REAL TIME UPDATE
1. ICAI: Board of Studies launches Live Virtual Classes for CA Intermediate and Final Students. Link at: https://www.icai.org/new_post.html?post_id=14781
2. ICSI RVO opens Registrations for Educational Course on Valuation of Securities or Financial Assets at NOIDA from 5th to 13th OCT 2018. Link at: www.icsirvo.in
3. MCA extends the date of applicability of Old Valuation System from 30.09.18 to 31 JAN 2019.
4. GST: Vires of Rule 89(5) of CGST Rules, 2017 - denial of grant of refund of unutilized tax credit in respect of tax paid on input services - Notices issued - ad-interim relief granted - Shree Rama Newsprint Ltd. Vs Union of India (2018 (9) TMI 1475 - Gujarat HC).
5. IT: Exemption u/s. 10(37) - Interest received u/s 28 in case of compulsory acquisition of agricultural land as nature of interest income or it is a part of enhanced compensation - benefit of exemption allowed – Jagmal Singh Vs ITO (2018 (9) TMI 1468 - ITAT Delhi).
6 IT: Amounts received by the assessee-agent on behalf of the Principal - nature of income - amount waived by the Principals - held as in the nature of commission and taxable in the hands of assesse – Nortrans Marine Services Pvt. Ltd. Vs ACIT (2018 (9) TMI 1469 - Kerala HC).
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Share capital cannot regard undisclosed income of the company u/S 68 of the Income Tax Act in V. R. Global Energy Pvt. Ltd Vs ITO (Madras High Court) when there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted.
Last date to furnish ITC 04 for compliance of goods sent to job worker and received back there after is 30th September 2018 the period covered is 1st of July 2017 till 30th June 2018.
The Government has made some new enhancements in the E-Way Bill (EWB) generation form and is being released on 1st of Oct. 2018. Read more at: http://www.taxscan.in/e-way-bill-form-modified-changed-form-rollout-1st-october/28839/
MCA amended Companies (Registered Valuers & Valuation) Rules to effect the valuation to be done by Registered Valuers from 31st January 2019 and allow to convert or register a RVO till 16th October 2019. http://www.mca.gov.in/Ministry/pdf/CompaniesThirdAmendment_25092018.pdf
MCA is likely to deregister another 50,000 companies this fiscal because These firms have not been carrying out business activities for long.
SEBI has told credit rating agencies some of which were blindsided by the aura and size of IL&FS to review borrowers as soon as their bond prices crash, and even place such securities on ‘rating watch’ if prices continue to languish.
ICAI Membership/COP fees not paid Please pay your Membership / COP Fees for the year 2018-19 latest by 30th September, 2018. http://memfee.icai.org/memfee.htm
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👉🏻Ministry of Corporate Affairs has extended the last date for rendering the Valuation services without a Certificate of Registration under the Companies Act 2013 till 31st January, 2019.
After 31st January 2019 only registered valuers under IBBI will do the Valuation.
Prior to amendment the last date was 30th September, 2018.
Further, if a Valuer has accepted a Valuation assignment prior to 31st January, 2019, the same can be completed upto 30th April, 2019.
For Registered Valuers first take training of 50 Hours and then clear exam conducted by IBBI.
👇🏻 👇🏻 👇🏻
https://goo.gl/mQTBTQ
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SC announces Section 57 of Aadhaar as unconstitutional. Now private entity cannot demand #Aadhaar for identification purposes.
Supreme Court has upheld the validity of adhar and does not think it invades privacy
For filing income tax we need adhar card number says Supreme Court
For other services it will not be mandatory- like liking to phone and bank account
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Changes in E-Way Bill Portal wef 01.10.2018
1. Only relevant document type e.g. bill or bill of supply shall appear based on supply type and sub-type.
2. No need to enter state. It will appear automatically as per pin code in address of consignor and consignee.
3. Standard rates for tax provided in the drop down list for selection.
4. Additional fields for “CESS Non Advol Amount” & “Other Value” have been introduced to enter CESS Non
Advol amount and any other charges (+/-) written in invoice.
5. Generator of the E-Way Bill will be alerted through SMS if total invoice value is more than Rs. 10 Crores.
6. Transporter ID compulsory for generating Part-A slip.
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Tax Bar Assn requests Govt to allow Advocates to appear before GST Authorities without Enrolling as GST Practitioners [Read Memorandum]
Read more at: http://www.taxscan.in/tax-bar-assn-requests-govt-allow-advocates-appear-gst-authorities-without-enrolling-gst-practitioners/28844/
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NCLAT : In National Engineering Industries Ltd. vs. Cimmco Birla Ltd.
The limitation of thirty days has been prescribed under sub-section (2) of Section 61 for preferring an appeal against an order passed by the Adjudicating Authority, including the order passed under section 31(1) of the ‘I&B Code’. The Appellate Tribunal for sufficient cause can condone the delay but such period cannot exceed fifteen days. Therefore, no appeal can be entertained after forty-five days of knowledge of order. The Central Government, thereby cannot grant ninety days’ period to prefer an appeal under section 61(1), which is contrary to Section 61(2) of the ‘I&B Code’.
Read full case law at : https://dasgovernance.com/2018/09/26/nclat-in-national-engineering-industries-ltd-vs-cimmco-birla-ltd/
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Key takeaways from Supreme Court’s decision in case of Aadhar Card
The Apex Court, by 4:1 majority, declared Centre’s flagship Aadhaar scheme as constitutionally valid, but with conditions.
Read the key takeaways at : https://dasgovernance.com/2018/09/26/key-takeaways-from-supreme-courts-decision-in-case-of-aadhar-card/
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Indian Oil Corporation can’t claim ITC on GST paid on Railway Freight for Transportation of ATF and Other Taxable Supplies: AAR [Read Order]
Read more at: http://www.taxscan.in/indian-oil-corporation-claim-itc-gst-railway-freight-transportation-aar/28870/
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Cabinet approves Proposal to convert GSTN a Govt Entity
Read more at: http://www.taxscan.in/cabinet-proposal-gstn-govt-entity/28887/
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Biggest GST Scam: Evasion of Rs. 2000 unearthed in Karnataka
Read more at: http://www.taxscan.in/bgst-scam-evasion-karnataka/28897/
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Register with UDIN to trace Fake Chartered Accountants: ICAI to CA’s
Read more at: http://www.taxscan.in/udin-fake-chartered-accountants-icai/28891/
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More opportunities for CA Profession: Cabinet approves pact between ICAI and ICPAK
Read more at: http://www.taxscan.in/more-opportunities-for-ca-profession-cabinet-approves-pact-between-icai-and-icpak/28894/
