CBDT extends due date for filing Income Tax Returns for Kerala
https://taxpedia.net/cbdt-extends-due-date-for-filing-income-tax-returns-for-kerala/
Due Date for furnishing Income Tax Returns extended from 31st August 2018 to 15th September, 2018 for all Income Tax assessees in Kerala
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Committee on Review of Penal provisions of Company Act 2013 submits final report to Finance Minister Arun Jaitley
Read more at: http://www.taxscan.in/committee-review-penal-provisions-company-act-2013-final-report-finance-minister-arun-jaitley/27537/
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NCLAT : In Dr. Nitin Modi and Ors. vs. Dr. Rakesh Shivhare and Ors.
*_The Appellate Tribunal has no power to review or modify its own order._*
*_Read full case law at :_* https://dasgovernance.com/2018/08/28/nclat-in-dr-nitin-modi-and-ors-vs-dr-rakesh-shivhare-and-ors/
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CBDT has mandated ‘e-proceeding’ for all income-tax scrutiny in 2018-19. It has also specified seven situations where e-proceeding will not be mandatory this year. These include search cases, cases where returns were filed in paper mode and the assessee doesn’t have an e-filing account, and geographical areas with limited bandwith.
GST complaints can be filed at Consumer Helpline No. 011-21400643 regarding GST input credit and profiting under National Anti Profiting Authority Act (NAA).
Government of India has notified the Common Application Form (CAF) for the purpose of registration, opening of bank and dematerialized accounts, as well as for Permanent Account Number (PAN) application by Foreign Portfolio Investors (FPIs).
MCA: As per the extant rules, in respect of an individual who is in possession of Duplicate/Multiple DINs, he can retain the Oldest DIN only. DINs obtained later have to be surrendered.
Further DIN once associated is NOT eligible for surrender.
SEBI is likely to let cos use stock exchanges to sell bonds directly to investors, including retail investors, any time and as many times during a financial year, after filing a single prospectus Sugata Ghosh & Reena Zachariah ‘Bond tap’, which gives corporates the flexibility to time the market, prune cost, and dramatically cut down on paperwork for raising money, will soon be a reality in India.
ICAI Invites Application for Awards for Excellence in Financial Reporting for the year 2017-18, to all business entities that publish annual reports, to participate in this annual competition of the Institute by 30th Sept 2018
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👉🏻Rs 3 lakh crore loans to come under IBC for resolution
(As much as Rs 3 lakh crore worth of loans of 70-80 companies is likely to come in for resolution under the Insolvency and Bankruptcy Code)
👇🏻 👇🏻 👇🏻
https://goo.gl/sNLmmY
👉🏻NCLT orders liquidation of Lanco Infratech
(NCLT ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers)
👇🏻 👇🏻 👇🏻
https://goo.gl/AT2UcL
👉🏻Opportunities for Professionals to act as Insolvency Professional & Registered Valuer
(IBBI provides opportunities to the Professionals to act as Insolvency Professional & Registered Valuer. Members can act as IRP, RP, IP, Liquidators and Registered Valuers)
👇🏻 👇🏻 👇🏻
https://goo.gl/6xpMev
👉🏻Govt seeks applications to fill judicial, technical member posts at NCLT
(Govt has sought applications for filling up as many as 36 posts of judicial and technical members at the National Company Law Tribunal (NCLT)
👇🏻 👇🏻 👇🏻
https://goo.gl/PNF7hv
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*Election 2018: ICAI restricts publication of Photographs of Candidates in Journals, Newsletters etc
Read more at: http://www.taxscan.in/election-2018-icai-restricts-publication-photographs-candidates-journals-newsletters/27541/
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Supply of UPS and Battery under a Single Contract is Mixed Supply: AAAR [Read Order]
Read more at: http://www.taxscan.in/supply-ups-battery-single-contract-mixed-supply-aaar/27557/
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NAA launches Consumer Helpline to receive Anti-Profiteering Complaints
Read more at: http://www.taxscan.in/naa-helpline-anti-profiteering/27562/
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Kerala HC allows uploading of Form GST Tran-1 if its filing failed due to system error
[2018] 96 taxmann.com 324 (Kerala)
[2018] 96 taxmann.com 324 (Kerala)
HIGH COURT OF KERALA
B.M. Reeja
v.
State Tax Officer*
Section 140 of the Central Goods and Services Tax Act, 2017 - Transitional provisions - Input tax credit - Transitional arrangement for (NR) - Assessee had failed to upload Form GST TRAN-1 because of some system error - He filed a writ petition seeking directions to enable him to take credit of available input tax - Whether in view of Circular No. 39/13/2018-GST, dated 3-4-2018 issued by Government of India, assessee was to be directed to apply to Nodal officer in this regard, who would look into issue and facilitate assessee's uploading Form GST TRAN-1 - Held, yes [Para 5] [In favour of assessee]
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Partial Relief to Saif Ali Khan: ITAT allows Vacancy Allowance in respect of his Property in Bandra [Read Order]
Read more at: http://www.taxscan.in/aif-ali-khan-itat-allows-vacancy-allowance-property-bandra/27551/
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Rental Income can be treated as ‘Business Income’ even if Principal Object of Company is not Letting out of Properties: Madras HC [Read Judgment]
Read more at: http://www.taxscan.in/rental-income-business-income-company-letting-out-properties-madras-hc/27573/
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Insolvency Professional punished for Authorizing Firm to raise Invoices for his Professional Fee [Read Order]
Read more at: http://www.taxscan.in/insolvency-professional-punished-authorizing-firm-raise-invoices-professional-fee/27566/
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Govt to amend Warehousing Provisions to Ease Trade
Read more at: http://www.taxscan.in/govt-amend-warehousing-provisions-ease-trade/27579/
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Rental Income can be treated as ‘Business Income’ even if Principal Object of Company is not Letting out of Properties: Madras HC [Read Judgment]
Read more at: http://www.taxscan.in/rental-income-business-income-company-letting-out-properties-madras-hc/27573/
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Attention: LATE FEE ON DELAY IN FILING INCOME TAX RETURN FOR THE YEAR ENDED *31ST MARCH, 2018 (Asst.Yr: 2018-19) under sec. 234F:
1. If Return filed during 01/04/2018 – 31/08/2018 : Late Fee - NIL
2. If Return filed during 01/09/2018 – 31/12/2018 : Late fee - Rs. 5000
If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs.1000
3. If Return filed during 01/01/2019 – 31/03/2019 : Late Fee - Rs.10000
If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs.1000 only.
Better Get your ITR filed by 31/08/2018.
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Govt. Extends date for filing of Income Tax Returns for Taxpayers in Kerala
Read more at: http://www.taxscan.in/govt-extends-date-filing-income-tax-returns-taxpayers-kerala/27585/
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ITax-
Assessee primary agricultural credit co-operative society would not be entitled to benefit of exemption under section 80(P)(2)(a)(i) in respect of cash credit brought to tax under section 68 held by HIGH COURT OF Kerala in the case of Mundela Service Co-Operative Bank Ltd. Vs. Income-tax Officer, Ward-2(3), Trivandrum
