CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018.
Due Date:
14th October - ADT 1 for appointment of auditor
15th October - TCS return for the period July 2018 to Sept 2018
Case Study: GST Confiscation proceedings with notice to driver of Vehicle is valid: HC; Jaspal Singh Vs Assistant Commissioner of State Tax (Calcutta High Court)
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
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SEBI authorise Insolvency Professionals to act as Administrator
Another Professional Opportunity for Insolvency Professionals - Can be appointed as an Administrator under SEBI Regulations.
https://goo.gl/pHi6Ys
Securities & Exchange Board of India (SEBI) has recently notified Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.
Eligibility norms for appointment as an Administrator
(Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018)
The Administrator shall be a person registered with the Insolvency and Bankruptcy Board of India as an Insolvency Resolution Professionaland empanelled by the Board from time to time.
https://goo.gl/3gLBNi
In terms of the SEBI regulations, an Insolvency Professional registered with IBBI can now be appointed as an Administrator. This has opened another professional opportunity for registered IPs.
👇🏻 👇🏻 👇🏻
https://goo.gl/Uxh3Kq
Last date to pass the limited insolvency examination under Old Syllabus is 31st October 2018
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# CBDT extends due date for filing of ITRs/TAR to 31 OCT 2018. However, interest u/s 234A shall be payable - F.No.225/358/2018/ITA.II, dt.08.10.2018.
# CBDT sets up a Committee to put in place an incentive program to reward and recognise honest taxpayers* to encourage a culture of compliance.
# ICAI releases Exposure Draft - ICAI Code of Ethics, 2018. Last date for comments is 01 NOV 2018.
# GST: "Abhivahan Shulk" is different from toll tax and is covered under Service Code 9997 and to be treated as 'other services' and is liable for GST @ 18% - AAR, UK in Purewal Stone Crusher (2018 (10) TMI 346).
# GST: Services by way of granting Long Term Lease - upfront charges - contention of applicant is correct i.e. the above such services are exempted from the GST, if fulfil all the conditions as mentioned in the notification – AAR, U.P. in YEIDA (2018 (10) TMI 341).
# IT: Lack and omission on the part of ITO - HC passed strong stricture against the errant officers with Cost of Rs.1.50 Lac - Nu-Tech Corp.Services Ltd Vs ITO (2018 (10) TMI 372 - Bombay HC).
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Legal Updates
1. Supreme Court of India held that where the shares of appellant have been transferred to another person by virtue of Fraud and non compliance of Companies Act while issuing duplicate shares, the Company shall be directed to rectify the register of members. The appellant being victim of fraud shall not relegate to any further proceeding.
Adesh kaur vs. Eicher motors ltd
MANU/SC/0714/2018
2. High court held that the Income Tax Department cannot claim a priority in respect of clearance of tax dues of the company in liquidation as given u/s 178 of the Income Tax Act,1961. The IT department not being a secued creditor, must take recourse to distribution of the liquidation assets u/s 53 of the IB Code.
Leo edibles & fats ltd. V. Tax recovery officer
(2018) 146 CLA 192(HYD)
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CBDT further extends due dt for filing of IT Returns & audit reports from 15th Oct,2018 to 31st 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/s 234A of IT Act will remain same.
GSTN has introduced the new RFD-01A form for Refund by Supplier of deemed export. In these article we will see the detailed analysis related to the Refund form, Rules and how to file the nil and not a nil refund form online.
MCA notified Form RC-1 vide Companies (Authorised to Register) Second Amendment Rules, 2018, dated 5th July 2018 would be available for filing purposes w.e.f 9th October 2018. Web-service RUN and SPICe form are also likely to be revised due to the impact of introduction of URC-1 form.
Woos foreign RBI investors with new relationship terms for a commitment of staying invested a minimum three years in local debt from them. In exchange, it has offered unbridled access to local derivatives market and its own liquidity facilities.
UIDAI has said that the Supreme Court order restricting use of Aadhaar will have no bearing on enrolment and update services being carried out at banks, post offices and government premises. The move comes as service providers may still use offline verification tools that leverage the unique ID without authentication.
