Technical Services would not include Services provided by Machines for the purpose of TDS: ITAT [Read Order]
Read more at: http://www.taxscan.in/technical-services-services-machines-purpose-tds-itat/18757/
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TDS* on payment of Interest by Co-operative society to its Members prior to Amendment of s. 194A: *Madras HC* [Read Judgment]
Read more at: http://www.taxscan.in/no-tds-payment-interest-co-operative-society-members-prior-amendment-section-194a-madras-hc/18771/
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CBDT prescribes Three Easy Steps to Deduct *TDS* for Persons paying monthly *rent over Rs 50,000*
Read more at: http://www.taxscan.in/cbdt-prescribes-three-easy-steps-to-deduct-tds-for-persons-paying-monthly-rent-over-250000/18782/
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Cleaning of Railway Coaches not a Commercial Activity: CESTAT quashes Service Tax Demand* [Read Order]
Read more at: http://www.taxscan.in/cleaning-railway-coaches-not-commercial-activity-cestat-quashes-service-tax-demand/18669/
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Direct Tax Collections for F.Y. 2017-2018 Show Growth of 19.5% up to Feb, 2018
Read more at: http://www.taxscan.in/direct-tax-collections-f-y-2017-2018-show-growth-19-5-feb-2018/18792/
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# *GST*: Benefit of Reduction of late fee in case of delayed filing of Form GSTR-5A, vide Noti.No.6/2018-CT, dt.23.01.2018 has been withdrawn - Noti.No.13/2018, dt.07.03.2018.
# *GST*: CBEC has, vide Noti.No.12/2018-CT, dt.07.03.2018 amended Transition ITC & E-way Bill Rules such as:
• *Rule 117* – Submission of Form GST TRAN 2 for ITC on stock held as on 30.6.2017 - Date extended from 31st December, 2017 (6 Months) to 31st March 2018, or within such period as extended by the Commissioner, on the recommendations of the Council.
• *Rule 138* - Information to be furnished prior to commencement of movement of goods and generation of e-way bill
• *Rule 138A* - Documents and devices to be carried by a person-in-charge of a conveyance
• *Rule 138B* - Verification of documents and conveyances
• *Rule 138C* - Inspection and verification of goods
• *Rule 138D* - Facility for uploading information regarding detention of vehicle.
# *GST*: Friday (10 MAR 2018) is the due date for filing GSTR-1 for the m/o January 2018 for taxpayers having turnover exceeding Rs.1.5 Crores.
# *DGFT* has notified the Amendments in ANFs 4F & 4G of Handbook of Procedures 2015-20.
# *IT*: The petitioner’s activities are not “commercial activity” within the meaning of Sec-10(46) (b) – GNIDA Vs. UoI & Ors (2018 (3) TMI 227 - Delhi HC).
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GST Open House Meeting on 16th March to discuss Glitches
Read more at: http://www.taxscan.in/gst-open-house-meeting-on-16th-march-to-discuss-glitches/18753/
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*Transporting Goods to Unregistered Person* not prohibited under *GST*, Tax Evasion can’t be suspected: *Kerala HC* [Read Judgment]
Read more at: http://www.taxscan.in/transporting-goods-unregistered-person-not-prohibited-gst-tax-evasion-cant-suspected-kerala-hc/18761/
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Salaried Persons not required to maintain Books of Accounts unless they are engaged in Business or Profession: ITAT Kolkata in the case of DCIT vs Subhas Chandra Agarwala & Sons (HUF).
E-SANCHIT (enabling the registered persons to file documents online) becomes mandatory w.e.f. 15.03.2018. CBEC DO.No.09/CH(EC)/2018.
GSTR-4 offline tool New version 2.0 is now available For preparing your Quarter 3 GSTR-4 (Oct – Dec) along with amendment of details furnished in Quarter 2 (Jul – Sep).
The Ministry of Micro, Small & Medium Enterprises has issued a press release on 07.02.2018 wherein the Union Cabinet has amended the basis of criteria for classifying ‘Micro, Small and Medium enterprises u/s 7 of (MSMED) Act, 2006.
RBI has notified the Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs).
Currently, the FPI limitfor Government Securities (G-secs) is fungible between investments in G-secs and investment in IRF.
ICAI issued Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits - (06-03-2018) : Standard on Auditing (SA) 299.
