GST Evasion: Around 47000 Entities under Tax Scanner*
Read more at: http://www.taxscan.in/gst-evasion-47000-entities-tax-scanner/20725/
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*Karnataka State Elections: ICAI postpones CA Exams* [Read Announcement]
Read more at: http://www.taxscan.in/icai-postpones-ca-exams-karnataka-elections/20762/
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GST to Boost GDP If Implemented Properly, says Asian Development Bank* [Read Report]
Read more at: http://www.taxscan.in/gst-boost-gdp-implemented-properly-asian-development-bank/20730/
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*Merchant Trade Transactions Exempted from GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/merchant-trade-transactions-exempted-gst-aar/20710/
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GST Rate of Rubber Wood is 18%: AAR* [Read Order]
Read more at: http://www.taxscan.in/gst-rate-rubber-wood-18-aar/20789/
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CBDT releases Draft Notification to Amend Income Tax Rules, 1962* [Read Draft Notification]
Read more at: http://www.taxscan.in/cbdt-releases-draft-notification-amend-income-tax-rules-1962/20775/
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One Year Limitation for GST Transitional Credit Constitutionally Valid: Bombay HC* [Read Judgment]
Read more at: http://www.taxscan.in/one-year-limitation-gst-transitional-credit-constitutionally-valid-bombay-hc/20780/
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CBEC
In an attempt to reduce the number of litigations, the CBEC has issued a circular, regarding Reduction of litigation in Central Excise and Service Tax by amending instruction for legacy matters and approval to extend withdrawal on the basis of identical matters. The CBEC, decided to curb the litigation on classification and refund issues which are of legal and/or recurring nature and has approved to extend withdrawal of cases pending in the CESTAT/ High Court as well as Departmental cases with the Commissioner (Appeals) wherein the Supreme Court has already decided on an identical matter and the decision has been accepted by the department. Further, this exercise has been undertaken as an endeavour to reduce litigations so that cases on similar questions of law or identical case on facts pending in the field can be expeditiously decided.
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MCA
MCA has constituted a Committee on Corporate Social Responsibility (CSR) by an office order dated on 04.04.2018. The Committee will be headed by Shri. Manmohan Juneja, RD (WR) and has 10 other members with one convener. The Committee will review the functioning of CSR enforcement and will recommend a uniform approach for its enforcement. As per the Order, the Committee would have to submit their recommendations within 60 days to the Ministry. Two Sub Committees are also formed to aid and assist the Steering Committee. The guidelines issued will empower the Committee to invite any person of appropriate stature having expertise with the Companies Act. The order also contains Terms of Reference (TOR) for both the Steering Committee as well as the Sub Committee.
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*Schools up to Higher Secondary Level supplies Food directly to Students are Exempted from GST: Finance Ministry*
Read more at: http://www.taxscan.in/schools-higher-secondary-level-supplies-food-directly-students-exempted-gst/20798/
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IBBI
The Insolvency and Bankruptcy Board of India (IBBI) has recently notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 in the Gazette of India dated 28th March, 2018. In terms of the amended regulations, the IPEs recognized as on 1st April, 2018 need to comply with the provisions of clauses (e), (f) and (g) of sub-regulation (1) on or before 30th June, 2018 and the provisions of clauses (a), (b) (c) and (d) of sub-regulation (1) on or before 30th September, 2018. The IPE are requested to ensure compliance with the provisions of Regulation 12(1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 by 30th June, 2018 or 30th September,2018, as the case may be, under intimation to the IBBI, failing which the IPE may be derecognised in accordance with regulation 14.
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SEBI
SEBI has issued a circular w.r.t Monitoring of Foreign Investment limits in Listed Indian Companies. The Foreign Exchange Management Act, 1999 (FEMA) prescribes the various foreign investment limits in listed Indian Companies. These include the aggregate FPI limit, the aggregate NRI limit and the sectoral cap. Further, in order to facilitate the Listed Indian Companies to ensure compliance with the various Foreign Investment Limits, SEBI in consultation with RBI has decided to put in place a new system for monitoring the foreign investment limits. The architecture of the new system has been explained in this circular. The depositories (NSDL and CDSL) and Stock Exchanges shall put in place the necessary infrastructure and IT systems for operationalizing the monitoring mechanism, in respect of listed Indian companies. The new system for monitoring shall be made operational on 01st May, 2018. The existing mechanism for monitoring the foreign investment limits shall be done away with once the new system is operationalized.
