Income Tax Dept had served notices on nearly 3 lakh non-filers who deposited Rs.10 lakh or more in their bank accounts following the demonetization announcement. “Of these, nearly 2.1 lakh filed their returns by the March 31, 2018 deadline. The rest will now face action.
GST: Update eway bill with Change to Multi vehicle Option where all goods move to a location in one vehicle & then moved in parts in multiple vehicles.
The revenue dept is working on a mechanism under which foreign tourists may soon get to claim GST refunds paid by them on local purchases at airports at the time of exit.
NSE & BSE have issued a circular on all Listed Companies w.r.t Compliance and Disclosure Requirements for Listed Companies undergoing Corporate Insolvency Resolution Process (CIRP).
The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants.
Corporation Bank invites online application for selection of Concurrent Auditors for the Branches of the Bank. The Firms that are already empanelled with the Bank are required to participate as fresh allotment of assignments will be only through this process. Last Date is 25.06.2018
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CA Students to Undergo New Compulsory ICAI Exam after 1st & 2nd Years of Articleship*
Read more at: http://www.taxscan.in/ca-students-compulsory-icai-exam-articleship/24556/
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Interest-free or Concessional Loan from Employer taxable as Perquisite: ITAT* [Read Order]
Read more at: http://www.taxscan.in/interest-free-or-concessional-loan-from-employer-taxable-as-perquisite-itat/24573/
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GST: Govt Notifies List of Goods which may be disposed off post-Seizure* [Read Notification]
Read more at: http://www.taxscan.in/gst-govt-notifies-goods-disposed-post-seizure/24577/
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Govt amends CGST Rules: Notifies Changes in GST Returns w.e.f 1st July* [Read Notification]
Read more at: http://www.taxscan.in/cgst-rules-gst-returns-1st-july/24582/
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*LLP:* Now DPIN can be obtained by filing Form DIR-3 under the Companies (Appointment and Qualifications of Directors) Rules, 2014 as amended w.e.f 15.06.2018 and such DIN shall be sufficient for being appointed as designated partner under the Limited Liability Partnership Act,2008.
Assessment of CA Students after completion of 1st and 2nd year of practical training - Source Link: https://resource.cdn.icai.org/50505bos40224.pdf
*Case Study:* Addition justified for huge gifts on failure to prove genuineness - Kamlesh Parwani Vs Income-Tax Officer (ITAT Mumbai)
*Case Study:* Interest from Lending business is taxable as Business Income and write off of bad debt allowable U/s. 36(1)(vii) read with Section 36(2) - Zen Industrial Services Ltd. Vs DCIT (ITAT Kolkata)
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GST Gyan - GST on applicable rates to be charged on labour & spares parts in case of car service where same shown separately. Circular 47/21/2018-GST of 08.06.2018.
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CIT vs. L&T Finance Ltd (Bombay High Court) S. 271(1) (c) Penalty: Merely using the words that there is concealment of income and / or furnishing inaccurate particulars of income is not sufficient. The same should be particularized by the AO with a finding.
The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearance of pending dues to exporters by two days till June 16.
Last date to file GSTR-3B for the month of May 2018 is June 20, 2018.
RBI has mooted a proposal that at least 40 per cent of the sanctioned limit should be a term loan component. For borrowers with an aggregate fund-based working capital limit of Rs 1.5 billion and above from the banking system wef October 1, 2018.
Government has notified the Officer's, who may, before institution of any prosecution under FCRA compound the offences, on payment of the amount specified in the notification. In case more than one offence has been committed by a person, the total amount of compounding for such offences shall not be more than the value of the foreign contribution involved.
