ICAI Election 2018 - Update your professional address
and pay Membership Fee online before 31/03/2018.
If any member want to change the Region (e.g. Central region to Northern region) or Place of voting (like residence in Chandigarh & doing Job in Gurgaon) then he/she can change his Professional address.
Here is the link for updating professional address.
https://appforms.icai.org/memberAddressUpdate/
Change it online & submit the hard copy to ICAI with your signature on or before 31/03/2018. Otherwise for voting you will have to go to your place as mentioned in your professional address as per ICAI records.
ICAI Membership-2018:
Dear Member, if you have not paid the membership fee of ICAI till now, please pay it immediately on or before 31.03.2018 to restore your name for the year 2017-18 as the ICAI is open for this purpose on 30.03.2018 and 31.03.2018.
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*SUPREME COURT : In Anilkumar Jinabhai Patel (D) thr. Lrs. vs. Pravinchandra Jinabhai Patel and Ors.*
*_Supreme Court in its above order has reiterated that the limitation period prescribed under section 34(3) of the Act is to be computed from the point of time when the party concerned received the copy of the arbitral award._*
*_Read full case law at :_* https://dasgovernance.com/2018/03/31/supreme-court-in-anilkumar-jinabhai-patel-d-thr-lrs-vs-pravinchandra-jinabhai-patel-and-ors/
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👉🏻IBBI notifies amendments to insolvency code; applicable from April 1*
( IBBI notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 (Amendment Regulations), effective April 1)
👇🏻 👇🏻 👇🏻
https://goo.gl/CZo9oW
*👉🏻SEBI tightens rules on corporate governance*
( SEBI has tightened the corporate governance norms for listed companies by accepting most of the recommendations of the Kotak Committee while also strengthening the regulations for derivatives and algorithmic trading)
👇🏻 👇🏻 👇🏻
https://goo.gl/Nh2sAS
*👉🏻RBI imposes Rs 59 cr fine on ICICI Bank for violating securities sale norms*
(RBI has imposed a penalty of Rs 58.9 crore on the country's leading private sector lender ICICI Bank for violating central bank's directions pertaining to direct sale of securities.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ixNECq
*👉🏻Income Tax Dept names and shames 24 defaulters owing Rs 4.9 bn in taxes*
(Income Tax Dept has released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues)
👇🏻 👇🏻 👇🏻
https://goo.gl/FVjHQH
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❇Direct Tax:
✳Chandigarh ITAT allows Sec. 80IC deduction to assessee-company (running a hotel in Himachal Pradesh under the Eco-tourism project) for AY 2007-08 on account of ‘substantial expansion’ in building, furniture and fixtures; Rejects Revenue’s stand that the expansion in building, furniture and fixtures cannot constitute an investment in plant and machinery for the purpose of reckoning ‘substantial’ expansion’ u/s. 80IC. [TS-145-ITAT-2018(CHANDI)]
✳ITAT holds that TP-adjustment towards notional interest on outstanding AE receivable is required to be made for AY 2004-05, notes that credit period extended to AE was higher than credit period extended to non-AEs; Assessee had argued that it did not charge interest to AE as well as non-AE for delayed payments; However, ITAT rejects interest rate of 6.75% applied by TPO based on cost of capital, directs that adjustment should be made using interest rate for export packing credit of 1.92%. [TS-199-ITAT-2018(Mum)-TP]
✳ITAT Kolkata holds that “Initial Intention” of the assessee to decide whether an activity amounts to ‘Trading activity’ or ‘Investment activity’. [I.T.O Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata)]
❇Key Dates:
✳Filing of ITR for AY 2017-18: 31.03.2018
✳Filing of ITR for AY 2016-17: 31.03.2018
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Finance Bill, 2018 has proposed that the due date for furnishing of CBC Report under sub-section (4) of Section 286 shall be as prescribed. the time for furnishing of CBC Report under sub-section (4) of Section 286 of the Act is proposed to be prescribed after the enactment of Finance Bill, 2018.
Delhi bench of Income Tax Appellate Tribunal (ITAT) ruled that the assessee cannot be penalized due to limitations of the online portal provided by the department.
31-3-18 (Saturday) is LAST DATE for eligible assessees to opt for Composition Scheme by filing intimation in Form GST CMP-02 for FY 2018-19.