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# *GST*: The Govt. is considering converting GST Network (GSTN) into a state-owned company by hiking its stake in the Company.
# *BANK AUDIT*: A clarification on RBI Circular, dt.07.02.2018 on relaxation of Prudential Norms for MSME through video representation by CA B D Gupta Ji, Past Chairman, NIRC and eminent speaker on Bank Audit is available at https://youtu.be/bQxyt1a2wA0.
# *CBDT* has Notified Income Tax Return Forms (ITR Forms) for the Asst.Year 2018-19.
# *CBEC* has issued a circular regarding Reduction of litigation in Central Excise and Service Tax by amending instruction for legacy matters and approval to extend withdrawal on the basis of identical matters.
# *IBC*: IBBI has recently notified the IBBI (Insolvency Professionals) (Amendment) Regulations, 2018. In terms of the amended regulations, The IPE are requested to ensure compliance with the provisions of Regulation 12(1) by 30 JUN 2018 or 30 SEP 2018.
# *MCA* has Constituted a Committee on Corporate Social Responsibility (CSR) headed by Shri. Manmohan Juneja, RD (WR) to review the functioning of CSR enforcement and will recommend a uniform approach for its enforcement.
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*Bombay HC upholds GST on Long Term Lease Premium* [Read Judgment]
Read more at: http://www.taxscan.in/bombay-hc-upholds-gst-long-term-lease-premium/20701/
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Like medical reimbursement, transport allowance also fully taxable wef FY 18-19, in lieu of Standard Deduction of 40000. CBDT notification 17/2018 of 06.04.2018
CBEC has issued a circular, regarding Reduction of litigation in Central Excise and Service Tax by amending instruction for legacy matters and approval to extend withdrawal on the basis of identical matters.
CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically submitted to Jurisdictional Office.
GST: After Karnataka, Intra-state e-way Bill for AP, Gujarat, Kerala, Telangana & UP also wef 15.4.18 (Sun). Press Release MOF of 10.4.18.
SEBI has directed all exchanges to provide "managed colocation services". A new measures to provide “fair and equitable access” to the colocation facilities offered by the bourses.
The Insolvency and Bankruptcy Board of India (IBBI) has recently notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 in the Gazette of India dated 28th March, 2018.
Temporary suspension of issuance of allotment of new DINs for Designated Partners/Partners of LLPs is being extended till further notice. A suitable message would be posted on the portal after revised DIR-3 is made available for filing purposes for issuance of new DPIN/DINs for Partners of proposed LLPs
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📺 *Updates*
▶1. CBDT issues draft notification proposing amendment to Rule 44E in line with BEPS Action 5
https://www.taxmann.com/topstories/222330000000015084/cbdt-issues-draft-notification-proposing-amendment-to-rule-44e-in-line-with-beps-action-5.aspx
▶2. Market value of other assets has no role in determining value of shares of a co. as per rule 11UA. Minda S M Technocast (P.) Ltd. v. Additional Commissioner of Income-tax, Range- 16, New Delhi
▶3. MCA proposes to levy additional fee for delay in filing annual return under CA, 2013
▶4. E-way bill for intra-State movement of goods applicable from 15/04/18 in 5 States
https://gst.taxmann.com/topstories/222330000000015076/e-way-bill-for-intra-state-movement-of-goods-applicable-from-150418-in-5-states.aspx
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📺 *Updates*
▶1. CBDT notifies Third Amendment Rules, 2018, Transport allowance of Rs. 1,600 pm withdrawn
https://www.taxmann.com/topstories/222330000000015072/cbdt-notifies-third-amendment-rules-2018-transport-allowance-of-rs-1600-pm-withdrawn.aspx
▶2. No reassessment just because ITR wasn't reflecting in IT system of dept. if it was filed manually by assessee
Narain Dutt Sharma v. Income-tax Officer, Ward- 6 (1), Jaipur.
