Tuesday, 9 October 2018

09 October 2018 Updates

CBIC issues Guidelines on Online Registration and Online Filing of claims by eligible units under Budgetary Support Scheme [Read Circular]

Read more at: http://www.taxscan.in/cbic-issues-guidelines-online-registration-online-filing-claims-eligible-units-budgetary-support-scheme/29264/
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Capital Market Update

1. 💍 NMDC is now in its diamond jubilee year. This cash-rich company may reward its shareholders with a bonus issue or a hefty dividend. BUY.

2. 💰 In a Satyam Computer style bail-out salvation package, the new Board of Directors led by Uday Kotak along with shareholders’ nod to garner additional funds makes the IL&FS group a decent BUY. Investors willing to take a risk may ENTER.

3. 🏘 Realty firm Puravankara’s joint venture Keppal Land is buying land worth ₹450 crore for constructing a 1,60,000 sq.ft. retail cum office facility. BUY.

4. 💊 Although Sun Pharmaceutical Industries faces challenges in the US markets, the management expects better revenue realisation and higher profitability there. BUY.

5. ⛽ The government plans to blend LPG with methanol in order to reduce the cost of home cylinders. BUY Bharat Petroleum Corporation and Indian Oil Corporation. Also since ONGC has deferred its stake sale in IOC for want of higher prices this makes IOC an excellent long-term BUY.

6. 💸 Recently listed Bandhan Bank is in trouble on account of non-compliance of regulatory norms. Stay AWAY from this counter until the dust settles.

7. 💰 With RBI injecting ₹36000 crore of liquidity into the system, beaten down housing finance stocks such as Dewan Housing Finance Corporation and Indiabulls Housing Finance are likely to recover. Also, rising crude oil prices and weakening rupee have no impact on this sector.

8. 🏭 Larsen & Toubro has obtained orders worth ₹7489 crore from the Municipal Corporation of Greater Mumbai for 7.75 km long coastal roads. A big POSITIVE for the company.

9. 🖥 Infibeam Avenues is bleeding on the back of several unofficial rumours doing the rounds. A good opportunity to ACCUMULATE the stock for short-term gains.

10. 💸 Punjab National Bank expects to report profits this year. The stock is available below half its book value. A great INVESTMENT opportunity for long-term investors.

11. 💉 Jubilant Life Sciences is likely to invest ~₹350 crore on R&D and product development. The management sees good business prospects ahead. BUY.

12. 🚛 Tata Motors targets 20% higher volumes in the commercial vehicles segment. The stock looks ATTRACTIVE at the current beaten down level.

13. 💉 Dishman Carbogen Amcis may appreciate on the back of ramped up capacity and improved profitability in its Vitamin D business. The stock trades at reasonable valuations. BUY.

14. 🛢 Crude oil is at its four-year high. Oil producers such as Oil and Natural Gas Corporation, Oil India, Vedanta and Selan Exploration Technology are bound to benefit. BUY.

15. 🚜 VST Tillers Tractors looks attractive at the current beaten down level. A big BUY.

16. 🚚 Escorts has fallen sharply due to a consistent fall in prices. A cherry-picking investment for long-term investors.

17. ⚙ International aluminium prices are on the rise. A good opportunity to BUY National Aluminium Company (Nalco) and Hind Aluminium Industries.

18. 📡 Reliance Industries is contemplating to buy debt-ridden Hathway Cable Datacom in an attempt to bring its high speed broadband to every home. BUY.

19. 👔 Raymond has put up its 20 acre land in Thane for sale. There are rumours that a part of the sales proceeds will be used to declare a special one-time dividend.

20. 🏍 Production activities at an Eicher Motors plant have temporarily halted. But this news has hammered the stock much more than warranted. A quick recovery is possible. BUY.

21. 💸 LIC has made a ₹12602 crore open offer for 26% stake in IDBI Bank. IDBI Bank, a non-dividend paying company, is riddled with many complications. It makes sense to tender your holding at a price much above the book value.

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# GST: Input Tax Credit - GST - ITC cannot be allowed on stock transfer from the Head Office to its branches in other States at Zero Value – AAR, BW in ACCGST&CX (2018 (9) TMI 1768).

# GST: Transitional credit - carry forward of the existing duties & credits during the period of migration must be within the prescribed time – Willowood Chemicals Pvt. Ltd. Vs UoI (2018 (10) TMI 261 - Gujarat HC).

