*CENVAT Credit available on Construction Service as Its was Availed and Paid prior to 1.04.2011: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/cenvat-credit-available-on-construction-service-as-its-was-availed-and-paid-prior-to-1-04-2011-cestat/19774/
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Profit earned by Housewife from share Transaction is Business Income, Not Capital Gain*: ITAT [Read Order]
Read more at: http://www.taxscan.in/profit-earned-by-house-wife-out-of-share-transaction-is-business-income-not-capital-gain-itat/19823/
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Samosa ‘ is Cooked Food, Higher Tax Applicable: Uttarakhand HC* [Read Judgment]
Read more at: http://www.taxscan.in/samosa-cooked-food-higher-tax-applicable-uttarakhand-hc/19817/
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Service Tax can’t be levied on Services rendered in Jammu & Kashmir: CESTAT [Read Order]
Read more at: http://www.taxscan.in/service-tax-cant-be-levied-on-services-rendered-in-jammu-kashmir-cestat/19832/
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Ice Cream can’t be treated as ‘Cooked food’, Taxable at a Higher Rate: Kerala HC Rejects Claim of Milano* [Read Judgment]
Read more at: http://www.taxscan.in/ice-cream-cant-be-treated-as-cooked-food-taxable-at-a-higher-rate-kerala-hc-rejects-claim-of-milano-read-judgment/19835/
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Many Many Congratulations CA Megha Jain for creating the history by flying from 18,400 Mtrs*
https://goo.gl/TboZHV
(CA Megha Jain (2011 batch) created history to become the “First Indian civilian lady to record her name in LIMCA BOOKS OF RECORDS-2018 for flying fighter plane MIG29” on touching heights of around 18,400 m with a top speed of 1,850 km/hr over Sokol Airbase in Nizhny Novgorod, Russia.
She is a right example to get the success with these spirited lines– “if you have the determination, discipline and passion for your dream, you can achieve it, no matter how difficulties will come”
👇🏻 👇🏻 👇🏻
https://goo.gl/fPgusQ
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📺 *Updates*
➡1. Sec. 80-IAC relief couldn't be denied merely because deduction was claimed in revised return
Assistant Commissioner of Income tax, Circle 2(2)(2), Mumbai v. Monarch Innovative Technologies (P.) Ltd.
➡2. Treatment of foreign exchange gain or loss under GST
https://gst.taxmann.com/topstories/105010000000015288/treatment-of-foreign-exchange-gain-or-loss-under-gst.aspx
➡3. Exp. in connection with property taxable as house property income couldn't be allowed as business exp.
Mangilall Estates (P.) Ltd. v. Deputy Commissioner of Income tax, Central Circle-1(3), Kolkata.
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# *GST*: HC directed the revenue to accept GST Tran-1 and other returns provisionally either by way of opening the portal or manually – Arihant Superstructure Ltd. Vs. Union of India thru GST & CGST Commissioners (2018 (3) TMI 1268 - Rajasthan HC).
# *GST*: CBEC has amended Central Goods and Services Tax Rules, 2017 (Third Amendment Rules, 2018) – N.N.14/2018-CT, dt.23.03.2018:
• E-way Rules - scope of the expressions ‘transported by railways’, ‘transportation of goods by railways’, ‘transport of goods by rail’ and ‘movement of goods by rail’ - New Explanation inserted to Chapter XVI of the CGST Rules, 2017.
• Explanations to Chapter XV: Anti-Profiteering - scope of Interested Party.
• Rule-45: Conditions and restrictions in respect of inputs and capital goods sent to the job worker.
# *IBC*: CIRP - RP as well as CoC are equally responsible for safeguarding the interest and assets of a CD under the IRP and would take as much caution in order to see any applicants or the applicants related or connected persons falls within the purview of Section 29A – SBI and Rainaissance Steel India Pvt. Ltd. Vs. Electrosteel Steels Ltd. & Ors. (2018 (3) TMI 1267 - NCLT Kolkata).
# *IT*: The non-disclosure germane to the facts herein was that the six dealers were bogus and there was in the regular assessment, no such question raised or enquiry conducted - reassessment confirmed – CIT (CC) Vs. Parrisons Roller Flour Mills Pvt. Ltd. (2018 (3) TMI 1211 - Kerala HC).
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#Bank Branch Audit: Guidance Note on Audit of Banks 2018 edition issued by ICAI
https://resource.cdn.icai.org/49205icai-aasb-gnabanks2018.pdf
#ICAI - Announcement - Scheme for Retrospective Restoration of Membership - https://resource.cdn.icai.org/49377icaimss240318.pdf
#ICAI - Publication on Question Bank on IBBI Limited Insolvency Examination - https://resource.cdn.icai.org/49376clcgc39125.pdf
*Due dates in Last Week of the Financial Year 2017-18*
#31-03-2018 – ITR Filling due date for Income Tax Returns (ITRs) for AY 2016-17 (FY 2015-16) and AY 2017-18 (FY 2016-17).
