CBDT amends Forms for advance ruling; seeks unique number for identification of non-resident https://www.taxmann.com/topstories/222330000000016048/cbdt-amends-forms-for-advance-ruling-seeks-unique-number-for-identification-of-non-resident.aspx.
Delhi High Court has given relief to exporters utilising a scheme that allows duty-free importers from paying integrated goods and services tax (IGST) on their imports.
Govt on Monday kicked off a special fortnight-long drive to facilitate pending GST refunds which will last till July 30. During this period, dedicated refund cells and help desks would be provided for exporters to get their refund claims processed in each commissionerate.
ICAI has submitted 121 suggestions on various topics under GST to Union Minister of Finance on General Issues, Definitions, Classification And Exemption, Scope Of Supply, Composite And Mixed Supply, Composition Levy, Time & Value Of Supply, Input Tax Credit etc.
The Indian government is likely to impose a safeguard duty (SGD) of 25 per cent on solar cells and modules imported from China and Malaysia for the coming two years, increasing the cost of more than 85 per cent of the solar capacity in the country.
MCA has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine ‘de-criminalisation’ of certain offences.
Due Date for GSTR-3B for month of June 2018 & payment of due tax till this date- June 20, 2018.
.
============>
.
# *GST*: FRIDAY (20JUL2018) is the last date for filing GSTR-3B, GSTR-5 & GSTR-5A for Jun, 2018.
# *CBDT* amends Form-34C, 34D, 34DA, 34E & 34EA of application for obtaining an Advance Ruling and corresponding R-44E of the IT Rules.
# *MCA* has constituted a 10 Member Committee, headed by the Secretary for review of the penal provisions in the CA, 2013, may be setup to examine ‘de-criminalisation’ of certain offences under the Act.
# *MCA* has established the Centralised Scrutiny & Prosecution Mechanism (CSPM) and officers are appointed as Inspectors for Compliance of Investor Education & Protection Fund.
# *IT*: Transfer of case u/s 127 - “Absence of dissenting note” from officer of equal rank who has to agree to the proposed transfer would not constitute Agreement, envisaged U/s-123(2)(a) of the Act, the impugned order held as without jurisdiction – Dilip Tanaji Kashid Vs. Pr.CIT (2018 (7) TMI 1023 - Bombay HC).
.
============>
.
Detention of Goods under GST justifiable for Mere infraction of Procedural Rules: Kerala HC Overrules Single Bench’s Decision* [Read Judgment]
Read more at: http://www.taxscan.in/detention-goods-gst-procedural-rules-kerala-hc/26039/
.
============>
.
SEBI Proposals to regulate CAs and CSs: ICAI forms Committee to Review*
Read more at: http://www.taxscan.in/sebi-proposals-regulate-cas-css-icai-forms-committee-review/26060/
.
============>
.
Financial Crisis is a ‘Reasonable Cause’ for Delayed Deposit of TDS: ITAT* [Read Order]
Read more at: http://www.taxscan.in/financial-crisis-delayed-tds-itat/26036/
.
============>
.
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/
.
============>
.
Finance Ministry appoints Grievance Redressal Officers for processing Complaints under E-Way Bill System
Read more at: http://www.taxscan.in/finance-ministry-appoints-grievance-redressal-officers-processing-complaints-e-way-bill/26071/
.
============>
.
GST Appeal Form - APL01 is now available on GST portal - As per Rule 108 one can file the appeal against any decision or order of any adjudicating authority within 3 months from the date on which such order is served or Communicated to the person.
MCA: w.e.f 05th July 2018 - A compary or charge holder shall within a period of 300 days from the date of the payment or satisfaction in full of any charge registered under Chapter VI, give intimation of the same to the Registrar in Form No.CHG-4 alongwith the fee. Earlier it was 30 days.