▶3. No exemption if agricultural land inherited from father was sold after converting it into residential plots.
Mahaveer Yadav v. Income Tax Officer, Ward-1 (5), Alwar.
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*Prohibition of Virtual Currency*
The Reserve Bank of India, vide circular bearing reference number RBI/2017-2018/154 dated April 6, 2018, has prohibited entities regulated by RBI from dealing in virtual currencies, including Bitcoin (“Virtual Currencies”) or providing services (including maintenance of accounts, registering, trading, settling, clearing, giving loans, collateral, transfer of money in accounts relating to purchase of Virtual Currencies) for facilitating any person or entity in dealing with or settling Virtual Currencies.
All the entities regulated by RBI which already provide such services are required comply with this circular and cease performing such services within 3 (three) months from the date of the circular.
Background on Blockchain Technology
Most modern Virtual Currencies are based on blockchain technology. The blockchain is a decentralised method of storing records and transaction data. Instead of records being maintained with a central bank or server, every participant in the system (or peer) maintains part of the records. This results in records being stored very securely, and free of manipulation, as majority approval from the participants in the system is required to modify existing records. The system also guarantees a high degree of anonymity.
In virtual currencies prior to blockchain technology (such as the e-wallets most of us use) currency is represented by "files" or "tokens", which can be duplicated or manipulated, leading to a problem of double spending.
While blockchain-based Virtual Currencies are fundamentally a superior technology, backed by people such as whistle-blower Julian Assange and security experts such as John McAfee (who created McAfee Antivirus, the first antivirus software), the system has been plagued by frauds, with entire exchanges disappearing overnight. There have also been instances of Virtual Currencies being used for illegal transactions, such as payments for contraband and assassinations.
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Govt. to roll-out E-Way Bill for Intra-State Supplies in 5 States from 15th April*
Read more at: http://www.taxscan.in/govt-e-way-bill-intra-state-supplies-5-states-15th-april/20657/
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Current Account Transactions would not attract Deemed Dividend: ITAT* [Read Order]
Read more at: http://www.taxscan.in/current-account-transactions-attract-deemed-dividend-itat/20650/
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ITAT Quashes Addition against Nainital Bank since Investment is made from the Interest Free Funds* [Read Order]
Read more at: http://www.taxscan.in/itat-quashes-addition-nainital-bank-investment-interest-free-funds/20680/
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*Petition in Gauhati HC to Enable Facility of Replacing Authorised Digital Signature of the Deceased Director in GSTN Portal* [Read Petition]
Read more at: http://www.taxscan.in/petition-gauhati-hc-enable-facility-replacing-authorised-digital-signature-deceased-director-gstn-portal/20687/
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Larger Period of Limitation for Demand of Service Tax can’t be invoked without satisfying Sec 73(1) of the Finance Act 1994: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/larger-period-limitation-service-tax-sec-731-finance-act-1994-cestat/20718/
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GSTN enables New version of GSTR 4 Offline Tools for Taxpayers*
Read more at: http://www.taxscan.in/gstn-new-version-gstr-4-offline-tools/20695/
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*Assessment can’t be made against a Struck-Off Company: ITAT* [Read Order]
Read more at: http://www.taxscan.in/assessment-against-struck-off-company-itat/20662/
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*Section 54F Benefit can avail only in respect of a Single Residential House*: ITAT [Read Order]
Read more at: http://www.taxscan.in/section-54f-benefit-single-residential-house-itat/20575/
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New Column for Transgenders in PAN Application Form : Govt. Amends Income Tax Rules* [Read Notification]
Read more at: http://www.taxscan.in/new-column-transgenders-pan-application-form-govt-amends-income-tax-rules/20642/
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Glimpse of New requirements in ITR forms for AY 2018-19:
1. Additional disclosure requirements for Ind AS Compliant Companies.
[Applicable for ITR 6]
2. Fees for late filing of return [Section 234F].
[Applicable for ITR 1 to 7]
3. Require more details of salary and house property income.
[Applicable for ITR 1 and 4]
4. Additional details to be furnished by taxpayers opting for presumptive scheme such as amount of secured/unsecured loans, advances, fixed assets, capital account etc.
