Announcement
*Regarding omission of Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 pertaining to Section 147 (5) (Punishment for Contravention) of the Companies Act 2013*
Rule 9 of Chapter X (Audit and Auditors) of the Companies Act 2013 prior to the Companies (Amendment) Act, 2017 read as under:
In case of criminal liability of any audit firm, the liability other than fine, shall devolve only on the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud.
Position after the Companies (Amendment) Act 2017
Rule 9 has been omitted and the provisions of Rule 9 have been introduced in the Act as proviso to Section 147 (5) of the Companies Act, 2013.
The proviso to Section 147 (5) that has been incorporated reads as under-
"Provided that in case of criminal liability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable."
Consequently, Section 147 (5) reads as follows:
"(5) Where, in case of audit of a company being conducted by an audit firm, it is proved that the partner or partners of the audit firm has or have acted in a fraudulent manner or abetted or colluded in any fraud by, or in relation to or by, the company or its directors or officers, the liability, whether civil or criminal as provided in this Act or in any other law for the time being in force, for such act shall be of the partner or partners concerned of the audit firm and of the firm jointly and severally.
Provided that in case of criminal liability of an audit firm, in respect of liability other than fine, the concerned partner or partners, who acted in a fraudulent manner or abetted or, as the case may be, colluded in any fraud shall only be liable."
Hence, it is evident from above that the erstwhile Rule 9 of the Companies (Audit and Auditors) Rules, 2014 has now been incorporated in the Companies Act 2013.
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Life Time Tax on Vehicles Should be levied on Invoice Price: Hyderabad HC* [Read Order]
Read more at: http://www.taxscan.in/life-time-tax-vehicles-evied-invoice-price-telangana-hc/22972/
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SEBI
SEBI Board, in its meeting held on December 28, 2017, the Stock Exchanges have been permitted to trade commodity derivatives along with other segments of securities market effective from October 01, 2018. With a view to enable integration of trading of various segments of securities market at the level of exchanges, it has been decided to permit Stock Exchanges to set their trading hours in the Equity Derivatives Segment between 9:00 AM and 11:55 PM, similar to the trading hours for Commodity Derivatives Segment which are presently fixed between 10:00 AM and 11:55 PM, provided that the Stock Exchange and its Clearing Corporation(s) have in place risk management system and infrastructure commensurate to the trading hours. Further, in case, stock exchanges are desirous of extending the trade timings beyond the extant trading hours, prior approval from SEBI shall be sought along with a detailed proposal including the framework for risk management, settlement process, monitoring of positions, availability of manpower, system capability, surveillance systems, etc. The provisions of this Circular shall be applicable from October 01, 2018.
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CBDT
CBDT notifies the Protocol amending the Double Taxation Avoidance Agreement (DTAA) between India and Kuwait. A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force on 26.03.2018 and is notified in Official Gazette on 04.05.2018. The Protocol updates the provisions in the DTAA for exchange of information as per international standards. Further, the Protocol enables sharing of the information received from Kuwait for tax purposes with other law enforcement agencies with authorisation of the competent authority of Kuwait and vice versa.
DGFT
DGFT has issued a Public Notice w.r.t Implementation of the Track and Trace System for export of pharmaceuticals and drug consignments alongwith maintaining the parent-child relationship in the levels of packaging and their movement in supply chain and extension of date implementation. The date of implementation of Track and Trace System of drug formulations with respect to parent child relationship in packaging levels and its uploading on Central Portal has been extended upto 15-11-2018 for non SSI manufactured drugs as well as SSI Manufactured drugs.
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SEBI
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 and / or repetitive. Henceforth, the stock exchanges shall, having regard to the interests of investors and the securities market take action in case of non-compliances with the Listing Regulations as specified in this Circular, and follow the Standard Operating Procedure (“SOP”) for suspension and revocation of suspension of trading of specified securities as also specified in this Circular. The Stock Exchanges may deviate from the above, if found necessary, only after recording reasons in writing. Further, if a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action under this Circular in consultation with each other. This Circular shall come into force with effect from compliance periods ending on or after September 30, 2018. The Most important Violation as mentioned in Regulation 6(1) w.r.t Non compliance with appointment of CS as Compliance officer shall be punishable with fine of Rs. 1,000/- per day, apart from the other violations as mentioned in the circular. The amount of fine realized as per the above structure shall be credited to the "Investor Protection Fund" of the concerned recognized stock exchange.