CBIC Notifies Change in BCD on Certain Textile Goods - Notification No. 53/2018-Customs
*DISA PT Batch from 21st July* at ICAI,Noida . Limited Seats Left. For reg. http://pqc.icai.org & queries at Call / message at 01203045992
*NICASA: Seminar on GST (Audit) & Competition on Art & Craft*, 22.7.2018 at ICAI Bhawan, Vishwas Nagar, Delhi. Fee200/ time 10AM-5PM - Reg. at www.nirc-icai.org/seminars
#Due Date for GSTR-3B (Jun 2018) - Jul 20th, 2018
#E-way bill portal soon calculate distance automatically between PIN Codes
.
============>
.
Legal updates:
GST:
1. *High Court-* When delivery challan is issued u/r 55 of SGST Rules, it is a mandate under sub-rule (3) that there should be a declaration u/r 138. It is a fact, if the conditions under the Act and Rules are not complied with, definitely Section 129 of the Act operates and confiscation would be attracted.
*2018-TIOL-67-HC-KERALA-GST*
Service Tax:
2. *High Court-* If the Government of India Department is treated as using the 'Residential Complex' for its 'personal use', the other Corporate body like M/s.ITC Limited in the present case cannot be denied the benefit of that type of user of 'Residential Complex' to be occupied by its Managerial Staff. The law does not envisage any such distinction among the Private Sector Corporate Entities and the Departments of Government or Government Companies or Undertakings.
*2018-TIOL-1369-HC-KAR-ST*
.
============>
.
# *ICAI*: The Results of CA Final, Foundation and CPT Exams held in May/June, 2018 are likely to be declared on Friday (20JUL18), the same can be view at https://icai.nic.in. *Good Luck students and parents*.
# *SEBI* Extends timeline for sending the initial letter by Regd. / Speed Post to physical shareholders for seeking PAN and Bank Details to 30 SEP 2018.
# *IBC*: No directions interfering with the right of secured creditor bank can be passed by the liquidator where the secured creditor does not wish to participate in the liquidation process - Anil Goel Vs REI Agro Ltd. (NCLT, Kolkata).
# *GST*: It is mandatory for the petitioner to file the Part-B of the e-way bill giving all the details - levy of penalty confirmed - Gati Kintetsu Express Pvt. Ltd. Vs. CCT & Ors (2018 (7) TMI 1097 – M. P. HC).
# *IT*: S. 269SS / 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan / deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan / deposit by account payee cheque or account payee bank draft - Deepak Sales & Properties Pvt. Ltd vs. ACIT (ITAT Mumbai, Spl. Bench).
.
============>
.
Calcutta HC relaxes Bail Conditions for GST Defaulters, says Provisions for Compounding of Offences under GST are Very Stringent* [Read Order]
Read more at: http://www.taxscan.in/calcutta-hc-bail-conditions-gst-defaulters-compounding-offences-gst-stringent/26085/
.
============>
.
Tax on Futures and Options:
1. Income from F&O is non speculative business Income.
2.Turnover in that case will be computed total of favorable and unfavorable differences (both taken as positive) plus premium received on Options contracts.
3.If Turnover as computed in Point 2 above is above INR 2 crores threshold of Tax Audit, then it is required to get accounts audited and File ITR 3 along with Form 3CB/3CD.
4.If Turnover as computed in Point 2 above is less than INR 2 crores, then tax audit is required only in case Income reported is less than 6% of turnover AND Assessees' total Income is more than INR 2.50 lakhs.
Best Option for small F&O Traders
If you want to get saved from tax audit in case of F&O Loss (having less turnover of transactions i.e. upto INR 2 crores), then declare 6% of the turnover as your income to get saved from tax audit inspite of loss.
.
============>
.
No Response to E-Notices: Delhi Govt to Restore Cancelled GST Registrations* [Read Order]
Read more at: http://www.taxscan.in/no-response-e-notices-delhi-govt-restore-cancelled-gst-registrations/26076/
.
============>
.
*Calcutta HC relaxes Bail Conditions for GST Defaulters, says Provisions for Compounding of Offences under GST are Very Stringent* [Read Order]
Read more at: http://www.taxscan.in/calcutta-hc-bail-conditions-gst-defaulters-compounding-offences-gst-stringent/26085/
.
============>
.