The Central Board of Excise and Customs (CBEC) extended the time limit for filing of GSTR-1 for both entities who have turnover up to 1.5 crores and more than 1.5 crore.
Exporters of goods or services or both are hereby informed that they are required to furnish Letter of Undertaking for Financial Year 2018-19 prior to starting issuing export invoices if they opt to export the goods or services or both without payment of tax.
RBI rolled out the regulations to allow cross-border mergers and amalgamation that could boost foreign direct investment into the country. The Foreign Exchange Management (Cross Border Merger) Regulations, 2018, will cover both inbound and outbound investments.
SEBI approved changes proposed by the Uday Kotak panel on improving corporate governance standards such as splitting the post of chairman and managing director, tighter rules for independent directors, enhanced disclosure of related-party transactions and mandatory secretarial audits for listed entities & their subsidiaries.
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# *IT*: 31 MAR 2018 is the last date for filing IT returns for AY 2016-17 & AY 2017-18. Pls. DO NOT FORGET to Check all E-filed returns as few returns are rejected / invalid / not verified in the IT Portal.
# *ICAI*: A Chartered Accountant is not an aggrieved person against the Institute of Cost Accountants of India for using the acronym ICAI – V. Venkata Siva Kumar Vs. ICAI (CWA), UoI, ICAI (CA), CAWA (2018 (3) TMI 1433 - Madras HC).
# *GST*: CBEC EXTENDS various DUE DATES:
• *GSTR-1* for Qtr Apr to Jun 18 (taxpayers with A/T of UPTO ₹ 1.5 Cr) to 31 JUL 18 – NN-17/2018-CT, dt.28.03.2018.
• *GSTR-1* for taxpayers with A/T of MORE THAN ₹ 1.5 Cr to 31 MAY 18 (Apr), 10 JUN 18 (May) & 10 JUL 18 (Jun) – NN-18/2018-CT, dt.28.03.2018.
• *GSTR-6*: ISD Return for the m/o Jul’2017 to Apr’2018 till 31 MAY 2018 – NN-19/2018-CT, dt.28.03.2018.
• *Filing of application for refund u/s 55 by Notified Agencies* before the expiry of 18 Months (Vs. 6 M) from the last date of the qtr in which such supply was received – NN-20/2018-CT, dt.28.03.2018.
# *SEBI* board decided to accept several of the recommendations Kotak Panel including reduction in the maximum number of listed entity directorships from 10 to 8 by April 1 2019 and to 7 by April 1, 2020..
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ICAI to hold a Special Overseas Campus Placement for New and Experienced Chartered Accountants*
Read more at: http://www.taxscan.in/icai-to-hold-a-special-overseas-campus-placement-for-new-and-experienced-chartered-accountants/20022/
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ICAI sets up New Organization for Registered Valuers*
Read more at: http://www.taxscan.in/icai-sets-up-new-organization-registered-valuers/20037/
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RBI*
Banks to remain open till 8 pm on 31.03.2018 for government transactions. All electronic transactions including RTGS and NEFT will continue till midnight on 31.03.2018. Press release by RBI dated 27 March, 2018.
https://m.rbi.org.in//Scripts/BS_PressReleaseDisplay.aspx?prid=43503
*#IBBI*
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
IBBI (Insolvency Professionals) (Amendment) Regulations, 2018
*#IND-AS*
MCA Notifies *Ind AS 115, Revenue from Contracts with Customers* a new revenue standard and inserted *Appendix B, Foreign Currency Transactions and Advance Consideration* in Ind AS 21, The Effect of Changes in Foreign Exchange Rates vide its notification dated *March 28, 2018*.
These rules may be called the *Companies (Indian Accounting Standards) Amendment Rules, 2018* and is applicable for the periods beginning from *April 1, 2018*.
*#ICAI*
Last chance to avail Scheme for Retrospective Restoration of Membership - (24-03-2018)https://resource.cdn.icai.org/49377icaimss240318.pdf
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✳RBI Update:
▶The Reserve Bank of India has communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 01, 2018 will be 8.99 per cent. Vide press release 2017-2018/2580, dated 28th March 2018.
