👉🏻SEBI proposes tighter rules for Auditors, Valuers.*
(SEBI has proposed giving the board of directors of the company the authority to take appropriate action after conducting an investigation against the individual or firm that violates any regulations or submits a false certificate or report)
👇🏻 👇🏻 👇🏻
https://goo.gl/ZqQ1zU
*👉🏻Infosys to create new single page GST Return form*
(GSTN GoM has asked Infosys to create a new tax return filing form in an effort to simplify I-T returns for businesses, It will be a single-page return form and will be approved by the GST Council in the next few days)
👇🏻 👇🏻 👇🏻
https://goo.gl/1Ro8VY
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Big relief for Construction Industry
Hon.Supreme Court of India has stayed *ESI Act* applicability on *Construction Workers* on 06/07/2018
Act will remain applicable on admin staffs if Builder’s office situated under implemented area of ESI and having strength of 10 or more employees
Order is enclosed.
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# *GST*: Support services of loading, unloading, packaging, storage or warehousing of agriculture produce - if any processing is done on these products as is not usually done by a cultivator or producer at farm level then these would fall outside the definition of agricultural produce – AAR, Raj. in Sardar Mal Cold Storage & Ice Factory (2018 (7) TMI 967).
# *MCA* constitutes additional Benches of the NCLT– Notification No.S.O.1935(E).
# *IBC*: CIRP - What is the reason for default of payment cannot be a ground to reject the application U/s 7, as the AA is only supposed to see whether the application is complete or not and whether there is any ‘debt’ or ‘default’ – Dr. H.N. Nagaraj Vs. Edelweiss ARC & Anr (2018 (7) TMI 968, NCLAT, ND).
# *IBC*: IBBI has expressly prohibited the empanelment of Insolvency Professional Entities with market participants.
# *RBI* has mandated for Incorporation of Name of the Purchaser on the Face of the Demand Draft, Pay Order, Banker’s Cheque w.e.f. 15 SEP 2018 to arrest possible misuse for money laundering.
# *SEBI* has issued Circular w.r.t. directing all Stock Brokers not to accept cash from their clients either directly or by way of cash deposit to the bank a/c of stock broker.
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Bank not liable to deduct TDS on Interest to NOIDA on FDs: SC* [Read Judgment]
Read more at: http://www.taxscan.in/bank-tds-interest-noida-fds-sc/25983/
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TDS not deductible on Advance Received towards Professional Fee which is returned back. Shri A. Naga Srinivas Vs DCIT ( ITAT Hyderabad)
The govt is likely to retrospectively amend laws governing the GST to deny transitional credit to taxpayers against cesses levied in the earlier indirect tax regime.
The govt has issued guidelines for IGST refunds for goods and services supplied to units in SEZ. The detailed guideline are based on notification/circulars issued by the Finance and Commerce Ministries.
MCA has set up a 10-member committee to review the penal provisions in the Act. The committee, may propose decriminalisation and suggest ways in which to replace the provisions with an in-house mechanism, where a penalty could be levied in instances of default.
RBI has directed to the Banks that effective from September-15-2018, the Banks shall also mention the name of Purchaser of the Demand Draft/Pay Order/ Banker' Cheques etc. on the Face of such Instruments.
The results of ICAI Final Exam, Foundation Exam and CPT held in May/June 2018 will be declared on Friday, the 20th July 2018 around 6.00 P.M and that the same can be accessed at www.icai.org icaiexam.icai.org caresults.icai.org icai.nic.in
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👉🏻CBIC to observe Third Refund Fortnight to clear pending GST refunds*
(Another refund fortnight from 16th July, 2018 to 30th July, 2018. The exporters and export organizations are requested to take benefit of this opportunity to get their pending refund claims processed)
👇🏻 👇🏻 👇🏻
https://goo.gl/HkPesq
*👉🏻SEBI extends time to collect PAN, bank details of securities holders*
(The timeline for sending the initial letter by registered or speed post to physical shareholders has been extended to September 30, 2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/9zgNwE
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No Service Tax on Corporate Bodies for Construction of Residential Complex for Employees: Karnataka HC* [Read Judgment]
Read more at: http://www.taxscan.in/service-tax-corporate-bodies-residential-complex-employees/26016/
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GST: Proposed Amendments to be passed with Retrospective Effect*
Read more at: http://www.taxscan.in/gst-amendment-retrospective-effect/26020/
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No TDS on Premium paid for a limited period for Acquisition of Leasehold Rights: SC* [Read Judgment]
Read more at: http://www.taxscan.in/tds-premium-limited-period-leasehold-rights-sc/25971/
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*Mushroom is an ‘Agricultural Product’, No Tax on its Production: ITAT* [Read Order]
Read more at: http://www.taxscan.in/mushroom-agricultural-income-tax-itat/25966/
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*Non-Residents need to furnish Unique Number in Advance Ruling Forms: CBDT Notifies Amended Form* [Read Notification]
Read more at: http://www.taxscan.in/non-residents-unique-number-advance-ruling-cbdt/26028/
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CBIC to observe Third Refund Fortnight to clear pending Refunds*
Read more at: http://www.taxscan.in/cbic-refund-fortnight-refunds/26002/
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TRAN-1 Uploading Glitches: Kerala HC directs authorities to allow ITC during Migration to GST* [Read Judgment]
Read more at: http://www.taxscan.in/tran-1-kerala-hc-itc-migration-gst/26011/
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NCLT (Chennai Bench) : In Real Image LLP vs. Qube Cinema Technologies Pvt. Ltd.
NCLT allows amalgamation of a LLP with a company inter alia holding that the legislative intent behind enacting both the LLP Act, 2008 and the Companies Act, 2013 is to facilitate ease of doing business and create a desirable business atmosphere for both companies and LLPs.
Read full article at : https://dasgovernance.com/2018/07/18/nclt-chennai-bench-in-real-image-llp-vs-qube-cinema-technologies-pvt-ltd/