*👉🏻Cabinet approves ICAI's pacts with NBAA, BIBF*
(Cabinet gave its approval to the Institute of Chartered Accountants of India's pacts with Tanzania's National Board of Accountants and Auditors (NBAA) and Bahrain Institute of Banking and Finance (BIBF)
👇🏻 👇🏻 👇🏻
https://goo.gl/tiWhfw
*👉🏻CBDT directs tax sleuths to survey, inspect high value transactions*
( Banking companies, co-operative banks, trustees of mutual funds (MFs), post offices, registrars, and others who are mandated to file the statement of financial transaction (SFT) report on high-value transactions have come under the income-tax department’s scanner.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ozDh3j
*👉🏻Grievance Redressal Officers for processing the complaints/information under e-way Bill System*
( Any difficulties or issues being faced by the trade and industry may be brought to the notice of Grievance Redressal Officers in your jurisdiction.)
👇🏻 👇🏻 👇🏻
https://goo.gl/XPDn5X
.
============>
.
Supreme Court clarifies Retirement Age of ITAT President & Members* [Read Order]
Read more at: http://www.taxscan.in/supreme-court-clarifies-retirement-age-itat-president-members/26102/
.
============>
.
ICAI launches Scholarship Scheme for Wards of Military/Para Military/ Railways Personnels*
Read more at: http://www.taxscan.in/icai-cholarship-scheme-military-railways/26118/
.
============>
.
ICAI launches Software on Web based ITR & TDS Return Preparation for Practising Chartered Accountants & CA Firms*
Read more at: http://www.taxscan.in/icai-software-web-based-itr-tds-return-preparation-practising-chartered-accountants-ca-firms/26058/
.
============>
.
👉Here are some important direct tax case laws which were passed recently - It may be helpful in proceeding of Appeal before Supreme Court, High Court, Income Tax Appellate Tribunal (ITAT), and CIT (A). Also helpfully for Assessment & Reassessment cases.
1. Penalty u/s 271(1)(c) – Assessee-company having suo motu withdrawn the inadmissible claim of set off of long term capital gain against the long term capital loss arising on the sale of share by the assessee to it’s hundred per cent holding company as made by it the original return while filling the return in pursuance the notice u/s 148 before the same was confronted by the revenue, the assessee has demonstrated its bona fides and therefore, penalty u/s 271(1)(c) is not leviable. (Favour of Assessee🤫)
NSE IT Ltd vs. Deputy Commissioner of Income Tax (ITAT-Mumbai)
2. Business Expenses – Legal and professional charges incurred by the assessee for retaining the services of retired top management personal to groom and train new recruits when no suitable replacement was readily available is allowable as deduction; fact that the company is not involved in litigation cannot be a ground to disallow the expenses claimed by the assessee. (Favour of Assessee🤫)
Deputy Commissioner of Income Tax vs. Laboratories Griffon (P) Ltd. (ITAT-Kolkata)
3. Accrual Interest - Assessee co-operative bank was justified in not recognizing overdue NPAs as per RBI’s prudential norms and therefore, not offering the same to tax. (Favour of Assessee🤫)
Assistant Commissioner of Income Tax vs. Guntur Co-Operative Central Bank (ITAT- Visakhapatnam)
4. Income From Other Source - Fair market value of share determined by assessee as per discounted cash flow method being higher than the fair market value under net assets method, CIT(A) was justified in deleting additional made by Assessing Officer u/s 56(2)(vii)(b). (Favour of Assessee🤫)
Assistant Commissioner of Income Tax vs. Safe Decore (P) Ltd. (ITAT-Jaipur)
.
============>
.
#Due Date for GSTR-3B (Jun 2018) - Jul 20th, 2018
*ICAI launches Scholarship Scheme for Wards of Military/Para Military/ Railways Personnels
RBI: Rs100/ new currency design and size changed. Shortly it will be released as per RBI circular dated 19th july.
