*CESTAT is not proper Appellate Forum for Dispute of Rebate Claim: Rajasthan HC* [Read Judgment]
Read more at: http://www.taxscan.in/cestat-appellate-forum-rebate-claim-rajasthan-hc/23190/
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ITAT recalls Ex-Parte Order since Tax Consultant was busy with GST Glitches and couldn’t represent Case* [Read Order]
Read more at: http://www.taxscan.in/itat-ex-parte-tax-consultant-gst-glitches/23245/
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Income Tax Dept enables ITR-2 for Individuals, HUF in E-Portal*
Read more at: http://www.taxscan.in/income-tax-department-itr-form-2/23260/
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PNB Fraud: Charge sheet against Chartered Accountant and Others Filed: CBI*
Read more at: http://www.taxscan.in/pnb-fraud-chartered-accountant-cbi/23256/
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ICAI conducts Residential Programmes for Men and Women Chartered Accountants*
Read more at: http://www.taxscan.in/icai-residential-programmes-chartered-accountants/23285/
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MCA clarifies applicability of Condonation of Delay Scheme, 2018* [Read Circular]
Read more at: http://www.taxscan.in/mca-clarifies-applicability-condonation-delay-scheme-2018/23275/
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👉🏻IFC to fund IBBI for new insolvency reform implementation in India*
(IFC, a member of the World Bank Group, will support the IBBI in strengthening the implementation of India's new insolvency and bankruptcy framework, the Insolvency and Bankruptcy Code (IBC), 2016)
👇🏻 👇🏻 👇🏻
https://goo.gl/B9Yw53
*👉🏻Free banking services out of GST Net - FinMin*
( Free banking services like cheque book issuance and ATM withdrawals are likely to remain out of the ambit of the Goods and Services Tax)
👇🏻 👇🏻 👇🏻
https://goo.gl/n2wdn5
*👉🏻CBDT directs IT dept to hold grievance redressal fortnight in June*
(CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands)
👇🏻 👇🏻 👇🏻
https://goo.gl/kmPKLq
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The unresolved problem of Paying CGST instead of IGST/SGST-Paying SGST instead of CGST/IGST-
Paying IGST instead of CGST/SGST
There is no penalty for the same. You have to Pay Tax under correct head with no interest and claim refund of tax paid under wrong head.
The system has failed to give any relief to the assessees.
CGST & SGST is payable for intra-state supplies and IGST for inter-state supplies. Taxes paid under respective heads are transferred to respective governments. For Example, taxes paid under SGST head is transferred to
respective state government determined based on place of supply. So, Tax paid under wrong heads leads to transfer of tax to that respective government which leads to wrong accounting. Hence, under GST, paying tax under correct heads is important and hence, the penalty.
However, GST portal is now generating challan automatically after entering data in GSTR 3B. Chance of making this mistake is reduced to great extent.
The refunds are not being issuing by state authority so assessees are passing through a rough time as money has been blocked .
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Income tax dept has launched ITR-2 for AY 2018-19 for individuals and HUF having income from any sources except profits and gains of business and profession, including NRIs.
ITR-1 Sahaj was activated earlier by the department for resident Indians having income from salaries, house property and bank interest with total income of up to Rs 50 lakh.
31 May is last day to file GSTR-1 for April if turnover 1.5 cr or more. For May file by 10 June & for June by 10 July i.e before GSTR-3B. Notification No. 18/28 March.
No late Filing fee if GSTR-3B from October 17 - April 18 filed by 31 May, where TRAN-1 submitted by 27 December but filed by 10 May due to technical issues.
Aadhaar not mandatory for central govt. employees for getting pension: Minister of State for Personnel. Press Trust of India.
DGFT has issued trade notice w.r.t Non-submission of complete Appendix 4E, containing technical details, chemical reactions and data sheet for advance authorisation applications on self declaration basis under Para 4.04 and 4.07 of HBP for cases relating to NC-4.
IASB ICAI is organising Certificate Course on Concurrent Audit of Banks at Gurugram from July 7, 2018, https://resource.cdn.icai.org/49656iasb39339gurugram.pdf
Vijaya Bank invites Empanelment of Concurrent auditors for the year 2018-19 i.e from July 2018 to June 2019– website www:vijayabank.com open from 15.05.2018 to 24.05.2018.
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📺 *Updates*
▶1. Reassessment proceedings couldn't be quashed merely because recorded reasons were additionally approved by CIT
Mayurbhai Mangaldas Patel
v. Income-tax Officer*
▶2. SEBI proposes amendment to listing norms; requires Cos. to disclose delay in payment of debt securities in 24 hrs.
https://corporatelaws.taxmann.com/topstories/222330000000015461/sebi-proposes-amendment-to-listing-norms-requires-cos-to-disclose-delay-in-payment-of-debt-securities-in-24-hrs.aspx
▶3. Employee wasn't liable to interest for advance tax default if employer failed to deduct TDS on salaried income