RBI
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) on stock exchanges from the custodian banks and Authorised Dealer Banks for their respective clients, based on which restrictions beyond a threshold limit is imposed on FPI/ NRI investment in listed Indian companies. In order to enable listed Indian companies to ensure compliance with the various foreign investment limits, Reserve Bank in consultation with Securities and Exchange Board of India (SEBI), has decided to put in place a new system for monitoring foreign investment limits, for which the necessary infrastructure and systems for operationalizing the monitoring mechanism, shall be made available by the depositories. All listed Indian companies are required to provide the specified data/ information on foreign investment to the depositories. The requisite information may be provided before May 15, 2018. The listed Indian companies, in non-compliance with the above instructions will not be able to receive foreign investment and will be non-compliant with Foreign Exchange Management Act, 1999 (FEMA) and regulations made thereunder.
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SEBI
SEBI has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018which shall come into force with effect from April 1, 2019. Some of the major amendments includes the following :
1. Regulation 24A - Every Listed Entity and its material unlisted subsidiaries incorporated in India shall undertake Secretarial Audit and shall annex with its annual report, a Secretarial Audit Report, given by a Company Secretary in Practice, in such form as may be specified with effect from the year ended 31st March, 2019.
2. Regulation 17 (1) - i) The Board of Directors of the Top 500 Listed Entities shall have at least One Independent Woman Director by 1st April, 2019 and the Board of Directors of the Top 1000 Listed Entities shall have at least One Independent Woman Director by 1st April, 2020.
ii) The Board of Directors of the Top 1000 Listed Entities (with effect from 1st April, 2019) and the Top 2000 Listed Entities (with effect from 1st April, 2020) shall comprise of not less than Six (6) Independent Directors.
3. Regulation 17 (1A) - No listed entity shall appoint a person or continue the directorship of any person as a non-executive director who has attained the age of seventy five years unless a special resolution is passed to that effect, in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such a person.
4. Regulation 17 (1B) - The top 500 listed entities shall ensure that the Chairperson of the board of such listed entity shall be a non-executive director and not be related to the Managing Director or the Chief Executive Officer as per the definition of the term “relative” defined under the Companies Act, 2013.
5. Regulation 17 (2A) - The quorum for every meeting of the board of directors of the top 1000 listed entities with effect from April 1, 2019 and of the top 2000 listed entities with effect from April 1, 2020 shall be one-third of its total strength or three directors, whichever is higher, including at least one independent director.
6. Regulation 17 (6) - The approval of shareholders by Special Resolution shall be obtained every year, in which the annual remuneration payable to a single non-executive Director exceeds fifty per cent of the total annual remuneration payable to all non-executive Directors, giving details of the remuneration thereof.
7. Regulation 17A - The directors of listed entities shall not be eligible for appointment as director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020 and shall not serve as an independent director in more than seven listed entities. Further, any person who is serving as a whole time director / managing director in any listed entity shall serve as an independent director in not more than three listed entities.
8. Regulation 19 - The quorum for a meeting of the nomination and remuneration committee shall be either two members or one third of the members of the committee, whichever is greater, including at least one independent director in attendance. The nomination and remuneration committee shall meet at least once in a year.
9. Regulation 24 - At least one independent director on the board of directors of the listed entity shall be a director on the board of directors of an unlisted material subsidiary, whether incorporated in India or not. The term “material subsidiary” shall mean a subsidiary, whose income or net worth exceeds twenty percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.