More Opportunities for Indian CAs: Cabinet approves MoUs between ICAI and Three Foreign Chartered Accountants Bodies*
Supreme Court clarifies Retirement Age of ITAT President & Members
Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 years of post-qualification experience as Consultant in the MCA Offices located all over India. - (19-07-2018)
https://cmib.icai.org//mcaform
Join Conclave on GST Audit on 21 July 2018 from 9.30 AM at The Park, CP, Delhip. Register at www.nirc-icai.org/seminars
.
============>
.
*Income Tax Update*- Honourable Gujrat High Court Held in the case of *Nitin Babubhai Rohit Vs. Ashok Bhavanbhai Patel* that the
Ld. CIT (Appeals) cannot decide on the matter already settled by Section 264 of Income tax Act 1961 by passing the revision orders
Where additions to income of assessee in respect of unexplained cash deposits in assessee's bank account was deleted by revisional authority, it was thereafter not open for Commissioner (Appeals) to still examine and pass an order on same issue.
.
============>
.
CBDT amends Forms for advance ruling; seeks unique number for identification of non-resident https://www.taxmann.com/topstories/222330000000016048/cbdt-amends-forms-for-advance-ruling-seeks-unique-number-for-identification-of-non-resident.aspx.
Delhi High Court has given relief to exporters utilising a scheme that allows duty-free importers from paying integrated goods and services tax (IGST) on their imports.
Govt on Monday kicked off a special fortnight-long drive to facilitate pending GST refunds which will last till July 30. During this period, dedicated refund cells and help desks would be provided for exporters to get their refund claims processed in each commissionerate.
ICAI has submitted 121 suggestions on various topics under GST to Union Minister of Finance on General Issues, Definitions, Classification And Exemption, Scope Of Supply, Composite And Mixed Supply, Composition Levy, Time & Value Of Supply, Input Tax Credit etc.
The Indian government is likely to impose a safeguard duty (SGD) of 25 per cent on solar cells and modules imported from China and Malaysia for the coming two years, increasing the cost of more than 85 per cent of the solar capacity in the country.
MCA has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013 may be setup to examine ‘de-criminalisation’ of certain offences.
.
============>
.
# *CBDT* amends Form-34C, 34D, 34DA, 34E & 34EA of application for obtaining an Advance Ruling and corresponding R-44E of the IT Rules.
# *MCA* has constituted a 10 Member Committee, headed by the Secretary for review of the penal provisions in the CA, 2013, may be setup to examine ‘de-criminalisation’ of certain offences under the Act.
# *MCA* has established the Centralised Scrutiny & Prosecution Mechanism (CSPM) and officers are appointed as Inspectors for Compliance of Investor Education & Protection Fund.
# *IT*: Transfer of case u/s 127 - “Absence of dissenting note” from officer of equal rank who has to agree to the proposed transfer would not constitute Agreement, envisaged U/s-123(2)(a) of the Act, the impugned order held as without jurisdiction – Dilip Tanaji Kashid Vs. Pr.CIT (2018 (7) TMI 1023 - Bombay HC).
.
============>
.
Detention of Goods under GST justifiable for Mere infraction of Procedural Rules: Kerala HC Overrules Single Bench’s Decision* [Read Judgment]
Read more at: http://www.taxscan.in/detention-goods-gst-procedural-rules-kerala-hc/26039/
.
============>
.
SEBI Proposals to regulate CAs and CSs: ICAI forms Committee to Review*
Read more at: http://www.taxscan.in/sebi-proposals-regulate-cas-css-icai-forms-committee-review/26060/
.
============>
.
*Financial Crisis is a ‘Reasonable Cause’ for Delayed Deposit of TDS: ITAT* [Read Order]
Read more at: http://www.taxscan.in/financial-crisis-delayed-tds-itat/26036/
.
============>
.
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/
.
============>
.
*Finance Ministry appoints Grievance Redressal Officers for processing Complaints under E-Way Bill System*
Read more at: http://www.taxscan.in/finance-ministry-appoints-grievance-redressal-officers-processing-complaints-e-way-bill/26071/
.
============>
.
GST Appeal Form - APL01 is now available on GST portal - As per Rule 108 one can file the appeal against any decision or order of any adjudicating authority within 3 months from the date on which such order is served or Communicated to the person.
