GST Evasion of Rs. 2000 Cr detected till Now, says CBIC Member*
Read more at: http://www.taxscan.in/gst-evasion-detected-cbic-member/25568/
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GST is applicable on compensation received by tenant for delayed possession of new premises: AAR
July 2, 2018[2018] 95 taxmann.com 3 (AAR -MAHARASHTRA)
GST : Amount received by tenant of building premises towards alternate accommodation or delayed possession of new premises would be receipt of amounts for doing an act i.e. vacating premises for redevelopment as well as tolerating construction cum redevelopment work till possession of new redeveloped premises and further for tolerating an act of not having completed redevelopment period within time, same would be a 'supply' and therefore, GST to be levied on such amount
• The applicant was a tenant in building premises. The owner of said building premises entered into an agreement for redevelopment of said premises with a developer 'S'. Consequent to the said redevelopment agreement, the applicant was required to vacate the premises to facilitate the redevelopment of the building, by the developer.
• In the process, the applicant has agreed to do an act i.e. vacating the premises to facilitate the supply of service by the developer to the owner and for vacating the said premises; the applicant has received / is to receive compensation from the developer.
• The receipt of amounts towards alternate accommodation or delayed possession of premises would be receipt of amounts for doing an act i.e. vacating the premises for redevelopment as well as tolerating the construction cum redevelopment work till possession of new redeveloped premises as per agreement and further for tolerating an act i.e the act of not having completed the redevelopment work within 36 months. In view thereof, the same would definitely be a 'supply' and therefore, there arises an occasion to levy GST on said amount.
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ICAI Publication Indian Accounting Standards (Ind AS): Disclosures Checklist* (05-07-2018)
It provides a compilation/ checklist of all the disclosures required by Ind AS at one place, incorporating about 3000 Disclosures for financial reporting by Companies preparing Ind AS based Financial Statements.
https://resource.cdn.icai.org/50819indas40481a.pdf
ICAI Publication: Ind AS Impact Analysis and Industry Experience (05-07-2018)
https://resource.cdn.icai.org/50820indas40481b.pdf
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CBDT to I-T department: Curb high-pitched assessments; take action against erring assessing officers
The CBDT has issued a stern directive to Income Tax Department (ITD) offices in the country, asking them to curb "high-pitched" assessments against taxpayers and ensure that assessing officers who issue such irrational orders are transferred and face disciplinary action.
The decision was taken as part of the Modi government’s plan to check high-handedness of taxmen. (IE)
The CBDT has issued a stern directive to Income Tax Department (ITD) offices in the country, asking them to curb “high-pitched” assessments against taxpayers and ensure that assessing officers who issue such irrational orders are transferred and face disciplinary action.
CBDT Chairperson Sushil Chandra, in a recent three-page directive to all regional ITD chiefs, expressed disappointment that a special drive launched in this regard in 2015 had failed to achieve its mandate of resolving taxpayers’ grievances and was under-utilised.
The Central Board of Direct Taxes (CBDT), which frames policy for the tax department, had four years ago sought the creation of local committees in every tax region headed by a principal chief commissioner to “expeditiously deal with taxpayers’ grievances arising from high-pitched scrutiny assessment”.
The decision was taken as part of the Modi government’s plan to check high-handedness of taxmen in deciding assessments of a common taxpayer that led to issues of corruption and bribery.
The tax department has taken action against at least 10 assessing officers (AOs) till now as part of this drive, but still enough is not being done, a senior official told PTI.
A high-pitched scrutiny assessment case is one where it is found that the addition of income was made on frivolous grounds, non-observance of principles of natural justice, or non-application of mind and gross negligence by the assessing officer in deciding a case.
A local committee of senior ITD officials, in case a order was found to be unreasonable or high-pitched, was empowered by the CBDT to take remedial action to rectify the demand and ensure that the taxpayer is not harassed.
The CBDT chairperson, in his letter, said the performance of these committees in the last three years “has not been found to be satisfactory”.
Citing examples, Chandra said last year (2016-17), the reports filed by the regions, after prodding from the CBDT, were found to be either deficient or incomplete.
“For 2017-18, not a single report of local committees from any of the regions has been received by the board,” the chairman said in the letter.
Chandra said that he has got “personal feedback” that these committees are either vacant at many locations due to transfer or promotion of a member or meetings were not being held regularly.
“You would also appreciate that all these deficiencies in functioning of local committees are hampering their effectiveness in tackling high-pitched assessments in an institutional manner,” he said.
Therefore, he said, regional chiefs of the department should give due attention to “monitor performance of local committees on a regular basis so that these committees serve as a useful mechanism to curb high-pitched assessments in the ITD.”
