Navigate

Saturday, 30 June 2018

30 June 2018 News

Quote of D-DAY

You have to have huge patience , persistency,, and Self Confidence.
Keep going and going until you achieve your goal, We have to learn from our mistakes, there is no shortcut to success.

Each n every failure told us that we are getting closer and closer, just hold on and give ur best.

Everyone has problems here, we have to find a way of success from it, Giving up is never a solution.

Good Morning 💐💐

Happy Reading on 30.06.2018

*Mint*

=> Delhi high court restrains metro staff from going on strike

=> GSTN using data analytics to detect tax evasion, under-reporting of sales

=> TCS promoters to participate in Rs16,000 crore buyback offer

=> IndiGo offers flight tickets from ₹ 1,200 on select routes

=> RCom-Jio deal: Reliance Infratel, HSBC Daisy submits final consent terms to NCLAT

=> IRDA allows LIC to increase stake in IDBI Bank to 51%
...........................................

*Business Standard*

=> Kharif crop minimum support prices to be in place next week

=> Sensex, rupee jump most in a month; Tata Steel, Bajaj Auto rise over 3%

=> Irdai allows LIC to buy up to 51% stake in debt-ridden IDBI Bank

=> Ex-bureaucrat Girish Chandra Chaturvedi named ICICI Bank chairman

=> India's external debt went up 12.4% to $529.7 billion in March

=> Bank of Maharashtra board takes away Marathe, Gupta's executive powers
...........................................

*Economic Times*

=> Modi leads bid to create awareness on central schemes

=> GST evasion: Over 200 companies under lens after data mining

=> Centre to oppose polygamy, Nikaah Halala at Supreme Court hearing

=> IRDAI clears LIC-IDBI Bank deal; insurer to invest Rs 10,000-13,000 crore in tranche

=> Flight tickets as low as Rs 1,199: Low airfares arrive with monsoon rains

=> Despite crackdown by Indian agencies, it's still business as usual for Nirav Modi
...........................................

*Financial Express*

=> IRDAI Board Meet: LIC gets nod to buy 51% in IDBI Bank

=> Key appointment: GC Chaturvedi is new ICICI Bank chair

=> Cyclone alert! IMD issues warnings for Gujarat, Maharashtra; heavy rainfall likely in Western India

=> PM Narendra Modi's announcement: Govt to raise cane FRP in 15 days

=> US President Donald Trump pledges July 9 announcement on Supreme Court nominee

=> Plan to add 20 hypermarket stores; will invest Rs 45-50 crore in FY19, says Shashwat Goenka of Spencer's Retail
...........................................

*Hindustan Times*

=> Bragging about killing Bukhari led to LeT militants being identified

=> 14 lynched in 10 states as videos warning of kidnappers trigger mob fury

=> Questions raised on how Mumbai plane was allowed to fly in poor condition

=> Ritu Malik beats Navjot Kaur, earns berth for World Wrestling Championship

=> Unease among bureaucrats as deadline for govt’s ad for joint secy looms

=> DU third cut-off out, popular courses reopen at some colleges
............................................

*Indian Express*

=> IRDAI board meets in Hyderabad: Bleeding, debt-ridden IDBI Bank gets life insurance policy — paid by LIC

=> After 2+2 delay, India declines US offer to host Nirmala Sitharaman

=> Under cloud, ICICI gets ex-Petroleum Secy Girish Chandra Chaturvedi as chairman

=> Delhi, Mumbai airports at bottom of global ranking on punctuality

=> Mumbai plane crash: Residents say plane hit cables, probe team says still collecting evidence

=> WhatsApp tweak: Now admins will decide who can post to the group
............................................

*The Hindu*

=> Anti-rumour campaigner lynched in Tripura

=> Not all Swiss bank money illegal: Piyush Goyal

=> Monsoon covers entire country 15 days in advance

=> Ghatkopar crash: Airworthiness of crashed aircraft under a cloud

=> Nasheed quits presidential race after Maldives poll panel bars his candidacy

=> Canada announces billions in retaliatory tariffs against U.S.
............................................

*The Times of India*

=> After triple talaq, Centre targets halala, polygamy

=> Tax dept offers instant e-PAN based on Aadhaar

=> Delhi HC bars DMRC staff from going on strike

=> Fresh India-Pak diplomatic spat erupts over help

=> Apple secures 'big win' on iPhone camera

=> Chhattisgarh eyes Bihar model for booze ban
............................................

*अमर उजाला*

=> जेटली की सफाई, बोले- स्विस बैंकों में जमा पूरी रकम 'काला धन' नहीं

=> राजस्थान: वसुंधरा की जिद्द पूरी, मदन लाल सैनी बने नए प्रदेश अध्यक्ष

=> चीन के बाद कनाडा का भी अमेरिका के साथ शुरू हुआ ट्रेड वॉर

=> अमरनाथ यात्रा दूसरे दिन भी स्थगित, 20 हजार से अधिक यात्री फंसे

=> जवानों की शहादत का राजनीतिक फायदा उठा रही है मोदी सरकार- कांग्रेस

=> सेना के जवानों के लिए सामान की लिस्ट जारी, खुद खरीदेंगे कपड़े
............................................

*हिन्दुस्तान*

=> आधार से पैन को लिंक करने की आज अंतिम तारीख

=> रणनीति: डोकाला के बाद पहली बार चीनी सेना का तिब्बत में युद्धाभ्यास

=> खराब मौसमः 19 राज्यों में भारी बारिश का अलर्ट, अमरनाथ यात्रा स्थगित

=> पत्नी का आरोप: एसटीएफ ने रची मुन्ना बजरंगी के एनकाउंटर की साजिश!

=> तीन तलाक के बाद निकाह हलाला खत्म करने की तैयारी में केंद्र सरकार

=> दिल्ली हाईकोर्ट की रोक के बाद 9000 मेट्रो कर्मचारियों की हड़ताल टली
............................................
*दैनिक जागरण*
=> 17 दिन पहले ही देशभर में छा गया मानसून, राहत के साथ आफत भी बनी बारिश

=> जम्मू-कश्मीर में सुरक्षाबलों ने मार गिराए चार आतंकी, पत्थरबाज की भी मौत

=> आयरलैंड के खिलाफ तूफानी पारी खेलकर लोकेश राहुल ने इंग्लैंड को दे दी चेतावनी

=> फीफा विश्व कप 2018: पुर्तगाल और उरुग्वे के मैच में गोडिन और रोनाल्डो की होगी कड़ी टक्कर

=> मौत की खबर से गुस्साए मेराडोना, अफवाह फैलाने वाले को पकड़ने के लिए रखा बड़ा ईनाम

=> जेटली ने कहा- स्विस बैंकों में जमा सारा पैसा कालाधन ही नहीं, फिर भी होगी सख्त कार्रवाई
............................................

*प्रभात ख़बर*

=> पैन-आधार लिंक करने की आखिरी तारीख आज, कल से काम करने लगेगी वर्चुअल आइडी

=> पेट्रोल और डीजल पर लगेगा 28% जीएसटी, घटेंगी सीमेंट, टीवी व फ्रीज की कीमतें

=> 50 लाख के नकली नोट खपाने का खुलासा, पाकिस्तान से छाप कर नेपाल के रास्ते मालदा पहुंच रहे हैं नकली नोट

=> पटना : पीयू छात्र संघ की उपाध्यक्ष योशिता का निर्वाचन रद्द

=> IND vs IRE : भारत ने ओवरऑल प्रदर्शन के दम पर आयरलैंड को 143 रन से धोया, दर्ज की सबसे बड़ी जीत

=> RJD सुप्रीमो लालू प्रसाद के लिए रांची से आयी बड़ी खबर, हाइकोर्ट ने जमानत अवधि फिर 6 सप्ताह बढ़ायी
............................................

30.06.18 Economic News

👉IRDAI clears LIC-IDBI Bank deal of acquiring 51% Stake by LIC in IDBI; Insurer to invest Rs 10,000-13,000 Crore in tranches

👉ICICI Bank Board Appoints Former Bureaucrat & Retired IAS Officer,  Girish Chandra Chaturvedi as Non-Executive Part-Time Chairman, with effect from July 1, for a period of three years

👉GST Evasion: Over 200 Companies Under Lens After Data Mining

👉As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new E-form viz. DIR-3 KYC to be notified and deployed shortly.

👉The Central Government notifies that a Bench of the NCLT will be set up in Jaipur which will be effective from July this year.

👉Reliance Infratel, HSBC Daisy submit Settlement Agreement over sale of tower and fibre asset; NCLAT disposes of the case

👉CBI fileds a chargesheet against Two Former Chairman of Canara Bank — AC Mahajan and SR Raman , in connection with Rs 146 crore loan default by Winsome Diamonds, expanding the list of high-profile bankers booked for Alleged Involvement in Corporate Promoters Reneging on debt.