10. Regulation 25 - No person shall be appointed or continue as an alternate director for an independent director of a listed entity with effect from October 1, 2018. Further, every independent director shall, at the first meeting of the board in which he participates as a director and thereafter at the first meeting of the board in every financial year or whenever there is any change in the circumstances which may affect his status as an independent director, submit a declaration that he meets the criteria of independence as provided in clause (b) of sub-regulation (1) of regulation 16 and that he is not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact his ability to discharge his duties with an objective independent judgment and without any external influence.
11. Regulation 25(10) - With effect from October 1, 2018, the top 500 listed entities by market capitalization, shall undertake Directors and Officers insurance (‘D and O insurance’) for all their independent directors of such quantum and for such risks as may be determined by its board of directors.
12. Regulation 32(7A) - Where an entity has raised funds through preferential allotment or qualified institutions placement, the listed entity shall disclose every year, the utilization of such funds during that year in its Annual Report until such funds are fully utilized.
13. Regulation 33(8) - The statutory auditor of a listed entity shall undertake a limited review of the audit of all the entities/ companies whose accounts are to be consolidated with the listed entity as per AS 21 in accordance with guidelines issued by the Board on this matter.
14. Regulation 34 – The listed entity shall submit to the stock exchange and publish on its website a copy of the annual report sent to the shareholders along with the notice of the annual general meeting not later than the day of commencement of dispatch to its shareholders and in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting. The amendment in this clause shall be applicable in respect of the Annual report filed for the year ended March 31, 2019 and thereafter.
15. Regulation 44 - The top 100 listed entities by market capitalization, determined as on March 31st of every financial year, shall hold their annual general meetings within a period of five months from the date of closing of the financial year. Further, the top 100 listed entities shall provide one-way live webcast of the proceedings of the annual general meetings.
16. In Corporate Governance Report, additional certificate from a company secretary in practice is required to be attached that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority.
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MCA has notified amendment to various rules under Companies Act, 2013. The amendments are effective from May 07, 2018. The amended provisions have been discussed as under:
1. MCA has amended the Companies (Meetings of the Board and its Powers) Rules, 2014. A new provision has been inserted to Rule 4 of the said rules providing that any other director may participate through video conferencing or other audio visual means if there is quorum in a meeting through physical presence of directors.
2. MCA has amended the Companies (Audit and Auditors) Rules,2014. Amendment has been made to rule 3 whereby proviso to sub-rule 7 of Rule 3 and explanation thereunder have been omitted. Which means that the requirement of ratification of appointment of Auditor in every annual general meeting (AGM) till the conclusion of sixth AGM has been removed. Further Rule 9 of the said rules has been omitted. Rule 10A and Rule 14 have also been amended.
3. MCA has amended the Companies (Registration Office and Fees) Rules, 2014. A new provision has been inserted under to Rule 10(3) providing that - Registrar shall allow fifteen days' time for re-submission in case of reservation of name through web service -RUN for rectification of defects if any. Earlier re-submission was not allowed in case of re-submission of application through RUN.
4. MCA made An amendment in Annexure I of the Companies (Registration Office and Fees) Rules, 2014 prescribing additional fee of Rs. 100 per day effective from July 1, 2018 for delayed in filing of annual return and financial statements. The additional fee shall also be applicable to revised financial statement or board report as well as Secretarial audit report.
5. MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 whereby amendment has been made to Rule. The revised norm provides that in case of appointment of Independent Director, none of the relatives of such independent director should be indebted to the company, its holding subsidiary or associate Company or their promoters, or directors; or has given a guarantee or provided any security in connection with indebtness of any third person to its holding, subsidiary or associate company or their promoter or directors for an amount of Rs. 50 Lakhs at any time during the two immediately preceding financial years or during current financial year.
6. MCA has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014. The amendment prescribes omission of rule 4 - Reports to be set out in the Prospectus, rule 5- Other matters and reports to be stated in the prospectus and rule 6- Period for which information to be provided in certain cases
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# *GST*: E-rickshaw is not within the sweep of the word "bicycles" or "cycle Rickshaw" - The E-rickshaw tyres is classified and covered by Tariff Heading 4011 - taxable @9% CGST and @9% SGST (i.e. @18%) - AAR, Maharashtra in Ceat Ltd.
