Bribery: Four Income Tax Officials and an Advocate Arrested by CBI Last Month*
Read more at: http://www.taxscan.in/income-tax-officials-advocate-arrested-cbi-bribe/21296/
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Kerala State GST Rules on Other State Lotteries Unconstitutional: Kerala HC* [Read Judgment]
Read more at: http://www.taxscan.in/kerala-state-gst-rules-state-lotteries-unconstitutional-kerala-hc/21211/
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👉🏻MCA zeroes in on 225,000 more suspected shell companies*
(MCA has now zeroed in on another 225,000 suspected shell companies. The ministry has sent notices to these companies, asking whether they had filed statutory financial returns)
👇🏻 👇🏻 👇🏻
https://goo.gl/6b97yT
*👉🏻RBI makes Aadhaar key to KYC compliance*
(RBI on Friday amended its ‘know your customer’ (KYC) guidelines, making Aadhaar key to conducting customer due diligence by banks and finance companies)
👇🏻 👇🏻 👇🏻
https://goo.gl/oX8JDG
*👉🏻Format of Annual Compliance Certificate for Insolvency Professional Agencies*
(Format of ANNUAL COMPLIANCE CERTIFICATE(Annexure A) to be submitted by the IPAs to the IBBI and to be displayed on its website within 45 days of the closure of the financial year.)
👇🏻 👇🏻 👇🏻
https://goo.gl/25hy4p
*👉🏻Partners Required on PAN India*
(We are 20+ year old CA Firm. We are looking to add partners on Merger basis across India on mutual sharing)
👇🏻 👇🏻 👇🏻
https://goo.gl/Nuxxfq
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*Demand and Penalty based on Third Party Evidence is Invalid: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/demand-penalty-third-party-evidence-invalid-cestat/21279/
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Low Revenue: India should implement GST Fully, says IMF*
Read more at: http://www.taxscan.in/gst-low-revenue-india-gst-imf/21275/
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📺 *Updates*
▶1.Section 131 of IT Act & Section 19 of Benami Act couldn’t be invoked for making enquiries of fishing nature
https://www.taxmann.com/fileopennew.aspx?id=105010000000015337&mode=home&page=
▶2. IBBI specifies format of Annual Compliance Certificate for Insolvency professional agencies.
https://corporatelaws.taxmann.com/topstories/222330000000015188/ibbi-specifies-format-of-annual-compliance-certificate-for-insolvency-professional-agencies.aspx
▶3. Derivative transaction through Multi Commodity Stock Exchange couldn’t be treated as Speculative in nature: HC
Commissioner of Income-tax, Chennai v. Sri Vasavi Gold & Bullion (P.) Ltd.
▶4. No deemed dividend if advance from co. was just to block deal of sale and purchase on behalf of co.
Dinesh Pandey v. Deputy Commissioner of Income-tax, Central Circle-19, New Delhi
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📺 *Updates*
▶1. MCA clarifies Ind AS Accounting for Foreign Currency Transactions and Advance Consideration
https://accountsandaudit.taxmann.com/topstories/105010000000015381/mca-clarifies-ind-as-accounting-for-foreign-currency-transactions-and-advance-consideration.aspx
▶2. Sec. 69A additions justified as assessee failed to provide proof of gift received in foreign currency
Samir S. Sheth v. Assistant Commissioner of Income-tax, Central Circle-2, Vadodara.
▶3. Extended period of tax holiday u/s 10B should be reckoned from date of commencement of productions; SLP dismissed
Commissioner of Income-tax
v. Deutsche Software Ltd.
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# *GST*: Printing E-Way bill number on invoice is sufficient compliance, its printout not necessary. The e-Way Bill number available on SMS or otherwise is valid – Cir.No.41/15/2018-GST, dt.13.04.18.
# *GST*: Supply from the shop located in the Security Hold Area of the IGI Int. Airport is not an export supply - Not eligible for Zero rated supply – AAR in Rod Retail Pvt. Ltd.
# *IT*: Form ITR-1 for AY 2018-19 has been activated on e-filing portal of the Income Tax Deptt.
# *TDS*: Audit fees - the name of the payee is very well known to the assessee making the provision - TDS Liability u/s 194J confirmed – Citadel Fine Pharma. Pvt. Ltd. Vs. ACIT (2018 (4) TMI 925 - ITAT Chennai).
# *RBI* has issued a Notification w.r.t Liberalized Remittance Scheme (LRS) for Resident Individuals and daily reporting of transactions.
# *DGFT* has launched of Facility to check status of Importer Exporter Code (IEC) application made to DGFT by the stakeholders.
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*Wrong ITRs: Income Tax Dept warns Salaried Class, Employers to be informed* [Read Advisory]
Read more at: http://www.taxscan.in/income-tax-dept-salaried-class-employers/21205/
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Krishi Kalyan Cess paid Pre-GST rollout not admissible as Input Tax Credit: AAR* [Read Order]
Read more at: http://www.taxscan.in/krishi-kalyan-cess-paid-pre-gst-rollout-input-tax-credit-aar/21224/
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*Penalty u/s 271B can’t be initiated for non-furnishing of Tax Audit Report within Due Date*: ITAT [Read Order]
Read more at: http://www.taxscan.in/penalty-non-furnishing-tax-audit-report-itat/21216/
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Govt Notifies Amended Rules relating to GST Refund* [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-rules-gst-refund/21195/
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# *GST*: E-Way Bill system for Intra-State movement of goods for Bihar, Jharkhand, Haryana, Himachal, Tripura and Uttarakhand would be implemented from 20th April, 2018 - Press Release, dt.18.04.2018.
# *GST*: Composition Suppliers are not required to furnish data of Inward supplies made from registered persons (Serial-4A of Table-4 of GSTR-4) - Press Release, dt.17.04.2018.
# *MCA* has revised the version of e-forms – Form-20B, Form DPT-3, Form CHG-1 and Form MGT-7 with immediate effect.
# *NSE* has introduced XBRL based compliance filing mechanism featuring identical and homogenous compliance data structures between Stock Exchanges / MCA.
# *GST*: Even if the seizure is treated to be under Section-129(1) of the CGST, as there was no provision of E-Way bill on the relevant date, prima facie the seizure appears to be illegal – Navyug Airconditioning Vs. State of U.P. & Ors (2018 (4) TMI 886 - Allahabad HC).
# *IT*: Tax Audit report u/s.44AB though obtained but hasn’t been filed before the due date u/s 139(1), and furnished before the AO when asked, No penalty U/s 271B in view of the circular – Prem Prakash Senapati Vs ITO (2018 (4) TMI 883 - ITAT Cuttack).
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📺 *Updates*
▶1. Payment for hiring vehicles are liable to sec. 194-I TDS and not sec. 194C TDS: HC
Commissioner of Income-tax-1, Cochin v. Pioneer Peresonalised Holidays (P.) Ltd.
▶2. Supply of UPS & battery if supplied under single contract at combined price is Mixed Supply: AAR
AUTHORITY FOR ADVANCE RULINGS, WEST BENGAL Switching Avo Electro Power Ltd
▶3. Recruitment services to students of foreign universities aren’t ‘Export of services’; taxable under GST
AUTHORITY FOR ADVANCE RULINGS, WEST BENGAL
Global Reach Education Services (P.) Ltd.
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