High Court denies Bail to Tax Practitioner in a Bribery Case involving Income Tax Commissioner* [Read Order]
Read more at: http://www.taxscan.in/high-court-bail-tax-practitioner-bribery-case-income-tax-commissioner/22559/
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Delhi HC Grants Relief to NDTV Founders, ITAT Orders in Prannoy Roy’s Tax Case Quashed* [Read Order]
Read more at: http://www.taxscan.in/delhi-hc-grants-ndtv-founders-relief-itat-orders-prannoy-roys-tax-case-quashed/22579/
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*Petition in Gujarat High Court challenging Validity of National and State GST Appellate Tribunals* [Read Petition]
Read more at: http://www.taxscan.in/petition-gujarat-hc-validity-national-state-gst-appellate-tribunals/22574/
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Cost Accountants can Renew Certificate of Practice till 30th July: ICMAI*
Read more at: http://www.taxscan.in/cost-accountants-renew-certificate-practice-30th-july-icmai/22548/
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Tips paid to Employees not part of Salary: Tribunal deletes Income Tax Proceedings* [Read Order]
Read more at: http://www.taxscan.in/tips-paid-to-employees-not-part-of-salary-tribunal-deletes-income-tax-proceedings/22556/
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PNB Scam: CBI to file Charge Sheet against 19 Chartered Accountants*
Read more at: http://www.taxscan.in/pnb-scam-cbi-chargesheet-chartered-accountants/22619/
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#Latest_GST_Advance_Ruling
▶ Supply of Motor Vehicles as Scrap after its usage in Business would attract GST: AAR
▶ Coaching Services Provided by Private Institutions are Liable to 18% GST: AAR
▶ Envirotemp FR3 Fluid is Taxable at rate of 12% under GST: AAR
▶ Supply of Coal by JEL for Generation of Power is Deemed as Supply of Goods: AAR
▶ GST Leviable on Sale of Undivided and Impartible Share of Land represented by Agreement to Sell: Delhi AAR
▶ Supply of Food and Beverages in Trains not amount to ‘Service’: GST applicable: Delhi AAR
▶ Setting up & operation of solar power plant is in nature of Works contract’; taxable at 18% GST: AAR
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GST Leviable on Sale of Undivided and Impartible Share of Land represented by Agreement to Sell: Delhi AAR* [Read Order]
Read more at: http://www.taxscan.in/gst-leviable-sale-undivided-impartible-share-land-agreement-sell-delhi-aar/22583/
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NCLT (Ahmedabad Bench) : In Neptune Overseas Ltd. vs. National Multi-Commodity Exchange of India Ltd. and Anr.*
*_Where original shareholding of the objector to a scheme of amalgamation/compromise is under dispute, the objections, to the scheme are subject to decision on the shareholding of the objector._*
*_Read full case law at :_* https://dasgovernance.com/2018/05/05/nclt-ahmedabad-bench-in-neptune-overseas-ltd-vs-national-multi-commodity-exchange-of-india-ltd-and-anr/
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Job Work Charges from Eligible Unit Deductible u/ s. 80IC: ITAT* [Read Order]
Read more at: http://www.taxscan.in/job-work-charges-eligible-unit-deducted-80ic-itat/22569/
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👉🏻No changes in Insolvency and Bankruptcy Code till Sept*
(Central Govt is planning to wait for two more quarters before proposing any changes in the code, as it seeks more clarity on the issue.)
👇🏻 👇🏻 👇🏻
https://goo.gl/XDe3eV
*👉🏻27th GST Council meet Highlights*
(GST Council decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments and also decided to take complete ownership of GSTN)
👇🏻 👇🏻 👇🏻
https://goo.gl/gHDHqo
*👉🏻SEBI allows exchanges to extend derivative trade till 11.55 pm*
(SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange.)
👇🏻 👇🏻 👇🏻
https://goo.gl/v5RGaH
*👉🏻Over 23000 bank fraud cases involving Rs 1 lakh crore in five years - RBI*
( Over 23,000 cases of fraud involving ₹1 lakh crore have been reported in the past five years in various banks, according to RBI)
👇🏻 👇🏻 👇🏻
https://goo.gl/Nqu76k
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Income Tax dept has detected three lakh unreported transactions in the financialyear 2017-18. The value of these transactions detected is more that Rs. one lakh crore.
CBDT invites suggestions on draft notification pertaining to new Rule 11UAB of IT Rules, 1962. Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’).
Fine for Non-Compliance in appointment of Company Secretary revised to Rs. 1,000/- per day for listed companies. SEBI Circular dated 03.05.2018.
SEBI has issued a circular specifying the uniform structure for imposing fines as a first resort for noncompliance with provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Standard Operating Procedure for suspension and revocation of trading of specified securities in case the non-compliance is continuing or repetitive.
Pensioners to view pension passbook on mobile phones through Unman App. Initiative of EPFO plan to go paperless by August, 2018.
RBI has issued notification w.r.t monitoring of foreign investment limits in listed Indian companies. Currently, Reserve Bank of India receives data on investment made by Foreign Portfolio Investors (FPI) and Non-resident Indians (NRI).
ICAI issued Implementation Guide on Reporting Standards (Revised SA 700, Revised SA 705 and Revised SA 706) issued by the Auditing and Assurance Standards Board.
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📺 *Updates*
▶1. SEBI extends trading hours in derivative market till 11:55 pm effective from Oct 01, 2018.
▶2. Legal exp. incurred to get back sum deposited in FDs would qualify for deduction: ITAT
Ashok Amritraj v. Income Tax Officer, International Taxation 1 (1), Chennai*
▶3. Pension paid to employee pursuant to resolution passed by co. was to be allowed as business exp.
