Diagnostic Services are Health Care Services, No GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/diagnostic-health-care-gst-aar/23926/
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*Audit* – Audit Report Format for URBAN CO-OPERATIVE BANKS - https://www.icai.org/new_post.html?post_id=14392&c_id=219
*ICAI - Representation submitted to CBDT by ICAI* - Notification No 23/2018, dated 24th May, 2018 amending Rule 11UA omitting reference to term “accountant”, thereby making Chartered Accountants ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method - (30-05-2018)-https://resource.cdn.icai.org/50361dtc300518.pdf
*Case Study:* Exemption u/s. 54 cannot be denied Merely for Housing Loan availment by Assessee - Amit Parekh Vs I.T.O. (ITAT Kolkata)
*CSR:* Companies should give preference to Local area & areas around it where it operates - General Circular No. 06/2018 - (28/05/2018)
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GST Special Refund Fortnight to be organized from May 31 to June 14 in which Center and state GST officers will strive to clear all GST refund applications received on or before April 30, 2018.
MCA has issued Clarification with regard to provisions under Section 135(5) of the Companies Act, 2013 regarding spending on CSR activities.
ICAI Representation submitted to CBDT by Direct Taxes Committee of ICAI - Notification No 23/2018, dated 24th May, 2018 amending Rule 11UA omitting CA ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method - (30-05-2018).
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📺 *Updates*
▶1. Sum received by Parent US Co. from reselling of its content delivery solutions in India not taxable: AAR
▶2. HC condoned delay in filing form no. 10 as trust received declaration u/s 12AA with retrospective effect
Director of Income-tax, (Exemptions) v. Chennai Port Trust*
▶3. Insolvency resolution process couldn't be initiated as creditor failed to prove service of demand notice
Rama Sanjay Builders & Contractors (P.) Ltd. v. Kukreja Rubber Mills (P.) Ltd.
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No Service Tax on Ambulance Services provided to Govt by Pvt Service Providers under National Health Mission: CBIC* [Read Circular]
Read more at: http://www.taxscan.in/service-tax-ambulance-services-service-providers-national-health-mission-cbic/23987/
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*👉🏻Govt seeks applications for NFRA Chairperson, Members posts*
(They would have a three-year term each and would be eligible for re-appointment for one more term)
👇🏻 👇🏻 👇🏻
https://goo.gl/15CN5N
*👉🏻SEBI allows debt issuers to review credit rating by agencies*
(SEBI allowed debt issuers to review ratings given by agencies, a move that will check the menace of 'rating shopping' and 'pick-and-choose' approach in their actions)
👇🏻 👇🏻 👇🏻
https://goo.gl/oYVjDk
*👉🏻Special GST Refund Fortnight from 31.05.2018 to 14.06.2018*
(Refund application in FORM GST RFD-01A will not be processed unless a copy of the application, along with all supporting documents, is submitted to the jurisdictional tax office. Mere online submission is not sufficient)
👇🏻 👇🏻 👇🏻
https://goo.gl/pnCLzn
*👉🏻Internal cum Concurrent Auditor for HSCC (I) Ltd*
(HSCC (I) Ltd. wishes to engage CA Firms as Internal cum Concurrent Auditor for Financial year 2018-19. Last Date - 08th June 2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/sNbQxE
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# *GST* is leviable on rent payable by a Hospital, catering, life-saving services as there is no specific exemption of such supply of services – AAR, Karnataka in Tathagat Health Care Centre LLP (2018 (5) TMI 1704).
# *GST*: CBIC starts second *Special Refund Fortnight* drive from TODAY (31 MAY 2018 to 14 JUN 2018) to facilitate all types of Refund claims in which Customs, Central and State GST officers will strive to clear all GST refund applications received on or before 30 APR 2018.
# *GST*: CBIC issues clarifications on various queries on refund related issues with a view to ensure uniformity in the implementation of the provisions of the law across the field formations – C.N.45/19/2018-GST, dt.30.05.2018.
# *IT*: Filing of belated return to seek refund by the assessee was wrongly declared by the Deptt. as invalid u/s 139(9) - since the time having been lapsed for scrutinizing the returns, HC directed the AO to scrutinize the returns - Shubharam Complex Vs. ITO & Pr. CIT (2018 (5) TMI 1699 - Karnataka HC).