👉Yes Bank and Goldman Sachs settles a SEBI probe into Alleged Violation of Listing and Disclosure norms as well as Merchant Banker Regulations, respectively. Individually, Yes Bank has paid Rs 40.8 lakh, while Goldman Sachs has remitted Rs 20.80 lakh towards settlement fees

👉Punjab National Bank sells its Entire Stake in Ratings Firm ICRA for Rs 109 Crore

👉Vijay Mallya’s Luxury Jet finally auctioned, bought by US firm for Rs 35 Cr

👉India's Spices Exports increased by 8% at Record 10.3 Lakh Tonnes Worth Nearly Rs 18K Crore in FY18

29 June 2018 Updates

Income-tax department has attached over 1,500 unaccounted properties worth Rs 43 billion across the country within one and a half years of the introduction of the revised benami legislation. Jaipur and Mumbai top the list, with attachments of 200 each.
TDS, TCS and Reverse Charge Mechanism under Gst provisions kept on hold till 30th September.
Indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to GST, triggering panic among such companies.
SEBI issues List of Defaulters as on 31.03.2018 For Non-Payment of Penalty imposed by SEBI through Orders Passed Upto 31.12.2017.Sorce: www.sebi.gov.in
RBI has come out with draft guidelines on constituting a board of management (BoM) in addition to the board of directors, for urban cooperative banks (UCBs), with the aim of strengthening the governance in these banks. The BoM will be responsible for credit, risk and liquidity management.
MCA has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency &Bankruptcy Code, 2016 to provide a comprehensive legal framework, considering the fact that corporates transact businesses in more than one jurisdiction and also have assets across many jurisdictions.
.
======>
.
 *ICSI*: 30 JUN 2018 is the last date for payment of Annual Membership and CoP fee for 2018-19 due for payment from 1st Apr 2018.
# *ICAI*: 30 SEP 2018 is the last date for payment of Annual Membership and CoP fee for 2018-19 due for payment from 1st Apr 2018.
# *GST* Council to decide on inclusion of natural gas, ATF in GST.
# *IBC*: MCA has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency & Bankruptcy Code, 2016.
# *IBC*: CIRP - existence of default - dispute concerning the Principal amounts shown in application as are different from amount given in account statements cannot conceded – BoB Vs. Barnala Steel Ind.Pvt. Ltd. (2018 (6) TMI – NCLT, ND).
# *IT*: Addition confirmed on the basis of certified BS and P&L A/c prepared on estimate basis to avail bank loan – Binod Agarwala Vs. CIT (2018 (6) TMI 1286 - Calcutta HC).
# *IT*: Disallowance 14A r/w Rule 8D - The assessing authority also could not have called upon the Assessee himself to undertake the exercise of computing the disallowance u/s 8D of the Rules. Such abdication of duty in not permissible in law – CIT Vs. Chaitanya Prop.Pvt. Ltd. (2018 (6) Tmi 1237 - Karnataka HC).
.
======>
.
CBDT releases notification for taxation of foreign company held as resident in India as per POEM https://studycafe.in/2018/06/cbdt-releases-notification-for-taxation-of-foreign-company-held-as-resident-in-india-as-per-poem.html
.
======>
.
Surcharge can’t be levied on Retailers on Basis of Stock Imported into State: Kerala HC* [Read Judgment]
Read more at: http://www.taxscan.in/surcharge-levied-retailers-stock-imported-state-kerala-hc/25009/
.
======>
.
GST Laws Amendment: Law Review Committee identified 180 Issues*
Read more at: http://www.taxscan.in/gst-laws-amendment-review-committee/25026/
.
======>
.

Senior bureaucrat Shri S Ramesh has been appointed as chairman of the Central Board of Indirect Taxes and Customs (#CBIC), the apex policy-making body for indirect taxes, according to an official order.
He will succeed Mrs. Vanaja N Sarna, who superannuates on June 30.
Shri Ramesh, a 1981 batch officer of the Indian Revenue Service (Customs and Central Excise), is at present the member in the board, mandated with the responsibility of implementing the Goods and Services Tax (#GST).
He has been appointed as chairman of the CBIC with the status of special secretary to the central government, the order said.
Mrs. Sarna was appointed as chief of the Central Board of Excise and Customs (#CBEC), which has now been rechristened as the CBIC, in March last year. She was instrumental in the implementation of the GST from July 1 last year.
Official sources said Sarna may be appointed as chairperson of the Goods and Services Tax Network (#GSTN), the IT backbone of the GST, after her retirement.
Senior IRS (Customs and Central Excise) officer Shri Raj Kumar Barthwal has been named as the new member in the CBIC in place of Shri Ramesh, the order said.
Source: TOI
.
======>
.
CBEC has issued a circular to all its officers and Commissionerate for Non Initiation / Delay in recovery Proceedings as per the Audit Reports of CAG of India. The departments was directed to create Special Cell with the name "Recovery Cell" in each commissionerate for the purpose of making recovery of the Government Dues. It has been observed that these cells are functioning as monitoring Cell instead of recovery cell and not following the uniform practices. All officers are advised to follow the uniform practices and only those cases where recovery is not made by Departmental efforts and further action is required to be taken shall be referred to the Recovery Cell.
DGFT
DGFT has Notified the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs under the Foreign Trade Policy, 2015-20. In exercise of powers conferred under paragraph 2.04 of the Foreign Trade Policy 2015-2020, the Director General of Foreign Trade has amended the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs which are divided into 5 zones viz Northern, Western, Eastern, Southern and Special Economic Zone with HQ's at Delhi. The office address of DGFT and its Regional Authorities and their Jurisdiction at 46 locations have been updated and 7 new private SEZ have been added to the list under the Foreign Trade Policy, 2015-20.
.
======>
.

Input tax credit under GST*

Input Tax Credit (ITC) is the important concept under new indirect tax law system, i.e. GST.  One of the major benefit under GST is that it will remove cascading effect i.e. tax on tax in the tax system. This cascading effect was removed because of ITC system. Every registered person shall be entitled to take credit of input tax charged on any inward supply of goods and services.
# *Conditions to avail Input Tax  Credit (ITC):*
*Furtherance of Business:*
Tax on those supply, which is used in furtherance of business is available for ITC. Here, the furtherance of business doesn’t mean only purchases. Furtherance of business means any supply which is used or in the course of business.
For example: GST paid on audit fee is available as ITC.
*Possession of Tax Invoices:*
Documentary evidence of tax paid. i. e. tax invoices, credit note is mandatory to be in possession of assesses who is availing Input Tax.
*GSTIN to be mention:*
Documentary evidence must contain GSTIN of both supplier and recipient.
*Delivery is mandatory:*
Mere passing the entries in books of accounts doesn’t avail Input Tax. Goods must be actually received or services must be actually availed.
*Payment to Supplier:*
Assessee who is availing Input Tax is necessarily made payment of supply along with tax amount within 180 days from date of issue of tax invoices. If assessee has not made payment of supply within 180 days, then the amount of tax which was taken as input tax credit was added to output tax liability of assessee.
Further, ITC is avail to assessee when assessee made payment to his creditor. (see rule 37 of CGST Rules 2017, read along with section 16(2)(d) of CGST Act, 2017)
# *Input Tax Credit is not available on following supplies Section 17(5)*
1. Motor Vehicle and other conveyances Except:
If they are used for providing taxable services of further supply of motor vehicle or transportation of passengers or providing services of training, driving, flying, navigating such vehicle or conveyances.When motor vehicle is used for transportation of goods.
2. Food Beverages, outdoor catering, cosmetic and beauty treatment, health services plastic surgery etc.
3. Membership of club, Health and Fitness Center
4. Life Insurance Policy, Health Insurance.
5. Work Contract services, when supplied for construction of immovable property (other than Plant and Machinery) except where it is an input service for further supply of work contract services.
6. Goods and Services received by the taxable person for construction of immovable property (other than Plant and Machinery) on his own account including when such goods or services are used in course of furtherance of business.
# *Input Tax Credit on Capital Goods:*
Capital Goods was defined under section 2(19) of CGST Act,2017. Capital Goods means goods, the value of which is capitalized in books of accounts of the person claiming Input Tax and which was used or intended to be used in the course of furtherance of business.
The definition of capital goods is very vast now. In the earlier law i.e. excise duty. The definition of capital goods is very restricted and complicated.
Now in order to claim ITC on capital goods, there is one condition which was given in Section 16(3) of CGST, Act
"If a registered person has claimed depreciation on tax component under Income Tax Act, 1961 then no ITC of GST paid on such capital goods is allowed."
# *How Input Tax Credit is used in GST:*
GST laws levies tax in 3 form i.e. IGST, CGST, SGST/UTGST. ITC law is equally applicable to all the above three laws, But there are some rules regarding inter-taxation set off of input. These rules are.
1. *Input Tax Credit of IGST:*
Input of IGST will be used to pay tax payable as IGST, but if there is no tax payable as IGST then credit of IGST can be set off with CGST, If there is also no CGST liability then IGST credit can be used for payment of SGST. If there is also no SGST payable then input of IGST will be carry forward to next month.
2. *Input Tax of CGST:*
Input of CGST will be used to pay tax payable as CGST, but if there is no tax payable as CGST then credit of CGST can Be used for payment of IGST, If there is also no IGST liability then CGST credit Then credit of CGST will be carry forward to the next month.
3. *Input of SGST:*
Input of SGST will be used to pay tax payable as SGST, but if there is no tax payable as SGST then credit of SGST can be used for payment of IGST, If there is also no IGST liability then SGST credit will be carry forward to the next month.
# *Restrictions on used of ITC:*
ITC cannot be used for payment of Interest and late fee under GST.ITC cannot be used for payment of demand generated by Assessing Officer under Section 74 and 75 of CGST Act, 2017.Payment of tax under Reverse Charge Mechanism.Payment of tax under section 10 i.e. Composition levy.CGST credit can’t be used for payment of SGST and SGST credit can’t be used for payment of CGST.
.
======>
.