Commissioner of Income Tax, Chennai v. India Motor Parts & Accessories Ltd.
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The 27th GST Council Meeting* held on Friday, the 4th May, 2018 - *Key Take Aways*:
# 2% concession on GST rate (limited to ₹ 100 per transaction) on B2C transactions in case of payments made through banking channels.
# No Sugar cess as hyped by the Media.
# Approval of buyout of 51% equity of GSTN from private hands to make GSTN a fully Government owned enterprise.
# GST Council approves principles for filing of new GST return design:
• One monthly return for all taxpayers excluding a few exceptions, Composition supplier and suppliers having NIL transaction to file quarterly returns.
• Invoices to be uploaded by the supplier only, and buyer shall be eligible to avail credit on basis of such uploaded invoices.
• The new system shall be implemented in 3 stages:
*Stage-I*: Present system to continue for a period not exceeding 6 months to allow GSTN to prepare the changes in software.
*Stage-II*: Invoice upload facility to be made available to supplier, provisional credit to be allowed to buyer for missing invoices.
*Stage-III:* Provisional credit will not be allowed anymore and credit of only invoices which have been uploaded would be available.
# The Council also proposed staggered due dates of filing of returns to manage the load on the IT system.
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CBIC Clarifies Determination of Place of Provision in case of Software related Services* [Read Circular]
Read more at: http://www.taxscan.in/cbic-determination-place-provision-software-services/22533/
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GST Registration Mandatory If a Person is liable to pay Tax under Reverse Charge Mechanism: AAR* [Read Order]
Read more at: http://www.taxscan.in/gst-registration-mandatory-person-pay-tax-reverse-charge-mechanism-aar/22527/
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ICAI compliments Union Cabinet for Approving MoU with The South Africa Institute of Chartered Accountants*
Read more at: http://www.taxscan.in/icai-compliments-union-cabinet-mou-south-africa-institute-chartered-accountants/22483/
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*Compensation Received by Way of Award Due to Non-Supply of Land Under the Agreement is Capital Receipt: Delhi HC* [Read Judgment]
Read more at: http://www.taxscan.in/compensation-received-award-land-agreement-capital-receipt-delhi-hc/22457/
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Dried Tobacco Leaves Undergone Process of Curing is Covered Under ‘Unmanufactured Tobacco’ Taxable At 28% GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/dried-tobacco-leaves-undergone-curing-covered-unmanufactured-tobacco-taxable-28-gst-aar/22515/
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ICAI launches New IT Initiatives for Chartered Accountants and Students*
Read more at: http://www.taxscan.in/icai-new-chartered-accountants-students/22440/
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*Advertisement Services Without Any Nexus to The Output Service Can’t Be Treated as Input Service: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/advertisement-services-nexus-output-service-treated-input-service-cestat/22521/
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*NCLAT : In Achintya Kumar Barua vs. Ranjit Barthkur*
*_Sub-section (2) of section 173, which gives right to a director to participate in Board meetings through video conferencing, is mandatory and its mandate read with rule 3 cannot be avoided by companies._*
*_Read full case law at :_* https://dasgovernance.com/2018/05/04/nclat-in-achintya-kumar-barua-vs-ranjit-barthkur/
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CIC directs GSTN to publish Its Income and Expenditure Statements in Website* [Read Order]
Read more at: http://www.taxscan.in/cic-gstn-income-expenditure-website/22464/
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07.05.2018 is last day for payment of TDS/TCS deducted/collected in APR'18 - Challan No.ITNS-281.
10.05.2018 is last day to file GSTR-1 for taxpayers with annual turnover of more than Rs. 1.50 Crore for March on monthly basis.
Govt proposing to mine all data points, not just limited to direct and indirect taxes, but extending to transaction information collated from banks, details disclosed to the MCA and data collected from e-way bills.
SEBI with an intent to enable the industry and other users to have access to all the applicable circulars / directions at one place, Master Circular for Credit Rating Agencies (CRAs) has been prepared.
RBI issued guidance for Relaxation in External Commercial Borrowings Vide notification RBI/2017-18/169 issuing A. P. (DIR Series) Circular No. 25 (hereinafter referred to as Circular) dated 27 April 2018.
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CBDT invites suggestions on Draft Notification pertaining to new Rule 11UAB of IT Rules, 1962* [Read Draft Notification]
Read more at: http://www.taxscan.in/cbdt-invites-suggestions-draft-notification-pertaining-new-rule-11uab/22448/
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CBDT achieves Another Milestone by Signing its 200th UAPA in April, 2018*
Read more at: http://www.taxscan.in/cbdt-achieves-another-milestone-signing-200th-uapa-april-2018/22445/
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*GST*: *10 MAY 18* is the last date of filing of *GSTR-1* for March, 2018.
# *GST-ST*: Non-issuance of SCN - Oral intimation of tax liability and payment of service tax would not mean assessee has accepted waiver of SCN - National Co-Op.Bank Ltd. Vs. CST (Audit) (2018 (5) TMI 223 - Karnataka HC).
# *IT*: Whether the material found in the course of survey in the premises of the builder could be used against the assessee - Held YES – CIT Vs. S. Ajit Kumar (2018 (5) TMI 266 - SC).
# *IT*: All receipts / expenses are accounted - accounts audited - No adverse inference from the deposit of cash in bank post 08.11.16 can be drawn – Swami Vivekanand Edu. & Wel.Soc. Vs. CIT (Exe.) (2018 (5) TMI 234 - ITAT Amritsar).
# *DGFT* has Extended the last date for submission of Applications for One time condonation under the EPCG Scheme upto 30.09.2018.
# *RBI* has issued A clarification w.r.t Investment by Foreign Portfolio Investors (FPI) in Debt.
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