MCA: w.e.f 05th July 2018 - A compary or charge holder shall within a period of 300 days from the date of the payment or satisfaction in full of any charge registered under Chapter VI, give intimation of the same to the Registrar in Form No.CHG-4 alongwith the fee. Earlier it was 30 days.
CBIC Notifies Change in BCD on Certain Textile Goods - Notification No. 53/2018-Customs
*DISA PT Batch from 21st July* at ICAI,Noida . Limited Seats Left. For reg. http://pqc.icai.org & queries at Call / message at 01203045992
*NICASA: Seminar on GST (Audit) & Competition on Art & Craft*, 22.7.2018 at ICAI Bhawan, Vishwas Nagar, Delhi. Fee200/ time 10AM-5PM - Reg. at www.nirc-icai.org/seminars
#E-way bill portal soon calculate distance automatically between PIN Codes
.
============>
.
# *ICAI*: The Results of CA Final, Foundation and CPT Exams held in May/June, 2018 are likely to be declared on Friday (20JUL18), the same can be view at https://icai.nic.in. *Good Luck students and parents*.
# *SEBI* Extends timeline for sending the initial letter by Regd. / Speed Post to physical shareholders for seeking PAN and Bank Details to 30 SEP 2018.
# *IBC*: No directions interfering with the right of secured creditor bank can be passed by the liquidator where the secured creditor does not wish to participate in the liquidation process - Anil Goel Vs REI Agro Ltd. (NCLT, Kolkata).
# *GST*: It is mandatory for the petitioner to file the Part-B of the e-way bill giving all the details - levy of penalty confirmed - Gati Kintetsu Express Pvt. Ltd. Vs. CCT & Ors (2018 (7) TMI 1097 – M. P. HC).
# *IT*: S. 269SS / 271D Penalty: It is not enough for the assessee to show that the transaction of taking loan / deposit by cash is genuine or bona fide. It has also to be shown that there was reasonable cause u/s 273B for the assessee being unable to take the loan / deposit by account payee cheque or account payee bank draft - Deepak Sales & Properties Pvt. Ltd vs. ACIT (ITAT Mumbai, Spl. Bench).
.
============>
.
Calcutta HC relaxes Bail Conditions for GST Defaulters, says Provisions for Compounding of Offences under GST are Very Stringent* [Read Order]
Read more at: http://www.taxscan.in/calcutta-hc-bail-conditions-gst-defaulters-compounding-offences-gst-stringent/26085/
.
============>
.
No Response to E-Notices: Delhi Govt to Restore Cancelled GST Registrations* [Read Order]
Read more at: http://www.taxscan.in/no-response-e-notices-delhi-govt-restore-cancelled-gst-registrations/26076/
.
============>
.
*Calcutta HC relaxes Bail Conditions for GST Defaulters, says Provisions for Compounding of Offences under GST are Very Stringent* [Read Order]
Read more at: http://www.taxscan.in/calcutta-hc-bail-conditions-gst-defaulters-compounding-offences-gst-stringent/26085/
.
============>
.
*👉🏻Cabinet approves ICAI's pacts with NBAA, BIBF*
(Cabinet gave its approval to the Institute of Chartered Accountants of India's pacts with Tanzania's National Board of Accountants and Auditors (NBAA) and Bahrain Institute of Banking and Finance (BIBF)
👇🏻 👇🏻 👇🏻
https://goo.gl/tiWhfw
*👉🏻CBDT directs tax sleuths to survey, inspect high value transactions*
( Banking companies, co-operative banks, trustees of mutual funds (MFs), post offices, registrars, and others who are mandated to file the statement of financial transaction (SFT) report on high-value transactions have come under the income-tax department’s scanner.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ozDh3j
*👉🏻Grievance Redressal Officers for processing the complaints/information under e-way Bill System*
( Any difficulties or issues being faced by the trade and industry may be brought to the notice of Grievance Redressal Officers in your jurisdiction.)
👇🏻 👇🏻 👇🏻
https://goo.gl/XPDn5X
.
============>
.
