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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Listed Entities (including their Registrar & Transfer Agents) shall be restricted from effecting transfer of shares in physical form w.e.f. December 05, 2018 (ie. 180 days from notification making amendment in Regulation 40 of SEBI (LODR) Regulations, 2015.
However this shall not affect the transmission or transposition of shares in physical form.
*This means with effect from December 05, 2018 all off market trades in physical mode in respect of shares of listed entities shall be prohibited and shall be required to be done compulsorily in Demat mode.*
*Amended Regulation 40(1) of SEBI LODR reads as under:*
Transfer or transmission or transposition of securities.
40. (1) Save as otherwise specified in provisions of securities laws or Companies Act, 2013 and rules made thereunder, the listed entity shall also comply with the requirements as specified in this regulation for effecting transfer of securities,
“Provided that, except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository.”
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# *CBDT* has Notified 280 as the Cost Inflation Index for Financial Year 2018-19.
# *ICAI* asks members holding CoP, to submit important information by 30 JUN 2018.
# *GST*: Applicant was availing the benefit of composition scheme under the UK VAT laws - if the applicant fulfills all the 5 conditions as enumerated within the provision of section 146(6), he will be eligible for ITC of transitional credit – AAR, UK in National Construction (2018 (6) TMI 762).
# *CBIT&C has clarified the Procedure for e-commerce exports through Post and clarification regarding personal imports – Cir.No.18/2018-Customs, dt.13.06.18.
# *IT*: Validity of reopening u/s 147 - the escaped income for which proceedings were initiated were brought to tax. AO has power to make enquiry on other issues also and the issue of commission was already being enquired - Sun Infra Vs DCIT (2018 (6) TMI 837 - ITAT Hyd).
# *IT*: Once the AO accepts the revised return filed u/s 153A, the original return u/s 139 abates and becomes non-est - assessee has voluntarily admitted the unexplained expenditure and AO has accepted the same - No penalty u/s 271(1)(c) can be levied – D V Naidu Vs. DCIT, CC (2018 (6) TMI 827 - ITAT Hyd.).
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CBDT has proposed amendments in two forms and one rule under to Income Tax Rules, 1962. It has suggested changes in Form No.36 for filing an appeal to the ITAT and in Form 36A, which is a memorandum of cross-objections to the ITAT.
Govt has notified 280 as the cost inflation index (CII) number for FY 2018-19. This CII number is important as it will be used to compute inflation adjusted long-term capital gains (LTCG) on assets such as house, gold, debt mutual funds etc.
CBEC has issued a circular clarifying the Procedure for e-commerce exports through Post and clarification regarding personal imports. As there are large number of cases where low-value-small-shipments, which characterize e-commerce environment, are shipped through post.
PNB’s fraud risk management division issued advisory following reports of borrowings against fake property title deeds, fictitious address proofs and sham income tax returns against the people involved to help.
MCA has plans to dematerialize all unlisted companies with paid up capital of more than Rs. 50 Million (Rs. 5 crore and above) their shares by 30th June, 2018 and rest of the companies may dematerialize by 30th September, 2018.
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ICAI removes Chartered Accountant for Professional Misconduct* [Read Notification]
Read more at: http://www.taxscan.in/icai-chartered-accountant-misconduct/24792/
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Reassessment was unjustified if notice wasn't issued on officially notified address within limitation period
IT : Where reassessment notice under section 148(1) was issued against assessee after expiry of period of limitation at old address of assessee which was already changed by assessee before date of issuance of said reassessment notice in official record by updating PAN data base, it could be said that there was no service of reassessment notice upon assessee
[2018] 94 taxmann.com 95 (Chhattisgarh)
HIGH COURT OF CHHATTISGARH
Ardent Steel Ltd.
v.
Assistant Commissioner of Income-tax (Central)-2, Raipur*
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In Eicher Motors Ltd. vs. Adesh Kaur and Ors.
*_Where criminal complaint stood lodged for allegation of impersonation, forgery and fraud by the respondent/petitioner and was pending with the Economic Offences Wing of Police, it is not open to the Tribunal to exercise its power under section 59._*
*_Read full case law at :_* https://dasgovernance.com/2018/06/20/nclat-in-eicher-motors-ltd-vs-adesh-kaur-and-ors/
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No Inward supply details for March & June 2018 quarters also in GSTR-4 by Composition supplier. Notification 26/2018ΠCT, 13-6-18.
The Delhi Goods and Services Tax Rules, 2017, no E-Way Bill in respect of movement of goods originating and terminating within the State of Delhi (intra State movement but without passing through any other State) shall be required where the consignment value does not exceed Rs. one lakh only.
Ministry of Corporate Affairs has notified the Companies (Significant Beneficial Owners) Rules, 2018. These Rules come in the context of Section 90 of the Companies Act, 2013 which deals with ‘Register of significant beneficial owners in a company’.
RBI eased the norms for Foreign Portfolio Investors (FPIs) to invest in debt, particularly into individual large businesses. The move is aimed at attracting more overseas flows.
CA day celebrations on July 1st (Sunday) will be celebrated at Vigyan bhawan . Entry is free with 2 CPE hrs with material and diary. Online registration starts. Pls make registration asap. Caday.icai.org
ICAI issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants Recognizing the need to have the consistent, uniform and transparent valuation policies and harmonise the diverse practices in use in India.
