Due Date for Income Tax Return (AY 2018-19) for assessee whose account not required to be Audited- Aug 31, 2018.
GST Council cut rates on over 100 items, including footwear, refrigerator, washing machine and small screen TV, while the widely demanded sanitary napkins have been exempted from the levy. The revised tax rates will come into effect from July 27.
GST portal has added a new facility for filing of refund application for multiple tax period.“Taxpayers filing refund application for ITC accumulated on account of export of goods or services without payment of tax and on account of supplies of goods and services made to SEZ units/SEZ developers without payment of tax, has now been provided.”
GST returns comprises of two types of return - periodic and annual returns. Periodic returns are monthly or quarterly returns for reporting transactions during the month or quarter, while annual return is for reporting the summary of the periodic returns filed during a financial year.
As per section 16(4) of the GST Act a registered person shall not be eligible to take adjustment of any input tax credit in respect of any invoice pertaining to FY 2017-18 after the due date of filing GSTR3B for the month of Sept 2018 i.e. 20.10.2018.
SEBI plans ‘on tap’ bond market 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.
Punjab National Bank, Multi Location , Multi State
Description :Empanelment of CA firms for concurrent audit assignment
Last Date: 20/9/2018
Address :Multi Location, Multi State
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NCLAT : In Ashish Mohan Gupta vs. Hind Motors Limited
Once the ‘Resolution Process’ reaches finality and the ‘Committee of Creditors’ reject the ‘Resolution Plan’ in view of Sections 30 & 31 of the ‘I&B Code’, the Adjudicating Authority had no other option but to order for initiation of Liquidation Process as in such case, there is no occasion to grant further extension of time, as all the procedural has been followed in letter and spirit._*
Read full case law at : https://dasgovernance.com/2018/08/29/nclat-in-ashish-mohan-gupta-vs-hind-motors-limited/
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GST payable on Promotion of Courses of Foreign Universities: AAAR* [Read Order]
Read more at: http://www.taxscan.in/gst-payable-on-promotion-of-courses-of-foreign-universities-aaar/27583/
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Both ACIT and JCIT can sanction Notice for Re-Opening of Assessment: Allahabad HC [Read Order]
Read more at: http://www.taxscan.in/acit-jcit-sanction-notice-re-opening-assessment-allahabad-hc/27604/
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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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GST Council to consider Kerala’s proposal to impose Calamity Tax
Read more at: http://www.taxscan.in/gst-council-keralas-calamity-tax/27590/
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No Further Extension: Income Tax Dept cautions Taxpayers to file Returns by 31st Aug
Read more at: http://www.taxscan.in/income-tax-dept-taxpayers-returns-31st-aug/27598/
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Income from Sale of Plots under a Business Project is Business Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/income-sale-plots-business-project-business-income-itat/27616/
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No TDS on License Fee paid for mere use of Copyrighted Article: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-tds-license-fee-paid-copyrighted-article-itat/27611/
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MCA releases report of ‘Committee to review offences under the Companies Act, 2013’
The report presents the detailed reasoning along with the recommendations of the Committee on the need to review the existing regulatory mechanism in order to foster a better corporate compliance environment. The main recommendations of the Committee are Restructuring of Corporate Offences to relieve Special Courts from adjudicating routine offences, De-clogging the NCLT and recommendations related to corporate compliance and corporate governance.
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Annual Return Filing under the Company Law FAQ
_Q.1. As per the Act, the Statutory Auditor shall be appointed for 5 FYs subject to ratification by members in every AGM. However, the 2017 amendment removed the provision of ratification from the Act. In such case whether Notice of AGM required to mention point in relation to Statutory Auditor?_
*Ans:* Before notification of section 139 of CAA, 2017 w.e.f. 07.05.2018 every year in AGM notice companies have to mention about ratification of auditor.
However, this provision has been removed from Act w.e.f 07.05.2018 therefore every notice of AGM to be issued on or after 07.05.2018 no need to mention point in relation to auditor until unless there is appointment of auditor.
However, one can opine that even point in relation ratification of auditor no need to mention in Directors Report also.
_Q.2. Where a Company can hold Annual General Meeting?_
*Ans:* As per the Act section 96, AGM of Companies shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated.
However, this provision has been amended by CAA, 2017 w.e.f. 13.06.2018 i.e. now annual general meeting of an unlisted company may be held at any place in India if consent is given in writing or by electronic mode by all the members in advance.
_Q.3 Whether there is any difference in disclosure of Directors Report of OPC/ Small Company or Other Companies?_
*Ans:* As per CA, 2013 section 134, Disclosures under Directors Report was same for all type of companies.
However, this provision has been amended by CAA, 2017 w.e.f. 31.07.2018 i.e. MCA has provided separate form of disclosures in Directors Report for OPC and Small Companies. It is less than half in comparison to other Companies? There are only 10 disclosures in Directors report of OPC and Small Company.
_Q.4 Whether Rule 8 i.e. “Matters to be Included in Board’s Report” shall be applicable on OPC and Small Company?_
*Ans:* A new sub Rule 6 added after sub Rule 5 in Rule 8; I.e. “This Rule shall not apply to OPC and Small Company”.
Therefore, Rule 8 shall not apply on the OPC and Small Company.
_Q.5 Whether Companies are required to prepare MGT-9?_
*Ans:* As per CA, 2013 section 134, Companies were required to prepare MGT-9 extract of Annual Return and such MGT-9 was required to file with Directors Report.
