# CBDT has released parameters for manual selection of Income Tax Returns for Complete Income Tax Scrutiny during FY 2018-19. Through Computer Aided Scrutiny Selection (CASS), cases are being selected in two categories viz. Limited Scrutiny & Complete Scrutiny in a centralized manner under CASS-2018.
#MCA estimates out of 3.3 million directors (expected to carry out know your customer or KYC process) only 1.5 million or 40-50 percent could be genuine, rest could be dummy directors.
# IT: If AO is allowed to reopen assessment after the order of CIT(A), then tax payers may loose confidence on the judicial system of this country -
RAPID CARE TRANSCRIPTION PVT. LTD. Vs. ITO (2018 (9) TMI 65 - ITAT CHENNAI). https://www.taxmanagementindia.com
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Income tax department refunds Rs 750 bn in the first four months of the current financial year, half of what was refunded in the entire FY18.The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer.
Search and Seizure- Since no incriminating material was found during the course of search, addition u/s 68 could not be made in the assessment year section 153A on the basis of the statements recorded u/s 132(4) and post-search enquiry. (Favour of Assessee). Moon Beverages Ltd. Vs. Assistant Commissioner of Income Tax (ITAT-Delhi)
Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018. compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto 31/08/2017.
A seemingly missing provision from the fine print in the amendments to the CGST law approved by parliament in the monsoon session has led to a furore in the industry. Tax practitioners say the latest changes deny carryforward of credit for cesses, as intended, but credit for service tax has also been done away with.
ICAI selects Panel of CA Firms for Inspection of Mutual Funds. This year for the first time, SEBI approached ICAI asking for a panel of Chartered Accountant firms/ LLPs.
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Ignoring New Reporting requirements of CBDT amount to Professional Misconduct: AA Reprimands Chartered Accountant [Read Order]
Read more at: http://www.taxscan.in/ignoring-new-reporting-requirements-of-cbdt-amount-to-professional-misconduct-aa-reprimands-chartered-accountant/27843/
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No Service Tax on Permitting Students to use Factory Premises for their Research Work by collecting a Fee: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/service-tax-permitting-students-factory-premises-research-work-collecting-fee-cestat/27826/
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Around 1800 took GST Registration post-reopening of Migration Window*
Read more at: http://www.taxscan.in/1800-gst-registration-post-reopening-migration-window/27834/
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Breaking: Govt waives Late Fee on certain GST Returns* [Read Notification]
Read more at: http://www.taxscan.in/breaking-govt-waives-late-fee-certain-gst-returns/27862/
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Govt Extends Due Date for filing GST Returns [Read Notification]
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-gst-returns/27867/
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Govt Amends CGST Rules, Notifies Annual Return Form GSTR-9* [Read Notification]
Read more at: http://www.taxscan.in/govt-amends-cgst-rules-notifies-annual-return-form-gstr-9/27873/
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A Single Activity of Laying of Interlocking Paver blocks and the Approach Roads not a Taxable Service: CESTAT* [Read Order]
Read more at: http://www.taxscan.in/single-activity-laying-interlocking-paver-blocks-roads-taxable-service-cestat/27837/
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Govt Extends Due Date for filing GST Returns* [Read Notification]
Read more at: http://www.taxscan.in/govt-extends-due-date-filing-gst-returns/27867/
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GST:
1. Annual return REG-09 form specified vide N/N 39/2018 CT.
2. ITC-04 last date extended upto 30-Sep-18 for period July'17 to June'18 vide N/N 40/2018 CT.
3. ITC-01 last date extended by 30 days vide N/N 42/2018 CT.
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SEBI’s Proposal to regulate CAs: ICAI says Chartered Accountants cannot be treated as Fiduciaries
Team Against the SEBI’s move to regulate the Chartered Accountants, the Institute of chartered Accountants of India ( ICAI ) has said that the Chartered accountants cannot be included as fiduciaries and the same is beyond the powers of SEBI and is inconsistent with the Apex Ruling in North Carolina (of USA). The ICAI has submitted a bunch of suggestions to the proposed SEBI (Fiduciaries in the Securities Market) (Amendment) Regulations, which was released a few week ago for public comments.
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E-way Bill Validity need not be Extended while storing Goods in Godown of Transporter: CBIC* [Read Circular]
Read more at: http://www.taxscan.in/e-way-bill-validity-extended-storing-goods-godown-transporter-cbic/27879/
