*Person Prosecuted u/s 420 of IPC can’t avail Benefit of Income Declaration Scheme, 2016: Uttarakhand HC* [Read Judgment]
Read more at: http://www.taxscan.in/ipc-income-declaration-scheme-uttarakhand-hc/23462/
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*Exemption on late filing fees on filing of Returns under Profession Tax*
Maharashtra State has waived late filing fees on filing of Returns under Profession Tax Act, 1975 to those employers in respect of the monthly or annual returns pertaining to the period *April 2016 to March 2018* was not filed due to technical glitches in creating profile or accessing e-services of the mahavat website. *However, such employers have to fulfill following conditions in order to avail the benefit of waiver of late filing fees* -
(i) amount payable as per return should have been / shall be paid on or before the due date;
(ii) the aforesaid employer should submit monthly / annual returns pertaining to period April 2016 to June 2018 on or before 31st July 2018.
No refund or adjustment against tax liability shall be allowed where late fees has been already paid.
*Trade Circular No. 15-T of 2018 Dated - 21-05-2018*
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*Payments made to Vendors subject to TDS under Section 194C: ITAT* [Read Order]
Read more at: http://www.taxscan.in/payments-vendors-subject-tds-section-194c-itat/23477/
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Govt. notifies Aadhaar, PAN mandatory for Customs Broker License* [Read Notification]
Read more at: http://www.taxscan.in/govt-notifies-aadhaar-pan-mandatory-customs-broker-license/23503/
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*Jubilant Food Works Limited is not a PE of Domino’s Pizza International Franchising Inc: ITAT* [Read Order]
Read more at: http://www.taxscan.in/jubilant-food-works-limited-dominos-pizza-international-franchising-inc-itat/23463/
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Updates:
1. *GST:* Rate of GST - Outdoor services being provided in the factory is not in the nature of restaurant service - liable to be taxed @ 18% - *Authority for Advance Ruling, Gujarat in Rashmi Hospitality Services Pvt. Ltd. (2018 (5) TMI 1181).*
2. *GST:* Chandigarh E-way bill comes into effect w.e.f. *25 MAY 2018* - Central Government rescinds the notification number G.S.R. 316(E), dt.31.03.2018 – *N.N.7/2018-UTTax, dt.18.05.2018.*
3. *ICAI* invites suggestions on Draft Revised Syllabus for the Post Qualification Course on Information Systems Audit formulated by Digital Accounting and Assurance Board of ICAI latest by 31 MAY 2018.
4. *IT:* The person who have registered or recorded transactions as specified in Rule-114E (2) r/w Section-285BA (1) are required to file Form-61A for SFT Transactions and not others.
5. *IT:* TDS liability u/s 192 - no perquisite would arise in the hands of the employees for the assessment years in question. The legislation amended the said rule only for subsequent period to include even concessional education facility - *Gujarat Co-Op. Milk Marketing Federation Ltd. Vs. ITO (2018 (5) TMI 1177 - Gujarat High Court).*
6. *IT:* Valuation of goodwill - the substitution adopted by the AO suffered from greater vice. There was no basis for him to believe that the trademark and goodwill must value at the same level – *CIT Vs. Bisleri International Pvt. Ltd. (2018 (5) TMI 1175 - Gujarat High Court).*
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ITAT Sets Aside Order Against ICAI* [Read Order]
Read more at: http://www.taxscan.in/itat-sets-aside-order-icai/23423/
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CBDT has notified the Revised Procedure for Registration and online Submission of ‘Statement of Financial Transactions (SFT)’ in Form 61A under IT section 285BA read with IT Rule 114E. For procedure/ (https://report.insight.gov.in).Due Date for submission: On or Before 31st May 2018.
Income Tax department cautioned tax deducted at source (TDS) deductors to adhere to the stipulated deadline of 31 May for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.
22-5-18 (Tuesday) is Last Date to pay GST and file GSTR-3B of April 2018. Notifications 23/2018. Central Tax of 18.5.2018 & 16/2018 of 23.3.2018.
Union territories E way bill mandatory wef 25-05-2018. Read More http://cajatinminocha.com/resource/Our_updates.aspx
LLP has to file *form 11* (Annual Return) for the FY 2017-18 on or before 30th may, 2018.
Otherwise Additional fees of Rs. 100/- per day in case of delay in filing of Form 11.
Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27, 2018 on Monitoring of Foreign Investment limits in listed Indian companies.
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📺 *Updates*
▶1. Disputes on valuation of seized goods & quantum of penalty to be adjudicated before Appellate Authority
Sri Raghavendra Traders v. Government of Karnataka
▶2. Dues against services of employees would amount to operational debt under IBC
ASAP Info Systems (P.) Ltd.
v. Business Arts India (P.) Ltd.