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GST Dealer can claim Input Tax Credit on Demo Cars: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-input-tax-credit-demo-cars-aar/29336/
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ICAI releases Exposure Draft on Code of Ethics, applicable from 1st April
Read more at: http://www.taxscan.in/icai-releases-exposure-draft-code-ethics-applicable-1st-april/29330/
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Chartered Accountant found Guilty of Misconduct for not carrying Out Audit Properly [Read Order]
Read more at: http://www.taxscan.in/chartered-accountants-found-guilty-misconduct-audit-properly/29350/
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GST: Both Central and State Tax Authorities are Authorized to Initiate Intelligence based Enforcement Action [Read Letter]
Read more at: http://www.taxscan.in/gst-central-state-tax-authorities-authorized-initiate-intelligence-enforcement-action/29344/
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Govt Notifies Constitution of AAR and AAAR in Union Territories [Read Order]
Read more at: http://www.taxscan.in/govt-notifies-constitution-aar-aaar-union-territories/29355/
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GST applicable on Activities undertaken under Contract Management System: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-applicable-activities-undertaken-contract-management-system-aar/29359/
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GST: 28% Slab will be Removed Gradually, says Sushil Kumar Modi
Read more at: http://www.taxscan.in/gst-28-slab-sushil-kumar-modi/29386/
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ICAI enters into MoU with IFRS Foundation over Copyrights
Read more at: http://www.taxscan.in/icai-mou-ifrs-foundation-copyrights/29380/
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More Recognition to Indian CAs: ICAI signs MRA with CPA Ireland
Read more at: http://www.taxscan.in/more-recognition-indian-cas-icai-mra-cpa-ireland/29383/
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Supply of Medicines & Allied Items to In-patients by Hospital is Composite Supply under GST: AAR [Read Order]
Read more at: http://www.taxscan.in/medicines-hospital-composite-supply-gst-aar/29368/
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ITC in respect of GST paid on Development of Land can be reversed on Pro-rata basis after Issuance of Completion Certificate on Sale: AAR [Read Order]
Read more at: http://www.taxscan.in/itc-gst-development-land-pro-rata-completion-certificate-aar/29372/
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CBIC imposes Restrictions on IGST Refund on Export of Goods and Services w.e.f 23rd Oct 2017 [Read Notification]
Read more at: http://www.taxscan.in/cbic-restrictions-igst-refund-export/29413/
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CPC advisory on applicability of Tax Audit to business and profession
Dear Taxpayer,
As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be audited by a Chartered Accountant and the audit report has to be electronically filed prior to or along with the return of income before the due date. In order to assist to you in complying with these requirements and procedure, your attention is drawn to the following.
1. Taxpayer whose total sales, turnover or gross receipts from business exceeds Rs 1 cr or where Professional receipts exceed Rs 50 Lakh:
It is mandatory to fill the Part A of Schedule Profit & Loss A/c and part A of Balance Sheet and also to file the Audit report u/s 44AB of Income Tax Act where the Total Sales, Turnover or Gross Receipts of the business exceeds Rs.1 cr or where Professional receipts exceed Rs 50 Lakh for the Financial Year 2017-18.
The *Audit Report u/s 44AB* has to be electronically filed prior to or along with the return of income before the due date.
The taxpayer has to approve the Audit Report u/s 44AB after it is e-filed by the Chartered Accountant. Without taxpayer approval, the submission of the *Audit Report u/s 44AB is NOT COMPLETE.
For the purpose of all the provisions of Income Tax Act, 1961, *the date of approval by the taxpayer will be considered as the date of filing of the Audit Repor u/s 44AB.
2. Taxpayer reporting Presumptive income under section 44AD:
As per the provisions of Income Tax Act, the benefit of Section 44AD shall not be applicable where the gross receipts from business exceeds Rs.2 cr in the financial year 2017-18.
Hence, where the gross receipts/total turnover from the business exceeds Rs.2 cr, it is mandatory to fill the Part A of profit and Loss A/c and Part A of Balance Sheet and also file the Audit Report u/s 44AB of Income Tax Act.
Taxpayer is advised to follow process as per Sl. No. 1 above strictly in such cases. The benefit of Section 44AD is not available in such cases.
3. Taxpayer whose gross receipts in profession exceed Rs 50 Lakhs:
It is mandatory to fill the Part A of Schedule Profit & Loss A/c and part A of Balance Sheet and also file the Audit report u/s 44AB of Income Tax Act where the gross receipts in profession exceeds Rs 50 Lakhs for the Financial Year 2017-18.
The audit report has to be electronically filed along with the return of income before the due date.
The taxpayer is also required to approve/reject the audit report once the same is e-filed by the Chartered Accountant.
For the purpose of all the provisions of Income Tax Act, 1961, the date of approval by the taxpayer will be considered as the date of filing of the Audit Report.
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GST: GoM to meet on Monday to discuss Calamity Tax for Kerala
Read more at: http://www.taxscan.in/gst-gom-monday-calamity-tax-kerala/29417/