# *IBC*: This court being AA under the Code is not expected to substitute its view upon the discretion and wisdom of the RP and CoC to opt for only which a particular view until and unless it is the case of patent illegality or arbitrariness - Numetal Ltd. Vs. Satish Kumar Gupta, SBI, Arcelormittal, SCB, Essar Steel (2018 (5) TMI 695 – NCLT, Ahmd.).
# *IT*: Nature of receipt - subsidy on account of power consumption - the real purpose of the incentive in this case has to be seen as a capital subsidy and has to be regarded, as such, as a capital receipt and not a revenue receipt – Pr.CIT Vs. Shyam Steel Ind. Ltd. (2018 (5) TMI 702 - Calcutta HC).
# *CBDT* notifies the Protocol amending the DTAA between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017.
# *DGFT* has issued a Public Notice w.r.t Implementation of the Track and Trace System for export of pharmaceuticals and drug consignments along with maintaining the parent-child relationship in the levels of packaging and their movement in supply chain and extension of date implementation.
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*Allahabad HC refers Larger Bench to adjudicate the Validity of Notification Issued by State of U.P requiring E-Way Bill for Inter-State Supply of Goods* [Read Judgment]
Read more at: http://www.taxscan.in/allahabad-hc-refers-larger-bench-adjudicate-validity-notification-e-way-bill-inter-state-supply-goods/22882/
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*E-Rickshaw Tyres is liable to GST at the rate of 28%: AAR* [Read Order]
Read more at: http://www.taxscan.in/e-rickshaw-tyres-liable-gst-rate-28-aar/22913/
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No Addition when Source of Funds was referable to Monies Pooled from Customers in the Form of Advances Received and Sales effected in Business: ITAT* [Read Order]
Read more at: http://www.taxscan.in/no-addition-source-funds-monies-pooled-customers-advances-business-itat/22946/
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👉🏻ITR 4 for AY 2018-19 is now available for e-Filing*
(CBDT has finally released Excel and Java Utility of ITR-4 (For presumptive income from Business & Profession) for Assessment Year 2018-19.)
👇🏻 👇🏻 👇🏻
https://goo.gl/F2uya3
*👉🏻Walmart-Flipkart deal to face scrutiny from income tax dept*
(Income tax department had sent a communication to the company, apprising them about the Sections of the Income-tax Act that would apply on the transaction)
👇🏻 👇🏻 👇🏻
https://goo.gl/9P6Xap
*👉🏻CBIC releases the list of e-way bill system grievance redressal officers*
(Central Board for Indirect Taxes and Custom (CBIC) has released list of grievance redressal Officers and their contact numbers for e-way bill system under rule 138D of Central/ State GST Rules, 2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/HzBAvu
*👉🏻Appointment as Internal Auditors for The Kerala Ceramics Ltd*
(Appointment as Internal Auditors for The Kerala Ceramics Ltd. Last Date - 14.05.2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/XrYhW8
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GST Department have started conducting RAIDS on business premises to check and verify whether the GSTIN No is displayed on the sign board of the every business premises and tax compliance.
Delhi Authority for Advance Ruling said that a train is a medium of transport and cannot be termed as restaurant, canteen or mess therefore supply of food ,beverages in trains directly to consumer will face GST as applicable on such items and not at 5%.
Maharashtra Government has notified that the provisions of the E-Way Bill will be applicable for intra-State movement of goods from 25th May 2018.
MCA hereby appoints the 7th May, 2018 as the date on which the various provisions of the Companies Act, 2017 shall come into force.
Indian bank invited Panel for concurrent Auditors from eligible CA Audit Firms. Interested CA may send their resume as per format in hard copy only to reach on or before 25th May 2018.
ICAI has entered into an arrangement with Chartered Accountants Australia & New Zealand whereby its members based in the two countries would be able to have membership of CA ANZ.