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Persons Applied for Enrolled as GST Practitioners shall Pass Exam within 18 Months: Govt Amends Rules* [Read Notification]
Read more at: http://www.taxscan.in/persons-applied-enrolled-gst-practitioners-pass-exam-18-months-govt-amends-rules/24588/
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5% GST leviable on Carry Bags made of Polypropylene Non-Woven Fabrics: AAR*
Read more at: http://www.taxscan.in/5-gst-leviable-carry-bags-polypropylene-non-woven-fabrics-aar/24533/
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GST Exemption to Re-Insurance Services provided for Exempted Govt Sponsored Insurance Schemes on the Cards* [Read Office Memorandum]
Read more at: http://www.taxscan.in/gst-exemption-re-insurance-services-govt/24552/
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GSTN enables Facility to update Email and Mobile number of Authorized Signatories*
Read more at: http://www.taxscan.in/gstn-enables-facility-update-email-mobile-number-authorized-signatories/24629/
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Consent Payment ’ made by Anil Ambani to SEBI a Business Expenditure u/s 37(1): ITAT* [Read Order]
Read more at: http://www.taxscan.in/consent-payment-anil-ambani-sebi-business-expenditure-itat/24607/
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🎉 *Updates*
1. CBDT notifies Cost Inflation Index for FY 2018-19 at 280;
This notification shall come into force with effect from April 1, 2019 and shall accordingly apply to the AY 2019-20
2. Now Login into ITD E-filing website without Date of Birth..ITR V and Filed forms open without password..!!
3. All members having certificate of practice, please click here to submit important information to ICAI - Last date for online submission is 30th June 2018 - https://www.icai.org/new_post.html?post_id=14843&c_id=219
4. Committee for Professional Accountants in Business & Industry is organizing Career Ascent- Placement programme for Experienced Chartered Accountants on 30th June,2018 at Chennai, New Delhi & Mumbai - https://www.icai.org/event.html?event=4535
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TO ALL MEMBERS HOLDING CERTIFICATE OF PRACTICE OF THE INSTITUTE
Sub.: Furnishing of Information to the Group constituted by the Council to exami forne the issues arising out of the Judgement dated 23.02.2018 of the Hon’ble Supreme Court in S. Sukumar Vs. Union of India and CPIL Vs. Union of India.
The Hon’ble Supreme Court of India vide its Judgement dated 23rd February, 2018 in Civil Appeal No. 2422/2018, S. Sukumar Vs. ICAI and W.P. (Civil) No. 991/2013, CPIL vs. UOI & Ors. has issued certain directions to ICAI with regard to Operations of Multinational Accounting Firms in India
The Council has constituted a Group to examine all the related issues in the light of the aforesaid judgement of Supreme Court and to submit a Report to the Council.
The Group has decided to obtain information from all the Members holding Certificate of Practice as on 01.04.2018 who presently have or at any time in the past seven financial years had networking relationship or affiliation by whatever name called with any entity. The above information is required as on 01.04.2018
The information shall be submitted online, to be signed by all partners/sole proprietor of firm(s). One partner /managing/designated/authorised partner may submit the requisite information, if so authorized by all the partners, clearly indicating that he has been so authorized.
Members/partners/firms who at present or any time in the past seven financial years had no networking arrangements or affiliation by whatever name called need not submit the information.
Please note that non-furnishing of information by those who are required to furnish the same would render such members liable for disciplinary action under clause (2) of Part III of First Schedule to the Chartered Accountants Act, 1949.
[ICAI may call for additional information and documents from the members and/or firms if there is a need felt later on.
Please submit the aforesaid information online by using the following link https://www.icai.org/icaicop/ latest by 30th June, 2018.
Printed copy of the declaration duly signed may please be sent to the Institute by Registered/speed post at the following address so as to reach us latest by 07 July, 2018.
“The Joint Secretary ( M & SS )
The Institute of Chartered Accountants of India
ICAI Bhawan, A-29, Sector-62
NOIDA ( Uttar Pradessh) 201301”
Secretary, ICAI
🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻
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CBDT proposed to seek more info while filing appeal before ITAT
If a taxpayer is aggrieved by the specified order of the Assessing Officer (AO) then he can approach the first appellate authority {CIT (appeals)}.The Income-tax Appellate Tribunal (ITAT) is the second appellate authority under the Income-tax Act, 1961 for resolving disputes between taxpayer and tax department. An appeal against the order of Commissioner (Appeals) can be filed with theITATby either of the aggrieved party, i.e., Assessee or the Revenue.
