The process of registration as the registered valuer with the IBBI is as under:
A.For Individuals
Step 1: Satisfy yourself that you meet the eligibility requirements prescribed in rule 3 and qualification and experience prescribed in rule 4 of the Rules.
Step 2: Thereafter, seek enrolment as a valuer member of a RVO recognized by the IBBI.
Step 3: As a member of a RVO, complete the educational course recognised by the IBBI.
Step 4: Register and pass the computer based Valuation Examination of the relevant Asset Class conducted by the IBBI. Details of the Valuation Examination are available at IBBI website (www.ibbi.gov.in).
Step 5: Within three years of passing the valuation examination, submit Form A appended to the Rules, duly filled in along with a payment of Rs.5900 (Fee of Rs.5000 + 18% GST) in favour of the Insolvency and Bankruptcy Board of India and supporting documents, to your RVO. Quote GST number, if required by you. The Form A is to be submitted, documents to be uploaded and payment is to be made online. Please visit the IBBI web site www.ibbi.gov.in for this purpose.
Step 6: Thereafter, RVO shall verify Form A and other requirements and then submit the Form A along with its recommendation for registration as a valuer to the IBBI. The Form is to be submitted by the RVO online.
Step 7: On receipt of Form A along with recommendation of the RVO, the fee and other documents, the IBBI shall process the application for registration in accordance with the Rules.
https://aishmghrana.me/
B.For Entities (Partnership Firms, LLP and Companies)
Step 1: Satisfy yourself that you meet the eligibility requirements prescribed in rule 3 and qualification and experience prescribed in rule 4 of the Rules.
Step 2: Submit Form B appended to the Rules, duly filled in along with a payment of Rs.11,800 (Fee of Rs.10,000 + 18% GST) in favour of the Insolvency and Bankruptcy Board of India and supporting documents, to your RVO. Quote GST number, if required by you. The Form B is to be submitted, documents to be uploaded and payment is to be made online. Please visit the IBBI web site www.ibbi.gov.in for this purpose.
Step 3: Thereafter, RVO shall verify Form B and other requirements and then submit the Form B along with its recommendation for registration as a valuer to the IBBI. The Form is to be submitted by the RVO online.
Step 4: On receipt of Form B along with recommendation of the RVO, the fee and other documents, the IBBI shall process the application for registration in accordance with the Rules.
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Govt. notifies new Income Tax Return Forms for AY 2018-19* [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-new-income-tax-return-forms-ay-2018-19/20467/
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Pension Received from Former Employer is Taxable under the head ‘Salaries’: CBDT*
Read more at: http://www.taxscan.in/pension-taxpayer-former-employer-taxable-salaries-cbdt/20462/
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Petition in Karnataka HC challenging the Validity of Circular Imposing Maximum GST on Payment into Horse Racing Totalisator*
Read more at: http://www.taxscan.in/karnataka-hc-validity-circular-imposing-maximum-gst-payment-horse-racing-totalisator/20454/
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CBIC Notifies Regulations for Pre-Notice Consultation* [Read Regulations]
Read more at: http://www.taxscan.in/cbic-notifies-regulations-pre-notice-consultation/20427/
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Section 40(3) of the Finance Act, 1983 is Constitutional: Bombay HC* [Read Judgment]
Read more at: http://www.taxscan.in/section-403-finance-act-1983-constitutional-bombay-hc/20438/
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Kerala HC to decide the Constitutional Validity of Savings & Repeal Provisions of Kerala GST Act, 2017*
Read more at: http://www.taxscan.in/kerala-hc-constitutional-validity-savings-repeal-provisions-kerala-gst-act-2017/20445/
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*Ind AS Implementation for banks has been Deferred by 1 year vide RBI circular today*
*Relevant Para of the circular is pasted for ready reference*: Scheduled Commercial Banks (SCBs), excluding Regional Rural Banks (RRBs), were required to implement Indian Accounting Standards (Ind AS) from April 1, 2018 vide our Circular dated February 11, 2016. However, necessary legislative amendments to make the format of financial statements, prescribed in the Third Schedule to Banking Regulation Act 1949, compatible with accounts under Ind AS – are under consideration of the Government.
In view of this, as also the level of preparedness of many banks, it has been decided to defer
implementation of Ind AS by one year by when the necessary legislative changes are expected.