✳Direct Tax:
▶Mumbai ITAT rules that non-compete fees paid by SOTC Travel Services Pvt Ltd. (assessee) during AY 2002-03 to Director/employee of another travel company for not doing similar business for 5 years, not capital expenditure, allows deduction u/s. 37;
[TS-143-ITAT-2018(Mum)]
▶Delhi ITAT rejects PE-constitution in India for Samsung Electronics (a Korean company- assessee) through the seconded expatriate employees operating from the premises of Samsung India (assessee’s subsidiary) for AYs 2004-05 to 2009-10; [TS-142-ITAT-2018(DEL)]
✳Indirect Tax
▶CBEC has made amendment by way of notification no No.69/2011-Customs, dated the 29thJuly, 2011, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 593 (E), dated the 29th July, 2011.
✳Key Dates:
▶Filing of ITR for AY 2017-18: 31.03.2018
▶Filing of ITR for AY 2016-17 may also invite penalty of Rs. 5000: 31.03.2018
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👉🏻Due date to file FORM GST TRAN-2 extended till 30.06.2018*
(Order No. 1/2018 – Central Tax, Dated 28-03-2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/uzD9WT
*👉🏻CBEC notifies due date of Form GSTR-1 for the quarter April to June, 2018*
(Notification No. 17/2018 – Central Tax, Dated 28-03-2018 - Taxpayers with aggregate turnover of upto Rs.1.5 crore)
👇🏻 👇🏻 👇🏻
https://goo.gl/UDZ2io
*👉🏻Form GSTR-1 due date for the months of April to June, 2018 notified*
(Notification No. 18/2018 – Central Tax, Dated 28-03-2018 - Taxpayers with aggregate turnover of more then Rs.1.5 crore)
👇🏻 👇🏻 👇🏻
https://goo.gl/ZM9TWg
*👉🏻Due date to filie return in FORM GSTR-6 extended to 31st day of May, 2018*
(Notification No. 19/2018 – Central Tax, Dated 28-03-2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/Hqj5Qs
*👉🏻Extension of due date to file GST refund application U/s. 55 by notified agencies*
(Notification No. 20/2018 – Central Tax, Dated 28-03-2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/pGyRV8
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Income tax offices and Ayakar Seva Kendras (ASKs) will remain open during holidays from March 29 to 31 to facilitate filing of returns by taxpayers before the end of the current financial year.
31-03-18 is LAST DAY for filing of ITR 1 to 7 for AY 2017-18 (Note change in law. ITR CANNOT be filed later) and for AY 2016-17 with penalty of Rs. 5,000.
CBEC extended the time limit for filing Gstr-1 for Turnover above 1.5 crores for the months
Apr 18 - 31st may 18
May 18 - 10th June 18
June 18 - 10th July 18
For turnover below 1.5 crores, for the quarter Apr to June 18 to 31st July 18 Vide notification no 17/2018 and 18/2018 dated 28/3/18
Trans -2 date extended from 31st march 18 to 30th June 18 due to technical glitches vide order no 1/2018 dated 28/3/18
Finance Ministry has simplified and reduced the number of columns in the complaint form to make it easier for consumers to report any profiteering activity by businesses post GST rollout.
31.03.18 is last date to file GSTR-6 (return by an input service distributor) for the month of July, 2017 to February, 2018.
Circular 38/12/2018 dt 26.3.18 clarifies Job work issues. Reverse charge provisions in case of supplies from Unregistered persons deferred-30.6.2018
Kotak Committee on 5th Oct., 2017 has submitted to SEBI that “Secretarial Audit” to be mandatory for material unlisted subsidiaries of listed companies under SEBI LODR Regulation.
SEBI New penalty provisions are proposed to be inserted into the SCRA, the SEBI Act and the Depositories Act in cases where market intermediaries fail to conduct their business in accordance with prescribed rules or regulations.
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GST Notifications and Order dt. 28.03.2018*
*Notification No. 17/2018*
Time limit for furnishing FORM GSTR-1 for registered persons having aggregate turnover upto 1.5 crore rupees as follows :
April - June, 2018 - 31st July, 2018
*Notification No. 18/2018*
Time limit for furnishing FORM GSTR-1 for registered persons having aggregate turnover more than 1.5 crore rupees as follows :
April, 2018 - 31st May, 2018
May, 2018 - 10th June, 2018
June, 2018 - 10th July, 2018
*Notification No. 19/2018*
Time limit for furnishing FORM GSTR-6 by Input Service Distributor as follows :
July, 2017 to April, 2018 - 31st May, 2018
*Notification No. 20/2018*
Specified class of persons as notified u/s 55 of CGST Act, 2017 can make an application for refund of tax paid on inward supplies of goods or services or both as follows :
Before the expiry of 18 months from the last date of quarter in which inward supplies are received.