He said that in cases where such assessments are found, an explanation should be sought from the assessing officer and in select cases, the official should be transferred to a non-sensitive post without any delay and disciplinary action initiated against him or her.
“No coercive action should be taken for recovery of demand in cases which have been identified as high-pitched by the local committee,” the chairman said.
The CBDT chief also directed that a compliance report on these cases should be sent to the board every three months and a publicity campaign no should be undertaken so that taxpayers know that this mechanism can be used to get their grievance redressed, if they are not happy or feel that their tax assessment is not fair
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GST Gyan-Now get report of e-way bills where Part B of vehicle details pending on e-way bill portal. Part A to be discarded by system after 15 days.
I-T deptt. launches Instant e-PAN w.e.f 29.06.2018. e-PAN to be issued on AAdhaar basis. NRIs not eligible for e-PAN.
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*#IND-AS*
Indian Accounting Standards (Ind AS): Disclosure Checklist issued by ICAI on 05-07-2018 - https://resource.cdn.icai.org/50819indas40481a.pdf
*#MCA*
MCA notifies format of e-form DIR-3 KYC under new Rule 12A (Directors KYC) along with procedure for restoration of deactivated DINs of Directors, applicable w.e.f. 10 July, 2018
Fee payable till the 30th April of every financial year in respect of e-form DIR-3 KYC as at the 31st March of immediate previous year as MCA Notification dated 05.07.2018.
Rs. 5000 Late fee for delay in submission of e-form DIR-3 KYC
For the current financial (2018-2019), no fee shall be chargeable till the 31st August, 2018 and fee of Rs.5000 shall be payable on or after the 1st September, 2018″
*#GST*
Turnover exceeding Rs.1.5 Crores or opted to file monthly Return GSTR-1 (Jun 2018) - Jul 10th, 2018
*#Case Study*
Director cannot be disqualified for failure of company to effect statutory compliances - Vikas Goel & ANR Vs Union of India & ANR (Delhi High Court)
Section 269SS not applies to Loan transaction between husband & wife - Shri Sunil Kumar Sood Vs The JCIT (ITAT Delhi)
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Compensation for Alternative Accommodation / Delayed Handover of Possession to Tenant subject to GST: AAR* [Read Order]
Read more at: http://www.taxscan.in/compensation-alternative-accommodation-delayed-handover-possession-tenant-gst-aar/25574/
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✳Direct Tax :
▶Madras HC reverses ITAT order for AYs 1998-99 and 1999-2000, allows deduction to assessee-company for expenses incurred on abandoned project, holds the same as revenue in nature as the venture did not fructify; Assessee was invited to take over the Chemical Beneficiation Project by the Government of Tamil Nadu, however, due to several reasons, Government decided to abandon the project and consequently, assessee claimed revenue deduction for major portion of intangibles which was disallowed by AO; [TS-332-HC-2018(MAD)]
▶Karnataka HC allows assessee's (distributor of diabetic care and other products) writ, quashes reassessment notice for AY 2006-07; Notes that during assessment proceedings u/s 143(3), TPO had accepted assessee's transactions to be ALP, however, assessment was reopened on March 28, 2013 alleging that assessee's transaction would qualify as 'deemed international transaction' and assessee failed to report the same in Form 3CEB; [TS-501-HC-2018(KAR)-TP]
✳Indirect Tax:
▶Punjab & Haryana High Court held that GST appeal should not be dismissed for delay if No Appellate Authority constituted. [R.S. Steel Traders Vs State of Haryana (Punjab & Haryana High Court)]
✳Key Date:
▶Monthly Return of Outward Supplies for June 2018 : 10.07.2018
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DIN Updates:
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. Otherwise LATE FEES PENALTY 5000 FROM 1 SEPTEMBER 2018 AND DIN WILL BE DEACTIVATED.
Documents Required:
1. DSC of Director duly Registered;
2. Self attested PAN card;
3. Self attested Aadhar card with updated Mobile number with UIDAI;
4. Self attested Electricity Bill, Mobile Bill, Bank statement of Director (latest 2 Months) of his/her present address;
5. Latest Passport size photo;
6. DIN declaration cum KYC.
DIR-3 KYC Will be deploy from 10.07.2018.
