CBI Arrests Asst Commissioner of Customs in a Bribery Case
Read more at: http://www.taxscan.in/cbi-asst-commissioner-customs-bribery/28927/
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Date of submission of ‘Tax Audit Report and Income Tax Return’ has been extended to 15th of October 2018. Effects of the same would be:
Late Fees, of Rs.1000/- and 500/-, u/s 234F will not be levied in case ITR is filed on or before 15th of October 2018
Expenses u/s Sec 43B, which are allowed on the basis of actual payment made, will be allowed if paid on or before 15th of October 2018.
TDS, which has already been deducted on or before 31st of March 2018, deposited on or before 15th of October 2018 will not result into disallowance of expenses u/s 40(a)(i) & 40(a)(ia)
Loss under the head “Business of Profession” and “Capital Gains” can be carried forward even ITR is filed after 30th of Sep., 2018
but on or before 15th of October 2018.
Profit Linked deductions (Section 80-IA to 80-IE), deduction under Section 10AA of the Income tax Act, 1961 will be allowed even if ITR is filed after 30th of Sep., 2018 but on or before 15-Oct-2018.
Better to pay Self Assessment Tax till 30th of Sep., 2018 in order to save interest u/s 234A of the Act and File Income Tax Return on or before 15th of October 2018.
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#Breaking: NAA confirms Anti-Profiteering Charges on Maybelline Dealer [Read Order]
Read more at: http://www.taxscan.in/naa-confirms-anti-profiteering-charges-on-maybelline-dealer/28921/
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Kin reveals Rs. 81 Lakh Tax Evasion by Uncle: Gujarat HC directs to Register FIR [Read Order]
Read more at: http://www.taxscan.in/kin-reveals-rs-81-lakh-tax-evasion-uncle-gujarat-hc-directs-register-fir/28899/
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PILCOM can be treated as Agent of Cricket Boards of Sri Lanka and Pakistan for imposing Tax on 1996 World Cup Receipts: Calcutta HC [Read Judgment]
Read more at: http://www.taxscan.in/pilcom-treated-agent-cricket-boards-sri-lanka-pakistan-imposing-tax-1996-world-cup-receipts-calcutta-hc/28940/
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Please do not get confused !!
1. The first phase of GST Practitioners Exam to be held on 31.10.2018 will be only for those persons who are Sales Tax Practitioners (STP) or Tax Return Preparers (TRP). [ Rule 83(1)(b) of (CGST) Rules 2017 ]
2. The above STP & TRP should have at least five years of practice tenure. [ Rule 83(1)(b) of (CGST) Rules 2017 ]
3. The above STP & TRP should also have Enrolled as GST Practitioners on the GST Common Portal. [ Rule 83(2) of (CGST) Rules 2017 ]
4. The Enrolment ID of the above Enrolled persons should be approved upto 24.09.2018. [ As per guidelines rules of NACIN, Faridabad ]
- So the other persons who do not fall in the above points should wait for the further notifications of next phase of GST Practitioners Exam.
- And it should be noted clearly that everyone who have enrolled as GST Practitioner on the GST Common Portal are required to appear and clear this exam, either in this phase or the next upcoming phases otherwise their Enrolment ID will not be held as valid. [ Rule 83(3) & 84 of (CGST) Rules 2017 ]
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ICAI submits Suggestions on GST Annual Return Form to Govt [Read Suggestions]
Read more at: http://www.taxscan.in/icai-submits-suggestions-gst-annual-return-form-govt/28950/
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ANNOUNCEMENT Unique Document Identification Number (UDIN)
It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices, the Professional Development Committee of ICAI has implemented an innovative concept of UDIN i.e. Unique Document Identification Number to secure the certificates/documents attested/certified by practicing Chartered Accountants which will be made 👉 mandatory with effect from 1st January, 2019.
👉 Full time Practicing CAs can register them by visiting at https://udin.icai.org/ and generate UDIN by registering the certificates/documents attested/certified by them.
👉 To generate UDIN, Members are required to provide only 3-5 key fields of the certificate/ document which is being attested and there is no need to upload it.
👉 Through UDIN and the key fields as mentioned by CAs, the Regulators/Banks/third parties will be able to check the authenticity of the documents/reports/certificate. Further, this portal would help in tracing forged/wrong documents prepared by any third person misrepresenting himself as a Chartered Accountant, as any person other than Chartered Accountant will not be able to upload the documents.
👉 For Process and related Frequently-Asked Questions, please visit https://udin.icai.org/ . For any other further assistance/clarification, you may reach us at 011–30110411/444 or email at udin@icai.in .
👉 MEMBERS ARE ADVISED TO REGISTER THE DOCUMENTS CERTIFIED BY THEM & GET THESE SECURED.
