No GST on Educational Institutions providing Degree courses under Related Curriculums to Students: AAR* [Read Order]
Read more at: http://www.taxscan.in/gst-educational-institutions-degree-courses-curriculums-students-aar/28560/
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Change in process of Incorporation of LLPs
Ministry of Corporate affairs vide LLP (Second Amendment) Rules, 2018 dated 18.09.2018 brought manifolds changes in the process of incorporating LLP.
1. New form RUN-LLP
Reserve Unique Name-Limited Liability Partnership (RUN-LLP).Form 1 has been replaced with RUN-LLP, where application for reserving the name of LLP has to be made
2. New form FiLLip
Now for registering LLPs, form FiLLip is to be filed. Form 2 has been replaced by form FiLLip.
3. Name application
For registering LLP, name can be reserved in advance by using form RUN-LLP or the name can be applied simultaneously with application for registering LLP (Similar to sPice form applicable for Companies)
4. DPIN application through FiLLip
FiLLip has been introduced with the feature of applying DPIN for designated partners.
5. Maximum DPIN to be applied through FiLLip
Only upto two individuals can make application for DPIN in the Form FiLLip.
6. There has been changes in following Forms:
Form 5: Notice of Change of Name of LLP
Form 17: Application for conversion of Firm to LLP
Form 18: Application for conversion of Pvt Ltd. Co. or Unlisted Public Ltd. Co. to LLP
7. Central Registration Centre (CRC)
Reserving name of LLP through form RUN-LLP, applications for registering LLP in form FiLLip and application for conversion of firm/unlisted company to LLP will be examined by CRC.
8. The certificate of Incorporation of LLP or Conversion of LLP will be issued by CRC in form 16 and 19 respectively.
9. Chances of Resubmission:
One resubmission allowed for RUN-LLP and two chances for resubmission for FiLLip.
10. Rules to come into force
02.10.2018
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LLP (Second) Amendment Rules 2018 Applicable from 02.10.2018* Now LLP can be incorporated with upto 2 individuals as Partners who do not have DIN... on the similar lines as Spice Form for Company Incorporation*
CBDT changes ITR preparation utility for ITR 5 wef 19th September 2018
Case Study: HC permits release of Goods Detained for not containing Vehicles Details in E-Way Bill on furnishing -BG & Bond - K. Karunakaran Vs Asst. State Tax Officer (Kerala High Court)
GST: Section 51 CGST Act 2017, provides that, A department or establishment of Central Govt or State Govt, or local authority or Govt Agencies or other specified persons are required to deduct TDS @ 2% (IGST 2%, or CGST 1% + SGST 1%).
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ICAI has for the third time in less than a month made a request for Extension for time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018and 10th September, 2018.
CBDT has notified the rules relating to the determination of Fair Market Value of inventories converted into capital assets under the Income Tax Act, 2018. The Finance Act, 2018 has inserted clause (via) to Section 28 of the Income Tax Act, 1961.
The Authority for Advance Rulings (AAR), Maharashtra ruled that 12 percent GST would be applicable to the services provided by sub-contractors to the main contractors in respect of Works Contract Services pertaining to Railways.
SEBI broadly agrees with easier know-your-customer norms suggested by the committee headed by RBI deputy governor.
Moreover, the regulator’s board has mandated that large companies must now access the bond markets for a fourth of their borrowings.
SEBI said LIC has not sought any exemption from the open offer requirement to take over the crippled state-run lender IDBI Bank for around Rs.11,000 crore.
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Collection of Toll Charges by sub-Contractor exempt from GST: AAR [Read Order]
Read more at: http://www.taxscan.in/collection-toll-charges-sub-contractor-exempt-gst-aar/28567/
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Over Burden on Chartered Accountants: ICAI submits 3rd Representation to CBDT for Due Date Extension [Read Representation]
Read more at: http://www.taxscan.in/burden-chartered-accountants-icai-submits-3rd-representation-cbdt-due-date-extension/28572/
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Not only Chartered Accountants, Cost Accountants can also Certify IGST Refund Claims: CBIC [Read Circular]
Read more at: http://www.taxscan.in/chartered-accountants-cost-accountants-igst-refund-cbic/28577/
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No Due Date Extension..?? CBDT asks to file IT Returns and Tax Audit Reports before 30th September
Read more at: http://www.taxscan.in/due-date-extension-cbdt-returns-tax-audit-reports/28586/
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State GST Officers has Power to Inspect, Search and Seize Goods under IGST Act: Madhya Pradesh HC [Read Order]
Read more at: http://www.taxscan.in/state-gst-officers-power-igst-madhya-pradesh-hc/28583/
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Failure to Fill Part-B of E-Way Bill: SC orders Release of Goods [Read Order]
Read more at: http://www.taxscan.in/failure-fill-part-b-e-way-bill-sc-orders-release-goods/28606/
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Writ petition filed at Hon Gujarat High Court against CBDT for delay in notifying ITR and TAR forms and also modification of e filing utilities mullitple times
In 2014 and 2015, same court and other courts across country have asked CBDT to ensure notifying the forms in 1st week of April , extended the dates and instructed not to change the utilities again and again .
The same guys are trying their best efforts at large for the relief of the members .
Cross your fingers . Hearing will most likely take place on Monday, 24th September 2018