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📺 *Updates*
➡1. Sum paid by Prasar Bharati to advertising agencies liable to Sec. 194H TDS: SC
Director, Prasar Bharati
v. Commissioner of Income-tax, Thiruvananthapuram
➡2. No sec. 234B interest during reassessment if advance tax originally paid was refunded in original assessment.
Commissioner of Income-tax, Thiruvananthapuram v. Baby Marine Exports
➡3. ITAT allowed deduction of ex-gratia payment made to labourers employed by truck owners providing mining of sand
M.P. State Mining Corpn. Ltd.
v. Assistant Commissioner of Income Tax, 2(1)*
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Domain Registration Fee Taxable as Royalty: ITAT* [Read Order]
Read more at: http://www.taxscan.in/domain-registration-fee-royalty-itat/20379/
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14A applies Irrespective of whether Shares are held as Stock-in-Trade or to Gain Control: SC* [Read Judgment]
Read more at: http://www.taxscan.in/14a-shares-held-stock-trade-gain-control/20411/
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GSTN Glitches: Identified Taxpayers can file TRAN-1 till 30th April* [Read Circular]
Read more at: http://www.taxscan.in/gstn-glitches-identified-taxpayers-can-file-tran-1-till-30th-april/20387/
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Major Amendments in Income Tax applicable for A.Y. 2018-19: *
1. Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
2. No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
3. For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales.
4. Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
5. Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
6. Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%.
7. Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @ 5%.
8. Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001.
9. Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.50 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.
10. Donation made exceeding Rs.2000 will be not be eligible for deduction under section 80G.
11. Shares of unquoted shares to be taxed at (deemed) fair value.
12. Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds).
13. Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years.
14. No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement.
15. In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
16. From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter. Such fee will be restricted to Rs.1,000 for small taxpayers with income up to Rs.5 lakh.
17. A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income). Those filing returns for the first time in this category will generally not be subject to scrutiny.
18. Time period for revision of tax return cut to one year (from 2 years) from the end of relevant financial year or before completion of assessment, whichever is earlier.
19. Where Section 12AA registered trusts modify their object clause, they need to apply within 30 Days to CIT for approval.
20. It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose Aadhar number. Generally the last date of filing IT return is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest.
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Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.
No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).
For below Rs. 2 crores turnover cases - For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/ Gross Receipt. It is 8% For Cash Sales.
Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).
Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).
Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%.
Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @ 5%.
Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01/04/1981 to 01/04/2001.
Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.50 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.
Donation made exceeding Rs.2000 will be not be eligible for deduction under section 80G.
Shares of unquoted shares to be taxed at (deemed) fair value.
Tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds).
Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of IT act 1961 is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years.
No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement.
In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter. Such fee will be restricted to Rs.1,000 for small taxpayers with income up to Rs.5 lakh.
A simple one page tax return form is to be introduced for Individual with taxable income up to Rs. 5 lakh (excluding Business Income). Those filing returns for the first time in this category will generally not be subject to scrutiny.
Time period for revision of tax return cut to one year (from 2 years) from the end of relevant financial year or before completion of assessment, whichever is earlier.
Where Section 12AA registered trusts modify their object clause, they need to apply within 30 Days to CIT for approval.
It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose Aadhar number. Generally the last date of filing IT return is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest.
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# *CBEC* (Central Board of Excise and Customs) is now *CBIC* (Central Board of Indirect Taxes and Customs) w.e.f. 01 APR 2018.
# *GST*: CBIC issues directions for setting up of an IT Grievance Redressal Mechanism to address the grievances of taxpayers due to technical glitches on GST Portal – Cir.No.39/13/2018-GST, dt.03.04.18.
# *ICAI* had approached all Public Sector Banks (PSBs) to use ICAI application software for the selection of statutory auditors for FY 2017-18. This year, three banks, namely Dena Bank, Syndicate Bank and OBC have selected their statutory auditors using the ICAI application.
# *ICAI* invites CAs to work as Consultants (5 Nos) with 3+ Years to 10+ Years experience in Industry / Practice to work with ICAI ARF on Applied Research Project at Chennai.
# *CBDT* has signed 14 unilateral advance pricing agreements (APAs) with Indian taxpayers and two bilateral APAs with the US in March as it looks to reduce litigation by providing certainty in transfer pricing.
# *RBI* has ordered banks to harmonise Base Rate with the marginal cost of funds-based lending rate (MCLR) beginning April 2018 to ensure that customers benefit from the interest rate movements set by the regulator.