Discounts under GST regime

Sec.15 of the CGST Act, 2017, reproduced below, deals with the provision of discount, as under:
“The value of the supply shall not include any discount which is given –
(a) Before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and
(b) After the supply has been effected, if –
(i) Such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices, and
(ii) Input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.”
The logical inference which could be drawn from plain reading of above provision is:
1. Discount, if mentioned on the face of the invoice, can be reduced from the taxable value of the supply of goods.
2. Discount, even if not mentioned on the face of the invoice can be reduced from the taxable value, if following conditions are satisfied:
i) Discount is established in terms of an agreement before supply. In simple words, both supplier and recipient are aware and have agreed about the discount before the supply.
ii) Discount is linked to a specific supply invoice.
iii) ITC attributable to the discount is required to be reversed by the buyer or recipient of the supply.
GST liability of the supplier would be reduced if both supplier and receiver of the goods or services are aware of the discount before supply.
There will be no differentiation in GST between trade and cash discounts. In fact, GST segregates the discounts allowed into two categories:
Those given before or at the time of supply, and
Those given after the time of supply.
Discount allowed before or at the time of supply, and it has been mentioned in the invoice separately, it will not be added in the value of supply.
Example: Company offers a 10 % discount on the sale of goods worth Rs. 200. If the company mentions the discount amount (Rs. 20) separately in the invoice, the value of the taxable supply will be Rs.180 (200–20).
.
======>
.

The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.
CBEC has issued a circular to all its officers and Commissionerate for Non Initiation / Delay in recovery Proceedings as per the Audit Reports of CAG of India.
MCA has issued notification that additional fee @ Rs.100/- per day, after 30th June 2018 shall become payable in respect of the annual filing forms (MGT-7 (form for annual return), AoC-4 (Form for balance sheet and profit and loss account), in addition to the existing if filed after due date.
Holders of shares in listed companies now face a December deadline to convert them into dematerialized form if they have to transfer or sell them. About 2.3 per cent of India’s $2-trillion plus market capitalization is still held in the form of physical stock.
SBI has filed an appeal in the GST tribunal against a tax demand of Rs. 210 crore for providing various services in the 2013-16 period. The case pertains to tax liability on services provided by SEBI to entities such as stock exchanges, their members, brokers.
RBI financial stability report released that Gross NPA ratio of banks to rise to 12.2% by March 2019 if economic conditions stay the same. Bad loans at Indian banks, especially those controlled by the government, will increase further in the year to March 31.
DGFT has notified the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs under the Foreign Trade Policy, 2015-20
.
======>
.

Discounts under GST regime

Sec.15 of the CGST Act, 2017, reproduced below, deals with the provision of discount, as under:
“The value of the supply shall not include any discount which is given –
(a) Before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and
(b) After the supply has been effected, if –
(i) Such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices, and
(ii) Input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.”
The logical inference which could be drawn from plain reading of above provision is:
1. Discount, if mentioned on the face of the invoice, can be reduced from the taxable value of the supply of goods.
2. Discount, even if not mentioned on the face of the invoice can be reduced from the taxable value, if following conditions are satisfied:
i) Discount is established in terms of an agreement before supply. In simple words, both supplier and recipient are aware and have agreed about the discount before the supply.
ii) Discount is linked to a specific supply invoice.
iii) ITC attributable to the discount is required to be reversed by the buyer or recipient of the supply.
GST liability of the supplier would be reduced if both supplier and receiver of the goods or services are aware of the discount before supply.
There will be no differentiation in GST between trade and cash discounts. In fact, GST segregates the discounts allowed into two categories:
Those given before or at the time of supply, and
Those given after the time of supply.
Discount allowed before or at the time of supply, and it has been mentioned in the invoice separately, it will not be added in the value of supply.
Example: Company offers a 10 % discount on the sale of goods worth Rs. 200. If the company mentions the discount amount (Rs. 20) separately in the invoice, the value of the taxable supply will be Rs.180 (200–20).
.
======>
.
15% Discount Extended by Broadcasters to Advertising Agency shall be excluded for Charging Service Tax: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/discount-extended-broadcasters-advertising-agency-charging-service-tax-cestat/25020/.
.
======>
.
Allahabad HC directs competent authority to make corrections in GST registration application
CGST/Uttar Pradesh GST : Where assessee-firm applied for registration under GST statutes on 27-6-2017, but mistakenly provided PAN number of one of partners and when mistake was realised, assessee again applied for registration on 14-8-2017, but registration could not be activated as two registration applications were filed, Competent Authority was directed that in case assessee surrendered registration application dated 14-8-2017, his earlier registration application dated 27-6-2017 be corrected and activated
[2018] 94 taxmann.com 310 (Allahabad)
HIGH COURT OF ALLAHABAD
Bengali Lal & Sons
v.
State of U.P.*
-- 
.
======>
.

MCA to update KYC of Directors | New E-form DIR-3 KYC to be released
...
https://studycafe.in/2018/06/mca-to-update-kyc-of-directors-new-e-form-dir-3-kyc-to-be-released.html

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC
to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC
on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP). The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken
.
======>
.

Following changes will be applicable for new DSC obtained from 01/07/2018.old DSC & tokens will work as it is.*

1. Video verification will be mandatory in class 2 DSC,(class 2 individual DSC mainly used for income Tax, PF, TDS,MCA, GST, etc)( Similar process currently applicable for Class 3 DSC, same process now will be applicable for Class 2 as well.
2 . Aadhar Biomentric DSC will not require to do video Verification as person is physically verified with aadhar biometric authentication.
 3.USB Token'S CSP is getting upgraded and will be application from 01.07.2018, hence old tokens will not work for renewals.
.
======>
.

Q*, Can the Return under GST be revised?
*Ans* There is no any concept of revised return under GST. So, under GST, no amendment can be made in the return once it is filed.

*Q*  What the taxpayer should do if any mismatch occurred in sales after filing of return?
*Ans* While preparing and furnishing the details in FORM GSTR-3B, if the outward supplies have been under reported by the taxpayer, then the same maybe added in Outward supplies details of GSTR-3B of the next month. The payment of tax relating to those invoices must be made in the next month along with interest. Also, give the correct bill wise details of those invoices in GSTR-1 of the same month and if the GSTR 1 of that month is already filed then report it in the GSTR 1 of next month.
If the taxpayer forgets to report the details of any tax invoice in GSTR 1 then he can report the same in GSTR 1 of the next month.
Ex. If the taxpayer forgets to add the details of a tax invoice of Rs. 1,00,000 having IGST of Rs. 18,000 in the GSTR 3B of May month then he must report the bill wise details of that bill in GSTR 1 of the May. Also, he must add the details of taxable value Rs. 1,00,000 as well as tax amount Rs. 18,000 (along with interest) in the GSTR 3B of June month.

*Q*  What the taxpayer should do if any mismatch occurred in ITC taken relating to purchases made?
*Ans* Where the eligible ITC claimed by the taxpayer in FORM GSTR-3B is less than the ITC eligible as per the details of the purchases, the additional amount of ITC can be taken as credit in the next month. But if the ITC claimed is more than the actual eligible ITC, then it must be reversed in the GSTR 3B of the next month. Also the interest on that extra ITC utilized must be paid.
Ex. If in the GSTR 3B for the month of April, a taxpayer has taken the credit of Input tax of Rs.15000 instead of Rs. 20000, then remaining credit of Rs. 5000 (20000-15000) can be claimed in the GSTR 3B of the May month.

*Q*  What to do if the payment wrongly made in the different head?
*Ans* If the taxpayer has made the payment of IGST wrongly under the head of CGST/ SGST, then he needs to pay the tax under the head IGST and he can take the refund of amount wrongly paid under the head CGST/ SGST after filing the FORM RFD-01 and vice versa.
Ex. If ‘A’ wrongly made the payment Rs. 2000 in IGST instead of the amount to be paid as Rs. 1000 in CGST and Rs. 1000 in SGST, then he must pay Rs. 1000 respectively under the head CGST and SGST. Also, he can claim the refund of Rs. 2000 paid under IGST.

*Q* what is the concept of Annual return under GST?
*Ans* Annual return is returned which is to be filed once in a year by the registered taxpayers under GST. It shall be filed on or before 31st December of the subsequent financial year. There are two types for annual return i.e for Audit case and for non Audit case. For Non-audit taxpayers, it is compulsory to furnish the Annual return only. But for taxpayers having Audit under GST, it is compulsory to furnish the annual return along with the audit report and Reconciliation statement. Now how the government will bring provisions for mismatch of purchases and other provisions, only God knows!
*Q* What lesson the taxpayer should take from this?
*Ans* , being the first year of GST there are lot of mistakes has been made by the taxpayers and government. Further, the dates of income tax return have arrived but the taxpayer cannot revise GST return and annual return filing of GST has also not started. There is no any option available under the GST to revise the return. It is a difficult problem for all the taxpayers. It cannot be predicted that when and how the solution for this problem will come. The differences between income tax return, GST return and books of accounts is coming. Therefore situation of *Aasmaan se nikla aur Khajur mai atke*
.
======>
.