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👉🏻NFRA to be run by bureaucrats, sans CAs*
(The Centre's new body to regulate accounting and audit professionals, the National Financial Regulatory Authority (NFRA), will not have any representation from chartered or cost accountants and could essentially be a body run by retired bureaucrats)
👇🏻 👇🏻 👇🏻
https://goo.gl/YdLbS4
*👉🏻Central Goods and Services Tax (Second Amendment) Rules, 2018*
(CBEC amends E-Way Bill rules: CGST (Second Amendment) Rules, 2018. Notification No.12/2018–Central Tax - (07/03/2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/YnfjNH
*👉🏻ICAI issues advisory regarding Allocation of Work among the Joint Auditors in case of Bank Audits*
( ICAI advises its members that while allocating work amongst themselves, all efforts should be made that the allocation of work amongst them should be in agreement with the management of the bank. When so required, the said allocation may be carried out in consultation with those charged with governance of the bank.)
👇🏻 👇🏻 👇🏻
https://goo.gl/7PmzdS
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No CA representation in Govt’s new Regulatory for Auditors: *NFRA* to run by Retired Bureaucrats
Read more at: http://www.taxscan.in/no-ca-representation-govts-new-regulatory-auditors-nfra-run-retired-bureaucrats/18750/
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📺 *Updates*
➡1. Provisions of Sec. 194C couldn't be triggered in absence of any contract to get work done
Principal Commissioner of Income-tax-3 v. Swastik Construction.
➡2. Works contract prior to April 1, 2006 couldn't be taxed at rate specified after amendment under KVAT: SC
State of Karnataka v. Durga Projects INC
➡3. Govt. notifies CGST (Second Amendment) Rules, 2018
https://gst.taxmann.com/topstories/222330000000014600/govt-notifies-cgst-second-amendment-rules-2018.aspx
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Receipts on Account of Transfer Fees and Stamp Duty would constitute Capital Receipts: ITAT* [Read Order]
Read more at: http://www.taxscan.in/receipts-account-transfer-fees-stamp-duty-constitute-capital-receipts-itat/18678/
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GSTN* adds New Feature: *Composition Dealers* can now file Amendment Details in Return
Read more at: http://www.taxscan.in/gstn-adds-new-feature-composition-dealers-can-now-file-amendment-details-return/18683/
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Govt Notifies CGST (Second Amendment) Rules: Amends E-Way Bill Rules* [Read Notification]
Read more at: http://www.taxscan.in/govt-cgst-second-amendment-rules-amends-e-way-bill-rules/18692/
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Govt. cancels Reduction in Late Fee for Returns Filed by OIDAR Service Providers* [Read Notification]
Read more at: http://www.taxscan.in/govt-cancels-reduction-late-fee-returns-filed-oidar-service-providers/18686/
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Due Date for filing TRAN 2 extended to 31st March* [Read Notification]
Read more at: http://www.taxscan.in/due-date-filing-tran-2-extended-31st-march/18714/
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Information from Director General of Income Tax is exempt from Disclosure under RTI Act: Delhi High Court [Read Judgment]
Read more at: http://www.taxscan.in/information-from-director-general-of-income-tax-is-exempt-from-disclosure-under-rti-act-delhi-hc/18696/
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Radhey Radhey*
*Mere marking on Jute Bags by compulsion of law wouldn't amount to affixing brand name: SC*
CST/Excise & Customs: Where assessee ma tonufactured jute bags and supplied same to FCI for use in packing of food grains and there were markings on jute bags such as name of FCI, crop year, name of jute mill and statement that food grains were manufactured in India, said markings would not amount to affixing on jute bags a 'brand name'
[2018] 90 taxmann.com 405 (SC)
SUPREME COURT OF INDIA
RDB Textiles Ltd.
v.
