Company, though an Artificial Juridical Person, is Eligible for Deduction for Pooja Expenses: ITAT [Read Order]
Read more at: http://www.taxscan.in/company-artificial-juridical-person-deduction-pooja-expenses-itat/17338/
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Calcutta HC Upholds Provisions of Insolvency and Bankruptcy Code differentiating Financial Creditor and Operational Creditor
Read more at: http://www.taxscan.in/calcutta-hc-upholds-provisions-insolvency-bankruptcy-code-differentiating-financial-creditor-operational-creditor/17411/
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Assessing Officer cannot Estimate Income If the Books of Accounts are Correct: ITAT [Read Order]
Read more at: http://www.taxscan.in/assessing-officer-estimate-income-books-accounts-correct-itat/17394/
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MCA
MCA has notified that to access DSC related services of MCA, new settings are required effective Feb’03,2018. As per the notification, System Requirements for Usage of Digital Signature Certificate shall be Desktop Browser: Internet Explorer 10+/ Chrome 49+ or Firefox 45+ for Valid class 2 or class 3 Digital Signature Certificate (DSC) obtained from a DSC provider. Further, the pre-requisites for installing Web socket installer. shall be Windows 32 / 64 bit OS, Java 1.6 JRE 1.6.0_38+, Java 1.7, Java 1.8, Windows: Admin access to install the emSigner component, and any one of the following ports should be free 8080 / 2015. Stakeholders are requested to install the revised settings for smooth functioning of DSC on MCA portal.
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Calcutta HC Upholds Provisions of Insolvency and Bankruptcy Code differentiating Financial Creditor and Operational Creditor
Read more at: http://www.taxscan.in/calcutta-hc-upholds-provisions-insolvency-bankruptcy-code-differentiating-financial-creditor-operational-creditor/17411/
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Firm cannot be Assessed for Unexplained Cash Credits in respect of Capital introduction by It’s Partner: ITAT [Read Order
Read more at: http://www.taxscan.in/firm-cannot-be-assessed-for-unexplained-cash-credits-in-respect-of-capital-introduction-by-its-partner-itat/17377/
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Admission of Bogus purchases to Inflate work in progress during Search necessarily invites Imposition of Penalty: ITAT [Read Order]
Read more at: http://www.taxscan.in/admission-of-bogus-purchases-to-inflate-work-in-progress-during-search-necessarily-invites-imposition-of-penalty-itat/17355/
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Firm cannot be Assessed for Unexplained Cash Credits in respect of Capital introduction by It’s Partner: ITAT [Read Order
Read more at: http://www.taxscan.in/firm-cannot-be-assessed-for-unexplained-cash-credits-in-respect-of-capital-introduction-by-its-partner-itat/17377/
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Interest Income from Capital Gains Bonds is Taxable as ‘Other Income’: ITAT [Read Order]
Read more at: http://www.taxscan.in/interest-income-capital-gains-bonds-taxable-other-income-itat/17365/
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Delhi GST Assessees can know whether your jurisdiction under GST is with State or Centre from www.dvat.gov.in, by providing GSTIN or Trade Name.
Govt releases New Set of FAQs on E-Way Bill: Amidst ambiguities over the rollout date of E-Way Bill under the GST regime, the CBEC issued FAQs on E-Way Bill.
Cenvat Credit on GTA service availed for transport of goods from place of removal to buyer’s premises is not admissible w.e.f 01.04.2008: Supreme Court in case of Ultra Tech Cement Ltd.
Social welfare surcharge @10% of the aggregate customs duties has been levied on imported goods in place of existing 3% education cess. Clause 108 (Chapter VI) of Finance Bill,2018. Customs Notification No.12/2018-Dt.02/02/2018
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Builder liable to pay Tax on the amount received from Buyer to the extent of stage of completion of the project: ITAT [Read Order]
Read more at: http://www.taxscan.in/builder-liable-pay-tax-on-amount-received-from-buyer-to-extent-of-stage-of-completion-of-the-project-itat/17367/
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Disallowance u/s 40(1) can’t be made in case of Old Creditors: Delhi HC [Read Judgment]
Read more at: http://www.taxscan.in/disallowance-u-s-401-cant-be-made-in-case-of-old-creditors-delhi-hc/17381/
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# *GST*: CBEC notifies post-pondment of E-way Bill rules – Notification No. 11/2018 – Central Tax, dt.02.02.2018.