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A brief Understanding on the outcome of 27th GST council meeting, on Concession GST rates* held on 4th May,2018
it is *_proposed_* that there will be 2% GST concession ( 1% each act i.e. CGST & SGST) (where tax rate is 3% or more) on B2C supplies, if payment is made through cheque or digital mode, subject to celling of Rs 100/- per transaction.
*_Few Examples for better understanding :_*
*FAQ 1*: Mr. A wants to purchase AC worth Rs 35,000/- plus 28% GST i.e. 9,800/-, what amount Mr. A will have to pay for this purchase if he use this AC in his home.
Solution: If Payment in cash: Rs 44,800/- but if payment is made through cheque or digital mode then 2% concession on GST will be allowed i.e. now he will have to pay Rs 44,100/- i.e. 35,000/- plus 26% GST, but one need not forgot celling limit of Rs. 100/-per transaction therefore in this case Mr. A must pay Rs. 44,700/- for AC.
*FAQ 2*: What happened to above transaction if Mr. A purchase AC for his proprietorship business?
Solution: in this case he must pay Rs 44,800/- whatever the mode of payment i.e. either in cash or online.
*FAQ 3*: Mr. B purchased unworked precious stone worth Rs. 2,00,000/- plus 0.25% GST i.e. Rs 500/- , what amount Mr. B will have to pay for this transaction if he purchased for personal use?
Solution 3: He must pay full amount i.e. Rs. 2,00,500/-, means without concession because rate of GST is less than 3% , which is basic requirement of availing concession.
*FAQ 4*: Mr. C purchased one pizza for Rs. 400/- plus 5% GST i.e. Rs. 20/-, what amount will he have to pay?
Solution: If payment made in cash then Rs. 420/- but if through online mode then Rs. 412 i.e. Rs 400/- plus 3%. This means Rs 8/- benefit will be there which is under celling limit of concession.
*FAQ 5*: How will pizza shop will create invoice in above case assuming there is online payment by Mr. C?
Solution: They will charge Rs 400/- plus 1.5% CGST and 1.5% SGST.
*FAQ 6*: Is there any concession if there is IGST involved?
Solution: Council clearly mention B to C sale, which means there will not be any scope of concession if sale is made interstate, because in most of the cases B To C sale attracts Place of supply which is generally place of seller.
Analysis why this concession is given:
There must be two parameters one is crystal clear that our officials want India as digital nation the another one is to provide benefits to end user who cannot take credit of their purchases and which leads extra burden on pocket of consumer, this 2% concession will reduce some amount of burden on the consumer.
Conclusion:
One must check all the aspects before allowing any concession i.e. mode of payment, nature of purchase, celling amount of concession and rate of GST on supply.
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*Maintenance of Existing Railway Tracks is Taxable at 18% GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/maintenance-existing-railway-tracks-taxable-18-gst-aar/22875/
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# *MCA* appoints the 07 MAY 2018 as the date on which the various provisions of the Companies Act, 2017 shall come into force. For list of Sections notified, Click link at www.mca.gov.in/Ministry/pdf/CompaniesAmendmentNoti_07052018.pdf.
# *MCA*: No more ratification of appointment of Auditor in AGM as MCA has amended the Companies (Audit and Auditors) Rules, 2014.
# *GST*: Teaching Service to the students of Class-Xl & Xll or coaching for entrance examination is taxable @ 18% (CGST @ 9% & SGST @9%) – AAR, Maharashtra in Simple Rajendera Shukla.
# *GST*: Disposal of the scrap vehicles after its usage is an activity of 'supply' in the course or furtherance of business and such transaction would attract GST – AAR, Maharashtra in CMS Info System Ltd.
# *IBC*: The Chief Executive Officer of the Bank has signed Form-1 for initiation for CIRP, the application under Section 7 of the ‘I&B Code’ cannot be rejected - Mahesh Kumar Sureka Vs SBER Bank & Ors. (2018 (5) TMI 644 - NCLT, ND).