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# *ICAI*: The Young Members Skill and Innovation Development Committee to encourage young members to develop their public speaking skill, the committee intends to select 1000 young members as speakers.
# *MCA* has notified the Companies (Significant Beneficial Owners) Rules, 2018 in the context of Section 90 of the Companies Act, 2013 which deals with ‘Register of significant beneficial owners in a company’ and , effective from 13.06.18.
# *RBI* has eased the norms for Foreign Portfolio Investors (FPIs) to invest in debt, particularly into individual large businesses.
# *IBC*: CIRP - Those who will watching the proceeding such as suspended Board or its Partners; OCs or its representatives and Resolution Applicant(s) are not mere spectator but may express their views to the CoC for coming to conclusion in one or other way - ANG Industries Ltd. Vs. Shah Brothers Ispat Pvt. Ltd. (2018 (6) TMI 872 – NCLT, ND).
# *IT*: Scrutiny assessment u/s 143(3) - in the absence of issue and service of notice u/s. 143(2), the re-assessment made by the AO u/s.143 r.w.s. 147 for the AY 2011-12 became null and void - Mehta Emporium Jewellers Vs. ITO & DCIT (2018 (6) TMI 898 - ITAT Mum).
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Govt amends CGST Rules to modify Norms for Transportation* [Read Notification]
Read more at: http://www.taxscan.in/govt-cgst-rules-modify-norms-transportation/24835/
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Notice before Initiating Reassessment Proceeding is a Mandatory Requirement: ITAT [Read Order]
Read more at: http://www.taxscan.in/notice-initiating-reassessment-proceeding-mandatory-requirement-itat/24820/
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Bank not liable to deduct TDS from Interest paid to Noida Authority: ITAT* [Read Order]
Read more at: http://www.taxscan.in/bank-tds-interest-paid-noida-authority-itat/24805/
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Interest u/s 234A can’t be levied since CBDT had Extended Due Date of Filing Return: ITAT* [Read Order]
Read more at: http://www.taxscan.in/interest-levied-cbdt-extended-due-date-filing-return-itat/24828/
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Seized vehicle could be released without demanding security if there was no possibility of evasion of tax: HC*
CGST/Uttar Pradesh GST : Where Competent Authority had seized assessee's new loader/tipper with temporary registration number coming from Jamshedpur under section 129(1) of U.P.GST Act on ground that assessee had not furnished E-way bill immediately at time of detention and also imposed penalty under section 129(3), said authority was directed to release vehicle without demanding any security
[2018] 94 taxmann.com 228 (Allahabad)
HIGH COURT OF ALLAHABAD
Puneet Automobiles Ltd.
v.
State of U.P.*
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RBI
RBI has modified the ECB 2 Return for Monthly reporting of External Commercial Borrowings (ECBs). It has been decided to capture the details of the hedges for ECBs through a simplified format of ECB 2 Return. Part E of the Return, accordingly, is modified so as to include only standard information on hedged / unhedged ECB exposure. Details of hedging in Part E.1 of the Return and foreign exchange earnings and expenditure in Part E.2 of the Return should be furnished in additive format. Revised monthly reporting format of ECB 2 Return would be applicable from month-end June 2018. It is reiterated that any lapse at the time of reporting through this return and / or failure to adhere to the time line of its submission and / or any lapse at the time of reporting through Form 83 is a contravention of the provision of Foreign Exchange Management Act, 1999.
SEBI
SEBI has made Amendments to Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Recently SEBI has notified Prevention of Money - laundering (Maintenance of Records) Second Amendment Rules, 2017 (PML Second Amendment Rules) on June 01, 2017 making the Aadhaar number and Permanent Account Number (PAN) mandatory for both new and existing accounts with the financial market intermediaries including securities market intermediaries. The Stock Exchanges and Depositories are accordingly directed to bring the provisions of this circular to the notice of the Stock Brokers and DPs; make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision in co-ordination with one another; monitor the compliance of this circular through half-yearly internal audits and inspections; and communicate to SEBI, the status of the implementation of the provisions of this circular. Further, in case of Mutual Funds, compliance of this circular shall be monitored by the Boards of Asset Management Companies and the Trustees and in case of other intermediaries by their Board of Directors.
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# *ICAI* announces the Certificate Course on NPO at Noida from 14.07.18.
# *GST*: Inspection and verification of goods - time for recording of the final report in Part B of FORM EWB-03, may be extended for a further period not exceeding three days – N.N.28/2018-CT, dt.19.06.18.
# *GST*: Centralized registration in case of GTA - GST - a transporter who is registered in more than one State or UT having same PAN, may apply for a unique common enrolment number by submitting the details in FORM GST ENR-02 – N.N.28/2018-CT, dt.19.06.18.
# *GST*: Penalty - availing Input tax Credit (ITC) - fake & false invoices - burden of proving is squarely upon the Assessee not on Revenue - Bhavani Enterprises & Ors. Vs. ACCT (2018 (6) TMI 974 - Karnataka HC).
# *RBI* has revised the guidelines prescribing eligibility criteria of housing loans for classification under priority sector, which has come into effect from the date of the Circular i.e 19.06.18.
# *IT*: Validity of assessment u/s 153C - scope of the special audit u/s 142(2A) - non speaking order - Since the extended period was taken under the guise of Special audit, which is held without proper jurisdiction, the time so taken cannot be counted and the period does not get extended - Sunder Mal Sat Pal Vs. DCIT, CC (2018 (6) TMI 963 - ITAT Chandigarh).