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*👉🏻Scrap reverse charge, defer sops for digital payments - GST GoMs*
(Group of state finance ministers tasked with reviewing the reverse charge mechanism under GST has recommended the deletion of Section 9(4) of the Central GST Act, 2017)
👇🏻 👇🏻 👇🏻
https://goo.gl/tdWkcm
*👉🏻Govt, RBI mull database to track non-cash transactions*
(Govt & RBI have begun discussions to put in place a 'search engine' or a database of all payment transactions in the country as they step up efforts to track black money and establish a money trail to investigate money laundering cases and operations of shell companies)
👇🏻 👇🏻 👇🏻
https://goo.gl/RMQSt6
*👉🏻Malwa Gramin Bank invites applications for Concurrent Auditors*
( Malwa Gramin Bank is a Regional Rural Bank sponsored by State Bank of India. It has total 89 branches. Last Date - 15-07-2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/V7um9w
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Limitation Provisions not applicable to Refund Applications where Service Tax was paid by Mistake: Madras HC* [Read Judgment]
Read more at: http://www.taxscan.in/limitation-provisions-refund-applications-service-tax-madras/25581/
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Income of Beneficiaries not Taxable in the hands of Trust : ITAT* [Read Order]
Read more at: http://www.taxscan.in/income-beneficiaries-taxable-trust-itat/25589/
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Assessment merely based on Statements recorded by CBI is Invaild: ITAT* [Read Order]
Read more at: http://www.taxscan.in/assessment-statements-cbi-invaild-itat/25586/
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ICAI will keep records of attestations by CAs
As per the latest ICAI notification, ICAI has launched new system to generate a new unique identification Number to keep track and records of attestations and certifications done by CAs.
This will help the Institute to track all the certifications and also make fake certifications / third part certifications harder to get.
This action has been taken after recent certifications in case of PNB Scam and other scams which has come under the light recently.
Here are all the details you would want to know about the new system:
1. What is Unique Document Identification Number(UDIN)?
Unique Document Identification Number (UDIN) is a unique number, which will be generated by the system for every document certified/ attested by a Chartered Accountant and registered with the UDIN portal available at https://udin.icai.org/.
2. What is the Algorithm of UDIN?
Algorithm of UDIN comprises of the following:
The Membership Number of the Member attesting the document/certificate.
The Date (dd/mm/yy) when certificate is issued.
The Document Serial Number allotted automatically by system.
3. Why UDIN?
It has been noticed that financial statements and documents were being certified/ attested by third persons, in lieu of Chartered Accountants. As these statements are being relied upon by the authorities as true statements and certificates, UDIN can be generated by a practicing CA by registering his/her documents/ certificates on UDIN Portal for verification.
4. Who can generate UDIN?
A practising Chartered Accountant can generate a UDIN for certificate/ document attested by him either in individual capacity or as a partner.
5. Whether UDIN is mandatory for the CA members of ICAI for each certification done?
At present, this facility is recommendatory. But ICAI is mulling to make the same compulsory in near future, so as to curb the menace of fake or forged documents.
6. What is the link to crosscheck whether the certificate number so indicated is valid?
Also, under the new system any person can the check the validity of the certificate issued.
The Certificate Number can be cross checked athttps://udin.icai.org?mode=searchudin
7. How many UDINs can be generated by a CA? Is there any limit?
There is no restriction on the number of UDINs to be generated by a CA.
8. Can a Certificate number once generated be revoked or cancelled?
The UDIN once generated can be withdrawn or cancelled with narration. Hence if any user search for this UDIN, appropriate narration indicated by Member with the date of revoke will be displayed for reference.
9. What is the validity of a UDIN on the portal for viewing by a third party?
As of now, there is no time limit.
10. Is UDIN mandatorily required to be registered for the search?
Yes, UDIN will be available for search by the end user only after registration.
11. What are the key values and are they necessary?
While registering the certificate for generation of UDIN, the member has to compulsorily provide Key values (minimum three and maximum five),which are found in the document or certificate generated.
Key values can be any financial figure extracted from the attested statement or certificate such as Turnover Net profit, Utilization amount, Import amount, Export amount, Duty refund, Refund, Net worth, Revenue, Input tax credit, Loan amount, Total Assets, Net owned funds, Profitability, Capital To Risk Asset Ratio (CRAR), Statutory Liquidity Ratio, Gross fixed assets, Net loss, Misc. expenditure, Total capital investment, Sanction amount, Other (please specify any key words),etc.
12. Is online generation of UID number is mandatory? Or, if the UID number is generated offline, can the same be entered in backdate?
Yes, it is mandatory that the numbers to be generated online only.
13. How will the UDIN appear on the documents?
UDIN that have been generated would be displayed as watermarked on document(s) else the UDIN can be mentioned on the document(s)using a pen.“List UDIN' menu can be used to print the UDIN.
14. Can UDIN be generated as per the category of the area of certificate?
Yes, UDIN can be generated in the specific area of certificate, like Goods & Service Tax Act, banks, Companies Act, Income-tax Act, finance and capital market, public finance and government accounting, etc,.
Original Source: https://www.icai.org
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No mercy for Nirbhaya rapists, Supreme Court upholds death penalty https://www.indiatoday.in/india/story/no-mercy-for-nirbhaya-rapists-supreme-court-upholds-death-penalty-1281057-2018-07-09?utm_source=rss