Further, new ITR 4 seeks GSTR no. of the assessee and turnover as per GST return filed by him.
[Applicable for ITR 4]
5. Transfer of TDS Credit to Other Person.
[Applicable for ITR 2 to 7]
6. Capital Gains in case of transfer of unquoted shares.
[Applicable for ITR 2, 3, 5, 6 and 7]
7. Reporting of sum taxable as Gift.
[Applicable for ITR 2, 3, 5, 6 and 7]
8. Now Partners cannot use ITR 2.
9. Revised Depreciation Schedule i.e. the highest rate of depreciation for any block of asset is restricted to 40%
[Applicable for ITR 3, 5 and 6]
10. Details of business transactions with registered and unregistered suppliers under GST.
[Applicable for ITR 6]
11. Assessee claiming DTAA relief is required to report more details.
[Applicable for ITR 2, 3, 5 and 6]
12. Info relating to capital gains exemption to be furnished in detail.
[Applicable for ITR 2, 3, 5 and 6]
13. Disallowance of expenses in case of TDS default (for residuary income).
[Applicable for ITR 2, 3, 5, 6 and 7]
14. Taxability on remission of trading liability in case of 'Income from other source'.
[Applicable for ITR 2, 3, 5, 6 and 7]
15. Income from transfer of Carbon Credits.
[Applicable for ITR 2, 3, 5, 6, 7]
16. Impact on profit or loss due to ICDS deviation.
[Applicable for ITR 3, 5 and 6]
17. Details of GST paid and refunded.
[Applicable for ITR 3, 5, and 6]
18. Removal of 'Gender' from personal information.
[Applicable for ITR 2, 3 and 4]
19. Details of foreign bank account of non-residents.
[Applicable for ITR 2, 3, 4, 5, 6 and 7]
20. Reporting of CSR appropriations.
[Applicable for ITR 6]
21. Break-up of payments/receipts in foreign currency.
[Applicable for ITR 6]
22. Ownership information in case of unlisted company.
[Applicable for ITR 6]
23. Trusts to disclose more information in ITR.
[Applicable for ITR 7]
24. Details of fresh registration upon change of objects [Section 12A].
[Applicable for ITR 7]
25. Taxability of Dividend in excess of Rs. 10 lakhs.[Section 115BBDA]
[Applicable for ITR 7]
26. No deduction for corpus donations made to other institutions [Section 11].
[Applicable for ITR 7]
27. Political Parties to confirm if cash donations are received [Section 13A].
[Applicable for ITR 7]
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: The last Option if the filing of ITR was missed by 31st March, 2018.
31st March, 2018 was the last date to file ITR of A.Y. 2015-16 and 2016-17. In case the deadline was missed, a condonation of delay can be filed requesting the Income Tax Department to allow the filing of return. The department may allow or reject the application on the following basis:
a) The claim is correct and genuine
b) Case is based on genuine hardship on merits
c) Income is not assessable in the hands of any other person under the Income Tax Act
d) The refund has arisen as result of excess tax deducted or tax collected at source, advance tax or self-assessment tax.
The time limit to file such application is six years from the end of the assessment year for filing the return and the application will have to be disposed by the department within six months from the end of the month in which the application is received as far as possible.
For more information please refer CBDT Circular 9/2015.
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MCA NOTIFICATION:
It is proposed to amend shortly, the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond the normal date of filing) shall become payable in respect of 23AC,23ACA,23AC XBRL,23ACA XBRL, MGT-7, AoC-4,AoC-4 XBRL and AoC-4 CFS.
Stakeholders are advised to take note and plan accordingly.
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Profits from Offshore Supply of Equipment and Services cannot be attributed to the Installation PE of the Assessee in India: ITAT* [Read Order]
Read more at: http://www.taxscan.in/profits-offshore-supply-equipment-services-installation-pe-itat/20573/
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GST: Company Director arrested for not paying Tax*
Read more at: http://www.taxscan.in/gst-company-director-arrested-for-not-paying-tax/20569/
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The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”.