Rule 47 of the Income-tax Rules, 1962 prescribes Form No. 36 for filing of an appeal and Form No. 36A for filing of memorandum of cross-objections before the ITAT. These existing Forms require limited information from the appellant and have not been revised since last couple of decades. Form No.36 was last amended vide Income-tax (Fifteenth Amendment) Rules, 1993. In Form No. 36A no amendment has been carried out since its introduction.
The Central Board of Direct Taxes (CBDT) has issued draft notification proposing amendment to Rule 47 so as to modify the existing Form no. 36 and Form no. 36A. Changes proposed in these Forms are in line with the changes done in the Form no. 35, a form to file an appeal before CIT(A), two years back (with effect from March 1, 2016 vide Income-tax (Third Amendment) Rules, 2016).
Just like Form No. 35, the Form No. 36 requires details of amount disputed in pending appeals before ITAT. These additional inputs are proposed to be sought in the appeal forms with an objective that could help the Dept. to design the policy for litigation management. The proposed Form No. 36 requires additional info about the disputed amount in new Form 36 which is similar to amended Form no. 35.
The existing Forms Nos.36 and 36A do not capture various informations like amount disputed in pending appeals before ITAT, delay in filing of appeal, etc. These informationsarevital for both for the department and the Appellate Authorities. Thus, CBDT has proposed to amend Form no. 36/36Aseeking more information from the appellant. Changes have been proposedso as to make these forms more descriptive and informative. The following are the key changes proposed in new Forms:
1. Respondent information:The existing Form no. 36/36A seeks only address of the respondent which is used to send notices. The revised Forms requireadditional details like PAN, TAN, email ID, phone number of the respondent and the appellant.
2. Details of pending appeals: In case an appeal in relation to any other assessment year is pending with any bench of the ITAT, then the appellant is requires to provide details of the Bench of ITAT with which the appeal is pending along with the Appeal Number and date of filing of appeal in Form no. 36. This information is proposed to be sought on line of revised Form No. 35.
3. Details of addition and disallowance: Amount of additions and disallowances made in the assessment order and the amount disputed in appeal is required to be mentioned by appellant. In case appeal relates to any penalty order, the amount of penalty disputed in appeal has to be mentioned in the Form. The existing form does not seek such information.
4. Details of fees paid: The Appellant is required to pay a statutory fees for filing of an appeal before the ITAT. The minimum fees is Rs. 500 and it can go up to maximum of 1% of assessed income if assessed income is more than Rs. 2 lakhs during the previous year. In the revised Form no. 36, appellant would be required to furnish details of fees paid such as BSR code, date of payment and amount.
5. Reasons for condonation of delay: In case there is delay in filing of appeal then grounds for condonation of delay not exceeding 500 words are to be enclosed by appellant.
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Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the taxpayer is at their mercy.
With a view to address this difficulty of the taxpayer, a functionality to update email and mobile number of the authorized signatory is available in the GST System. The email and mobile number can be updated by the concerned Jurisdictional tax authority of the taxpayer as per the following procedure:
Steps to be followed:-
Taxpayer is required to approach the concerned jurisdictional Tax Officer to get the password for the GSTIN allotted to the business.
<Jurisdiction can be checked through Search Taxpayer option available on https://www.gst.gov.in,>. Allotted jurisdiction is displayed in red text>
Taxpayer would be required to provide valid documents to the tax officer as proof of his/her identity and to validate the business details related to his GSTIN.
Tax officer will check if the said person is added as a Stakeholder or Authorized Signatory for that GSTIN in the system.
Tax officer will upload necessary proof on the GST Portal in support to authenticate the activity.
Tax officer will enter the new email address and mobile phone number provided by the Taxpayer.
After upload of document, Tax officer will reset the password for the GSTIN in the system.
Username and Temporary password reset will be communicated to the email address as entered by the Tax Officer.
Taxpayer need to login on GST Portal https://www.gst.gov.in/ using the First time login link.