J. Aditya Rao v. Assistant Commissioner of Income Tax, Hyd.
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Service of Notice to Chartered Accountant of Assessee is not Service at all: Chhattisgarh HC*
The Chhattisgarh High Court recently held that the service of notice to the Chartered Accountant of the assessee cannot be treated as ‘service’. In the instant case, the department initiated re-assessment proceedings against the assessee. While doing so, the notice under section 148 of the Income Tax Act was served to the Chartered Accountant of the assessee and the petitioner was never served with notice. The department claimed that the assessee has participated in the re-assessment proceedings and thereby abandoned the right to claim non-service of notice under Section 148. The counsel for the petitioner, Advocate Ajay Wadhwa contended that mere participation of the petitioner in the reassessment proceeding would not amount to service of notice as contemplated under Section 148(1) of the IT Act. Therefore, the entire re-assessment proceedings initiated and the objections rejected for reopening the assessment proceeding deserves to be quashed. Analyzing the provisions of the Act, Justice Sanjay K Agarwal noted that Section 147 of the IT Act is not a charging Section. According to the Court, it merely provides a machinery whereby an income which has escaped assessment or has been under-assessed in the relevant assessment years can be brought into the network of taxation. While allowing the petition, the Court held that “no notice was served to the petitioner under Section 148(1) of the IT Act and service of notice to the Chartered Accountant of the petitioner Company is not service at all and participation of the petitioner Company by filing return and filing objection to the notice to the reasons to believe cannot be held to be a valid service of notice as held by the Delhi High Court in Chetan Gupta’s case and, therefore, it cannot be held that the petitioner was served with notice under Section 148(1) of the IT Act.”
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Service Tax can’t be levied on Consideration received from Land Owners towards Money paid by Flat Buyers: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/service-tax-land-owners-flat-buyers-cestat/23113/
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*Cleaning Services Provided to Railways Liable to GST*: AAR [Read Order]
Read more at: http://www.taxscan.in/cleaning-services-provided-to-railways-liable-to-gst-aar/23187/
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Entire Value of Works Contract Service Including Freight and Transportation is subject to 18% GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/works-contract-freight-transportation-gst-aar/23180/
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Cenvat Credit allowable in respect of Sales Commission paid to Promote Sale: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/cenvat-credit-sales-commission-cestat/23193/
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*Seeking Advice/Opinion does not constitute ‘Information’ u/s 2(f) of RTI Act: IBBI* [Read Order]
Read more at: http://www.taxscan.in/advice-opinion-information-rti-act-ibbi/23198/
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ICAI releases Exposure Draft on Accounting Standard (AS) 109 Financial Instruments* [Read Draft]
Read more at: http://www.taxscan.in/icai-exposure-draft-accounting-standard-financial-instruments/23212/
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CBDT releases java utility of ITR- 2 for ay 2018 -19. Income Tax Return Forms AY 2018-19 (FY 2017-18).
Launch of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than three crore tax-payers who will be eligible to file their return of income in this simplified form.
The number of Income Tax Return Forms AY 2018-19 (FY 2017-18) has been reduced from the existing nine to seven Forms.
The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2.
ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
There is no change in the manner of filing of ITR Forms.
Return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form: (i)an individual of the age of 80 years or more at any time during the previous year; or (ii)an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.
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# *GST*: 20 MAY 2018 is the last date of filing of GSTR-3B for the m/o April, 2018 along with due taxes.
# *CBDT* releases ITR Form-2 in java utility for AY 2018-19, can be filed by individuals, (HUFs) having income from any sources except income from profits and gains of business or profession and by NRIs as well.
# *ICAI* issues FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
# *GST*: The cleaning services supplied by the applicant to the Railways are not exempted from GST under S.No.3 of the N.N.09/2017 – AAR, Delhi in VPSSR Facilities (2018 (5) TMI 904).
# *GST*: The activity involve use of consumables such as soap / detergent / chemicals of a minimal quantity and of a very nominal value are the activity is "pure service" - Cannot be held as works contract – AAR, Delhi in VPSSR Facilities (2018 (5) TMI 904).
# *IT*: The assessee might provide for bad and doubtful debts but the deduction would only be allowed at the percentage of aggregate average advance, computation of which is prescribed by Rule 6ABA – Pr. CIT Vs. Uttarbanga Kshetriya Gramin Bank (2018 (5) TMI 903 - Calcutta HC).
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#ITR: CBDT has finally released after 44 days of start of AY 2018-19, Java Utility of ITR-2 (For Individuals and HUFs not having income from PGBP). It is worthy to note that CBDT is failed to release excel utility of ITR-2 and released only Java utility of ITR-2.
#Earlier CBDT has released Excel and Java Utility of ITR 1 on 14th April 2018 and Excel and Java Utility of ITR-4 on 10th May 2018.
#CBDT has notified ITR Forms vide Notification No. 16/2018-Income Tax dated 3rd April 2018.
#E-Way Bill: The Government has issued Press Release dated 14-05-2018 regarding Roll out of e-Way Bill system for intra-State movement of goods in the States of Assam & Rajasthan (w.e.f. implemented in Assam from 16th May, 2018 & Rajasthan from 20th May, 2018)
#Case Study: Penalty u/s 221 cannot be levied for non-payment of self-assessment tax - Heddle Knowledge (P.) Ltd. Vs. Income Tax Officer (ITAT Mumbai)
#Case Study: Form- “C” available even after GST implementation: P&H High Court - Carpo Power Limited Vs.State of Haryana and others (Punjab & Haryana High Court)
#NIRC: Please attend program on REFUND of GST, covering practical aspects from start to end at Hindi Bhawan 5 to 9 pm, Thursday 17 May, 2018 Fee: Rs 500.
#Due Date: 20-05-2018 - GSTR-3B for the month of April. Also Pay due Tax till this date.
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📺 *Updates*
▶1. Gift received by individual from his HUF wasn't exempt; ITAT upheld additions
Gyanchand M. Bardia v. Income Tax Officer, Ward 1(2)(2), Ahmedabad
▶2. Higher depreciation on windmills not allowable if assessee failed to provide reasons.
Indus Finance Corporation Ltd. v. Deputy Commissioner of Income-tax
▶3. Applicant wasn't a financial creditor as it failed to establish that disbursements were made for time value of money
Silverstar Fashions (P.) Ltd.
v. Orient Clothing Co. (P.) Ltd.
🙏�Thank you🙏�
Have a nice day
