E-Way Bill: In view of difficulties faced by the trade in generating e-way bill due to initial tech glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra-State movement of goods. Eway Bill for inter state movement of Goods will be applicable w.e.f. 21.2.18...As per latest information...
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Budget 2018 reduces 2 Rs. Excise Duty on Petrol and Diesel: No Benefit to Consumers, says Hasmukh Adhia
Read more at: http://www.taxscan.in/budget-2018-reduces-2-rs-excise-duty-petrol-diesel-prices-wont-change-says-hasmukh-adhia/17285/
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No Deductions for Industrial Undertakings If Income Tax Return not filed within Due Dates
Read more at: http://www.taxscan.in/no-deductions-industrial-undertakings-income-tax-return-not-filed-within-due-dates/17295/
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No Need to furnish any Bills or documents to claim the Standard Deduction: CBDT Chief
Read more at: http://www.taxscan.in/no-need-to-furnish-any-bills-or-documents-to-claim-the-standard-deduction-cbdt-chief/17298/
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Budget 2018: Govt to Amend PMLA to detect Corporate Fraud
Read more at: http://www.taxscan.in/budget-2018-govt-to-amend-pmla-to-detect-corporate-fraud/17300/
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Uttarkhand Defers E-Way Bill for 10 Days
Read more at: http://www.taxscan.in/uttarkhand-defers-e-way-bill-for-10-days/17302/
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Group Company not Liable to pay Tax in India on Amount received for providing Technical Personals to Indian AE: ITAT [Read Order]
Read more at: http://www.taxscan.in/booz-group-company-tax-india-amount-received-providing-technical-personals-indian-ae-itat/17116/
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Govt releases New Set of FAQs on E-Way Bill [Read FAQs]
Read more at: http://www.taxscan.in/govt-releases-new-set-of-faqs-on-e-way-bill-read-faqs/17305/
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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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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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ICAI releases Tax proposals made in Union Budget 2018: Invites Suggestions [Read Proposals]
Read more at: http://www.taxscan.in/icai-releases-tax-proposals-made-in-union-budget-2018-invites-suggestions-read-proposals/17311/
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ICAI Announces Special Examination for Members of Foreign Accounting Bodies with whom It has entered into MRA and MoU*
http://www.taxscan.in/icai-announces-special-examination-for-members-of-foreign-accounting-bodies-with-whom-it-has-entered-into-mra-and-mou/17309/
The Institute of Chartered Accountants of India (ICAI) announced Special Examination for Members of Foreign Accounting Bodies with whom the Institute had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU). The document released by the Institute contains Note for Information and guidance to applicants, Exam schedule, forms of application and admit card […]
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👉🏻E-assessment of a taxpayer to be handled by two officers - CBDT*
(CBDT has stipulated that the ambitious e-assessment of a taxpayer will henceforth be handled by two officers, instead of the current system involving a single assessing officer (AO)
👇🏻 👇🏻 👇🏻
https://goo.gl/oMXpf9
*👉🏻Govt introduces Bill to amend the PMLA Act, 2002 through Finance Act, 2018*
( The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecution of PMLA cases)
👇🏻 👇🏻 👇🏻
https://goo.gl/41mMtC
*👉🏻FinMin invites fresh applications for RBI Dy Governor post*
( According to the notice published on the ministry's website, applicants should have at least 15 years of experience in banking and financial market operations.)
👇🏻 👇🏻 👇🏻
https://goo.gl/iKXp8v
*👉🏻Are you satisfied with Union Budget 2018 -19?*
(What is your opinion..?? Click on the link.)
👇🏻 👇🏻 👇🏻
https://goo.gl/4PzC71
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# *GST*: E-way Bill portal crashes on DAY 1 forces GST Council to extend the trial phase for generation of e-way bill, both for inter and intra state movement of goods. It shall be made compulsory from a date to be announced in future.
# *Union Budget 2018 Highlights*
• No change in Personal Tax Rate Slabs.
• Domestic Companies having total turnover or gross receipts not exceeding Rs.250 crores in FY 2016-17 shall be liable to pay tax at 25% as against present ceiling of Rs.50 crore in FY2015-16.
