Income Tax dept issued 19.6 million new PAN cards during the quarter ending March 2018, taking the total number to over 379 million, as per the official data released.
The government has extended the last date for filing of GST summary sales returns in Form GSTR -3B for the month of July to August 24 from the original date of August 20, for all class of taxpayers by the competent authority.
Central Government hereby exempts all goods, from whole of the Customs Duty & Integrated Tax, which are falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India, and intended for donation for the relief and rehabilitation of the people affected by the recent floods in the State of Kerala.
RBI has directed rating firms to scan bank account details — capturing the flow of fund in and out of a company — in assessing its ability to repay loans. Many companies, it is widely believed, would be reluctant to part with such information which are shared with an external agency only when banks or regulators order a forensic audit of a borrower’s books.
MCA has extended the last date of filing DIR -3 KYC to 15.09.2018 from 31.08.2018. Fees of Rs.
5000 shall be payable on or after 16th Sep, 2018.
SEBI extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. The regulator, in April, had asked Category II and III foreign portfolio investors (FPIs) to provide list of their beneficial owner (BO) in a prescribed format within six months.
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Actual Sale Consideration shall be subjected to Tax when an Affidavit Declaration is made by Assessee: ITAT* [Read Order]
Read more at: http://www.taxscan.in/actual-sale-consideration-tax-affidavit-declaration-assessee-itat/27310/
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Receipts from Web Hosting Services to Indian Entities can’t be treated as FTS under Indo-US Tax Treaty: ITAT* [Read Order]
Read more at: http://www.taxscan.in/receipts-web-hosting-services-indian-entities-fts-indo-tax-treaty-itat/27332/
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Retirement Age of CESTAT Members is 62 Years: Supreme Court* [Read Order]
Read more at: http://www.taxscan.in/retirement-age-cestat-members-62-years-supreme-court/27396/
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ICAI extends Last Date for Submission of Application Forms in respect of CA Nov Exams for candidates in Kerala
Read more at: http://www.taxscan.in/icai-extends-last-date-submission-application-forms-ca-nov-exams-candidates-kerala/27456/
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Abhinav Bindra not liable to pay Tax on Rewards from Govt: ITAT* [Read Order]
Read more at: http://www.taxscan.in/abhinav-bindra-pay-tax-rewards-govt-itat/27389/
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Sale of a running Hotel is ` Slump Sale ’: ITAT* [Read Order]
Read more at: http://www.taxscan.in/sale-running-hotel-slump-sale-itat/27407/
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Finance Ministry asks PSU bank CEOs to check frauds in NPAs or face penal action
In a stern warning to bankers, the Finance Ministry has asked chief executives of public sector banks (PSBs) to check all NPA accounts exceeding Rs 50 crore for fraud or they could face criminal conspiracy charges, according to official sources.
This missive comes in the light of arrest of Bhushan Steel's erstwhile promoter Neeraj Singal by the Serious Fraud Investigation Office (SFIO) for allegedly siphoning off funds.
Read more at:
//economictimes.indiatimes.com/articleshow/65502920.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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MCA
MCA has revised the version of the eForm DIR – 3KYC (Application for KYC of Directors), which shall be available at Company Forms Download page from today. Further, the versions of the following eForm FC-4 (Annual Return of a Foreign company), Form SH-9 (Declaration of Solvency), Form ADT-3 (Notice of Resignation by the Auditor), Form INC-20 (Intimation to Registrar of revocation/surrender of license issued under section 8), Form AOC-5 (Notice of address at which books of account are maintained), Form DPT-4 (Statement regarding deposits existing on the commencement of the Act), Form MSC-3 (Return of Dormant Companies), Form MSC-4 (Application for seeking status of active company), Form CHG-6 (Notice of appointment or cessation of receiver or manager), Form INC-6 (One Person Company- Application for Conversion), Form REFUND (Application for requesting refund of fees paid) and Form 23AC ADDITIONAL ATTACHMENT, are likely to be revised on MCA21 Company available on Company Form Download page w.e.f 25-08-2018. Stakeholders may kindly take note and are advised to check the latest version before filing.
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Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-tax Rules,1962 by 4th September, 2018
Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.
In order to rationalise and make the process of issuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, the existing Form No.13 and relevant I.T. Rules are required to be amended. This is vital for minimising the human interface and reducing the compliance burden on the applicant.
In view of the above, a Draft Notification proposing amendments in Form No. 13, and Rules 28, 28AA, 28AB, 37G and 37H of the IT Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public.
Comments and suggestions on the Draft Notification may be sent by 4th September, 2018 electronically at the email address ts.mapwal@nic.in.
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CBIC - Customs
The Central Government hereby exempts all goods, from whole of the Customs Duty & Integrated Tax, which are falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India, and intended for donation for the relief and rehabilitation of the people affected by the recent floods in the State of Kerala. Further, the importer shall certify that the goods are intended to be donated for the relief and rehabilitation of the people affected by the floods in the said State free of cost through the Central Government or the Government of Kerala or any of the relief agencies appointed by these Governments. This notification shall remain in force upto and inclusive of the 31st December, 2018.
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ICAI Announcement:
Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949. - (23-08-2018)
*Tax Audit done Under Section 44AD, 44ADA and 44AE shall not be taken into account for Counting the Maximum Number of Tax Audit.*
https://resource.cdn.icai.org/51421councilaffairs-dtc41150.pdf