▶3. Now E-way bill applicable from May 25, 2018 in 3 UT’s for intra-UT movement of goods
https://gst.taxmann.com/topstories/222330000000015498/now-e-way-bill-applicable-from-may-25-2018-in-3-uts-for-intra-ut-movement-of-goods.aspx
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# *GST*: Outdoor services being provided in the factory is not in the nature of restaurant service - liable to be taxed @ 18% - AAR (Guj.) in Rashmi Hospitality Ser.Pvt. Ltd. (2018 (5) TMI 1181).
# *GST*: Chandigarh E-Way Bill comes into effect w.e.f. 25 MAY 2018 – CG rescinds notification # G.S.R. 316(E), dt.31.03.18-N.N.7/2018-UTT, dt.18.05.18.
# *ICAI* invites suggestions on Draft Revised Syllabus for the Post Qualification Course on ISA formulated by DA&AB of ICAI latest by 31MAY2018.
# *IT*: The person who have registered or recorded transactions as specified in Rule-114E(2) r/w S-285BA(1) are required to file Form-61A for SFT Transactions and not others.
# *IT*: Valuation of goodwill - the substitution adopted by the AO suffered from greater vice. There was no basis for him to believe that the trademark and goodwill must value at the same level – CIT Vs. Bisleri Intn. Pvt. Ltd. (2018 (5) TMI 1175 - Gujarat HC).
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Very important Definition of term BUSINESS
As Per CGST ACT
“business” includes–
(a) any trade, commerce, manufacture, profession, vocation, adventure,
wager or any other similar activity, whether or not it is for a pecuniary benefit;
(b) any activity or transaction in connection with or incidental or ancillary
to sub-clause (a);
(c) any activity or transaction in the nature of sub-clause (a), whether or
not there is volume, frequency, continuity or regularity of such transaction;
(d) supply or acquisition of goods including capital goods and services in
connection with commencement or closure of business;
(e) provision by a club, association, society, or any such body (for a
subscription or any other consideration) of the facilities or benefits to its members;
(f) admission, for a consideration, of persons to any premises;
(g) services supplied by a person as the holder of an office which has been
accepted by him in the course or furtherance of his trade, profession or vocation;
(h) services provided by a race club by way of totalisator or a licence to
book maker in such club ; and
(i) any activity or transaction undertaken by the Central Government, a
State Government or any local authority in which they are engaged as public
authorities
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*Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm: ITAT* [Read Order]
Read more at: http://www.taxscan.in/section-269ss-restricting-cash-transaction-capital-contributed-partner-partnership-firm-itat/23441/
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👉🏻ITR-3 Java Utility has been released*
(Form ITR-3 Java Utility has also been released by Income Tax Dept. With this, Taxpayers can now *e-file* their Tax Returns for AY 2018-2019 using the applicable ITR Forms *1, 2, 3* or/ *4*)
👇🏻 👇🏻 👇🏻
https://acasouravbagaria.wordpress.com/2018/04/06/cbdt-released-itr-1-to-itr-7-forms-for-fy-2017-18-ay-2018-19/
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*Outdoor Catering Service Taxable at 18% GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/outdoor-catering-service-taxable-18-gst-aar/23406/
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GST Fraud: Two Arrested, Sent for Judicial Custody for 15 Days*
Read more at: http://www.taxscan.in/gst-fraud-two-arrested-judicial-custody/23413/
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E-Way Bill mandatory in Union Territories from 25th May* [Read Notification]
Read more at: http://www.taxscan.in/e-way-bill-mandatory-supplies-union-territories/23387/
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Section 54 Exemption not available if Payments are made on or before IT Returns Due Date: ITAT* [Read Order]
Read more at: http://www.taxscan.in/s-54-exemption-payments-returns-due-date-itat/23370/
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GST Council asks Govt to Expedite Establishment of Appellate Authorities*
Read more at: http://www.taxscan.in/gst-council-appellate-authorities-aar/23417/
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Section 54F Benefit not available If Construction Work Precedes Transfer of Immovable Property: Gujarat HC* [Read Judgment]
Read more at: http://www.taxscan.in/construction-work-transfer-immovable-property-gujarat-hc/23268/
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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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GST Audit by CAs
*GST AUDIT -- Section 2(13):*
It is an examination of records, returns and other documents maintained by the registered person under this Act to verify:
• the correctness of turnover declared,
• taxes paid,
• refund claimed and
• input tax credit availed, and
• to assess his compliance with the provisions of this Act or the rules made thereunder;
*COMPULSARY AUDIT OF GST – SECTION 35(5):*
• every registered person
• whose turnover during a financial year exceeds Rs. 2 crores
• gets his accounts audited by a CA or CWA
*ANNUAL RETURN (GSTR 9C) SECTION – 44(2)*
GSTR 9 should be filed by the regular tax payers filing GSTR 1, 2, & 3 whereas, the registered person *who is liable to get their accounts audited* under this act shall file return in form *GSTR 9C.* alongwith:
• copy of audited annual accounts and
• Reconciliation statement of tax already paid and tax payable as per audited accounts.
*PENALTY:*
*1. In case of failure to file annual return:* Rs. 100 per day per act subject to maximum of 0.25% of state turnover.