# *IT*: Depreciation on Printers at 60% - since in respect of percentage on depreciation claimed for the very same machinery has been permitted for the earlier years, the Revenue cannot take a difference stand – CIT Vs. Cactus Imaging India Pvt. Ltd. (2018 (5) TMI 636 - Madras HC).
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📺 *Updates*
▶1. Ind AS: Previous GAAP accounting for Forex exchange can’t be applied post Ind AS transition.
▶2. Corporate debtor couldn't file appeal through suspended board of directors once insolvency plea was admitted
Shree Ganesh Jewellery House (I) Ltd. v. Abhishek Stock Broking Services (P.) Ltd
▶3. No case of oppression if directors were appointed as per articles and property of co. was sold above registered value
Smt. Sulochana v. Arunodhaya Enterprises Ltd.
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GST News-
ü Nestle to Pay up for Failing to Pass on GST Cut Benefit
ü CBIC Chief asks Officials to Expedite Process of Approval of GST Practitioners
ü Government may seek Explanations for Discrepancy in Income Tax, GST Returns
ü GST: No FMCG Demand Jump Despite Price Drop
ü Sugar Cess goes against Idea of Tax Reforms through GST, say Experts
ü Despite GST, India’s Tax Regime Second most Complex in Asia-Pacific Region: UN ESCAP report
ü New GST Returns may Remove the Leeway given to Companies with less than Rs 1.5 cr turnover
ü GST, Bank Balance sheet Problems pushed India’s economic growth downward but Recovery Expected: UN
ü GOM on Incentivising Digital payments under GST to meet on May 11
Latest GST Ruling’s
ü India Gate Basmati rice: GST Profiteering charge against KRBL dismissed
ü Reinstatement and Access charges paid to Municipal Authorities liable to GST: AAR Mumbai
ü GST Registration to be Granted from 01-07-2017 If Registration Delayed due to Wrong PAN Quoted in VAT Returns
ü HC Directs Authorities to Release Seized Goods as E-Way Bill was Generated Before Seizure Order
ü Mere Non-Mentioning of Vehicle No. in E-Way Bill couldn’t be reason for Seizure of Goods: HC
ü HC Issues Notice to Advocate General as Transitional ITC Provision under Gujarat GST was Challenged
ü Mere Mentioning Name of Aditya Birla on Cereal Packs to be construed as Bearing Brand Name; GST Leviable: AAR
ü Caesarstone Classifiable as “Other than Natural Sands”, 18% GST applicable: AAR
ü Trophies of Only Base Metals would be covered under Chapter Heading No. 8306: AAR
ü PVC Floor Mat could be classified as ‘Floor Coverings of Plastics’; Taxable at rate of 18% GST: AAR
ü Supply of Food and Beverages in Trains doesn’t amount to Service; Considered as Supply of Goods: AAR
ü Reinstatement Charges paid to Municipal Authorities for Restoring Dug-Up Patches attract 18% GST: AAR
ü ‘Fludeoxyglucose or FDG’ could be classified as ‘radioactive isotopes & compounds’: AAR
ü E-Rickshaw Tyres Classifiable as ‘New Pneumatic Tyres of Rubber’; Taxable at Rate of 28%: AAR
ü Classification of Service under ‘Commercial training or coaching service’ referred to larger bench of Tribunal
ü Supply of Machine with condition that Company logo must be visible was liable to ST as Franchise Service
Latest GST Summations
ü E-way Bill for Intra-State Supplies Applicable from May 25, 2018 in Maharashtra
ü E-way Bill for Intra-State Supplies Applicable from May 16, 2018 in Assam
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Fine of 1 Lakh Rupees on Company Secretary for Professional Misconduct is Exorbitant: AA advises DC to keep Uniformity in awarding Punishment* [Read Order]
Read more at: http://www.taxscan.in/fine-1-lakh-rupees-company-secretary-professional-misconduct-exorbitant-advises-uniformity-awarding-punishment/22847/
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Central Government Grants Income Tax Exemption to Three Foreign Companies* [Read Notification]
Read more at: http://www.taxscan.in/central-government-exempts-foreign-companies-section-1048a-income-tax-act/22832/
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ICAI members can have membership of CA Australia & New Zealand.*
(ICAI has entered into an arrangement with Chartered Accountants Australia & New Zealand whereby its members based in the two countries would be able to have membership of CA ANZ.)