*Order No. 1/2018*
Time period for filing Form GST Tran 2 extended till 30th June, 2018
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# *RBI* asks all banks receiving govt. payments / taxes to keep the banking counters open up to 8pm on 31s March. All electronic transactions incl. RTGS / NEFT for govt. payments will continue till midnight on 31 MAR 2018.
# *ICAI* constitutes a Group to examine the issues arising out of the recent Supreme Court Judgement in the matter of operation of Multinational Accounting Firms in India.
# *ICAI* issued revised Standard on Auditing (SA) 299 on Joint Audit of Financial Statements.
# *IBC*: Committee reviewing the Code has proposed that a case admitted for resolution can be withdrawn if 90% of creditors agree.
# Govt. extends deadline for providing *AADHAAR* to avail Govt subsidised services and government funded welfare schemes to 30 JUN 2018.
# *NCLT*: A new Division Bench (Court # 3) & a Single Bench (Court # 4) at New Delhi for the purpose of exercising and discharging the Tribunal's powers and functions has been constituted w.re.f. 02 APR 2018.
# *IT*: Assessee, an attorney of some account holder refused to answer the notice u/s 142(1) - levy of penalty u/s 271(1)(b)- confirmed - Sanjay Dalmia Vs. Pr.CIT (2018 (3) TMI 1411 - Delhi HC).
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Govt reveals Amount of GST Compensation Paid to States till Feb 2018*
Read more at: http://www.taxscan.in/govt-reveals-amount-gst-compensation-paid-states/19973/
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After IT Offices, All Field Formations of Customs under CBEC to remain Open on Thursday to Saturday* [Read Circular]
Read more at: http://www.taxscan.in/after-it-offices-all-field-formations-of-customs-under-cbec-to-remain-open-on-thursday-to-saturday-read-order/19980/
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Govt Extends Due Date for Filing Refund Application by Notified Agencies* [Read Notification]
Read more at: http://www.taxscan.in/govt-extends-due-date-for-filing-refund-application-by-notified-agencies-read-notification/19998/
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Expenses Incurred to keep the Status of Company Active is Eligible for Deduction: ITAT [Read Order]
Read more at: http://www.taxscan.in/expenses-incurred-status-company-active-eligible-deduction-itat/19950/
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HIGH COURT OF MADRAS : In Pradeep D Kothari vs. IDBI Bank Ltd.*
*_Advertisement in winding up proceedings is a must, as these proceedings are in rem._*
*_Read full case law at :_* https://dasgovernance.com/2018/03/29/high-court-of-madras-in-pradeep-d-kothari-vs-idbi-bank-ltd/
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📺 *Updates*
➡1. FAQs on Reporting of Foreign Currency Cash Flows in cash flow statement.
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000014872&mode=home&page=
➡2. Commission paid by SBI to non-resident for mobilising deposits isn't taxable in India
State Bank Of India v. Assistant Commissioner of Income-tax, Circle (2)(2), Mumbai*
➡3. Seizure order was liable to be set aside if no opportunity of being heard was given to assessee: HC
M.K. Enterprises v. State of U.P.*
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CBDT extended deadline for PAN-Aadhaar linking from 31 March to June 30-2018.
https://www.moneycontrol.com/news/india/pan-aadhaar-linking-deadline-extended-to-june-30-cbdt-2537831.html
CBDT issues clarification regarding requirement for furnishing of country by country report under section 286(4) of IT Act, 1961.
CBEC has issued a notification that the return in FORM GSTR-3B for the month of April, May, and June, 2018 shall be furnished electronically through the common portal, on or before 20th May, 20th June & 20th July, 2018 respectively.
RERA has made it compulsory for developers to get title insurance for all projects, opening a new segment of over Rs 10,000 crore for insurance companies.
A high-level panel set up to review the Insolvency and Bankruptcy Code (IBC) is likely to have recommended against extending a 270-day moratorium for restructuring a company after its case is admitted by the NCLT.