CBDT clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess.Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this, a foreign company was considered as a tax resident of India, only if the control and management of its affairs were wholly in India during that financial year.
MCA will ask the CS and CA of the companies concerned to update the information related to their directors at the time of filing of annual results. The information will include details such as passport, PAN number and contact details along with the physical address of directors.
SEBI has issued List of 1690 Defaulters as on May 31, 2018 for Non-Payment of penalty imposed by SEBI through Orders passed upto December 31, 2017.
RBI has introduced Single Master Form for reporting of FDI in India. Visit the link for more details-https://calalitgoel.com/rbi-new-circular-fdi/.
DGFT has allowed submission of application seeking authorization for import / export of restricted items, after making online application, through e-mail instead of physical papers after payment of applicable fees.
.
======>
.

[6/29, 11:30 AM] ‪+91 88607 79306‬: 365 days of implementation of GST: Celebrating a year of learning
...
https://studycafe.in/2018/06/365-days-of-implementation-of-gst-celebrating-a-year-of-learning.html
.
======>
.
✳Direct Tax :
▶ITAT notes the assessee-company's conclusion of the MAP with USA in respect of 'management charges' payment and allows withdrawal of the ground of appeal against TPO's determination of ALP at NIL; On the dispute of Revenue characterizing assessee company's 'engineering and design' services as ITeS, ITAT rejects ITeS classification and remands the matter to the file of the TPO for fresh adjudication; ITAT notes TPO's inconsistent position over the years and that the TPO's characterisation was not in tune with the functional analysis and further that TPO had not brought any evidence to support ITeS classification; On the comparability analysis, ITAT allows additional ground raised by assessee for excluding certain comparables  by applying 'employee-cost' filter : Bangalore ITAT [TS-476-ITAT-2018(BANG)-TP]
▶ITAT Delhi held that  Hostel, mess and transport facility surplus cannot be considered as business income if these are incidental to the main object of the Society.  [Society for Educational Excellence Vs. DCIT (ITAT Delhi)]
✳Indirect Tax
▶CESTAT Delhi held that Custom Broker Licence cannot be refused merely for penalization U/s. 114 of Customs Act, 1962.  [M/s Global Marine Agencies Vs CC (Prev.) (CESTAT Delhi)]
For Regular Updates through Whatsapp, Save +91-9716048641 in your mobile and send “UPDATE” message on whatsapp at the number +91-9716048641. For any queries contact @ 9810387163.

.
======>
.
Income-tax Update

1.IT Dept. provides for instant e-PAN allotment (Beta version) in near to real time, free of cost for limited period; first come first serve basis;
2.Only Resident Individuals (except minors & others covered u/s 160) with a valid Aadhaar number (with updated Mobile number) can avail the e-PAN allotment facility.
https://portal.incometaxindiaefiling.gov.in/e-Filing/Services/ePAN.html?lang=eng
.
======>
.


EPFO

The Central Board of Trustees, EPF in their recent meeting have approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share) standing to the member's credit with interest thereon. The members would also have an option to withdraw remaining 25 percent of their funds and go for final settlement of account after completion of two months of unemployment under the new provision in the Employee Provident Fund Scheme 1952. At present, in case of unemployment, a subscriber can withdraw his or her funds after two months of unemployment and settle the account in one go. The move is expected to have twin advantages, allowing quick withdrawal of the money, while keeping the account active even after unemployment.
.
======>
.

Income-tax department has attached over 1,500 unaccounted properties worth Rs 43 billion across the country within one and a half years of the introduction of the revised benami legislation. Jaipur and Mumbai top the list, with attachments of 200 each.
TDS, TCS and Reverse Charge Mechanism under Gst provisions kept on hold till 30th September.
Indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to GST, triggering panic among such companies.
SEBI issues List of Defaulters as on 31.03.2018 For Non-Payment of Penalty imposed by SEBI through Orders Passed Upto 31.12.2017.Sorce: www.sebi.gov.in
RBI has come out with draft guidelines on constituting a board of management (BoM) in addition to the board of directors, for urban cooperative banks (UCBs), with the aim of strengthening the governance in these banks. The BoM will be responsible for credit, risk and liquidity management.
MCA has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency &Bankruptcy Code, 2016 to provide a comprehensive legal framework, considering the fact that corporates transact businesses in more than one jurisdiction and also have assets across many jurisdictions.

Friday, 29 June 2018

29 June 2018 News

Quote of D-DAY

Thought for ur Whole Life...
The maximum time you will have to spend in your life is with urself....
So, make urself as interesting as possible.!!

Good Morning !!! 💐💐

Happy Reading on 29.06.2018

*Mint*

=> ICICI Bank used term loans, LCs to help loan defaulters

=> Delhi Metro employees threaten strike from 30 June

=> India preparing to cut oil imports from Iran after US action

=> HDFC Mutual Fund gets SEBI nod for IPO

=> Now, get your credit score free of cost on WhatsApp

=> IndiGo offers flight tickets from ₹ 1,200 on select routes
...........................................

*Business Standard*

=> India succumbs to US pressure; prepares for cut in oil imports from Iran

=> Money held by Indians in Swiss banks rises 50% in 2017 to over Rs 70 bn

=> Damage control? Govt may withdraw tariff notification on 29 US goods

=> Market cap of top 100 global companies up by 15% to $20 trillion: Report

=> BP's acquisition of UK's largest EV charging firm may deepen ties with RIL

=> Trump, Putin to hold summit meeting in Helsinki on July 16: White House

...........................................

*Economic Times*

=> Thyssenkrupp workers pave way for joint venture with Tata Steel

=> Hyundai plans to roll out electric vehicles from Chennai plant

=> FIFA 2018: Sanchez returns to Colombia's midfield, Senegal make three changes

=> Indians' money in Swiss banks rise 50% to over CHF 1 billion

=> CBI charge sheets 2 ex-CMDs of Canara bank

=> Vladimir Putin, Donald Trump to have summit in Helsinki on July 16
...........................................

*Financial Express*

=> Despite clampdown by Modi govt, money parked by Indians in Swiss banks rose over 50 per cent to Rs 7000 crore

=> Another Nirav Modi: CBI seeks Red Corner notice against Jatin Mehta in Winsome diamonds fraud case

=> Now, get CIBIL (Credit Score) online free on WhatsApp

=> India may withdraw duty hike decision on US products if tariff issues resolved

=> Varroc Engineering's Rs 1,955 crore IPO subscribed over 3.6 times

=> Delhi Metro services to be hit from June 30? 9,000 employees threaten to go on strike
...........................................

*Hindustan Times*

=> Plane crash: Close shave for 30 workers at Ghatkopar construction site

=> China won’t give up an inch of territory: Xi Jinping tells US

=> India plans to cut oil imports from Iran, say officials

=> Parties at Kumaraswamy swearing-in may not fight 2019 polls together: Gowda

=> Shujaat Bukhari’s murder was planned in Pakistan, says J-K Police

=> US has strongly told Pakistan it won’t tolerate terror havens: Nikki Haley
............................................

*Indian Express*

=> India, US share freedom of religion; our nations can only be held together with tolerance: Nikki Haley

=> Plot to kill Shujaat Bukhari hatched in Pakistan, executed by Lashkar-e-Toiba: J&K Police

=> Mumbai: Chartered aircraft crashes in Ghatkopar, at least five dead

=> Donald Trump, Vladimir Putin to have summit in Helsinki on July 16

=> CCTV at Kejriwal's residence lagged by 40 minutes on CS assault night: Forensic report

=> Surgical strikes video: Congress says blood of our soldiers can't be used for political gains, BJP hits back
............................................

*The Hindu*

=> Indian money in Swiss banks rise 50% to over ₹7000 crore

=> Putin-Trump summit in Helsinki on July 16

=> LeT behind Shujaat Bukhari killing: police

=> Five killed as private aircraft crashes into building under construction in Mumbai

=> Melania Trump heading back toward the US-Mexico border

=> Pakistani children recruited for suicide attacks: U.N. report
............................................

*The Times of India*

=> Shujaat murder: Police release pics of suspects

=> Money held by Indians in Swiss banks rise 50%

=> Chartered plane crashes in Mumbai suburb, 5 dead

=> Delhi: Afternoon showers bring mercury down

=> India may cut oil imports from Iran: Sources

=> Hyundai India to launch electric SUV next year
............................................

*अमर उजाला*

=> स्विस बैंकों में भारतीयों का धन 50 फीसदी बढ़कर 7000 करोड़ हुआ

=> एयरपोर्ट पर हताश और निराश दिखे जर्मन खिलाड़ियों के चेहरे, फैंस से बेहद भावुक अंदाज में मांगी माफी

=> एसएएफ जवान की मौत के मामले में 11 पुलिसकर्मी निलंबित

=> अमरनाथ यात्राः बिगड़े मौसम में फंसे 5 हजार श्रद्धालु

=> ट्रंप को झटका, निचले सदन में आप्रवासन बिल खारिज

=> अमेरिकी दबाव में नरम पड़ा भारत, ईरान से तेल आयात में करेगा कटौती
............................................

*हिन्दुस्तान*

=> अमेरिका: एनापोलिस के न्यूज़रूम हुई शूटिंग में कम से कम 5 लोग मारे गए

=> अगला उत्तर कोरिया है ईरान, संबंधों पर पुनर्विचार करे भारतः हेली

=> FIFA 2018 : आखिरी ग्रुप मैच में बेल्जियम ने इंग्लैंड को 1-0 से हराया

=> जलवायु परिवर्तनः अभी नहीं जागे तो 2050 तक 60 करोड़ लोग होंगे खतरे में

=> राशन डीलरों का कमीशन 50 पैसे प्रति किलो तक बढ़ सकता है

=> लोकसभा चुनाव के नतीजे बंगाल में बदलाव की नींव रखेंगे : शाह
............................................

