:- Karnataka, Tamil Nadu, Pondicherry, Kerala, Andhra Pradesh, Telangana, Arunachal Pradesh, Bihar, Haryana, Jharkhand, Sikkim, UP, Uttarakhand w.e.f 01-02-2018.
MCA has notified the companies (Appointment and Qualification of Directors) Amendment Rules, 2018 which shall come into force from the date of the notification in the Official Gazette i.e. 26th January, 2018.
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GST: #Ewaybill #EWB
As on 25/01/2018, the following 13 States have issued notification for introducing E-waybill w.e.f. 1st February, 2018 for INTRA-STATE (within state) movement of goods having consignment value exceeding ₹50000.
1) Andhra Pradesh
2) Arunachal Pradesh
3) Bihar
4) Haryana
5) Jharkhand
6) Karnataka
7) Kerala
8) Puducherry(UT)
9) Sikkim
10)Tamil Nadu
11)Telangana
12)Uttar Pradesh, and
13)Uttarakhand
Also, the following states have issued notification for introduction of e way bill from a deferred date as given below:
14) Odisha - 01/06/18
15) Maharashtra - 01/05/18
16) Chattisgarh - 01/06/18
17) West Bengal - 01/06/18
Note: E-WAYBILL is mandatory in all States/UT for inter-state movement of goods w e.f. 01/02/18.
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SEBI
SEBI has issued circular w.r.t Online Registration Mechanism and Filing System for Depositories. In order to ease the process of application for recognition / renewal, reporting and other filings in terms of SEBI (Depositories and Participants) Regulations, 1996, SEBI has introduced a digital platform for online filings related to Depositories. All applicants desirous of seeking registration as a Depository in terms of Regulation 3, shall now submit their applications online, through SEBI Intermediary Portal. The applicants would be required to upload scanned copy of relevant documents such as any declaration or undertaking or notarised copy of documents as may be prescribed, and keep hard copy of the same to be furnished to SEBI whenever required. Further, all other filings including Annual Financial Statements and Returns, Monthly Development Report, Rules, Bye-laws, etc., shall also be submitted online.
IBBI
Insolvency & Bankruptcy Board of India has issued a Press release in Public Interest that the Board has no Association with “IBBI Insolvency Practitioners LLP”. It has come to the notice of the Insolvency and Bankruptcy Board of India (IBBI) that there is a Limited Liability Partnership (LLP) by the name “IBBI Insolvency Practitioners LLP”. It is clarified that IBBI has not authorised any person to use it’s name in any form, whether abbreviated or otherwise and “IBBI Insolvency Practitioners LLP” is not registered as an Insolvency Professional Entity with IBBI and Board has no association whatsoever with the said LLP.
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Use of Family Name would not Amount to the Use of Brand Name of Third Parties: CESTAT Allows SSI Exemption [Read Order]
Read more at: http://www.taxscan.in/use-family-name-not-amount-use-brand-name-cestat-allows-ssi-exemption/16995/
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Income from Share Transactions is Taxable as ‘Capital Gain’ if the ‘Initial Intention’ of assessee was to make Investment: ITAT [Read Order]
Read more at: http://www.taxscan.in/income-share-transactions-taxable-capital-gain-investment-itat/16978/
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📺 *Updates*
➡1. MRP provisions not applicable to sale of mineral water in hotels or restaurants: SC
Federation of Hotel & Restaurant Association of India v. Union of India
➡2. Interest for defaults in payment of advance tax to be levied till date of revisional order passed u/s 263.
Smt. S. Vijayalakshmi v. Income Tax Officer, Ward 1 (2), Pondicherry.
🙏�Thank you🙏�
Have a nice day