CBDT clarifies that the Rumors Spreading Across in Social Media regarding Extension in Due Date for Non-Tax Audit Cases is fake. The Income Tax Dept further clarified that there are no such plans to extend this deadline beyond 31st July, 2018.
CBDT amended Tax Audit Report in Form 3CD from 20-8-2018. Important clauses are as follows: Secondary adjustments u/s 92CE, Interest reduction u/s 94B, GAAR, Section 56(2) (x), Deemed dividend u/s 2(22), Compliance under section 269ST, Compliance of FORM 61 or 61A or 61B, & Total expenses of entities registered or not under GST.
CBDT has directed the taxman to dispose of appeals cases where the tax demand is above Rs 50 crore on priority by the year-end. “Litigation is not only a cost on the credibility of a tax administration system but also an indicator of the robustness and fairness of a system of taxation.
CBEC has issued Clarification in case of SB003 errors and extension of date in SB005 & other cases using officer Interface for rectification of errors w.r.t Refund of IGST on export of goods on payment of duty.
The GST Council has made recommendations on various issues relating to policy, law and procedures, including key recommendations on ‘reduction in GST rates of more than 50 items, rationalisation of return filing system for small taxpayers, further deferring RCM upto 30 Sept. 2019, amendments in GST laws, etc.
SEBI is keen to mandate companies that have more than Rs.100 crore as long-term borrowings compulsorily raise at least 25% of their funding needs by selling bonds. Sebi has joined RBI in nudging corporates towards the bond market through its latest draft paper.
ICAI Clarifies on IND-AS 115 regarding Real Estate Sector, which came into effect from April 1.
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Withdrawal of Discount by supplier doesn’t amount to Pay: NAA dismisses Profiteering Charges against Flipkart* [Read Order]
Read more at: http://www.taxscan.in/discount-naa-profiteering-flipkart/26367/
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*👉🏻CBDT Revised Format of Form No. 3CD wef 20th August, 2018*
(Notification No. 33/2018, Dated: July 20, 2018. 6 Amendments and 9 insertions, Total 15 Changes in form 3CD effective from 20th August 2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/cNrMHp
*👉🏻National Anti-Profiteering Authority to Audit e-commerce companies*
( National Anti-Profiteering Authority wants to check if e-commerce companies returned the excess tax to consumers and have directed the director general, audit, to conduct the examination.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ktX2p7
*👉🏻CBDT instructs Income Tax Dept to add 1.25-cr fresh tax filers this year*
(CBDT has directed the Income Tax Department to add at least 1.25 crore fresh tax filers from across the country - the highest being from Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir)
👇🏻 👇🏻 👇🏻
https://goo.gl/62hzQV
*👉🏻EOI for appointment / empanelment for conducting internal audit of HPPTCL*
(Expression of interest from the CA Firms for appointment/empanelment for conducting Internal Audit of HP Power Transmission Corporation Ltd for the FY 2017-18)
👇🏻 👇🏻 👇🏻
https://goo.gl/BWZvQB
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Depreciation allowable on Genuine Goodwill: ITAT* [Read Order]
Read more at: http://www.taxscan.in/depreciation-allowable-genuine-goodwill-itat/26374/
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Cash -on -Delivery method by Online Retailers not Authorized by Law: RBI*
Read more at: http://www.taxscan.in/cash-delivery-online-rbi/26387/
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🌺 Respected Members!
As you are kindly aware, there is a service of *“e-Sahaayataa”* which was launched on June 1, 2010 to assist the *members* and *students in their queries/complaints/grievances of administrative nature.*
👉 The objective is to provide *timely services* to all the stakeholders of the profession throughout the globe.
👉 The *“e-Sahaayataa”* is a mechanism of ICAI to get resolved all your grievances from ICAI. There is a facility to *re-open* the same grievance, if you are not satisfied with the reply.
👉 *You can create an account and post queries.*
🍹 *FAQ’s on E-Sahaayataa* 🍮
🍎 1. Whom to contact in case of any technical difficulties?
👉 IT Department at Tel No. *(0120) 3045959*, E Mail ID : *esahaayataa@icai.org*
🍎 2. How to check status of *Grievance online?*
👉 Please make use of link *help.icai.org* Check Status option
🍎 3. What Happens when any user is not Satisfied with the response?
👉 The Grievance can be *reopened* by using the link provided in the mail.
🍎 4. What happens to the Grievance when the same is resolved ?
👉 The *mail alert* is sent to the email ID.
🍊 5. Is Grievance System has built in *Escalation Mechanism?*
👉 The Grievance System has the Escalation Levels set right from the Level 1 for the desk level users upto the level of *Secretary’s, Vice President, President’s Office.*
🍊 6. What happens if we do not get alert mails?
👉 Sometimes auto generated mails moves to the *Spam or Bulk* mail segment, you may access the mails from there.
🍊 7. What happens in case of *Students and Others?*
👉 After submission of the Grievance an Alert mail is sent to the E-Mail ID. When such mail is opened and url is selected then Grievance number is generated. The Grievance number so generated is also emailed.
🍊 8. Whether Membership number and Date of Birth has to be provided for Validation?
👉 For Members the Validation of *Membership number using Date of Birth is mandatory.*
🍏 9. *How to post grievances?*
👉Please access the link *help.icai.org* and Select option entitled Post your Grievances. Thereafter select who are you? Member, Student or Other?
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CESTAT upholds Service Tax Demand on TCS* [Read Order]
Read more at: http://www.taxscan.in/cestat-upholds-service-tax-demand-tcs/26323/
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Benefit under Section 47(ivb) can’t be availed If Demerger not in manner envisaged under Section 2(19AA): ITAT* [Read Order]
Read more at: http://www.taxscan.in/benefit-section-47ivb-demerger-manner-envisaged-itat/26296/
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Providing Helicopters on Hire Amount to ‘Supply of Tangible Goods Service’: CESTAT upholds Service Tax Demand* [Read Order]
Read more at: http://www.taxscan.in/providing-helicopter-hire-amount-supply-tangible-goods-service-cestat-upholds-service-tax/26378/