*2. In case of failure to get accounts audited from CA:* upto Rs. 25,000/-
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📺 *Updates*
▶1. Dues against services of employees would amount to operational debt under IBC
▶2. Condonation of delay in filing return couldn't be rejected if assessee established genuine hardship: HC
PDS Logistics International (P.) Ltd. v. Chief Commissioner of Income-tax, Beng.
▶3. HC slams AO for initiation of recovery proceedings against co. before expiry of limitation period to file appeal
Kalaignar TV (P.) Ltd. v. Assistant Commissioner of Income-tax, Non-Corporate Circle 20(1), Chennai*
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👉🏻ITR-3 Java Utility has been released*
(Form ITR-3 Java Utility has also been released by Income Tax Dept. With this, Taxpayers can now *e-file* their Tax Returns for AY 2018-2019 using the applicable ITR Forms *1, 2, 3* or/ *4*)
👇🏻 👇🏻 👇🏻
https://goo.gl/kmm6QU
*👉🏻SEBI votes for secretarial audits in listed companies*
(SEBI is not happy with the way secretarial audits are conducted in listed companies. It believes a lot of work needs to be done to improve the audits, which in turn, will improve corporate governance standards)
👇🏻 👇🏻 👇🏻
https://goo.gl/J9Jrbv
*👉🏻Coaching centres for entrance exams liable to 18% GST - AAR*
(Coaching centres providing tuition to prepare students for entrance examination are liable to pay 18 percent GST, according to the Authority for Advance Rulings)
👇🏻 👇🏻 👇🏻
https://goo.gl/e13UVX
*👉🏻Income tax dept cautions TDS deductors against quarterly filing default*
(Income Tax Dept cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default)
👇🏻 👇🏻 👇🏻
https://goo.gl/wd3Vqx
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Income Tax Dept cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.
Chhatisgarh High Court held that the service of notice to the CA of the assessee cannot be treated as ‘service’, the entire re-assessment proceedings initiated and the objections rejected for reopening the assessment proceeding deserves to be quashed.
CBIC wrote to officials to expedite the process of approval of GST practitioners. A proactive approach in facilitating the enrolment and helping the applicants in case they have committed any bona fide mistakes while making the application will only further our cause of achieving a trade-friendly image for the department.
MCA has issued a General Circular to clarify Condonation of Delay Scheme, 2018 w.r.t Pending Revival applications at NCLT. Ministry has received representations from stakeholders raising doubts regarding filing requirements of e-CODS, 2018.
SEBI has issued further amendment to SEBI Circular on Monitoring of Foreign Investment limits in listed Indian companies. the deadline for the companies to provide the necessary data to the depositories has been extended to May 25, 2018.
ICAI issued Exposure Draft of Accounting Standard (AS) 109, Financial Instruments. Comments to be received by June 30, 2018.
Canara Bank invites Applications from CA Firms for Concurrent Audit of CanaraBank branches. Refer www.canarabank.com. Apply between 18.05.2018 & 01.06.2018
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Right of Cross-Examination is not Absolute: ITAT* [Read Order]
Read more at: http://www.taxscan.in/right-cross-examination-absolute-itat/23271/
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18% GST Applicable to Liquidated Damages*: AAR [Read Order]
Read more at: http://www.taxscan.in/18-gst-applicable-liquidated-damages-aar/23298/
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ITR-3 available in Income Tax Portal*
Read more at: http://www.taxscan.in/itr-3-income-tax-portal/23292/
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Two New Features Enabled in GSTN*
Read more at: http://www.taxscan.in/two-new-features-enabled-gstn/23310/
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ITAT deletes Addition as AO estimated Profit of Assessee without any basis* [Read Order]
Read more at: http://www.taxscan.in/itat-addition-ao-estimated-profit/23251/
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ED attaches Rs 184.68-crore worth Assets of Chartered Accountant & Others in a Bank Fraud Case*
Read more at: http://www.taxscan.in/ed-assets-of-chartered-accountant-bank-fraud/23304/
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*MCA* has issued a General Circular to clarify Condonation of Delay Scheme, 2018 w.r.t Pending Revival applications at NCLT.
# *CBIT* has notified the Customs Brokers Licensing Regulations, 2018.
# *GST*: Valuation - there is no discernible difference in the statutory concept of Transaction Value and the evolved meaning of Normal Price – CCE Vs. Grasim Ind. Ltd. (2018 (5) TMI 915 - SC).
# *IT*: LTCG - Assessee cannot claim deduction u/s 54F in proportion to increase in capital gains due to valuation u/s 50C as per stamp duty - V. Nishitha Reddy Vs. ITO (2018 (5) TMI 1005 - ITAT Hyd.).
# *IT*: Disallowance of business expenditure - business activity not commenced - In absence of any income generation, it was difficult to understand how the staff was paid bonus as claimed by the assesse – Nischay Fab Pvt. Ltd. Vs. ITO (2018 (5) TMI 1091 - Gujarat HC).