*दैनिक जागरण*

=> आज से दिल्ली मेट्रो की सेवाएं ठप होने का खतरा

=> मुंबई के रिहायशी इलाके में गिरा चार्टर्ड प्लेन, पांच की मौत

=> 40 साल बाद विश्व कप में जीता ट्यूनीशिया, पनामा को 2-1 से दी शिकस्त

=> वन नेशन-वन टैक्स: खूबियों के साथ खामियों से भरा रहा GST का 1 साल का सफर

=> कोई नया चेहरा संभालेगा पाकिस्‍तान में सत्‍ता की कमान, जाने-पहचाने चेहरे नहीं होंगे पीएम

=> ईरान से तेल खरीद को लेकर अमेरिका बढ़ा रहा है भारत की चिंता, दे रहा है धमकी
............................................

*प्रभात ख़बर*

=> अमेरिकी राजदूत निकी हेली ने की विदेश मंत्री सुषमा स्वराज

=> जम्मू के लिए आर्मी स्पेशल ट्रेन से रवाना हुए बीएसएफ के 10 जवान लापता

=> अमरीका में अख़बार के दफ्तर पर हमला, 5 की मौत

=> आयरन ओर माइंस की नीलामी से झारखंड को मिलेंगे 11536 करोड़

=> कोसी का जल स्तर बढ़ा, डायवर्जन पर चढ़ा पानी, आवागमन ठप

=> पटना कॉलेज में एडमिशन आज से, प्रथम लिस्ट के अनुसार शुरू होगी एडमिशन की प्रक्रिय
............................................

29.06.18 Economic News

👉PNB scam: ED files Prosecution Complaint/Chargesheet  in court against Mehul Choksi. The complaint charged Choksi and 13 others - Eight Individuals and Five Companies - under section 4 of the Act for the offence of money laundering.

👉HDFC Asset Management Co. Ltd, the Country’s Largest Mutual Fund, receives SEBI’s Approval to Float an Initial Public Offer (IPO)

👉Indian Bank to Withdraw Dividend Payment Resolution after RBI's reply that the Bank can declare a dividend after Fully Providing for Mark-to-Market (MTM) Loss, Gratuity and Other Provisions.

👉GSTN to Temporarily Shut Down on 1st July, on the First Anniversary Day of GST

👉United Forum of IDBI Bank Officers and Employees Conveys its Serious Concern to the Finance Minster over the Govt’s move to sell a Significant Stake in the bank to LIC

👉Special CBI Court sentenced Additional Commissioner of Income-Tax,  Sumitra Banerjee and Asst. Comm. I-tax, Anjali Bambole, to Five Years' Imprisonment for allegedly demanding Rs 1.7 Crore Bribe from a Thane-based builder, in a graft case of 2010.

👉LIC Buys First Issuance of Longest Maturity 30-year Bonds of Rs. 2000 crore sold by NHAI

👉As per an Internal Report, Government Rejects Bad Bank Proposal to Resolve NPA Crisis

29th June 2K18

Economic Times

Ø  Expectation of oil prices coming down is unfair: Adhia
Ø  India may scrap additional duties on 29 US goods
Ø  Irdai to meet, may discuss investment limit for firms
Ø  Panel on bad bank to submit report shortly: SBI chief
Ø  Trump's trade war pushes China closer to India
Ø  India rethinks decision to split up gas utility Gail
Ø  'Top 100 global Cos have a total mkt cap of $20 tn'

Business Standard

Ø  India among countries least vulnerable to currency pressure: Moody's
Ø  Indian Bank to withdraw dividend payment resolution after RBI's reply
Ø  HDFC Mutual Fund gets Sebi's go-ahead to float an initial public offer
Ø  Govt readies to reduce oil imports from Iran to zero
Ø  No impact on fiscal deficit, will be kept at 3.3 % for FY 19: Official

Business Line

Ø  APSEZ to acquire 97% stake in Marine Infrastructure Developer
Ø  MERC clears Rs.18,800-cr Reliance Infra-Adani deal
Ø  Rupee rebounds to 68.73 on RBI intervention
Ø  Govt set to pull the plug on ‘right of first refusal’ for Indian ships
Ø  Cochin Airport posts a net profit of Rs 156 cr in FY18
Ø  GMR Infra bags mandate to develop port in AP

Mint

Ø  Indian money in Swiss banks rises 50% to over Rs. 7,000 crore
Ø  Varroc IPO subscribed over 3.5 times on last day of issue
Ø  ICICI Bank used term loans, LCs to help loan defaulters
Ø  Brookfield to sharpen focus on renewable energy sector in India
Ø  RBL Bank buys remaining stake in Swadhaar Finserve

Financial Express

Ø  Amazon to acquire online pharmacy PillPack for undisclosed amount
Ø  B Sriram resigns as SBI MD amid IDBI stake sale bu
Ø  Traders urge Finance Ministry to review GST-related issues
Ø  NBCC sells 28,000 sq ft office space in South Delhi’s Okhla for Rs 83 crore
Ø  One-day rule: Defaults jump, hit Rs 1.2 lakh crore

Financial Chronicle

Ø  Dollar appreciation raises credit risk for sovereigns
Ø  FoodMin to review price, supply of essential items
Ø  PE firms invest $8.2 billion in June quarter
Ø  Niti’s outreach on farm MSP fails to fructify

Thursday, 28 June 2018

28 June 2018 News

Quote of D-DAY

You’re going to feel strong again. Things are about to get lighter and more clear. You’re healing and transforming. All is being released out of you. Be patient with yourself. You’re shedding old ways of doing things and stepping into your truth. It’s going to make sense soon.

Good Morning 💐💐

*Happy Reading on 28.06.2018*

*Mint*

=> ICICI Bank used term loans, LCs to help loan defaulters

=> Govt officials refuse to use electric cars made by Mahindra, Tata Motors

=> Tata Steel, Thyssenkrupp reach €15 billion compromise in merger talks

=> Inaugural India-US ‘2+2’ dialogue postponed: Pompeo tells Sushma Swaraj

=> Mindtree founders may sell entire stake to NEC Corp., private equity firm

=> Rupee nears record low on rising oil prices, trade war

...........................................

*Business Standard*

=> Piramal-Birla friction surfaces over Binani cement acquisition at PM meet

=> GST impact: Slow refunds, rising input costs paralyse Ludhiana businesses

=> Walmart may face backlash in India; massive protests planned on July 2

=> US postpones 2+2 dialogue with India due to 'unavoidable reasons'

=> Fortis Healthcare initiates recovery of funds from Singh brothers

=> I-T to examine poll candidates' finances ahead of state, general elections
...........................................

*Economic Times*

=> Government red cards bad bank idea, benches ARC plan

=> Reliance Jio pips Vodafone to become number 2 by revenue

=> India supports Russia at chemical weapons meet

=> Airtel, Jio brace for another price war, this time for Home WiFi

=> Lok Sabha Elections 2019: BSP supremo Mayawati holds the key in Uttar Pradesh

=> Disney wins US antitrust approval to buy Fox assets for $71.3 bn

...........................................

*Financial Express*

=> 'Stigmatised capital' is India's biggest roadblock, says chief economic adviser Arvind Subramanian

=> Hard-hitting: Probe report on Fortis indicts ex-promoters

=> One-day rule: Defaults jump, hit Rs 1.2 lakh crore

=> JAM: Jan Dhan-Aadhaar-mobile penetration driving India's digitisation

=> The proposed new higher education regulator resolves many problems of the UGC vintage

=> India has embarked upon an ambitious plan to install 227 GW of renewable energy by 2022

...........................................

*Hindustan Times*

=> Opposition unity to be tested in election for Rajya Sabha deputy chairman

=> CBSE tells schools to suspend teachers for miscalculation in board exams

=> Amarnath yatra on hold due to rains, pilgrims asked to stay in tents

=> Top court allows investigation of ED officer in charge of 2G spectrum case

=> DU admissions: Half the seats filled, 3rd list for popular courses unlikely

=> US postpones 2+2 dialogue with India due to ‘unavoidable reasons’

............................................

*Indian Express*

=> Surgical strikes video out, shows terror casualties, damage to bunkers

=> To simplify GST, 28 per cent tax slab has to go: CEA Arvind Subramanian

=> US puts off '2+2 dialogue' with India: ‘unavoidable reasons’

=> Jharkhand: One killed as Patthalgarhi supporters, police clash, three cops still missing

=> Brazil outclass Serbia to set up Mexico clash

=> PNB fraud case: Can’t travel to India, threat to life due to mob lynching trend, says Mehul Choksi

............................................

*The Hindu*

=> Trouble brewing in Bihar alliance

=> No-fly list has cut down unruly flyers: Jayant Sinha

=> Centre proposes new body to replace UGC

=> FIFA 2018: Defending Champions Germany out of World Cup

=> U.S. postpones 2+2 dialogue with India

=> FIFA 2018: Brazil ease into last 16 with win over Serbia

............................................