#31-03-2018 – Condonation of Delay Scheme 2018 [CODS-2018] allows Defaulting Companies to file its overdue documents which were due for filing
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GST: Small Businesses with Zero Liability may be allowed to file Return Twice a Year*
Read more at: http://www.taxscan.in/gst-small-businesses-with-zero-liability-may-be-allowed-to-file-return-twice-a-year/19800/
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*Professional Fee paid by Deloitte India to Its US and Singapore Entities Not Taxable in India, No TDS: ITAT* [Read Order]
Read more at: http://www.taxscan.in/professional-fee-paid-by-deloitte-india-to-its-us-and-singapore-entities-not-taxable-in-india-no-tds-itat/19716/
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ICAI forms Group to interact with Govt for Formation of NFRA Rules*
Read more at: http://www.taxscan.in/icai-forms-group-to-interact-with-govt-for-formation-of-nfra-rules/19700/
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ICAI Announces Scheme for Retrospective Restoration of Membership* [Read Announcement]
Read more at: http://www.taxscan.in/icai-announces-scheme-for-retrospective-restoration-of-membership/19702/
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No Relief to Nokia: Delhi HC upholds Initiation of Special Audit communicated by Letter with Terms of Reference* [Read Judgment]
Read more at: http://www.taxscan.in/no-relief-to-nokia-delhi-hc-upholds-initiation-of-special-audit-communicated-by-letter-with-terms-of-reference/19696/
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CBEC Chief asks to Speed-Up Recovery of 11,450 Cr Arrears* [Read Letter]
Read more at: http://www.taxscan.in/11450-arrears-pending-cbec-chief-asks-recovery-measures/19688/
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GSTN becomes User-Friendly, says MoS Ship Pratap Shukla*
Read more at: http://www.taxscan.in/gstn-becomes-user-friendly-says-mos-ship-pratap-shukla/19685/
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COD Scheme: Delhi HC allows Manual Filing of Returns by Disqualified Directors* [Read Order]
Read more at: http://www.taxscan.in/cod-scheme-delhi-hc-allows-manual-filing-of-returns-by-disqualified-directors/19678/
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Kerala High Court permitted the assessee, M/s Vajra Rubber Products (P) Ltd to release goods detained by the State GST department by furnishing a simple bond.
Ministry of Finance has exempted various kinds of services in relation to skill development. Decision pertaining to rates of GST and exemption on skill development, start-ups, and tourism is taken after due deliberation in GST Council.
Govt asked NBFC Cos. to register with the country’s financial intelligence unit (FIU-IND) and report details of clients as per the requirements under the Prevention of Money Laundering Act.
MCA has notified the National Financial Reporting Authority Manner of appointment and other terms and conditions of service of Chairperson and members Rules, 2018.
Bank of Maharashtra invites online applications from practicing firms of Chartered Accountants, in the prescribed format, who are willing to have their firms empaneled as Concurrent Auditors of the Bank for specified branches for FY 2018-19.
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# *GST*: CBEC notifies E-Way Bill Rules, to come into force w.e.f. 1st April, 2018. Transporter shall be exempted from generation of E-way bill for the time being. – N.N.15/2018-CT, dt.23.03.2018.
# *GST*: CBEC notifies due dates for filing FORM GSTR-3B for the m/o APR to JUN, 2018 being 20 May, 20 Jun & 20th Jul respectively - N.N.16/2018-CT, dt.23.03.2018.
# *GST*: CBEC notifies extension of Exemption from GST on reverse charge basis u/s 5(4) till 30.06.2018 – N.N.1/2018 – Int.Tax, dt.23.03.2018.
# *IBC*: Tata Steel’s all cash bid of ₹ 35,200 Crores plus 12.20% Equity under IBC resolution for Bhushan Steel’s 5 Million Tonne Steel Plant to reduce Bank NPAs by Rs.35,500 Crores in Quarter-March, 2018. SBI to get maximum cash Rs.8,083 (Vs. ₹12,864) Crores, PNB-Rs.3,081 (₹4,904) Crores.
# *IT*: Genuineness of Gift from her mother & husband - whether donors in question had the funds to make a gift to the - assessee for the purpose of admission of her son in a medical college - explanations found satisfactory - No Additions – CIT Vs. Latha Rajee Mathew (2018 (3) TMI 1185 - Madras HC).
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*Breaking: Rajasthan HC Orders to Re-Open TRAN-1* [Read Order]
Read more at: http://www.taxscan.in/rajasthan-hc-orders-re-open-tran-1/19650/
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Govt Amends Rules relating to Anti-Profiteering Authority: CGST (3rd Amendment) Rules Notified* [Read Notification]
Read more at: http://www.taxscan.in/govt-amends-rules-relating-anti-profiteering-authority/19646/
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Govt Notifies Postponement of Reverse Charge Mechanism till June* [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-postponement-of-reverse-charge-mechanism-till-june/19663/
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*Allahabad HC directs GST Dept to release Goods on Strength of Security and Bank Guarantee* [Read Order]
Read more at: http://www.taxscan.in/allahabad-hc-directs-gst-dept-release-goods-strength-security-bank-guarantee/19655/
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📺 *Updates*
➡1. No reverse charge on supply of goods or services by unregistered person till June 30, 2018
➡2. E-way bill would be applicable from April 1, 2018; Govt. notifies
➡3. Insolvency resolution process can be admitted even if winding up petition is pending
Union Bank of India v. Era Infra Engineering Ltd.
🙏�Thank you🙏�
Have a nice day