CBDT has entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018.
RBI increased the bond investment limit for foreign portfolio investors (FPI) by 0.5 per cent to 5.5 per cent of outstanding stock of securities in 2018-19 and 6 per cent of outstanding stock of securities in 2019-20.
SEBI begins adjudication proceedings against 567 entities involved in ‘non-genuine trades’ through illiquid stock options segment in the first phase. It has decided to take action against more than 14,700 entities.
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*Amount Received towards Sale of Developmental Rights to Land is not Commission for Real Estates Agents Services: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/amount-received-sale-developmental-rights-land-commission-real-estates-agents-services-cestat/20562/
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GSTN portal to be reopened for TRAN-1 filing for taxpayers affected by Glitch*
Apr 3, 2018
Central Board of Indirect Taxes and Customs have issued a Circular No. 39/13/2018-GST dated e 3rd April, 2018 highilighting important aspect of stuck up TRAN -1 filing.
It has been decided to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal and the relief that needs to be given to them. The relief could be in the nature of allowing filing of any Form or Return prescribed in law or amending any Form or Return already filed.
Resolution of stuck TRAN-1s and filing of GSTR-3B
8.1 A large number of taxpayers could not complete the process of TRAN-1 filing either at the stage of original or revised filing as they could not digitally authenticate the TRAN-1s due to IT related glitches. As a result, a large number of such TRAN-1s are stuck in the system. GSTN shall identify such taxpayers who could not file TRAN-1 on the basis of electronic audit trail. It has been decided that all such taxpayers, who tried but were not able to complete TRAN-1 procedure (original or revised) of filing them on or before 27.12.2017 due to IT-glitch, shall be provided the facility to complete TRAN-1 filing. It is clarified that the last date for filing of TRAN 1 is not being extended in general and only these identified taxpayers shall be allowed to complete the process of filing TRAN-1.
8.2 The taxpayer shall not be allowed to amend the amount of credit in TRAN-1 during this process vis-à-vis the amount of credit which was recorded by the taxpayer in the TRAN-1, which could not be filed. If needed, GSTN may request field formations of Centre and State to collect additional document/ data etc. or verify the same to identify taxpayers who should be allowed this procedure.
8.3 GSTN shall communicate directly with the taxpayers in this regard and submit a final report to GIC about the number of TRAN-1s filed and submitted through this process.
8.4 The taxpayers shall complete the process of filing of TRAN 1 stuck due to IT glitches, as discussed above, by 30th April 2018 and the process of completing filing of GSTR 3B which could not be filed for such TRAN 1 shall be completed by 31st May 2018.
9. The decisions of the Hon’ble High Courts of Allahabad, Bombay etc., where no case specific decision has been taken, may be implemented in-line with the procedure prescribed above, subject to fulfilment of the conditions prescribed therein. Where these conditions are not satisfied, Hon’ble Courts may be suitably informed and if needed review or appeal may be filed.
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GST: Extension in time limit to make an application for refund by specified persons Central Government vide Notification No. 20/2018 – Central Tax dated 28th March, 2018
*Case Study*: Criminal Proceedings for Late Deposit of TDS can’t be challenged through Writ Petition: Delhi HC in Indo Arya Central Transport Limited & Ors vs. CIT
ICAI: Advertisement for Invitining Consultants to work with ICAI Accounting Research Foundation on Applied Research Project (Chennai).
ICAI Reconstitution of Group for Review of Examination, Evaluation & Testing.