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GST: CBIC clarifies Refund related Issues* [Read Circular]
Read more at: http://www.taxscan.in/gst-cbic-clarifies-refund-related-issues/24012/
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*Breaking: Due Date for Filing GST Return by Input Service Distributors Extended*
Read more at: http://www.taxscan.in/due-date-return-input-service-distributors/24056/
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GST: E-Way Bill to be rolled out in Eight more States*
Read more at: http://www.taxscan.in/gst-e-way-bill-eight-states/24053/
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IBBI prescribes Requirements to Enroll as a Registered Valuer by Authority* [Read Circular]
Read more at: http://www.taxscan.in/ibbi-prescribes-requirements-enroll-registered-valuer-authority/24010/
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*Provision for CA Audit Fee can’t be Disallowed If It was as per Norms of NABARD considering the Number of Branches of Assessee-Bank: ITAT* [Read Order]
Read more at: http://www.taxscan.in/ca-audit-fee-disallowed-nabard-number-branches-assessee-bank-itat/24042/
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ICAI Chief enumerates Initiatives for Strengthening Member Services*
Read more at: http://www.taxscan.in/icai-initiatives-strengthening-member-services/24066/
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*Chartered Accountants can now Apply and Join for Phd Programme*
Read more at: http://www.taxscan.in/chartered-accountants-phd-programme/24061/
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MCA: 1171 LLPs are to be struck off by Registrar. Find the Complete list with notification http://www.mca.gov.in/Ministry/pdf/NoticeLLPDElhi_30052018.pdf
Roll out of e-Way Bill system wef June 1 for intra-State movement of goods in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha, Punjab, Tamil Nadu and West Bengal - Press Release dated 31-May-2018
CG extended the last date for filing GSTR 6 by Input Service Distributors for the months of July 2017 to April 2018 until the 31st day of July 2018.
Enrolment & Registration as Valuer by Registered Valuers Organisation - Circular No. RVO/12/ 2018 - (30/05/2018)
Sanction of pending IGST refund where records not transmitted from GSTN to DG Systems - Public Notice No. 90/2018-JNCH - (30/05/2018)
Case Study: No Addition U/s. 68 if Assessee able to Prove identity of creditor, its creditworthiness & genuineness of transaction - ITO Vs M/s. Necleus Steel Private Limited (ITAT Delhi)
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👉GST: CBIC clarifies Refund related Issues
👉The Central Government extended the last date for filing GSTR 6 by Input Service Distributors for the months of July 2017 to April 2018 until the 31st day of July 2018.
👉Chartered Accountants can now Apply and Join for Phd Programme.
👉ICAI issues Accounting Standards for Local Bodies
👉Credit Allowable on Service Tax Paid on Architectural Services: CESTAT.
👉1171 LLPs are to be struck off by Registrar.*
Find the Complete list with notification
http://www.mca.gov.in/Ministry/pdf/NoticeLLPDElhi_30052018.pdf
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# *GST*: Applicant providing the services of diagnosis, pre & post counseling therapy and prevention of diseases by providing tests that are sophisticated and relevant, hence they qualify to be health care services – AAR in Sayre Therapeutics Pvt. Ltd. (2018 (5) TMI 1737).
# *ICAI* represents CBDT on N.N.23/2018, dt.24.05.2018 amending Rule11UA omitting reference to term “accountant”, thereby making CAs ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method.
# *ICAI* to conduct ISA-AT on 23 JUN 2018. The last date for submission of online application is 05 JUN 2018.
# *IT*: There is a clear provision for condoning the delay in the Act - thus the right of Revision u/s 264 could be avoided by allowing the petitioner to file additional statement explaining such delay - Kanchanben Bhikhabhai Shah Vs. Pr.CIT (2018 (5) TMI 1734 - Gujarat HC).
# *IT*: Loss of interest due to premature withdrawal of the FDRs and retention of money by the Deptt. - HC directed the department to consider and respond to the letters of the petitioner - Patiala UP&DA Vs. DCIT (Exem.) (2018 (5) TMI 1735 - Punjab & Haryana HC).
