SUPREME COURT : In Pr. Commissioner of Income Tax vs. Monnet Ispat and Energy Ltd.
Insolvency and Bankruptcy Code, 2016 overrides all Acts including Income Tax Act, 1961.
Read full case law at : https://dasgovernance.com/2018/09/11/supreme-court-in-pr-commissioner-of-income-tax-vs-monnet-ispat-and-energy-ltd/
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Update on MCA
1. The provisions of Section 90 of the Companies Act, 2013 read with SBO Rules, 2018 are made effective for all companies from 13th June, 2018.
The following are the clarifications received from MCA:
a) Clarification dated 10.09.2018 on Filing BEN-1 by the SBO
Form No. BEN-l would be revised. As such, the due date of l0th September, 2018 for filing BEN-1 declaration would be revised and a revised BEN-l form would be notified shortly. It is advised to file BEN-1 declaration as per the revised form only and adhere to the time Iines which will be specified therein.
Note: BEN-1 is not an e-form.
http://www.mca.gov.in/Ministry/pdf/GCCircularBen_10092018.pdf
b) Clarification dated 06.09.2018 on Filing BEN-2 by the Company upon receipt of BEN-1
Filing of Form BEN-2 is yet to be deployed by MCA. Hence, the time limit for filing the Form BEN-2 would be 30 days from the date of its deployment on the MCA-21 portal and no additional fee shall be levied if the same is filed within 30 days from the date of its deployment.
Note: BEN-2 is a e-form.
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.7_06082018.pdf
2. Notification dt 10.09.18 regarding Companies (Prospectus and allotment of securities) 3rd Amendment Rules 2018
http://www.mca.gov.in/Ministry/pdf/CompaniesProspectus3amdRule_10092018.pdf
3. Notification dt 10.09.18 for all eligible CSR Companies for Nation CSR award 2018
http://www.mca.gov.in/MinistryV2/
4. Forms SCP, AOC-4, Addendum, ICP, 23AC-XBRL and ADJ are likely to be revised on MCA21 Company Forms Download page w.e.f 13th SEPTEMBER, 2018. Stakeholders are advised to check the latest version before filing.
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GST Gyan-
No need to extend eway bill validity where goods reach transporter s godown declared by buyer as additional place of business.Circular 61 of 04.09.2018.
Late fee waived off for filing GSTR-1 for the period July 2017 to September 2018
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GSTR-1 Time limit for furnishing the details of outward supplies has been extended for the months from July, 2017 to Sept, 2018, till the 31st October, 2018 and for the months from October, 2018 to March, 2019 till the eleventh day of the succeeding month.
The annual return of GST for the period 01.07.2017 to 31.03.2018 which is required to be filed along with statutory GST audit report till 31.12.2018, has been notified by the Government.
GST Annual Return GSTR-9 for Regular assessees & GSTR-9A for Composition ones notified. Notification 39/2018 Central Tax of 04.09.2018.
Rajasthan Govt announced a four-per cent reduction in VAT on petrol and diesel, which will reduce their prices by Rs 2.5 per liter in the state.
September is crucial for taxpayers under the new GST regime, as it will be the final month for taxpayers to claim credit for invoices issued in 2017-18 as well as to rectify errors in their tax return forms for the year.
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CBIC issued Various GST Notifications Dated 10/09/2018.