Commissioner of Central Excise & Service Tax, Kolkata-IV*
Section 11 of the Central Goods and Services Tax Act, 2017/ Section 5A of the Central Excise Act, 1944 - Levy of tax - Period 11-3-2011 to 31-7-2013 - Assessee claimed exemption from excise duty in respect of jute bags manufactured by it and supplied to Food Corporation of India (FCI), various State Governments and Governmental agencies for use in packing of food grains sold through Public Distribution System - There were markings on jute bags such as name of procurer agency in question like FCI, State Government of Punjab and so on, crop year, name of jute mill concerned, its BIS certification number and statement that food grains were manufactured in India - Lower authorities denied exemption on plea that affixing name, logo and particulars of buyers like FCI and State Governments amounted to affixing on jute bags a 'brand name' - Whether since markings on jute bags were by compulsion of law only in order that Government authorities could identify and segregated jute bags, there was no 'brand name' involved in instant case - Held, yes [Para 18] [In favour of assessee]
Circulars and Notifications: Notification No. 30/2004, dated 9-7-2004; Notification No. 12/2011, dated 1-3-2011; Notification No. 11/2013, dated 1-3-2013; Notification No. S.O. 698(E), dated 4-7-2002; Notification No.64/93-CE, dated 28-2-1993 and Ministry of Finance, Circular dated 21-6-2011
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NACIN Mumbai develops a Flyer on ‘Refund of Integrated Tax Paid on Account of Zero Rated Supplies* [Read Concept Note]
Read more at: http://www.taxscan.in/nacin-mumbai-develops-flyer-refund-integrated-tax-paid-account-zero-rated-supplies/18720/
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CBEC enumerates Customs Initiatives for Reduction in Transaction Cost
Read more at: http://www.taxscan.in/cbec-enumerates-customs-initiatives-reduction-transaction-cost/18632/
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Chartered Accountants can be Catalysts of Economic Reforms, says Dr Jitendra Singh
Read more at: http://www.taxscan.in/chartered-accountants-catalysts-economic-reforms-dr-jitendra-singh/18622/
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NFRA can impose Penalty on Errant Audit Firms, says MCA*
Read more at: http://www.taxscan.in/nfra-can-impose-penalty-errant-audit-firms-says-mca/18647/
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GST Council asks States to implement E-Way Bill System before 1st June
Read more at: http://www.taxscan.in/gst-council-states-implement-e-way-bill-system-1st-june/18649/
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ICAI Issues Advisory regarding Allocation of Work among the Joint Auditors in case of Bank Audits
Read more at: http://www.taxscan.in/icai-issues-advisory-regarding-allocation-work-among-joint-auditors-case-bank-audits/18652/
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ICAI - Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits - (06-03-2018) - https://www.icai.org/new_post.html?post_id=14532&c_id=219
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Salaried Persons* not required to maintain Books of Accounts unless they are engaged in Business or Profession: ITAT [Read Order]
Read more at: http://www.taxscan.in/salaried-persons-not-required-maintain-books-accounts-unless-engaged-business-profession-itat/18663/
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Date of Possession is Not Material for deciding the Period of Holding to Compute Short Term or Long Term Capital Gain: ITAT* [Read Order]
Read more at: http://www.taxscan.in/date-possession-material-deciding-holding-compute-short-term-long-term-capital-gain-itat/18674/
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GST : Bombay HC asks Govt to ‘Wake Up’ and Take Measures to Correct Errors by April 24*
Read more at: http://www.taxscan.in/gst-bombay-hc-asks-govt-wake-take-measures-correct-errors-april-24/18659/
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# *ICAI* has issued an Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits with reference to Standard on Auditing (SA) 299.
# *ICAI* has constituted a Group to Study the Amendments Proposed by the High Level Committee set up by the MCA.
# *IT*: Cancellation/withdrawal of the Certificate issued u/s 197 - non furnishing of copy of the reasons recorded was a flaw in the decision making process. - Thus, making the impugned order unsustainable - Vodafone India Ltd. Vs. DCIT(TDS) & Union of India (2018 (3) TMI 152 - Bombay High Court).
# *ST*: Merely by accounting the commitment charges as guarantee commission, service tax can not be levied since it is interest of unused credit – CST Vs. Amalgamations Pvt. Ltd. (2018 (3) TMI 116 - CESTAT Chennai).
# *RBI* has notified the Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs). Currently, the FPI limit for Government Securities (G-secs) is fungible between investments in G-secs and investment in IRF.
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Surrender of Income when Assessee couldn’t prove Bonafide Claim is not *‘Voluntary Disclosure’: *ITAT* confirms Penalty [Read Order]
Read more at: http://www.taxscan.in/surrender-income-assessee-couldnt-prove-bonafide-claim-not-voluntary-disclosure-itat-confirms-penalty/18617/
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ITAT deletes Re-Assessment since Revenue couldn’t establish that Escapement of Income was due to failure of Full and True Material Facts: ITAT [Read Order]
Read more at: http://www.taxscan.in/itat-deletes-re-assessment-since-revenue-couldnt-establish-escapement-income-due-failure-full-true-material-facts-itat/18613/
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Cash Loans* above the limits prescribed in Income Tax Act has Legal Sanctity: *Delhi HC* allows *Money Recovery Suit* [Read Judgment]
Read more at: http://www.taxscan.in/cash-loans-limits-prescribed-income-tax-act-legal-sanctity-delhi-hc-allows-money-recovery-suit/18625/
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# *GST*: Taxable services provided by the members of the Joint Venture (JV) to the JV and vice versa and inter se between the members of the JV is taxable - Circular No.35/9/2018-GST, dt.05.03.2018.