After first time login with the Username and Temporary password that was emailed to him, system would prompt the taxpayer to change username and password. The said username and password can now be used by the taxpayer.
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Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute along with a brief case history and the relief claimed. IT Dept today came out with a draft notification saying it is amending Form 36, 36A and Rule 47 under the I-T Act.
For Income Tax purpose Cost inflation index for the Financial Year 2018-19 is 280.
Update Mobile No., E-mail id, Address etc. in Assesses Profile in IT PAN Login. Can skip it and do it later. Now you can login without Date of Birth.
Gst draft circular on certain issues on Services to SEZ units and refund of itc due to inverted duty structure for fabric job workers. Read More at cajatinminocha.com/Image/Circular_No_48.pdf
MCA has notified the Liability Partnership (Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e. 12th June, 2018.
RBI released draft guidelines on loan system for delivery of bank credit which stipulate a minimum level of 'loan component' in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit/ overdraft limits availed by large borrowers.
Centre has instructed telecom service providers to tweak their systems and networks to enable the use of Virtual IDs (VIDs) instead of Aadhaar, and migrate to the ‘limited KYC’ mechanism.
ICAI and four other accounting associations have written to the CBDT opposing the latter’s move to amend Section 11 UA of the Income Tax Act. The step will pave the way for excluding chartered accountants from carrying out valuation of unquoted shares.
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👉🏻CA Dhivya Suryadevara become CFO of General Motors*
(Dhivya Suryadevara will take charge on September 1 as Chief Financial Officer of the No. 1 US automaker and will report to Mary Barra, General Motors Chairman and CEO)
👇🏻 👇🏻 👇🏻👇🏻👇🏻
https://goo.gl/UTmYxT
👉🏻SEBI norms offer relief to stressed cos under IBC
(SEBI plans to put in place revised norms for recovering investors' money in cases of illegal collective investment schemes, wherein insolvency professional will be appointed as administrator to undertake sale of assets)
👇🏻 👇🏻 👇🏻
https://goo.gl/wv1xEm
👉🏻Change of email and mobile number of the authorized signatory under GST system
(With a view to address this difficulty of the taxpayer, a functionality to update email and mobile number of the authorized signatory is available in the GST System)
👇🏻 👇🏻 👇🏻
https://goo.gl/m5wPKs
*👉🏻Appointment as External Concurrent Auditor for the audit of ESIC Investments*
( RPF for Appointment as External Concurrent Auditor (ECA) For the audit of Employees’ State Insurance Corporation’s (ESIC) Investments. Last Date - 20/06/2018.)
👇🏻 👇🏻 👇🏻
https://goo.gl/CJEoPy
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ICAI asks Govt to host GST AAR Rulings in one Website* [Read Letter]
Read more at: http://www.taxscan.in/icai-govt-host-gst-aar-rulings-one-website/24633/
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Delhi notifies E-Way Bill for Intra-State movement of Goods, Finally* [Read Notification]
Read more at: http://www.taxscan.in/delhi-e-way-bill-intra-state-goods/24654/
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NFRA, New Regulatory for Chartered Accountants to rollout in Two Months*
Read more at: http://www.taxscan.in/nfra-chartered-accountants-two-months/24664/
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SHARE FOR AWARNESS
Late IT return lands Shimla man in jail*
Posted at: Jun 15, 2018, 2:25 AM
Last updated: Jun 15, 2018, 2:25 AM (IST)
Tribune News Service
Chandigarh, June 14
Filing income tax return late has cost a Shimla resident dear as he was sent to three months in jail for the offence. Sanjay Kumar Sood paid Rs 13.81 lakh tax over six months late and a complaint was filed against him by the Deputy Commissioner of Income Tax, Laganpreet Sandhu. Sood has also been directed to pay a fine of Rs 8,000.
The court order stated that the complainant had succeeded in establishing that the accused had wilfully failed to furnish the return of his income in due time. According to the complaint, the due date of filing the return of income for the assessment year 2012-13 was September 30, 2012. However, the accused, without any reasonable cause, failed to furnish his return by the due date and paid it on April 2, 2013.