# GST: Validity of the Goods and Services Tax (Compensation to States) Act, 2017 - It is not a colourable legislation – UoI & Anr. Vs Mohit Mineral Pvt. Ltd. (2018 (10) TMI 200 - SC).

# IT: LTCG - Net consideration for Exemption u/s 54F is actual amount received and not the consideration as determined u/s 50C i.e stamp valuation - Anant Chetan Agarwal Vs DCIT (2018 (10) TMI 277 - ITAT Lucknow).

# IT: Prosecution proceeding shall continue u/s 276CC for failure to furnish ITR u/s 139 even if assessee had subsequently furnished the returns – Karan Luthra Vs ITO (2018 (10) TMI 135 - Delhi HC).
TMI:taxmanagementindia.com

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Supreme Court dismisses Hundreds of Cases after Hike in Monetary Limit for Tax Appeals [Read Order]

Read more at: http://www.taxscan.in/supreme-court-dismisses-hundreds-of-cases-after-hike-in-monetary-limit-for-tax-appeals/29282/
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👉🏻SC lays down guidelines in an attempt to speed up resolution process under IBC
(According to IBC, 2016, the tribunals have a limited role but the rising number of litigations has increased its importance. The Supreme Court, hence, has laid down guidelines in an attempt to speed up the process of resolution)
👇🏻 👇🏻 👇🏻
https://goo.gl/oZEGyY

👉🏻IPOs, FPOs, ESoPs exempt from STT for concessional LTCG tax
(Initial public offerings, bonus, rights issues and ESoPs will be eligible for concessional rate of 10 per cent long-term capital gains (LTCG) tax even if the Securities Transaction Tax has not been paid earlier.)
👇🏻 👇🏻 👇🏻
https://goo.gl/8WG2yx 

👉🏻Pakora seller surrenders Rs 60 lakh to Income Tax department in Ludhiana
(Panna Singh pakorewala from Ludhiana surrendered Rs 60 lakh to the Income Tax department, after a day-long survey conducted on two outlets of this Pakorewala)
👇🏻 👇🏻 👇🏻
https://goo.gl/U7RRQp

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GST: Rajasthan Govt introduces Family Assistant Scheme for Non-Defaulting Dealers [Read Order]

Read more at: http://www.taxscan.in/gst-rajasthan-family-assistant-scheme/29276/
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ICAI submitted representation suggesting non-deduction of TDS under MVAT Act after implementation of GST: Certain Govt Departments  like PWD & other Municipal Corporations and Local Self Govt bodies continue to deduct TDS as per the provisions of Section 31 of MVAT Act.

Foreign embassies to comply CGST notifications to claim compensation cess refund. Representations have been received by the Board regarding the entitlement of UN and specified international organizations, foreign diplomatic mission or consular posts, diplomatic agents and consular offices post therein to refund of Compensation Cess.

MCA has decided to relax the additional fees payable to companies having registered office in the State of Kerala on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 upto 31.12.2019, wherever additional fee is applicable.

RBI lowered its retail inflation projection for the second half of the current fiscal to 3.9-4.5 per cent mainly because of an unusually benign trend in food prices. Food inflation has remained unusually benign, which imparts a downward bias to its trajectory.

RBI proposed new norms for foreign portfolio investors (FPIs) to attract long-term and stable FPI investments into debt markets while allowing them operational flexibility. RBI, in consultation with the government and Sebi, has proposed the voluntary retention route to encourage FPIs willing to make long-term investments in debt.

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ITAT deletes Penalty against BCCI since Delay in e-filing of TDS Returns was due to Initial Glitches in the Online Portal
[Read Order]

Read more at: http://www.taxscan.in/itat-penalty-bcci-delay-filing-tds-returns/29286/
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GST Informant Reward Scheme launched to tackle Tax Evasion [Read Circular]

Read more at: http://www.taxscan.in/gst-informant-reward-scheme-launched-tackle-tax-evasion/29308/
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CBDT further extends due date for filing of *IT Returns & Tax Audit Reports* from 15 OCT 2018 to 31 OCT 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain.

Twitter Link at: https://twitter.com/incometaxindia/status/1049278032157048832?s=21

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ICMAI releases Guidance Note on GST Annual Return

Read more at: http://www.taxscan.in/icmai-releases-guidance-note-gst-annual-return/29323/