However, this provision has been amended by CAA, 2017 w.e.f. 31.07.2018 i.e. as per notification dated 31-07-2017 provision in relation to MGT-9 has been removed from Section 134 and a new provision is added i.e. “the web address, if any, where annual return referred to in sub-section (3) of section 92 has been placed”.
Therefore, one can opine that MGT-9 is not required to prepare by any Company if Directors Report approved in Board Meeting on or after 31st July, 2018.
_Q.6. If a Company doesn’t having website, whether it is mandatory to Prepare MGT-9?_
*Ans:* As per Section, 134 Companies have to give the link of Annual return in Directors Report only in the condition if Company having website.
If Company doesn’t have website then don’t have to give anything. Therefore, one can opine that irrespective of Fact Company having website or not requirement of MGT-9 has been done away with.
_Q.7. Who will sign the Directors Report and all the Annexure like (AOC-1, AOC-2 etc)?_
*Ans:* As per Act, Directors report should be sign by the any Two Directors or Chairman of the Company. All the annexure should be sign in the same manner in which Directors report were signed.
_Q.8. Who will sign the financial statement of the Company?_
*Ans:* W.e.f. 07-05-2017 following persons shall sing the financial statement of the Company
Any 2 directors one of them shall be MD, if any
Company Secretary of Company
CFO, if any
CEO, if any
Whether provisions of Section 203 KMP applicable on Company or not but if Company having CS, CEO, CFO or any of them they need to sign the Financial statement.
_Q.9 What is minimum age for appointment of Director under Companies Act, 2013?_
*Ans:* As Per Companies Act, 2013 Section 152(3) “ No person shall be appointed as a director of a company unless he has been allotted the Director Identification Number”.
DIN can be applied through e-form DIR-3. As per e-form DIR-3 ‘Person should be minimum 18 years of age while applying for this application”.
However, one can opine that minimum age for appointment of Director is 18 years.
MINIMUM AGE for MD & WTD?
No Person can be appoint as MD/ WTD or Manger if such person is below the age of twenty-one year.
_Q.10 What is the maximum age for a Director to serve company as Director?_
*Ans:* As per CA, 2013 section 197, Maximum age for a Managing Director is 70 years. If Company want to appoint a person as MD even after attainment of age of 70 can do by passing of Special Resolution.
There is no maximum age limit for director other then MD/ WTD/ Manager.
_Q.11 Company falls under the limit of applicability of filing of financial statement into XBRL for some years. However, afterwards due to any reason, it doesn’t fall under the applicability requirement of XBRL. Whether such Company required preparing the financial statement into XBRL in future also?_
*Ans:* As Per the applicability of filing of financial statement into XBRL amendment Rules, 2018, such Company required to file financial statement into XBRL in future years also irrespective whether falling in limit or not.
_Q.12 Director of Company has resigned from the Company and filed DIR-11. However, Company fails to file his DIR-12 and fails to file financial statement for continue period of 3 financial years. Whether Resigned director shall consider as disqualified or not?_
*Ans:* As per Companies Act, 2013 if a person has filed his DIR-11 as resignation from the Company. His resignation shall be update in the record of ministry. Even on MCA signatory details his “end date” shall be mentioned as per DIR-11.
Therefore, one can opine that in this case resigned director shall not be disqualified.
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Tax Evasion Petitions in earlier years couldn't be basis of reopening of assessment of later years: SC
August 29, 2018[2018] 96 taxmann.com 424 (SC)
IT: Tax evasion petitions received for previous years could not have formed basis for reopening of assessment for relevant year, as Assessing Officer had not referred to orders passed therein at time of recording reasons for reopening assessment for current year; SLP dismissed
IT: Where Income-tax Officer had not been authorized to exercise his powers under section 131(1A), reports submitted by him could not have formed valid basis for re-opening assessment; SLP dismissed
[2018] 96 taxmann.com 424 (SC)
SUPREME COURT OF INDIA
Income-tax Officer, Ward 23(4), New Delhi
v.
Sky View Consultants (P.) Ltd.*
I. Section 69A, read with section 147, of the Income-tax Act, 1961 - Unexplained money (Bogus entries) - Assessment year 2009-10 - Tax Evasion Petitions (TEPs) were received in case of assessee for previous assessment years 2007-08 and 2008-09 showing that assessee was claiming expenses on account of 'contractor's charges' which was in fact bribe amount distributed by it, hence concealing income - However, said TEPs did not result in adding back entire amount and only 7 per cent of contractor's expenses had been disallowed for previous year 2007-08- Assessing officer despite being aware of above orders for previous year 2007-08 did not refer to them in his reasons for re-opening assessment for current year - High Court by impugned order held that tax evasion petitions received for previous years could not have formed basis for reopening of assessment for relevant year as Assessing Officer had not referred to orders passed therein at time of recording reasons for reopening assessment for current year - Whether Special Leave Petition against said impugned order was to be dismissed - Held, yes [Para 2][In favour of assessee]
II. Section 131 of the Income-tax Act, 1961 - Discovery, production of evidence, power regarding (Sub-section (1A)) - Assessment year 2009-10 - High Court by impugned order held that where Income-tax Officer had not been authorized to exercise his powers under section 131(1A), reports submitted by him could not have formed valid basis for re-opening assessment - Whether Special Leave Petition against said impugned order was to be dismissed - Held, yes [Para 2] [In favour of assessee]
ORDER
1. Delay condoned.
2. The Special Leave Petition is dismissed.