• Education Cess increased from 3% to 4% to be known as Education and Health Cess.
• Exemption u/s 10(38) for Long Term Capital Gain (LTCG) in respect of listed STT paid shares withdrawn w.e.f. 01.04.2018.
• LTCG (STT paid on acquisition / transfer) will now be taxed @ 10% u/s 112A. The cost of acquisition will be taken as Fair Market Value of the listed shares as on 31.1.2018 being the HIGHEST traded price or actual cost whichever is HIGHER. Further such tax will be liable for TDS.
• Standard Deduction of Rs.40,000 for salaried employees. However benefit of transport allowance of Rs.19,200 & Medical Reimbursement up to of Rs.15,000 u/s 17(2) are being withdrawn. Thus net benefit to salaries class only Rs 5,800/-.
• Provision of Section 43CA, 50C and 56(2) (x) being amended to allow 5% of sale consideration in variation viz. a viz. stamp duty value on account of location, disadvantage etc.
• Provision of section 40(IA) and 40A (3) and 40A (3A) are being made applicable to Charitable Trust. Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1) (a).
• Agriculture Commodity Derivative income /loss also not to be considered as speculative under section 43(5).
• Income Computation and Disclosure Standards (ICDS) being given statutory backing in view of decision of Delhi High Court decision.
• Marked to market loss computed as per ICDS to be allowed under section 36.
• Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.
• Construction Contract income to be computed on percentage completion method as per ICDS.
• Valuation of Inventory including Securities to be as per ICDS.
• Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section-145B.
• Conversion of stock-in-trade to capital asset to be charged as business income in the year of conversion on Fair Market Value (FMV) on the date of conversion.
• Section 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.
• PAN to be obtained by all entities including HUF other than individuals in case aggregate of financial transaction in a year is Rs.2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.
• All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.
• Assessments to be E assessment under new section 143(3A).
• No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.
• Deemed dividend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.
• Penalty for non-filing financial return as required under section 285BA being increased to Rs.500 per day.
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Budget 2018.Standard Deduction of 40000 for Salaried. Conveyance allowance & Medical reimbursement taxable. No change in Personal Tax Rates. Higher cess of 4%.
Government to bear Employer PF contribution of 12% for new staff for 3 years. Women to contribute 8% PF for first 3 years but Employer contribution @ 10%/ 12%.
LTCG on shares of more than Rs 1 lac to be taxed @ 10% WITHOUT Indexation.
Difference in Circle rate of upto 5% not to be treated as income in property deals.
E-Way Bill: In view of difficulties faced by the trade in generating e-way bill due to initial tech glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra-State movement of goods. Eway Bill for inter state movement of Goods will be applicable w.e.f. 21.2.18...
As per latest information...
Features for filing Form GST ITC-04 have been enhanced on the GST portal to allow multiple entries of items in a single challan.
MCA has notified that to access DSC related services of MCA, new settings are required effective Feb’03,2018.
SEBI has agreed to transfer Rs 16.7 billion of its surplus funds to the government. The Centre has been eyeing these resources, which would enable it to reduce the fiscal deficit.
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📺 *Updates*
➡1. Highlights of the Finance Bill, 2018
https://gst.taxmann.com/topstories/222330000000014231/highlights-of-the-finance-bill-2018.aspx
➡2. Maharashtra VAT to be levied on contract of supply of equipment even if some labour element is involved: HC
Bharat Heavy Electricals Ltd.
v. State of Maharashtra.
➡3. Forex fluctuation to be considered for ALP computation only it related to turnover of relevant year: ITAT
Marlabs Software (P.) Ltd.
v. Assistant Commissioner of Income-tax, Circle 4(1)(2), Bangalore.
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Highlights of Union Budget 2018
Union Finance Minister Arun Jaitley presented the Union Budget 2018 today in Lok Sabha;
- Total expenditure for 2018-19 estimated to be over Rs. 24.42 lakh crore.
- Govt to bring out industry friendly defence production policy 2018.
- Two defence industrial production corridors to be developed.
- Standard deduction for transport, medical reimbursement.
- Contribution from women to EPF to be brought down from 12% to 8%.
- Target of Rs. 3 lakh crore for lending under PM MUDRA Yojana.