More Opportunities for Indian CAs: Cabinet approves MoUs between ICAI and Three Foreign Chartered Accountants Bodies*
Read more at: http://www.taxscan.in/icai-foreign-chartered-accountants/26090/
.
============>
.
Supreme Court clarifies Retirement Age of ITAT President & Members* [Read Order]
Read more at: http://www.taxscan.in/supreme-court-clarifies-retirement-age-itat-president-members/26102/
.
============>
.
ICAI launches Scholarship Scheme for Wards of Military/Para Military/ Railways Personnels*
Read more at: http://www.taxscan.in/icai-cholarship-scheme-military-railways/26118/
.
============>
.
ICAI launches Software on Web based ITR & TDS Return Preparation for Practising Chartered Accountants & CA Firms*
Read more at: http://www.taxscan.in/icai-software-web-based-itr-tds-return-preparation-practising-chartered-accountants-ca-firms/26058/
.
============>
.
👉Here are some important direct tax case laws which were passed recently - It may be helpful in proceeding of Appeal before Supreme Court, High Court, Income Tax Appellate Tribunal (ITAT), and CIT (A). Also helpfully for Assessment & Reassessment cases.
1. Penalty u/s 271(1)(c) – Assessee-company having suo motu withdrawn the inadmissible claim of set off of long term capital gain against the long term capital loss arising on the sale of share by the assessee to it’s hundred per cent holding company as made by it the original return while filling the return in pursuance the notice u/s 148 before the same was confronted by the revenue, the assessee has demonstrated its bona fides and therefore, penalty u/s 271(1)(c) is not leviable. (Favour of Assessee🤫)
NSE IT Ltd vs. Deputy Commissioner of Income Tax (ITAT-Mumbai)
2. Business Expenses – Legal and professional charges incurred by the assessee for retaining the services of retired top management personal to groom and train new recruits when no suitable replacement was readily available is allowable as deduction; fact that the company is not involved in litigation cannot be a ground to disallow the expenses claimed by the assessee. (Favour of Assessee🤫)
Deputy Commissioner of Income Tax vs. Laboratories Griffon (P) Ltd. (ITAT-Kolkata)
3. Accrual Interest - Assessee co-operative bank was justified in not recognizing overdue NPAs as per RBI’s prudential norms and therefore, not offering the same to tax. (Favour of Assessee🤫)
Assistant Commissioner of Income Tax vs. Guntur Co-Operative Central Bank (ITAT- Visakhapatnam)
4. Income From Other Source - Fair market value of share determined by assessee as per discounted cash flow method being higher than the fair market value under net assets method, CIT(A) was justified in deleting additional made by Assessing Officer u/s 56(2)(vii)(b). (Favour of Assessee🤫)
Assistant Commissioner of Income Tax vs. Safe Decore (P) Ltd. (ITAT-Jaipur)
.
============>
.
*ICAI launches Scholarship Scheme for Wards of Military/Para Military/ Railways Personnels
RBI: Rs100/ new currency design and size changed. Shortly it will be released as per RBI circular dated 19th july.
More Opportunities for Indian CAs: Cabinet approves MoUs between ICAI and Three Foreign Chartered Accountants Bodies*
Supreme Court clarifies Retirement Age of ITAT President & Members
Ministry of Corporate Affairs (MCA) invites applications from Chartered Accountants (CAs) having 2 to 5 years of post-qualification experience as Consultant in the MCA Offices located all over India. - (19-07-2018)
https://cmib.icai.org//mcaform
Join Conclave on GST Audit on 21 July 2018 from 9.30 AM at The Park, CP, Delhip. Register at www.nirc-icai.org/seminars
.
============>
.
*Income Tax Update*- Honourable Gujrat High Court Held in the case of *Nitin Babubhai Rohit Vs. Ashok Bhavanbhai Patel* that the
Ld. CIT (Appeals) cannot decide on the matter already settled by Section 264 of Income tax Act 1961 by passing the revision orders
Where additions to income of assessee in respect of unexplained cash deposits in assessee's bank account was deleted by revisional authority, it was thereafter not open for Commissioner (Appeals) to still examine and pass an order on same issue.