*Educational Material on Indian Accounting Standard (Ind AS)* 103, Business Combinations - Relevant link to download the Educational Material: https://resource.cdn.icai.org/49531indas39251.pdf
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*Railway Catering Services in Trains and Stations attract 5% GST*: Finance Ministry
Read more at: http://www.taxscan.in/railway-catering-services-5-gst/20512/
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*Sub-Contracting of Assessee’s Annual Maintenance Service to an Indian Contractor doesn’t create a Virtual Presence of the Assessee in India: ITAT* [Read Order]
Read more at: http://www.taxscan.in/sub-contracting-annual-maintenance-service-indian-contractor-virtual-presence-itat/20556/
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*Mumbai Police is not Liable to Pay Service Tax for Providing Security Services to Banks, Cricket Matches: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/mumbai-police-service-tax-security-services-banks-cricket-matches-cestat/20533/
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Sale of Prospectus not a Part of Commercial Training or Coaching Services: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/sale-prospectus-commercial-training-coaching-services-cestat/20524/
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Madras HC orders Cognizant to pay Rs 420 cr Tax, De-Freezes Bank Account* [Read Order]
Read more at: http://www.taxscan.in/madras-hc-orders-cognizant-pay-rs-420-cr-tax-de-freezes-bank-account/20491/
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ITRs for AY 18-19 notified. E-filing Mandatory except for ITR1 & 4 for individual/HUF having income upto 5lacs & no refund& individual of 80 years or more.
CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a standard deduction of Rs 40000/-or amount of pension whichever is less.
Income tax department has set up a committee to look into the tax implications of the super-rich leaving the country to settle abroad and also arrive at the country’s stand on such migrations.
CBIC introduces IT Grievance Redressal Mechanism for grievances of taxpayers due to technical glitches on GST Portal-reg. - Circular No. 39/13/2018-GST.
Big Relief For Exporters in Case Of LUT:
As per Latest Circular No. 40/14/2018-GST dt. 06.04.2018 Exporters to file LUT in FORM GST RFD-11 on the portal only. LUT will be deemed to be accepted as soon as ARN is generated. No document needs to be physically submitted to the jurisdictional office.
Directors disqualification is being removed by filing writ petition in the High court. Last date to approach High court is April 30, 2018.
RBI has decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
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👉🏻Procedure for registration as Registered Valuer with Insolvency and Bankruptcy Board*
(With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI released the process required.)
👇🏻 👇🏻 👇🏻
https://goo.gl/pRrupE
*👉🏻RBI defers implementation of Ind AS by one year*
(RBIdecided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.)
👇🏻 👇🏻 👇🏻
https://goo.gl/bjuA2M
*👉🏻MCA to monitor CSR compliance in a centralised manner*
( Ministry of Corporate Affairs has decided to put in place a centralised system to keep a tab on entities' compliance with CSR obligations under the companies law.)
👇🏻 👇🏻 👇🏻
https://goo.gl/pZVPE1
*👉🏻CBDT notifies Income Tax Return Forms for Assessment Year 2018-19*
( CBDT has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. CLICK ON THE LINK TO DOWNLOAD ITR FORMS )
👇🏻 👇🏻 👇🏻
https://goo.gl/Hqq1gZ
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CBDT has released the new Income-tax return (ITR) Forms for Assessment Year 2018-19. It incorporates the changes made by the Finance Act, 2017 in the Income-tax Act and asks taxpayers to provide figures of Ind AS complaint financial statements, GSTR no., GST turnover, etc.
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’.
CBDT 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.
CBDT 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.
CBDT 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.
CBDT TPOs & each DRP to pass a minimum number of orders through the Income tax Business Application Module (ITBA).
CBDT 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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# *GST*: Over 17 Lac e-way bills for inter-state movement of goods have been generated by businesses and transporters since its launch of on April 1.
# *ICAI* has reconstituted a Group on “Vision 2024 for Global Presence of Indian CAs” for suggesting way forward.
# *IBC*: MCA has released the Report of the Insolvency Law Committee-Recommendations on Implementation of Insolvency and Bankruptcy Code 2016.
# *MCA* has issued a notice on its website w.r.t Temporary suspension of issuance of allotment of new DINs for Designated Partners / Partners of LLPs is being extended till further notice.
# *IT*: Payment was in the nature of commission paid to the advertisement agencies to secure more business - TDS liability u/s 194H confirmed - Prasar Bharati Vs CIT (2018 (4) TMI 201 - SC).
# *IT*: Grant or refusal to grant exemption under Section 10(22) and / or (23C) of the Act cannot govern the application of Section 11 of the Act – CIT (Exemptions) Vs. IIB&F (2018 (4) TMI 197 - Bombay HC).