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Income Tax Deptt launched and activated all the seven ITR forms for e-filing by taxpayers, after more than a month of them being notified.
Due date for filing GSTR-6 by ISD for July, 2017-June, 2018 is extended till 31.07.2018. Notification to be issued shortly. Source: twitter- cbic.gov.in
Government has refuted exporters’ claim that Rs 20,000 crore of GST refund is pending, and said there has been no dip in refunds as it announced a special refund fortnight beginning May 31.
SEBI directed rating agencies to set up committees to hear the appeals of issuers aggrieved by the ratings assigned to them. Currently, there is no stipulated mechanism to review such issues.
ROC, Delhi & Haryana in its drive to clean the registry has issued notice of striking off of 1171 LLP's under Section 75 of LLP Act, 2008 read with Rule 37 of LLP Rules, 2009.
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Penalty can’t be levied for Late filing of E-Returns If Manual Returns were filed within Time: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/penalty-late-filing-e-returns-manual-returns-filed-cestat/23960/
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GST Revenue falls to 94,016 Crores in May*
Read more at: http://www.taxscan.in/gst-revenue-94016-crores-may/24090/
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AAR Reply on- Whether credit will be available in GST of office fixtures & furniture, A.C. plant & sanitary fittings on newly constructed building on its own account for furtherance of business and accounting entry is capitalized in books of account
2018-05-31 18:41:41
Whether credit will be available in GST of office fixtures & furniture, A.C. plant & sanitary fittings on newly constructed building on its own account for furtherance of business and accounting entry is capitalized in books of account:Cenvat Credit of GST paid in relation with building or any other civil structure is not available and since sanitary fittings are integral part of buiiding or any other civil structure, Cenvat Credit of GST paid on such sanitary fittings is not available. However credit of input tax charged on the supply of fixtures & furniture and A.C. plant is admissible under -CGST/SGST Act. 2017, provided that the registered person has not claimed depreciation on the tax component of the cost of the capital goods and plant and machinery under the provisions of the Income-Tax Act 1961
Ruling No 03/2018-19 – dated – May 04, 2018 (AAR Uttarakhand)
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ICAI withdraws Guidance Note on Accounting for Real Estate Transactions*
Read more at: http://www.taxscan.in/guidance-note-accounting-real-estate/24092/
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Foreign Language Course to Strengthen Overseas Placement: ICAI Chief*
Read more at: http://www.taxscan.in/foreign-language-course-overseas-placement-icai-chief/24098/
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MCA to launch GST Account Assistant Scheme in association with ICAI*
Read more at: http://www.taxscan.in/mca-gst-account-assistant-scheme-icai/24064/
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Ministry of Finance
*Income Tax Department issues Revised Income Tax Informants Reward Scheme, 2018 *
Posted On: 01 JUN 2018 1:09PM by PIB Delhi
With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and reduce tax evasion, a new reward scheme titled “Income Tax Informants Reward Scheme, 2018” has been issued by the Income Tax Department, superseding the earlier reward scheme issued in 2007.
Under the revised scheme, a person can get *reward up to Rs. 50 lakh* for giving specific information in prescribed manner to the designated officers of Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India which are actionable under the Income-tax Act, 1961.
Further, Government of India had earlier introduced *Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015*, in order to investigate and assess income and specific assets kept in foreign countries by people taxable in India, recover tax on it and take other actions like penalty and prosecution. With the objective of attracting and encouraging people to give information about such income and assets actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, *reward up to Rs. 5 crore* has been introduced in the new reward scheme. The amount has been kept high to make it attractive to potential sources in foreign countries. Under this Scheme, a person can get reward for giving specific information in prescribed manner about substantial tax evasion on income and assets abroad which are actionable under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Information under this scheme has to be given in prescribed manner to the Director General of Income Tax (Investigation) or an officer whom he may authorize in this behalf. Foreigners will also be eligible for reward under this scheme. Identity of the persons giving information will not be disclosed and strict confidentiality shall be maintained.
Details of the revised reward scheme are available in the Income Tax Informants Reward Scheme, 2018, copy of which is available in Income Tax offices and on the official website of Income Tax Department www.incometaxindia.gov.in .
DSM/RM/KA
(Release ID: 1534070)