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CBDT releases interim action plan for first quarter of FY 2018-19;
Sets May 31st deadline for issue of Sec. 142(1)/148 notices in all cases in respect of cash deposits data pushed under ‘Operation Clean Money’;
Sets June 30th deadline for disposal of assessments in at least 25 cases (20 in International Taxation cases) per AO of limited scrutiny, set-aside assessment, reopened assessment u/s 147 and OCM scrutiny;
Sets June 30th deadline for collection of 100% demand as on April 1, 2018 in cases where TDS has been made but not deposited in the Govt. account;
Further instructs processing of TDS/TCS defaults for prosecution in atleast 10 cases already identified in earlier two financial years and updating their status by June 30;
TPOs & each DRP to pass a minimum no. of orders through the Income tax Business Application Module (ITBA),
Sec. 201(1)/(1A) orders to be passed in all cases where TDS surveys have been conducted till 31st March, 2018;
Further CBDT sets KRAs in respect of audit objections, investigation units & LTUs.
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GSTN portal does not allow you to enter same invoice number in 2018-2019, which you had entered in any GSTR-1 of 2017-2018.
Eg., You had entered Invoice number 01 dated 01-07-2017 in GSTR-1 of October 2017. Now if you have issued invoice number 01 dated 02-04-2018 and try to capture this invoice in GSTR-1 of April 2018 (or later) you will receive processing error.
Please be advised and advice your colleagues and clients accordingly.
As per GST rule 46(b)
"46. Tax Invoice -
Subject to rule 54, a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars, namely,
(a)...
...
(b) a consecutive serial number not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and any combination thereof, unique for a financial year;
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1⃣ MCA has vide this notification NO. S.O. 1965(E) dated 02.04.2018 removed the word seven years as mentioned in Notification number S.O. 529(E), dated the 5th February, 2018 which effectively means that AS 22 or Ind AS 12 will never apply to certain government companies.
Read more at:- http://egazette.nic.in/WriteReadData/2018/184447.pdf
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2⃣ Securities and Exchange Board of India's (SEBI) Board, at a meeting held in Mumbai has decided to accept several recommendations of the kotak Committee with and without any modifications including Separation of CEO/MD and Chairperson (to be initially made applicable to the top 500 listed entities by market capitalization w.e.f. April 1, 2020).
Read more at:- https://www.sebi.gov.in/media/press-releases/mar-2018/sebi-board-meeting_38473.html
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3⃣ RBI has rolled out the FEMA (Cross Border Merger) Regulations, 2018, to allow cross-border mergers and amalgamation. The ministry of corporate affairs had already notified Section 234 of the Companies Act, 2013, paving the way for merger and amalgamation of a foreign company with an Indian company and vice-versa.
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ITAT allows Deduction to Eco-Tourism Units including Hotels* [Read Order]
Read more at: http://www.taxscan.in/itat-allows-deduction-eco-tourism-units-including-hotels/20311/
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GST: Profiteering Notice to Dominos’ Parent Co for Pizza Over Pricing*
Read more at: http://www.taxscan.in/gst-profiteering-notice-dominos-pizza-pricing/20330/
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*Settlement Commission can’t make Suo Motu Rectification of its own order passed u/s 245D (4) in respect of Any Debatable issue: Bombay HC* [Read Judgment]
Read more at: http://www.taxscan.in/settlement-commission-suo-motu-rectification-debatable-issue-bombay-hc/20285/
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# *ICAI* (AASB) constitutes an Expert Panel for Addressing *Bank Branch Audit* related Queries for FY 2017-18 b/w 1st and 15th APR 2018. The queries can be sent at bankauditfaq@icai.in.
# *MCA* has issued a circular for Relaxation of additional fees and extension of last date of filing of Form AOC-4 XBRL E-Forms using Ind AS under the Companies Act, 2013 to 30 APR 2018.
# *GST*: Implementation of inter-state E-way bill w.e.f. 1st April, 2018 has been smooth so far, intra-state rollout schedule for e-way bills is expected soon.
# *IT*: The new income-tax filers increased by 99.49 Crore in 2017-18 to 6.84 Crore, up 26% from 5.43 crore in FY 2016-17.
# *IT*: Direct tax collections increased by 17.1% at Rs 9.95 lakh crore Vs. budget estimate of Rs.9.8 lakh crore and 99% of the revised 2018 budget estimate of Rs.10.05 lakh crore.
# *IT*: Claim of TDS credit - assessee following cash accounting method - TDS certificates shows higher gross receipts then what is shown in the return of income and profit & loss account - additions were corrected deleted by the CIT(A) – ACIT Vs. Rajiv Nayar (2018 (3) TMI 1574 - ITAT Delhi).