# *CBEC* has released Compilations of Orders of Supreme Court, High Courts and CESTAT accepted by the Department and on which no review petitions, SLPs have been filed, with an endeavor to reduce the litigation's.
# *MCA*: The Companies (Accounts) Amendment Rules, 2018 has prescribed a new Form AOC-3A for companies which are required to comply with IndAS.
# *ICAI*: 15 MAR 2018 is the EXTENDED Last Date for Payment of Annual Membership & COP Fees for the Year 2017-18 without payment of late fee.
# *ICAI* has issued an advisory for the individuals either not enrolled as a Member of the Institute after passing the CA Final Exams or have taken membership but their membership currently stands inactive due to non-payment of membership fees, thereby depriving themselves to use the designation of ‘Chartered Accountant’ and other entitlements to apply for a fresh or restoration of the membership.
# *IT*: Registration u/s 12AA – Non-filing of appeal against the rejection of earlier application cannot be held to be the reason for assessee not to file a fresh application when it is permitted by the law – Farrukhabad City Hospital Vs. CIT (Ex.) (2018 (3) TMI 68 - ITAT Lucknow).
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Expenses incurred for Cancellation and Re-registration of Property is part of Cost of Acquisition: ITAT [Read Order]
Read more at: http://www.taxscan.in/expenses-incurred-cancellation-re-registration-property-part-cost-acquisition-itat/18609/
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No GST If Cash Calls are merely transaction in money: CBEC Clarifies application of GST on Joint Venture [Read Circular]
Read more at: http://www.taxscan.in/no-gst-cash-calls-merely-transaction-money-cbec-clarifies-application-gst-joint-venture/18604/
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👉🏻RBI tightens PSL norms for banks by directing them to create sub-targets*
(RBI has further tightened the priority sector lending (PSL) norms for foreign banks by directing them to mandatorily create sub-targets so that they lend a portion of their loans to small and MSMEs)
👇🏻 👇🏻 👇🏻
https://goo.gl/qfsSmE
*👉🏻Income Tax department unearths TDS scam worth Rs 3200 crore*
(Income tax department has revealed that 447 companies duped the government of Rs 3,200 crore as they didn’t deposit the sum with the government which they had deducted from their employees as TDS)
👇🏻 👇🏻 👇🏻
https://goo.gl/QKDyHs
*👉🏻RBI slaps Rs 3 cr penalty on Axis Bank, 2 cr on IOB*
( RBI imposed a penalty of Rs 3 crore on Axis Bank for violation of NPA classification norms, and Rs 2 crore on Indian Overseas Bank for not complying with the KYC regulations)
👇🏻 👇🏻 👇🏻
https://goo.gl/598adL
*👉🏻Banks may be told to take passport details for loans above Rs 50 crore*
(Finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an exposure of Rs 50 crore and above to help prevent them fleeing the country in case of default)
👇🏻 👇🏻 👇🏻
https://goo.gl/fdfe74
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📺 *Updates*
➡1. Govt. Grant in form of allotment of land for purpose of generating employment held as capital receipt
Principal Commissioner of Income-tax-14 v. Capgemini India (P.) Ltd.
➡2. SC directs assessee to approach AO to claim refund if Land Acquisition Collector wrongly deducted TDS
Union of India v. Hari Singh
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The Central Board of Direct Taxes has notified the scheme for centralised issuance of notice, which may be known as the Centralised Communication Scheme, 2018 and shall come into force on the date of its publication in the Official Gazette.
Share premiums can be assessed under Section 68 of the Income Tax Act. Cornerstone Property Investments Pvt. Ltd vs. ITO (ITAT Bangalore).
Rent received by an Association of Co-Owners Whose only Objective is to Derive Income from Letting out of Property is Taxable as ‘Income from House Property’: Manek Lodge Properties vs. Add CIT, Mumbai (ITAT).
e-SANCHIT (enabling the registered persons to file documents online) becomes mandatory w.e.f. 15.03.2018. CBEC DO.No.09/CH(EC)/2018.
10.03.18 is Last Day to file GSTR-1 for Taxpayers with aggregate turnover of more than Rs. 1.50 Crores for Jan, 2018.
MCA notifies form AOC-3A for Ind AS Complaint Co.s to send financial statements to stakeholders. The Companies (Accounts) Amendment Rules, 2018.
MCA has notified the Companies (Accounts) AmendmentRules, 2018 which shall come into force on the date of their publication in theOfficial Gazette i.e 27-02-2018.
RBI is likely to stick to its target of making digital wallets interoperable by April despite allowing payment companies two additional months to comply with its customer verification requirement.