https://goo.gl/SUJHyg
👉🏻Extended due date to file Form GSTR-1 if Turnover up to Rs 1.5 cr
Notification No. 43/2018 – Central Tax
👇🏻 👇🏻 👇🏻
https://goo.gl/eutAy5
👉🏻Extended due date to file Form GSTR-1 if Turnover more than Rs 1.5 cr
Notification No. 44/2018 – Central Tax
👇🏻 👇🏻 👇🏻
https://goo.gl/NeAGMc
👉🏻CBIC extends due date for filing of FORM GSTR-3B for newly migrated taxpayers
Notification No. 45/2018 – Central Tax
👇🏻 👇🏻 👇🏻
https://goo.gl/YFBnp8
👉🏻Due date to file FORM GSTR-3B for newly migrated taxpayers
Notification No. 46/2018 – Central Tax
👇🏻 👇🏻 👇🏻
https://goo.gl/bA2n5M
👉🏻Due date to file FORM GSTR-3B for recently migrated taxpayers
Notification No. 47/2018 – Central Tax
👇🏻 👇🏻 👇🏻
https://goo.gl/qj5tPQ
👉🏻Extension of Due date of TRAN-1 and TRAN-2.
Notification No. 48/2018 – Central Tax
👇🏻 👇🏻 👇🏻
https://goo.gl/NknjCd
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Dematerialisation Rules and Clarification on Form BEN-1
MCA notifies to issue & transfer all shares in dematerialised form only by all unlisted Public companies
The Ministry of Corporate Affairs (MCA) has notified that with effect from 2nd October, 2018, issue of further shares and transfer of all shares by unlisted public companies shall be in dematerialised form only. The MCA has taken this step as a measure for further enhancing transparency, investor protection and governance in the corporate sector. The rules in this regard have been amended accordingly.
Key highlights of amended rules:
Every unlisted public company making any offer for issue of any securities or buyback of securities or issue of bonus shares or rights offer shall ensure that before making such offer, entire holding of securities of its promoters, directors, KMP has been demateriarised; Every holder of securities of an unlisted public company, who intends to transfer such securities on or after 2nd October, 2018, shall get such securities dematerialised before the transfer;Every holder of securities of an unlisted public company, who subscribes to any securities of an unlisted public company (whether by way of private placement or bonus shares or rights offer) on or after 2nd October, 2018 shall ensure that all his existing securities are held in dematerialized form before such subscription;Every unlisted public company shall facilitate dematerialisation of all its existing securities by making necessary application to a depository and shall secure International security Identification Number (ISIN) for each type of security and shall inform all its existing security holders about such facility;
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GST: Calcutta HC transfers Appeal filed in Wrong Forum, Directs to Disposal within Four Weeks [Read Order]
Read more at: http://www.taxscan.in/gst-calcutta-hc-transfers-appeal-filed-wrong-forum-directs-disposal-four-weeks/28147/
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CA Jobs Portal goes Live: ICAI asks Chartered Accountants to Update their Profiles
Read more at: http://www.taxscan.in/ca-jobs-portal-icai-chartered-accountants/28165/
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LEGAL UPDATES
1. NCLT held that where the amount invested by the infrastructure Company is covered under the defination of 'Financial debt' and 'Financial creditors',and when the application filed by financial creditor is complete with all supported documents and information in respect of claim as well as to prove the default and there is no disciplinary proceedings pending against the proposed resolution professional then the application has to be admitted.
Nikhil Mehta & Sons. Vs. AMR Infrastructures Ltd.
MANU/NC/5731/2018
2. NCLT Held that where corporate debtor failed to raise dispute within ten days after receipt of demand notice u/s 8 of IBC. Then raising dispute later for the first time through counter affidavit is not valid and cannot bar initiation of corporate insolvency resolution plan because of pendency of any mediation proceedings on dishonour of cheque.
Raj Duplex (P) Ltd. V. Sardhana Papers (P.) Ltd.
MANU/NC/5730/2018
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DELHI HIGH COURT : Interpretation of proceeds of crime under PMLA
The language of Section 2(u) of the PMLA expresses that the “proceeds of crime” refers to a property, which is “derived or obtained” by any person as a result of criminal activity and it is necessary to have reasons to believe that the property sought to be attached was “derived or obtained” from any criminal activity.
Read full case law at : https://dasgovernance.com/2018/09/12/delhi-high-court-interpretation-of-proceeds-of-crime-under-pmla/