*The Times of India*

=> US puts off next week’s talks with India

=> No waiver on Iran business, US tells India

=> India among top 5 friends of Moscow: Russia poll

=> Defending champions Germany out of FIFA WC

=> Delhi Metro staff threaten strike from June 30

=> PNB finds 54 officials at fault in Nirav Modi scam

............................................

*अमर उजाला*

=> शुजात बुखारी की हत्या में पाकिस्तानी आतंकी शामिल, 2 कश्मीरी सहित 3 हत्यारों की शिनाख्त की

=> अमेरिका ने भारत संग टू प्लस टू वार्ता टाली, विदेश मंत्री पोम्पियो ने सुषमा स्वराज को दी जानकारी

=> प्रियंका वाड्रा रायबरेली से लड़ सकती हैं लोकसभा चुनाव, कांग्रेस का मिशन 2019 तैयार

=> यूजीसी भंग, नई संस्था एचईसी ही करेगी सभी विश्वविद्यालयों के नियम

=> गैर जमानती वारंट रद्द करवाने कोर्ट पहुंचा नीरव का रिश्तादार चोकसी

=> अन्नाद्रमुक के 18 अयोग्य विधायकों का मामला हाईकोर्ट जज के हवाले

............................................

*हिन्दुस्तान*

=> प्री-मॉनसून बारिश से भीगी दिल्ली, अन्य हिस्सों में भारी बारिश का अलर्ट

=> उत्तर भारत में दक्षिण से दोगुनी बिजली गुल

=> दावाः सेना ने PoK में ऐसे की थी सर्जिकल स्ट्राइक,21 माह बाद आया वीडियो

=> मोदी से मिलीं निक्की हेली, भारत-अमेरिका सहयोग व आतंकवाद पर हुई चर्चा

=> यूपी के शहरों में चलेंगी देश की सबसे ज्यादा मेट्रो

=> 2019 लोस चुनाव के लिए कई राज्यों के प्रभारियों में बदलाव करेगी भाजपा

............................................

*दैनिक जागरण*

=> कर्नाटक में फिर किच-किच, सरकार बचाने में जुटे कांग्रेस-जदएस के नेता

=> आयरलैंड के खिलाफ मैदान पर दिखा गब्बर व रोहित का जलवा, बनाया नया रिकॉर्ड

=> महंगा हुआ कच्चा तेल, भारत को होंगे कई बड़े नुकसान

=> यूपी और बिहार जाने वाले रेल यात्रियों के लिए खुशखबरी, अब वेटिंग लिस्ट से मिलेगा छुटकारा

=> ब्राजील ने सर्बिया को हराकर नॉकआउट में बनाई जगह

=> स्विट्जरलैंड ने कोस्टा रिका 2-2 से ड्रा खेलकर नॉकआउट में बनाई जगह

............................................

*प्रभात ख़बर*

=> नयी दिल्ली : खत्म होगा यूजीसी, उच्च शिक्षा के लिए बनेगी नयी संस्था

=> नयी दिल्ली : खत्म होगा यूजीसी, उच्च शिक्षा के लिए बनेगी नयी संस्था

=> सुब्रमण्यम स्वामी ने केंद्र पर साधा निशाना, कहा- ट्विटर पर उपलब्ध है सरकार की सीलबंद रिपोर्ट

=> सुशील मोदी का नया खुलासा, करोड़ों के लोहे का व्यापार भी करते हैं 'तेजस्वी'

=> दिल्ली हाईकोर्ट ने 16,500 पेड़ों को काटने पर 4 जुलाई तक लगाई रोक
............................................

28.06.18 Economic News

👉GSTN to go in for Third-Party Audit of its Software developed by Infosys to ensure that all changes in law are Adequately Captured and its Performance is not lagging on any count says CEO Prakash Kumar

👉Bombay HC admits plea by Real estate developers, challenging GST on sale of land. The high court has Issued Notices to the Central Govt., the Maharashtra Govt. and the GST Council in this matter.

👉PNB scam: Mehul Choksi Moves Court Seeking Cancellation of Non-Bailable Warrant (NBW) issued against him

👉NCLAT Declines to Stay Delisting of ElectroSteel Steels by Vedanta on the plea of Renaissance Steel, whose bid was rejected by the committee of creditors (CoC)

👉Govt Approves & Provides Capital Infusion Support of Rs 2,000 Crore to Export Credit Guarantee Corporation (ECGC) to Enhance Insurance Coverage to Micro, Small & Medium Enterprises Exports(MSME). It has also Approved Contribution of Grant-in-Aid (corpus) of Rs 1,040 Crore to National Export Insurance Account Trust (NEIA) to Promote Project Exports

👉State Bank of India (SBI) has Closed Six Foreign Branches and is in the process of closing down another nine branches as part of Rationalisation of Overseas Operations

👉SEBI  is gearing up to usher the next set of reforms in the Commodity Market by Allowing Mutual Funds to participate in the segment while also Actively Considering Allowing Derivatives on Commodity Indices.

Economic Times

Ø  India to build two more strategic petroleum reserves
Ø  Thyssenkrupp, Tata Steel near compromise on JV talks
Ø  H-1B visa rules to hit Indian IT cos' margins: ICRA
Ø  Govt plans to sell Air India's Mumbai building to JNPT
Ø  Allahabad Bank seeks Rs 7,000 crore from government
Ø  Govt hikes ethanol price by Rs 2.85/litre for 2018-19
Ø  Automakers warn US tariffs will cost thousands of jobs

*Business Standard*

Ø  Singaporean FM asks NSE, SGX to resolve differences, serve investors
Ø  Fortis probe finds systemic lapses, to recover Rs 5 bn from Singh brothers
Ø  JSW Steel to invest Rs 75 bn in Karnataka to expand Vijayanagar facility
Ø  Trai to penalise telcos for call drop violations in March quarter: Chief
Ø  Rs 20 bn GST evasion in 2 months, less than 100,000 paying 80% of tax

*Business Line*

Ø  Export push: ECGC, NEIA to get more capital support
Ø  India cautious on China move to reduce import tariffs on goods
Ø  Fortis lent Rs 494 crore to promoter companies despite management objections
Ø  UST Global turns ‘unicorn’ with $250-m Temasek funding
Ø  Telecom sector revenue dips 1.7%, licence fee falls 12.7% in March

*Mint*

Ø  NCLAT refuses to stop Vedanta from delisting Electrosteel
Ø  Rupee nears record low on rising oil prices, trade war
Ø  Mindtree founders may sell entire stake to NEC Corp., private equity firm
Ø  SBI to shut 9 foreign branches as part of rationalisation: Pravin Gupta
Ø  Oil prices rise on supply losses, US push to isolate Iran

*Financial Express*

Ø  India needs to lower trade barriers: US diplomat
Ø  Reliance Jio enters a new league, crosses 200 million user mark
Ø  Retail lending up 25%, number of accounts over 32% in FY18: Cibil data
Ø  India no longer poor people’s country, 44 Indians pulled out of poverty every minute, says study

*Financial Chronicle*

Ø  End oil imports from Iran by Nov 4, US to India
Ø  India’s quest to find a trillion-dollar nuclear fuel on the Moon
Ø  Volvo-Eicher eyeing more marketshare with two new trucks
Ø  ITC’s Savlon campaign bags coveted Grand Prix at Cannes Lions 2018
Ø  Govt confident LIC-IDBI deal will conclude by Sept

Wednesday, 27 June 2018

27 June 2018 Updates

Trading Members and participants are hereby informed that BSE SME segment has emerged as preferred platform for SME in India with highest number of listed companies.

In order to provide further incentive to the companies which are “Startups” in the sector of IT, ITES, Bio-technology and Life Science etc., the Exchange is pleased to announce that “BSE Startup Platform” is enabled on BSE SME Segment. 

This platform will facilitate the listing of companies in the sector of IT, ITES, Bio-technology and Life Science, 3D Printing, Space technology, E-Commerce, Hi- Tech Defense, Drones, Nano Technologies, Artificial Intelligence, Big data, Enhance/Virtual Reality, E-gaming, Exoskeleton, Robotics, Holographic Technology, Genetic Engineering, Variable Computers Inside body computer technology and any other Hi-tech based company.

The criteria for listing on “BSE Startup Platform” is as follows:

1.       The pre issue paid up Equity share Capital of the company should be minimum of Rs. 1 crore.

2.       The company should be in existence for a minimum period of 3 years on the date of filing the draft prospectus with BSE

3.       There should preferably have investment by QIB investors (as defined under SEBI ICDR Regulations, 2009) / Angel Investors for a minimum period of 2 years at the time of filing of draft prospectus with BSE and such aggregate investment should be at least Rs. 1 crore

4.       The company should have positive net-worth

5.       The Company should not have been referred to National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code, 2016

6.       There should be no winding up petition against the company that has been accepted by the National Company Law Tribunal (NCLT)

The companies listing on BSE Startup Platform with the above mentioned criteria will follow all the other conditions applicable for listing of SME Companies under Chapter XB of “SEBI (ICDR) Regulations, 2009”, relating to disclosures, migration to main Board, etc.

https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20180621-17
.
============>
.

GSTN designing tools for taxmen to analyse data to check evasion

By PTI | Jun 24, 2018, 12.33 PM IST

Many tax payers have got notices for utilising input tax credit (ITC) for payment of most of the GST liability and have been asked to explain reasons within a stipulated time.

Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.

GST Network (GSTN), the company handling the technology backbone for Goods and Services Tax, has over the last 11 months provided a platform for businesses to file their returns and pay taxes every month.

GSTN Chief Executive Prakash Kumar said the next focus of the company will be on providing data analytics and improving user interface on the GSTN portal, besides developing backend system for assessment, audit, appeal and advance ruling for 27 states.

"'We are working on the analytics part. We have already started sharing with tax officers simple analytics on differences between GSTR-3B and GSTR-1, GSTR-3B and GSTR-2A. This is a broad state-wise data generated by GSTN, based on which the officers can look into the returns filed by taxpayers in his jurisdiction and spot mismatches," Kumar told PTI in an interview.

GSTN currently only provides support to tax officers (on data analysis). And gradually we are providing them tools so that they can do it themselves... We are in the process of developing an application for Commissioners to generate data without any external help, he added.

He said the tools would enable tax officers to do the analysis themselves. "We have started work on it, We had even showed the functionality to state officers. We will be slowly releasing the tools over the next few months," Kumar added.

GSTN is also working to improve its user interface by providing systematised error messages with 'error numbers'. Once a taxpayers sees a particular error number pop up on the screen, he can call the GSTN help desk for solutions.

"Now the error message also says what has gone wrong and what you need to do to correct that. It will show a particular error number, which helps the GSTN helpdesk person to quickly identify the error that the taxpayer is committing and can guide him accordingly," Kumar said.

Since the roll out of the GST from July 1, 2017, GSTN has handled 11.5 crore returns and processed 376 crore invoices.

Currently, over 1.11 crore businesses are registered under the GST regime, of which 63.76 lakh have migrated from the erstwhile service tax and VAT regime, and 47.72 lakh are new registrants. As many as 17.61 lakh businesses have opted for composition scheme under GST.

Kumar further said that GSTN has been sending Management Information System (MIS) reports to tax officers 27 states which are categorised as model 2 states for better understanding of taxpayers in their jurisdiction.

"We have provided 27 different MIS report for model 2 states. The tax officers get to see their own jurisdiction data, who their assessees are, return filed, taxes paid. The report has daily, monthly revenue collection list in the jurisdiction, ward-wise collection list, registration details, taxpayers with outstanding liability, disposal of cases, among other things," he said.

Based on the broad data mining by GSTN, tax officers have started analysing cases where there are instances of mismatch and have been sending scrutiny notices to taxpayers whose summary sales returns GSTR-3B did not match with final returns GSTR-1 or with system generated purchase returns GSTR-2A.

Besides, many tax payers have got notices for utilising input tax credit (ITC) for payment of most of the GST liability and have been asked to explain reasons within a stipulated time. Also some notices have been sent for claiming less IGST input tax credit while filing sales returns as against the credit claims auto-generated by the GSTN.

On taxpayers getting notices for utilisation of ITC for GST payment, EY Partner Abhishek Jain said, "While these could be genuine cases for quite a number of businesses for reasons like low margins and large transitional credit pool, these notices could help check on utilisation of any ingenuine credits. Also, these could help detect fake credits claimed, if any".
.
============>
.
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:Theexisting 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 appellants.
.
============>
.
Nine Steps for Revocation of Cancelled GST Registration

{ Application for revocation of cancelled GST registration can be accessed within 30 days, from issuance of the Cancellation Order on the GST Portal, after logging in.}

* STEPS *

1. Access the https://www.gst.gov.in/ URL. The GST Home page is displayed.

2. Login to the GST Portal using your earlier login credentials (i.e. credentials using which you were logging into the GST Portal earlier).

3. Click Services > Registration > Application for Revocation of Cancelled Registration option.

4. In the Reason for revocation of cancellation field, enter the reason for revocation of cancellation of registration.

5. Click the Choose File button to attach any supporting document.

6. Select the Verification checkbox.

7. In the Name of Authorized Signatory drop-down list, select the name of authorized signatory.

8. In the Place field, enter the place where the application is filed.

Note: You can click the SAVE button to save the application form and retrieve it later.

9. Click the SUBMIT WITH DSC or SUBMIT WITH EVC button.

However application for revocation may be accepted or rejected by Tax Official

.
============>
.

Services between Govt. Authorities are exempt from GST

GST : Government/Government Authority providing services to other Government/Government Authority is exempted from GST whereas supply of goods by one Government/Government Authority to other Government/Government Authority is not exempted from GST

• An application under section 97(1) is filed by project co-ordinator (Finance & Admin.), Information Technology Development Agency (ITDA), Govt. of Uttarakhand, Dehardun registered under GST seeking an advance ruling on the question whether the services or material procured by ITDA, a local authority under the control of Uttarakhand Government, from the Indian Institute of Technology (IITs) which is also a Government/Government Authority, is exempt from GST.

• Serial No. B of Part 3 of GST Tariff - Services (Chapter 99) provides the list of nil rated/fully exempted services. On going through the said list, one finds that Government/Authority providing services to other Government/Authority is exempted from GST.

• Thus, in view of above, the services received by the applicant from IIT, Mumbai is exempt from GST. AS regard to the supply of goods by one Government/Government authority to other Government/Government authority is concerned, there is no exemption from GST in this regard.

[2018] 94 taxmann.com 329 (AAR- UTTARAKHAND)

AUTHORITY FOR ADVANCE RULINGS, UTTARAKHAND
.
============>
.
GST Gyan- Goods without eway bill, bill etc can be confiscated/detained. Other goods in same vehicle with proper papers cannot be held. Circular 49 of 21.06.2018.

.
============>
.

# *GST*: Services provided by TPADL with respect to the non-tariff charges recovered from their customers are not eligible for exemption and TPADL is liable to pay tax on the aforesaid recovery made from their customers – AAR, Rajasthan in TP Ajmer Distribution Ltd. (2018 (6) TMI 1196).

# *GST*: The service provided by M/s. Rishi Shipping is classifiable as ‘Rental or leasing services involving own or leased non-residential property’ (Service Accounting Code – 9972) leviable to GST @ 18% - AAR, Gujarat in Rishi Shipping (2018 (6) TMI 1195).

# *IBC*: Since NCLT is not a forum superior to the High Court, it's orders cannot be construed as injuncting this Court from proceeding with a winding up proceeding in which it has clear jurisdiction to hear and decide - Vinod Jain Vs. Jaipur Metals & Electricals (2018 (6) TMI 1167 - Rajasthan HC).

# *IT*: Validity of reopening of assessment beyond 4 years - there is no mention that income amounting to ₹ 1 lac or more is believed to have escaped assessment - reassessment proceedings held to be null & void ab-initio – Usha Agarwal Vs. ITO (2018 (6) TMI 1175 - ITAT Agra).

# *IT*: Addition u/s 68 - the burden had shifted to revenue to show the basis of some reliable and tangible material which could indicate undisclosed receipts out of books of accounts in the hands of assesse - we cannot improve upon what AO could have done himself - addition made by AO on account of alleged receipts of cash deleted – Godwin Construction Pvt. Ltd. Vs. ACIT (2018 (6) TMI 1172 - ITAT Delhi).

.
============>
.
CBDT has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements (APAs) and mutual agreement procedures (MAPs).

E-Way bill generation touches 10-crore mark over 80 days after its launch on April 1, e-way bill generation hit the 10-crore mark. “Ten crore E-Way bills in two months and 21 days and still it is showing an upward trend.

Short term accommodation, conferencing, banqueting etc provided to SEZ developer/ unit to be treated as Inter-State supply. Circular 48 of 14.6.18.

ICICI Bank NSE 0.91 % has disclosed that it has received a whistleblower complaint, alleging irregularities in respect of 31 loan accounts worth Rs 6,082 Crore. The allegations pertain to incorrect accounting of interest income on non-performing assets (NPAs) as fees and overvaluation of security provided for corporate loans.

Prime Minister Narendra Modi called for targeting double-digit GDP growth for breaking into the USD 5 trillion economy club and said India's share in world trade has to more than double to 3.4 per cent.

.
============>
.
CBDT has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law. The advisory issued by the Board remind the taxpayers to not accept cash of Rs. 2,00,000/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion.

Delhi ITAT in the case of Ravina Khurana hearing 15 joint appeals held that there is no justification imposing the penalty without mentioning the grounds specified in the notice issued under section 274 of the Income Tax Act.

Rollout of tax collection at source was deferred to July 1; implementation after systems fully ready that will give a breather to Amazon, Flipkart and other e-commerce service providers.

Due date of – Tran – 2. Registered persons under GST but unregistered under old regime- June 30, 2018.

Bombay High Court has held that GST shall be payable on " one time payment" upon creation of lease for a period more than 60 years even if the Lessor is a body set  up by the State Government and there shall not be any exemption.  Builder Association of Navi Mumbai vs. UOI 2018.

Bombay High Court has held that Cenvat ( now ITC) is mere concession and not as a matter of right and conditions and restrictions imposed for availing the benefits shall have to be complied with JCB India Ltd Vs.UOI.2018 (3) ZSTPT 140 Bom.

.
============>
.
Reimbursement of Car Running and Maintenance Charges to Employees amount to ‘ Perquisites ’, TDS Applicable: ITAT* [Read Order]

Read more at: http://www.taxscan.in/reimbursement-car-running-maintenance-charges-employees-perquisites-tds-applicable-itat/24917/
.
============>
.
GST Gyan - Short term accommodation, conferencing, banqueting etc provided to SEZ developer/unit to be treated as Inter-State supply. Circular 48 of 14.06.2018

.
============>
.