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ICAI submits Suggestions on GST Annual Return Form to Govt [Read Suggestions]
Read more at: http://www.taxscan.in/icai-submits-suggestions-gst-annual-return-form-govt/28950/
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Mumbai to host World Congress of Accountants in 2022
Read more at: http://www.taxscan.in/mumbai-world-congress-accountants/28957/
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TDS, TCS for GST kick-in from October 1: Deduction, registration, compliance, challenges – All you need to know
The GST law requires TDS to be deducted by certain specified Government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs. 2,50,000.
The sudden but delayed implementation of TDS provisions from 1 st October 2018 has presented certain challenges amongst the industry.
After the GST regime gained momentum, the government decided to introduce TDS and TCS provisions. The GST law requires TDS to be deducted by certain specified government bodies/ PSUs, where the total value of supply, under a contract, exceeds Rs 2,50,000.
The recipient of supply i.e. the TDS Deductor is obligated to deduct 2% (1% CGST + 1% SGST) from the payment made or credited for taxable goods or services or both. The aim to bring this provision is to keep a watch on tax evasion and leakages to the extent possible.
The sudden but delayed implementation of TDS provisions from 1st October 2018 has presented certain challenges amongst the industry. The challenges would range from initial hiccups to long-lasting impact on the business of companies. Some noticeable challenges with this implementation are outlined below.
Transitioning to TDS:
The priority for the deductors at this stage is smooth transition considering the additional compliance and legal requirements to deduct tax. This has resulted in businesses analyzing the trigger point for deduction of tax. One key issue is whether TDS provisions apply to supplies made prior to 1st October but where payments are received after this date. In order to answer this question, the interpretation of legal provisions becomes critical.
TDS on inter-State supplies:
The GST Law excludes TDS where the supplier registration and the place of supply registration of the TDS deductor are in different states. The provisions do not say that TDS is not applicable to inter-State supplies. However, the FAQ released by Karnataka Government seems to indicate TDS is not to be deducted on inter-State supplies (irrespective of the location of supplier/ place of supply/ location of recipient).
Although the understanding in the FAQ seems to be incorrect, the Department is yet to clarify this position or make the relevant changes to the law. Till then, it remains unclear whether TDS is to be deducted on inter-State supplies.
TDS on inter-unit transactions:
The transactions between two registrations of a same company (even without any consideration) are taxable under GST. As per the provision under TDS, deduction is to be made on payment made or credited to the supplier.
Different companies follow different practices with respect to the compensation mechanisms between its units. In such cases, TDS provisions may pose significant accounting and legal challenges.
Contract value or supply value?
The TDS provision specifies that the tax is to be deducted where the total value of such supply, under a contract, exceeds 2.5 lakh. The question that arises is whether the tax is to be deducted for all supplies under one contract, where the contract value exceeds 2.5 lakh, or the value qua each supply is to be considered irrespective of the contract value. In absence of clarification, the provision could have serious ramifications.
Deduction of exempt supplies?
As per the legal provisions, TDS is to be deducted from payments made or credited for taxable goods or services or both. Taxable supplies have been defined as “supply of good or services or both leviable to tax under the Act”. Therefore, the supplies which have been made exempt by virtue of exemption notifications would also be considered as taxable supplies.
This brings us to the question, whether TDS is to be deducted on payments pertaining to supplies which have been made exempt? Under the Income Tax Law, various Circulars have clarified the non-requirement of deduction in situations where the income is unconditionally exempt. Under GST laws, similar clarifications have not been issued and have been a concern for companies.
Compulsory registration for deductors:
Persons who are required to deduct tax are required to obtain registration (whether or not registered separately). The provision does not address the situation where a person is operating through multiple places of business in one State. It remains unanswered whether such a person would require separate registration for each place of business to comply with the compulsory registration provision or a single registration for the entire State would be enough.
Additional compliance burden:
In addition to legal issues, the business would be required to prepare themselves for certain compliance requirements. Over and above the existing returns, the person deducting the tax would also be required to file GSTR-7 for furnishing the details of tax deducted.vinay
The Deductor would also be required to furnish to the Deductee (supplier of goods or services) a TDS certificate mentioning the contract value, rate of deduction, amount deducted, and amount paid to the government within 5 days from the date the TDS is deposited.
With fresh challenges under the GST, all the stakeholders must be ready for implementation of the TDS provisions before 1st October 2018. There is a dire need to clarify the open issues to avoid confusion.
It will be interesting to see whether the issues relevant for TDS implementation are discussed and clarified during the 30th GST Council Meeting scheduled on 28.09.2018. We can only wait and watch.