ICAI has formed a special group to interact with the Government on day-to-day basis for the formation of National Financial Reporting Authority (NFRA) Rules.
ICAI has decided to give an opportunity by way of Scheme for restoration of their members names retrospectively upto 31 March, 2018.
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DISA: The Question/answer Database for DISA/CISA Exam (Covering 700 plus QA)
http://www.casango.org/qa_for_disa/
GST: A taxpayer is not required to submit hard copy to jurisdictional officer in case he has filed LUT through online mode. @askGSTech
#GST: GST issues related to Job Work: CBEC issues clarification vide Circular No. 38/12/2018 - (26/03/2018)
ICAI: Last chance to avail Scheme for Retrospective Restoration of Membership - (24-03-2018)https://resource.cdn.icai.org/49377icaimss240318.pdf
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# *CBDT* has extended Aadhaar-PAN linking deadline to 30 JUN 2018.
# *CBDT* issues Order U/s 119 of the Act on all income tax offices to remain open on 29, 30 & 31 MAR 2018.
# *AADHAAR*: No extension of time (31 MAR 2018) for linking Aadhaar to welfare schemes – Supreme Court.
# *GST*: CBEC has issued Clarification on Job Work with respect to requirement of registration for the principal / job worker, Place of supply, Valuation - Circular No.38/12/2018, dt.26.03.2018.
# *GST*: MoF has simplified and reduced the number of columns in the complaint form to report any profiteering activity by businesses.
# *ICAI* launches Scheme for Retrospective Restoration of Membership - https://resource.cdn.icai.org/49377icaimss240318.pdf
# *IT*: Even though there is merits of the reassessment proceedings, the Respondents will have to first show whether the Respondent is entitled to invoke jurisdiction u/s 147, 148 – Zuari Foods & Farms Pvt. Ltd. Vs. ACIT (2018 (3) TMI 1359 - Bombay HC).
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*Warehouse Rent Taxable as Business Income*: ITAT [Read Order]
Read more at: http://www.taxscan.in/warehouse-rent-taxable-as-business-income-itat/19878/
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Clarifications on Issues relating to Job Work: Circular No. 38/12/2018 dated 26-3-18
1. Where inputs/capital goods sent for job work are not retuned with in one/three year from sending the goods, the activity of sending the goods for job work shall be deemed to be a supply by the principal on the day when the said inputs / capital goods were sent out by him. Thus, essentially, sending goods for job work is not a supply as such, but it acquires the character of supply only when the inputs/capital goods sent for job work are neither received back by the principal nor supplied further by the principal from the place of business / premises of the job worker within one/three years of being sent out. Interest for the intervening period shall also be payable on the tax.
2. If such goods are returned by the job worker after the stipulated time period, the same would be treated as a supply by the job worker to the principal and the job worker would be liable to pay GST if he is liable for registration in accordance with the provisions contained in the CGST. It may be noted that if the job worker is not registered, GST would be payable by the principal on reverse charge basis in terms of the provisions contained in section 9(4) of the CGST Act. However, the said provision has been kept in abeyance for the time being.
3. Job worker, in addition to the goods received from the principal, can use his own goods for providing the services of job work. However the job worker is expected to work on the goods sent by the principal and whether the activity is covered within the scope of job work or not would have to be determined on the basis of facts and circumstances of each case.
4. It is not obligatory on principal to follow special procedure for Job Work u/143.
5. It is only a registered person who can send the goods for job work without payment of tax. [Thus if unregistered person send goods to job worker and value of goods in aggregate exceeds Rs. 20 lacs, unregistered person shall stand in the shoes of taxable person and shall be liable to pay tax on goods sent for job work even if he does not get registered]
6. Where Job Worker is in different state then he is under obligation to get registered if makes any taxable supply [S.24(i)] irrespective of his job charges being lesser than 20 lacs. However, exemption from registration has been granted in case the aggregate turnover of the interState supply of taxable services does not exceed Rs 20 lakhs vide notification No. 10/2017 – Integrated Tax dated 13.10.2017.