Accordingly, a show-cause notice was issued to the accused on February 5, 2014, and in reply, Sood submitted that the tax of Rs 13.81 lakh was deposited voluntarily by him on April 2, 2013, as March 31, 2013, was a Sunday and April 1 was a bank holiday. He thus argued that there was no intent to evade tax, which was deposited voluntarily way back before any notice was issued.
After hearing arguments from both sides, the court found Sood guilty and sentenced him to three months imprisonment.
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Tax Update*- No bar in IT Act for owner of multiple residential properties to change self occupied property at time of assessment held by ITAT in the case of Venkatavarthan N Iyengar.
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Due Dates In June 2018:
A. Due dates for Compliances under GST for the Month of June 2018
10-06-2018- Due date for filing GSTR -1 for the Month of May 2018 – Applicable for taxpayers with Annual Aggregate turnover More than 1.50/- Crore (Rs. One Crore Fifty Lacs only)
20-06-2018- GSTR-3B for the Month of May 2018 Pay due Tax till this date. (Earlier it was filed required to be filed before GSTR-1 & but now from May onwards GSTR-1 is to filed first so data needs to be finalized before 10th itself.
30-06-2018 Due date of – Tran – 2. Registered persons under GST but unregistered under old regime. A dealer or trader who does not have documents of duty paid in previous regime. Last Chance to claim Input tax Credit on Stock of 30.06.2017.
Time period for filing GSTR-2 & GSTR-3 for July 2017 – March 2018 will be subsequently notified.
RFD-10:- Eighteen months after end of the quarter for which refund is to be claimed
01-06-2018- E Way Bill for Intra state Movement of Goods Mizoram, Odisha, Punjab, Chhattisgarh, Goa and Jammu & Kashmir. Besides, Tamil Nadu & West Bengal will roll out on June 2 & June 3 respectively.
B. Due dates for Compliance under Income tax for the Month of June 2018
07-06-2018- Due date for deposit of tax deducted/collected at source for m/o May 2018
15-06-2018 – Due date for furnishing of Form 24G by an office of Government where TDS for m/o May 2018 has been paid without the production of a challan.
14-06-2018- Due date for issue of TDS Certificate for tax deducted under section 194-IA (TDS on Immovable property) in m/o April 2018
14-06-2018 – Due date for issue of TDS Certificate for tax deducted under section 194-IB (TDS on Certain Rent payment) in m/o April 2018
15-06-2018 – Quarterly TDS certificates (in respect of tax deducted for payments other than salary) for quarter ending March 31, 2018
15-06-2018 – TDS certificates in respect of tax deducted for salary for financial year 2017-18.
15-06-2018 – First installment of advance tax for the assessment year 2019-20 (Financial Year 2018-19)
29-06-2018 – Due date for e-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9Ain financial year 17-18.
30-06-2018 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA(TDS on Immovable property) in m/o May 18.
30-06-2018 – Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB(TDS on Certain Rent payment) in m/o May 18.
30-06-2018 – Return in respect of securities transaction tax for financial year 17-18
30-06-2018 – Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of quarter ending March 31, 2018
30 -06-2018 – Statement to be furnished (in Form No. 64C) by Alternative Investment Fund (AIF) to units holders in respect of income distributed during previous year 2017-18
30 -06-2018 – Report by an approved institution/public sector company under Section 35AC(4)/(5) for year ending March 31, 2018
30-06-2018 – Due date for furnishing of statement of income distributed by business trust to its unit holders during financial year 2017-18.
C. Due dates for Compliances under ESI, PF Acts for the Moth of June 2018
15-06-2018- PF Payment for m/o May 2018.
15-06-2018- ESIC Payment for m/o May 2018
25-06-2018 – PF Return filling for May -2018 (including pension and Insurance scheme forms)
D. Aadhaar Linking
30-06-2018 – CBDT extended deadline for the PAN-Aadhaar linking to June 30, 2018.
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Thanks for reading
CA Rohit Jaiswal