# *IT*: Disallowance u/s 40A(2)(b) - related party - AO has not brought any comparables from the market to make out that the current payment is excessive and unreasonable within the meaning of section 40A(2)(b) – Sharp Designers and Engineers India Pvt. Ltd Vs. ACIT & ITO (2018 (2) TMI 171 - ITAT Pune)
# *MCA* has notified that to access DSC related services of MCA, new settings are required effective Feb’03, 2018. For details, Click http://www.mca.gov.in/MinistryV2/systemrequirementdsc.html
# *MCA* has notified the companies (Registration offices and Fees) Amendment Rules, 2018 which has come into force w.e.f. 26.01.2018. For details, Click http://www.mca.gov.in/Ministry/pdf/CompaniesRegnofficeandfeesAmendmentRules2018_25012018.pdf
# *MCA* has notified the companies (Appointment and Qualification of Directors) Amendment Rules, 2018 which has come into force from w.e.f. 26.01.2018. For details, http://www.mca.gov.in/Ministry/pdf/AppointmentQualificationDirectoramendmentrules2018_25012018.pdf
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Govt Notifies Postponement of E-Way Bill [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-postponement-of-e-way-bill/17314/
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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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GST Commissioner Arrested in Bribery Case
Read more at: http://www.taxscan.in/gst-commissioner-arrested-bribery-case/17348/
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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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ICAI Announces Special Examination for Members of Foreign Accounting Bodies with whom It has entered into MRA and MoU
Read more at: http://www.taxscan.in/icai-announces-special-examination-for-members-of-foreign-accounting-bodies-with-whom-it-has-entered-into-mra-and-mou/17309/
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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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Cenvat Credit on GTA service availed for transport of goods from place of removal to buyer’s premises is not admissible w.e.f 01.04.2008: SC [Read Judgment]
Read more at: http://www.taxscan.in/cenvat-credit-on-gta-service-availed-for-transport-of-goods-from-place-of-removal-to-buyers-premises-is-not-admissible-w-e-f-01-04-2008-sc-read-judgment/17318/
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Budget 2018: GST Cess Transferred to States do not form part of expenditure on “Tax administration”, Govt Clarifies
Read more at: http://www.taxscan.in/budget-2018-gst-cess-transferred-to-states-do-not-form-part-of-expenditure-on-tax-administration-govt-clarifies/17334/
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E-Way Bill postponed due to Technical Glitches. The Central Government has decided to postpone the implementation.
CBEC has issued 9 UTGST Tax Rate, 10 Integrated Tax (Rate) and 9 Central Tax (Rate) Notifications which in total amount to 27 Noti to give effect to Changes in GST Rate and its related Prov as recommended by 25th GST Council Meeting.
SEBI will now be able to impose a minimum penalty of Rs 5 crore on stock exchanges and clearing corporations if they breach regulations as announcements for the capital markets in the Union Budget 2018.
SBI Invites Application for Empanelment of Chartered Accountant Firms for Concurrent Audit at State Bank of India.
Register us for a webinar on Union Budget-2018 on Feb 04, 2018 at 2:00 PM - 5PM IST.
Register at. https://register.gotowebinar.com
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📺 *Updates*
➡1. Loss arising on trading in currency derivatives isn’t speculative loss; to be set-off against business income
Nand Nandan Agrawal v. Deputy Commissioner of Income-tax-1(3)(1), Mathura
➡2. Rule 8D is prospective in nature & can’t be applied prior to assessment year 2008-09; SC rules
Commissioner of Income-tax, 5 Mumbai v. Essar Teleholdings Ltd.
➡3. Sum paid to co. providing support services to assessee’s rail equipment manufacturing activity liable to TDS u/s 194J
Bombardier Transportation India (P.) Ltd. v. Deputy Commissioner of Income-Tax (CTDS), Barala
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