7. By virtue of Notification No. 14/2018 dated 23-3-18, henceforth when goods are sent from one job worker to another job worker, the challan may be issued either by the: principal or the job worker or subsequent job worker sending the goods to another job worker with endorsement on the challan issued by principal indicating therein the quantity and description of goods being sent to another job worker [14/2018 dated 23-03-2018]
8. Goods can also be returned by Job Worker to the principal with endorsement on the challan issued by principal indicating therein the quantity and description of goods being returned [14/2018 dated 23-03-2018]
9. Where goods are directly sent to the job worker by the supplier, delivery challan is required to be sent by principal to the job worker as per Rule 45 although goods are being sent under the cover of invoice of supplier
10. In case of import of goods by the principal which are then supplied directly from the customs station of import, the goods may move from the customs station of import to the place of business/premises of the job worker with a copy of the Bill of Entry and the principal shall issue the challan under rule 45 of the CGST Rules and send the same to the job worker directly.
11. Where goods are sent by principal to only one job worker: The principal shall prepare in triplicate, the challan in terms of rules 45 and 55 of the CGST Rules, for sending the goods to a job worker. Two copies of the challan may be sent to the job worker along with the goods. The job worker should send one copy of the said challan along with the goods, while returning them to the principal.
12. Where the goods are returned to the principal by the job worker: The job worker should send one copy of the challan received by him from the principal while returning the goods to the principal after carrying out the job work.
13. Where goods are returned in piecemeal by the job worker: In case the goods after carrying out the job work, are sent in piecemeal quantities by a job worker to another job worker or to the principal, the challan issued originally by the principal cannot be endorsed and a fresh challan is required to be issued by the job worker.
14. The FORM GST ITC-04 will serve as the intimation as envisaged under section 143 of the CGST Act, 2017, by the 25th day of the month succeeding the quarter
15. Value of such moulds and dies, jigs and fixtures or tools supplied by principal may not be included in the value of job work services provided its value has been factored in the price for the supply of such services by the job worker.
16. Section 143 of the CGST Act provides that the principal may supply, from the place of business / premises of a job worker, inputs after completion of job work or otherwise or capital goods (other than moulds and dies, jigs and fixtures or tools) within one year or three years respectively of their being sent out, on payment of tax within India, or with or without payment of tax for exports, as the case may be. This facility is available to the principal only if he declares the job worker’s place of business / premises as his additional place of business or if the job worker is registered. It is also clarified that in case of exports directly from the job worker’s place of business/premises, the LUT or bond, as the case may be, shall be executed by the principal.
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31-03-18 is last day for filing of ITR 1 to 7 for Financial Year 2016-17 (Note- change in law ITR cannot be filed later) and for Financial Year 2015-16 with penalty.
31-03-18 is last date to file GSTR-6 (return by an input service distributor) for the month of July, 2017 to February, 2018.
Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council's nod.
CBEC prescribes due dates for filing GSTR-3B for April to June Notification March 23, 2018.
SEBI has completed the investigation against 20 brokers, who allegedly gained unfair access to NSE's trading facility and colocation (colo) controversy.
Delhi High Court allows Manual Filing of Returns by Disqualified Directors under Condonation of Delay Scheme ( COD Scheme ) manually instead of online.
MCA has notified the Companies (Incorporation) Second Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e 23-03-2018.
UIDAI introduces face authentication as means of verifying Aadhar users alongwith iris or fingerprint scan w.e.f. 01.07.2018. PTI.
ICAI given an opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 31st March, 2018 in order to be eligible for inclusion of name in the List of Voters as on 1st April 2018.
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✳Direct Tax:
▶Kerala HC reverses ITAT order, upholds re-assessment initiated (beyond 4 years) for AY 1994-95 on Tata Ceramics Ltd. (‘assessee’, which did not commence production in subject AY), due to assessee's failure to disclose the entire interest income from Bank deposits in its return of income; [TS-138-HC-2018(KER)]
▶SC dismisses CBDT’s SLP against Meghalaya HC ruling allowing Sec. 244A interest on TDS refund to assessee-deductee (a co-operative bank) for AYs 2000-01 to 2003-04; [TS-127-SC-2018]
▶Mumbai ITAT deletes penalty imposed u/s 221(1) r.w.s. 140A(3) (for failure to pay self-assessment tax [‘SA tax’] within the stipulated time) for AY 2009-10, holds that amended Sec. 140A(3) does not envisage any penalty for non-payment of self-assessment tax; [TS-139-ITAT-2018(Mum)]
✳Indirect Tax
▶CBEC has made amendment in the Central Goods and Services Tax Rules, 2017. These rules may be called the Central Goods and Services Tax (Third Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette. Vide notification no14/2018 – Central Tax, dated 23rd March 2018.