- Customs duty on raw cashew cut form 5% to 2.5%.
- Cash payments of over Rs. 10,000 by trusts, institutions to be disallowed.
- 10% tax on distributed income of equity oriented mutual funds.
Complete coverage: Union Budget
- New electronic assessment scheme to eliminate person-to-person contact.
- Over Rs. 1.48 lakh cr to be allocated for railways in next fiscal.
- President's emolument raised to Rs. 5 lakh, VP's to Rs 4 lakh.
- For sr citizen,limit for investment in LIC schemes doubled to Rs. 15 lakh.
- Customs duty increased on mobile phones from 15% to 20%.
- 4% health and education cess; currently it's 3%.
- For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000.
- Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
- No change in personal income tax..
- Senior citizens can claim 50,000 cr for general medical expenditure.
- Standard deduction to benefit 2.5 crore people.
- Standard deduction to benefit pensioners also.
- Relief for salaried taxpayers: Standard deduction of Rs. 40,000.
- Benefit of reduced corporate rate of 25% to firms with 250 cr turnover.
- Automatic revision of MPs' emoluments every 5 yrs indexed to inflation.
- 100% tax deduction for farmer production firms with 100 cr turnover..
- Fiscal deficit target for next fiscal: 3.3%.
- Effective tax payers now 8.27 crore.
- Excess revenue collected from personal income tax amounts to 90,000 cr.
- Fiscal deficit target of 3.5% in 2017-18.
- Government to take all steps to eliminate use of cryptocurrencies.
- 24 Public Sector Units to be divested.
- Bank recap to help banks lend additional Rs. 5 lakh crore.
- We have exceeded our disinvestment target this year..
- Disinvestment target of Rs. 80,000 crore for 2018-19.
- System of toll payment by cash being replaced by electronic payments.
- 5 lakh WiFi spots for benefit of 5 crore rural citizens.
- National program to direct efforts in Artificial Intelligence.
- Global economy is transforming into digital economy.
- All trains to increasingly have WiFi & CCTVs.
- Training for 50 lakh youth by 2020.
- Airport capacity to be hiked to handle 1 billion trips per year.
- Regional air connectivity scheme shall connect 56 unserved airports.
- 150 km additional suburban railway network at the cost of Rs. 40,000 cr.
- 600 railway stations to be redeveloped.
- Over 3600 km railway track renovation targeted in current year.
- 10 tourist cities to be developed into iconic tourist destinations.
- 142 cities have got investment grade ratings.
- Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.
- Govt will contribute 12% of wages of new employees to EPF for 3 yrs.
- Rs. 7148 crore allocation for textile sector.
- In last 3 years, number of steps for generation of employment.
- For STs: 305 programs, allocation of Rs. 32,508 crore.
- For SCs: 279 programs, allocation of Rs. 52,719 crore.
- Govt will expand coverage under Pradhan Mantri jan dhan yojana.
- 24 new govt medical college & hospitals.
- Rs. 600 crore for nutritional support to all TB patients.
- National health protection scheme to benefit 50 crore people.
- Health cover of up to 5 lakh per family per year for poor & vulnerable.
- National health protection scheme to cover 10 cr poor families
- Rs. 1200 crore for health and wellness centres
- 2 major initiatives as part of Ayushman Bharat program.
- Proposal for railway university in Vadodara.
- Rs. 1 lakh crore over 4 years for initiative for infra in education.
- Eklavya schools for tribal children.
- Moving from blackboard to digital board.
- Will treat education holistically without segmentation.
- Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.
- Allocation for national livelihood mission: Rs. 5750 crore.
- Will establish dedicated affordable housing fund.
LIVE UPDATES: Union Budget 2018
- 8 crore rural women to get free gas connection through Ujjwala yojana.
- Special scheme to address air pollution in NCR region.
- Rs. 10,000 cr for fishery development fund and animal husbandry fund.
- Rs. 1290 crore allocation for bamboo sector.
- Kisan credit card to be extended to fisheries,animal husbandry farmers.
- Operation Green allocation Rs. 500 crore.
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CONCLUSION ON Finance Bill, 2018*
1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be knon as Education and Health cess.