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Vehicle no. in specified format in Part B of e-way bill can be updated in 15 days from generation of Part A, instead of 72 hours earlier.
GST- Action Point for Financial Year 2018-19:
• Company may develop the new series of all documents to be issued like Tax invoice. Export Invoice, Bill of supply, Receipt voucher, Payment voucher, Refund voucher, Debit note, Credit Note, Delivery challans for new Financial Year 2018-19.
• Company required to mentioned HSN on the basis of Annual turnover in the preceding F.Y. Up to rupees 1.5 Crore - Nil. More than rupees 1.5 Crore and up to rupees 5 Crore - 2. More than rupees 5 crores - 4.
• Company need to apply for fresh LUT for Financial Year 2018-19, in case exporters exporting goods/services without payment of Tax and for supplies made to SEZ without payment of tax.
• Interstate E-way bill is applicable w.e.f 1-04-2018.
• Filing of TRANS 2 for July to December 2017.
• Option to file TRAN 1 available for assessee’s who have earlier submitted the TRAN1 but could not file due to technical difficulties.
• In case the turnover of assessee exceeds 1.5 Crores, opt for filing monthly returns, otherwise opt for quarterly returns. (At time of filing GSTR 3B for the month of April-18).
• Company required to fill Form GST CMP 02 in case it want to opt composition scheme.
• Decision to opt for special valuation provisions or go with normal provisions specifically in case of supply of services in relation to the sale or purchase of foreign exchange.
• ITC Credit: As per 2nd provision of section 16(2) of CGST Act, 2018 in case the payment for purchase not made within 180 days, then the assessee is required to reverse the ITC booked with interest. Thus, command require to analyses the creditors for FY 2017-18.
• Banking companies and financial institutions to decide either to opt normal provisions for calculation of ITC required to be reversed or go with special provision (50% reversal).
• Calculate final amount of ITC reversal i.e. D1 and D2 on the basis of actual turnover of F.Y. 2017-18.
• Annual Reconciliation of Books and GST returns: For this company is required to reconcile the Sale Ledger/ GST Liability / Cash Ledger/ Credit Ledger as per books and as per GST returns. Further in case there is difference then company is required to take the effect of same in March 2018 GSTR 3B and. GSTR 1
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# *ICAI* (AASB) constitutes an Expert Panel for Addressing *Bank Branch Audit* related Queries for FY 2017-18 b/w 1st and 15th APR 2018. The queries can be sent at bankauditfaq@icai.in.
# *MCA* has issued a circular for Relaxation of additional fees and extension of last date of filing of Form AOC-4 XBRL E-Forms using Ind AS under the Companies Act, 2013 to 30 APR 2018.
# *GST*: Implementation of inter-state E-way bill w.e.f. 1st April, 2018 has been smooth so far, intra-state rollout schedule for e-way bills is expected soon.
# *IT*: The new income-tax filers increased by 99.49 Crore in 2017-18 to 6.84 Crore, up 26% from 5.43 crore in FY 2016-17.
# *IT*: Direct tax collections increased by 17.1% at Rs 9.95 lakh crore Vs. budget estimate of Rs.9.8 lakh crore and 99% of the revised 2018 budget estimate of Rs.10.05 lakh crore.
# *IT*: Claim of TDS credit - assessee following cash accounting method - TDS certificates shows higher gross receipts then what is shown in the return of income and profit & loss account - additions were corrected deleted by the CIT(A) – ACIT Vs. Rajiv Nayar (2018 (3) TMI 1574 - ITAT Delhi).
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MCA allows Rendering of Valuation Services without a Certificate of Registration till 30th Sept, 2018*
Read more at: http://www.taxscan.in/mca-allows-rendering-valuation-services-certificate-registration-30th-sept-2018/20280/
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📺 *Updates*
➡1. Goods seized in transit under GST were to be released on payment of tax indicated in SCN: HC
Iqra Roadways (India) v. State of U.P.*
➡2. No detention of goods if documents to be accompanied with inter-State transportation of goods weren't notified by CG
Ascics Trading Company v. Assistant State Tax Officer*
➡3. CBEC issues updated FAQs on E-way bill
https://gst.taxmann.com/topstories/222330000000014951/cbec-issues-updated-faqs-on-e-way-bill.aspx
🙏Thank you🙏
Have a nice day