Non-Availability of Staff not an Excuse to avoid Penalty for Delay in Filing TDS Statement: ITAT* [Read Order]

Read more at: http://www.taxscan.in/non-availability-staff-excuse-avoid-penalty-delay-filing-tds-statement-itat/24909/
.
============>
.

*👉🏻GST notices to Cos for passing off cash balance as transition credit*
(Indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/gE53Jp

*👉🏻RBI proposes Board of Management in Urban Co-operative banks*
(RBI  proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks)
👇🏻 👇🏻 👇🏻
https://goo.gl/VmhvVY

*👉🏻Heads of 11 PSBs to appear before Parliamentary Panel*
(Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday)
👇🏻 👇🏻 👇🏻
https://goo.gl/cma6v2

*👉🏻Pattern of Assessment from May 2019 Examination - ICAI*
(In each of the above papers, the weightage for objective type questions would be 30%. The remaining questions i.e., 70% of the paper would be as per the present pattern of assessment)
👇🏻 👇🏻 👇🏻
https://goo.gl/s7ADY8
.
============>
.

No Prohibition on Importing Goods Violating Patent Laws: Govt amends Intellectual Property Rights (Imported Goods) Enforcement Rules* [Read Notification]

Read more at: http://www.taxscan.in/importing-goods-violating-patent-laws-govt-amends-intellectual-property-rights-imported-goods-enforcement-rules/24982/
.
============>
.
GST Dept recovers Rs. 3.80 Crores from Civil Contractor*

Read more at: http://www.taxscan.in/gst-dept-civil-contractor/25000/
.
============>
.
ICAI conducting ‘Career Ascent 2018’ for Experienced Chartered Accountants*

Read more at: http://www.taxscan.in/icai-placement-programme-chartered-accountants/25042/
.
============>
.
Bogus Balance Sheet prepared to avail Bank Loan can be basis for Addition: Calcutta HC asks to proceed against CA Firm for Inflating Value of Assets* June 26, 2018

“The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid.” The Calcutta High Court, last week held that the addition to income can be made on the basis of balance sheet and profit and loss accounts certified to have been prepared on estimate basis to avail bank loan and having no relation with the actual. While upholding the addition, Justices Sanjib Banerjee and Abhijit Gangopadhyay has asked to proceed against the Chartered Accountant firm for inflating the value of assets of the assessee to avail the credit facilities from the bank.

The judgment dated 21st June starts with a quote that “The matter is typical of how business is conducted in this country and why loans obtained from banks remain unpaid.” Coming to the facts of the case, the assessee, with an object to avail credit facilities from the bank, submitted a balance-sheet prepared by a firm of chartered accountants by the name of Roy Ghosh and Associates. The balance-sheet indicated figures which may not have been commensurate with what was reflected in the books of accounts of the assessee. Nonetheless, a certificate was issued by the Chartered Accountants in Form 3CB under Rule 6G(1)(b) of the Income Tax Rules, 1962. The income tax department, while completing assessment proceedings, relied on these figures to determine income of the assessee. On second appeal, the Tribunal upheld the said addition.

Before the High Court, the assessee contended that under Rule 6G(2) of the Income Tax Rules, 1962, the particulars which are required to be furnished under Section 44AB of the Income Tax Act, 1961 are to be in Form No. 3CD. According to them the certificate issued by the Chartered Accountant Firm was not in Form No.3CD and the Tribunal fell into error in making observations as to the veracity of the particulars under Section 44AB as contained in the quoted passage. It was further contended that it is usual practice for a balance-sheet and profit and loss accounts to be prepared on the basis of estimates for the presentation thereof to a bank at a time prior to when the assessee is statutorily required to complete the assessee’s annual accounts.

Read more at: http://www.taxscan.in/balance-sheet-bank-loan-calcutta-hc-ca-firm/24999/
.
============>
.
SEBI

The SEBI Board in its recent meeting had taken various decisions in the best interest of the stakeholders. On review of various Regulation, it has been decided to grant additional time for upward revision of open offer price till one working day before the commencement of the tendering period as prescribed under SEBI (Substantial Acquisition of Shares and (Takeovers) Regulations, 2011. Relevant provisions outlined under Sections 68 and 70 of the Companies Act, 2013 have been incorporated in the new Buyback Regulations to make it self-contained and to sync with the Companies Act, 2013. Further, the Board approved the SEBI (Issue of Capital and Disclosure Requirements) Regulations, (“ICDR Regulations”) 2018 through which the requirement of announcing price band five working days before opening of the issue has been reduced to two working days before opening of the issue; Financial disclosures in case of public issues / rights issues to be made for 3 years as against the present duration of 5 years; Restated and audited financial disclosures in the offer document to be made on consolidated basis only and Audited standalone financials of the issuer and material subsidiaries to be disclosed on the website of the issuer Company; For a company to be eligible to make a fast track rights issue, it should not have any audit qualifications or adverse opinion.

MCA - IBBI

The Ministry of Corporate Affairs, has taken an initiative to introduce a chapter on Cross-Border Insolvency within the Insolvency &Bankruptcy Code, 2016 to provide a comprehensive legal framework, considering the fact that corporates transact businesses in more than one jurisdiction and also have assets across many jurisdictions. The MCA has presented Introductory note and draft chapter for Suggestions from the stakeholders at large. Suggestions on the draft chapter on Cross Border Insolvency are invited to further enhance the same and ensure that wider consultation/views are incorporated. Suggestions in the format prescribed below may be mailed to the email id “crossborder@mca.gov.in till 30.06.2018
.
============>
.
SUGGESTIVE WAYS TO DEAL ROC LATEST NOTICE STK-5

The Companies which have not filed their Financial Statement (AOC-4 / 23AC, ACA) or Annual Return (MGT-7) for a period of two immediately preceding financial year shall receive the Notice in form STK-5. Before filing of reply to ROC Notice, Go through the three vital points to address the said notice. Check the filing of financial statement or Annual return , Company is operating or not and want to continue the company or want to strike off.

1.      *Generally, ROC has issued notice to only those companies, who have not filed their Financial Statement or Annual return for preceding two financial years*.

{In this case - If the notice has been sent mistakenly, write them back with the details and attach challan.}

2.* OPERATIONAL COMPANY & PROMOTERS WANT TO CONTINUE*

{In this case, Before reply to ROC, complete the annual filing of the Company and then reply to ROC that, our Company is working Company and our company inadvertently fails to file Financial Statement and Annual Return.  Which we have filed with additional fees (copy of challan is attached).} ca vashisht amresh kumar

3.      *NO OPERATIONS BUT WANT TO CONTINUE THE COMPANY*

{In this case, Before reply to ROC, complete the annual filing of the Company and then reply to ROC that, our Company is working company, however there are not revenue or profit in our company still we are trying for business in future and our company inadvertently fails to file Financial Statement and Annual Return.  Which we have filed with additional fees. Annexed copy of challan is attached.

4.      *NO OPERATIONS AND DOESN’T WANT TO CONTINUE THE COMPANY*

{In this case following shall be process}

FIRST: Complete the Annual Filing of Company (by filing of AOC-4 and MGT-7 with ROC by paying additional fees).

SECOND: File e-form STK-2 for strike off of Company with the relevant attachments.

THIRD: Reply to ROC, that we have completed our pending annual filing with additional fees, Company don’t want to continue and e-form STK-2 has been filed for strike off of Company. (attached copy of all the challans of annual filing forms and STK-2) ca vashisht amresh kumar

5.      *IMPLICATION OF NON REPLY OF ROC NOTICE SKT-5*

i. Name of Company shall be removed from the record of ROC.

ii. Bank account of Company shall be ceased.

iii. Directors of Company shall be disqualified.

iv. DIN of Directors shall be ceased.

v. Directors shall not be allowed to continue as directors in other companies.

vi. Directors shall be personally liable for all the statutory and other liabilities of Company.

vii. Directors shall be liable for penalties, punishment or prosecution for non-compliances under the Act.
.
============>
.
#( mutual fund taxation).AY-18-19(few tips).The tax provisions under Section 80C says deduction is available under only the ELSS category of mutual funds. This category of mutual funds has a 3-year lock in which incidentally is the shortest lock-in within the available 80C options. “It is important that investors take time to understand where they are investing and its impact. Most AMCs have at least one ELSS product as part of their product offering,”
#
While you can claim up to Rs 150000 deduction for investment in ELSS scheme during the financial year, there are other tax implications on mutual funds which one should be aware of while filing their ITR.#
one needs to consider these points while filing this year’s ITR:
#
=> Be conscious of declaring any dividend income if received from mutual fund dividend schemes.
#
=> Any long-term capital gains booked in equity MF will be exempt from income tax only till March 31, 2018.
#
=> Benefit of indexation: Benefit of indexation on their original debt fund investment means that the original investment is adjusted for the price of inflation and taxed accordingly.
#
=> Capital Gains of debt mutual fund arising out of sale before three years, the short-term gains are taxed according to your tax slab.
#
=> Remember to declare any short or long-term gains out of your liquid fund investments – especially due to rapid growth in instant redemption liquid fund products, there may be a significant number of retail investors who need to be cognizant of this point***