2. However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable tp pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16.
3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn.
4. However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018.
5. Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS.
6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement of Rs 15,000 under Section 17(2) are beinf withdrawn. Thus net benefit to salaries class only Rs 5,800
7. Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5% of sale consideration in variation vis a vis stamp duty value. On account of location, disadvantage etc.
8. Provision of section 40(ia) and 40A(3) and 40A(3A)are being made applicable to Charitable Trust . Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1)(a).
9. Agriculture Commodity Derivates income /loss also not to be considered as speculative under section 43(5).
10. Income Computation and Disclosure Standards(ICDS) being given statutory backing in view of decision of Delhi High Court decision.
11. Marked to market loss computed as per ICDS to be allowed under section 36.
12. Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.
13. Construction Contract income to be computed on percentage completion method as per ICDS.
14. Valuation of Inventorty including Securities to be as per ICDS.
15. Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section 145B.
16. Conversion of stock in trade to capital asset to be charged as business income in the year of conversion on Fair Market value on the date of conversion.
17. 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.
18. PAN to be obtained by all entities including HUF other than individuals in case aggregate of financial transaction in a year is Rs 2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.
19. All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.
20. Assessments to be E assessment under new section 143(3A)
21. No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.
22. Deemed divedend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.
23. Penalty for non filing financial return as required under section 285BA being increased to Rs 500 per day .
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# *GST*: E-way Bill has been made mandatory and Inter-State Movement of Goods exceeding Rs.50,000/- to be supported by e-way bill w.e.f. TODAY.
# *Union Budget 2018* is being presented today by FM – Shri Arun Jaitley. Expect fiscal discipline, rationalization in IT slabs, standard deduction and increase in 80C deduction.
# *STOCK MARKET*: BSE & NSE gained 30% and 29% respectively in last one year since last Budget. During this period, Mutual Funds invest 1.20 Lac Crores while Foreign Investors only 15K Crores.
# *IBBI* has issued a Press release in Public Interest that the Board has no Association with “IBBI Insolvency Practitioners LLP”.
# *IT*: 31 MAR 2018 is the LAST DATE for filing Income Tax Returns for AY 2016-17 & 2017-18.
# *ST*: Movable or immovable property, in personal use of the sole proprietor or partner cannot be attached to recover service tax dues - Hema Balasubramanian Vs CST & Ors. (2018 (1) TMI 1220 - Madras High Court).
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Mere high appreciation in share value not enough to treat gain from Penny stocks as bogus. Case Name : Pr CIT Vs. Prem Pal Gandhi (Punjab & Haryana High Court)
No E-Way Bill for Intra-State Supplies in Rajasthan, Gujarat. Govt of Rajasthan on Monday notified that no E-Way Bill is required for intra-State supply of goods. Govt of Gujarat also exempted all intra-State supply of goods from the generation of e-way bill under GST.
Input tax credit cannot be denied to recipient on default of payment by supplier. Supreme Court in the case of Commissioner of Trade & Taxes, Delhi and others Vs. Arise India Limited and others [TS-2-SC-2018-VAT],
Employees’ Provident Fund Organisation (EPFO) said it has launched facilities for employers to pay dues and update ownership deatils online. the EPFO has facility of online submission of Form 5A (Return of Ownership), it said in a statement.
The Auditing and Assurance Standards Board of ICAI is issuing the revised formats of the statutory auditor’s report for urban cooperative banks (UCBs).
ICAI notified Examination Timings - CA May - 2018 Examinations An announcement dated 9th January 2018 informing the schedule and timings was hosted on www.icai.org
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📺 *Updates*
➡1. Ind AS 109: Guarantee by director for loan taken by company not to be recorded in the books
➡2. No E-way bill is required for intra-State movement in Himachal Pradesh and Rajasthan
➡3. E-way bill required in Haryana for inter-State and intra-State supplies from Feb. 1, 2018
➡4. CBDT circular relaxing MAT for companies under IBC: complete exemption required
https://accountsandaudit.taxmann.com/topstories/105010000000015153/cbdt-circular-relaxing-mat-for-companies-under-ibc-complete-exemption-required.aspx
🙏Thank you🙏
Have a nice day