https://goo.gl/WH9qNu
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12% GST applicable to Natural Ester Dielectric Fluid: AAR* [Read Order]
Read more at: http://www.taxscan.in/gst-natural-ester-dielectric-fluid-aar/22740/
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*Fludeoxyglucose or ‘FDG’ cannot be classified under chapter 3006 3000 of the Central Excise Tariff Act, 1985: AAR Maharashtra* [Read Order]
Read more at: http://www.taxscan.in/fludeoxyglucose-fdg-chapter-3006-3000-central-excise-tariff-act-1985-aar-maharashtra/22700/
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# *MCA* has Notified the much talk about Amendment, the Companies (Registration Offices and Fees) Second Amendment Rules 2018 on 07.05.18. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30.06.2018, the additional fee @ Rs.100 per day shall become payable in respect of MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS w.e.f. 01 JUL 2018.
# *GST*: Supply of food on board the trains - GST shall be charged at applicable rates as pure supply of goods - It has no element of service – AAR, ND in Deepak And Co.
# *GST*: Work Books (49.01) or Exercise Book (48) - presence of printed text does not affect the classification under 48.20 as exercise books – AAR, ND in Sonka Publications India Pvt. Ltd.
# *IT*: The law on re-opening does not permit the AO to re-examine the issue already examined in regular assessment u/S-143(3) - Meadow Infradevelopers Pvt. Ltd. Vs. ITO (2018 (5) TMI 592 - Delhi HC).
# *IT*: Rectification Application - admission of additional documents - the Revenue has to move a formal application u/R-29 of the ITAT Procedure Rules to justify the bringing on record of these additional documents in its possession – Dr. Prannoy Roy Vs. DCIT & Ors. (2018 (5) TMI 593 - Delhi HC).
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ITAT Mumbai pronounced that where one of the supplier admitted providing accommodation entry would not lead to conclusion that purchase made by the assessee from him is also bogus. Shantivijay Jewels Ltd. Vs. DCIT.
The annual return forms for GST may ask taxpayers to explain any discrepancies between their income tax and GST returns as the government seeks to tighten rules to deter companies from evading taxes.
Wef 1.7.18, pay Additional fee @ Rs100 per day for late filing of MGT-7, AoC-4, AoC-4 XBRL & AoC-4 CFS. Cos (Registration Offices & Fees) 2nd Amendt Rules 2018.
RBI intervened in the currency markets on Monday to prevent a further slide in the local unit, which breached the 67 mark to a dollar for the first time in 15 months amid a widening trade gap and runaway import bills fuelled by high crude-oil prices.
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CA ANZ announces a Pilot International Pathway Programme for ICAI Members*
Read more at: http://www.taxscan.in/ca-anz-pilot-international-pathway-programme-icai-members/22757/
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👉🏻ICAI members can have membership of CA Australia & New Zealand*
(ICAI has entered into an arrangement with Chartered Accountants Australia & New Zealand whereby its members based in the two countries would be able to have membership of CA ANZ.)
👇🏻 👇🏻 👇🏻
https://goo.gl/WH9qNu
*👉🏻Govt may seek explanations for discrepancy in Income Tax, GST returns*
(In a bid to boost measures against tax evasion, the government may ask taxpayers to explain any discrepancies between their income tax and GSTreturns)
👇🏻 👇🏻 👇🏻
https://goo.gl/RX91ov
*👉🏻Food items served on train to attract full GST rate - AAR*
(Supply of food and beverages in trains will face GST as applicable on such items and not the concessional rate of 5% as specified by the Govt through a circular - Authority for Advance Rulings (AAR)
👇🏻 👇🏻 👇🏻
https://goo.gl/Tj8G3e