✳Key Dates:
▶Filing of ITR for AY 2017-18: 31.03.2018
▶Filing of ITR for AY 2016-17 may also invite penalty of Rs. 5000: 31.03.2018
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IBC* panel recommends easing insolvency rules for MSME owner, treat home buyers as financial creditors.
# *CBDT* issues clarification on requirement for furnishing of Country-by-Country report u/s 286(4) of IT Act – Press Release, dt.23.03.18.
# *MCA* vide its office order dt.23.03.2018 reshuffles its top level officers from one office under the MCA to another with immediate effect.
# *GST*: SC directed the Monitoring Committee to take necessary action to enable the lessee to claim and obtain input tax credit for GST payable on sale value of mineral purchased through e-auction - Samaj Parivartana Samudaya & Ors. Vs. State of Karnataka & Ors. (2018 (3) TMI 1321 - SC).
# *IBC*: No bar on NCLT to trigger an IRP on an application filed U/Ss 7, 9 & 10, if a winding up petition is pending unless an official liquidator has been appointed and a winding up order is passed – UBI & Ors. Vs. Era Infra Eng. & Ors (2018 (3) TMI 1320 – NCLT, ND).
# *IT*: The assessee failed to discharge its burden in proving that there was a reasonable cause in accepting the deposits from staff members other than by way of cheque or draft - ITAT erred egregiously in deleting the penalty u/s 271D – CIT Vs. Al-Ameen Edu. Trust (2018 (3) TMI 1317 - Kerala HC).
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*#GST:* e-way bill system for inter-State movement of goods from 1st April, 2018 – notification no.15/2018-Central Tax, dt. 23-03-2018
*#GST:* Reverse charge mechanism u/s 9(4) of CGST Act suspended till 30.06.2018.
*#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). This is the last chance as Law is changed now.
*#Case Study:* Sec. 14A – End of controversy relating to strategic investments & stock-in-trade - Max opp Investment Ltd Vs. CIT (Supreme Court of India)
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12 NBFCs surrender registrations to RBI, one gets blacklisted*
🧘🏽♂The Financial Intelligence Unit (FIU), under the Ministry of Finance, had last year released a list of high risk NBFCs.
🍂As of September 2017, there were 11,469 non-banking financial companies (NBFCs) registered with the Reserve Bank of India. Over 82% of them have been categorised as high-risk financial institutions by FIU
🍇According to a report, under the Prevention of Money Laundering Act (PMLA), all NBFCs have to appoint a principal officer in the financial institutions and report all suspicious and cash transactions of over Rs 10 lakh to the Financial Intelligence Unit (FIU). But, these companies have been found flouting these rules as on January 31, 2018.
🕯Lat month, RBI had launched an Ombudsman Scheme for NBFCs for redressal of complaints against them.
⚙The offices of the NBFC ombudsmen will function at four metro centres -- Chennai, Kolkata, Mumbai and New Delhi.
🍸 *The 12 NBFCs that have surrendered their Certificates of Registrations are*
_*New Delhi based*_
1. Surya India Limited,
2.United Finance and Agencies Private Limited (Presently known as M/s Ram Pershad Enterprises Private Limited);
*Kolkata based*
3.Ankit India Limited,
4.TCI Bhoruka Projects Limited (Formerly known as M/s Karnatak Trading Corporation Limited), 5.Grand Central Tea Industries Limited (Presently known as M/s Jagdamba TMT Mills Limited),
6. Mohta Holdings Private Limited;
*Punjab based*
7. M/s PLG Investments Private Limited (Presently known as PLG Diagnostics Private Limited),
8. HSJ Investments and Holdings Private Limited,
9. Maharaja Financial and Management Services Limited;
10. .Andhra Pradesh based Rajampet Permanent Fund Limited;
*Pune based*
11. Pudumjee Investment & Finance Co. Ltd; and
*Chennai based*
12. Panel Developers Private Limited(Presently M/s Nakoda Chennai Developers Private Limited). (KNN Bureau)