E-file your ITR, Due date is 31st Oct for Corporates or where Tax Audit Report is required to be submitted except specific cases. Filing beyond due date will attract late fee of upto Rs 5000.
CBDT has confirmed on 25th Oct that there will be no further extension of tax audit due date. The Board was considering a representation of Tax Bar Association on extending the tax audit due date in compliance with the direction of the order from Gauhati High Court.
Goods and Services Tax Network ( GSTN ) has updated two new functionality on GSTN Portal for Facility to Claim Refund of Excess Payment of Tax Updated on GSTN Portal.
NFRA can Investigate against CA's for Misconduct: MCA https://studycafe.in/2018/10/nfra-can-investigate-against-cas-for-misconduct-from-24th-october-mca.html
RBI has updated the master direction on ECBs, Trade Credit, borrowing and lending in Foreign Currency by Authorized Dealers and Persons other than Authorized Dealers.
RBI may consider relaxing its prompt corrective action (PCA) framework for loss-making banks, marking a significant shift in its stance. Banks under PCA face several restrictions, including on lending, till they are nursed back to health.
ICAI invites Application for Scholarships to Articled Assistants from The Chartered Accountants Student Benevolent Fund Read more at: http://www.taxscan.in/icai-scholarships-articles-assistants-chartered-accountants/30038/
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👉🏻Govt looks to Discipline Professional Institutes
(Govt has pulled out a report of the high-level committee headed by retired bureaucrat Meenakshi Datta Ghosh, that has suggested a massive overhaul of the disciplinary actions taken by the three professional bodies)
👇🏻 👇🏻 👇🏻
https://goo.gl/SmVTvs
👉🏻CBDT rejects request for further Tax Audit due date extension
(CBDT was considering a representation of Tax Bar Association on extending the tax audit due date in compliance with the direction of the order from Gauhati High Court)
👇🏻 👇🏻 👇🏻
https://goo.gl/d5noN2
👉🏻MCA notifies remaining constitution provision of NFRA wef 24.10.2018
(In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 24th October, 2018 as the date on which the sub-sections (2), (4), (5), (10), (13), (14) and (15) of section 132 of the said Act shall come into force.)
👇🏻 👇🏻 👇🏻
https://goo.gl/sPezq5
👉🏻Allahabad Bank invite applications for Appointment GST Auditors
(RPF for Appointment of Auditors for conducting GST Audit of Allahabad Bank. Last Date - 09/11/2018.)
👇🏻 👇🏻 👇🏻
https://goo.gl/s9JYkA
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IGST Refund: CBIC extends Alternative Mechanism to Rectify Invoice Mismatch [Read Circular]
Read more at: http://www.taxscan.in/igst-refund-cbic-invoice-mismatch/30052/
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GST Evasion: Rs. 35 Crore Evasion unearthed in Jaipur, Rs. 25 Lakh recovered from Bodh Gaya
Read more at: http://www.taxscan.in/gst-evasion-jaipur-bodh-gaya/30071/
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Sec 54 Benefit allowable for Investment made in New Residential Property within One year before Sale of Old Asset: ITAT [Read Order]
Read more at: http://www.taxscan.in/sec-54-benefit-allowable-investment-new-residential-property-one-year-before-sale-old-asset-itat/30062/
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Income Tax Benefit for Compulsory Acquisition of Land can’t be denied merely because sale price was fixed through a Negotiated Settlement: ITAT [Read Order]
Read more at: http://www.taxscan.in/income-tax-benefit-compulsory-acquisition-land-denied-merely-sale-price-fixed-negotiated-settlement-itat/30073/
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GST: Due Date for Filing Two Returns Extended [Read Notifications]
Read more at: http://www.taxscan.in/gst-due-date-filing-two-returns-extended/30078/
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Certification Service by Chartered Accountant exempted from Service Tax till 2006: CESTAT [Read Order]
Read more at: http://www.taxscan.in/certification-service-chartered-accountant-service-tax/30086/
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👉Direct-to-home (DTH) company Dish TV has asked the SEBI to launch an investigation into the “hammering” of its stock-price and “unusual” trading pattern of the company’s equity shares.
👉To make listing on bourses more attractive for start-ups, markets regulator SEBI on Friday came out with a new set of proposals that would allow more investor categories, relax shareholding norms and reduce trading lot amount.
👉Newly-appointed advisors to the IL&FS Group are redrawing the list of assets, including road projects fetching regular annuities, which can be sold quickly to enhance liquidity and extricate operating units at the infrastructure financier out of a funds crunch.
👉The Reserve Bank of India today said it will inject Rs 40,000 crore into the system in November through purchase of government securities as it looks to meet festive season demand for funds.
👉The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing the details of goods or capital goods sent to job worker and received back in Form GST ITC-04 for the period of July, 2017 to September 2018 to 31st December 2018 In another notification, the CBIC also said that the taxpayers whose registration has been cancelled by the proper officer on or before September 30, 2018, shall be required to furnish the final return in Form GSTR-10 till December 31, 2018.
👉The Income Tax Department cautioned the public against buying over 41 lakh equity shares of fugitive liquor baron Vijay Mallya in his company that the Debt Recovery Tribunal-II has put up for sale through e-auction on October 30, an official said."We are cautioning the public that buying Mallya's shares in his subsidiary company United Racing and Bloodstock Breeders Ltd (URBBL) in the e-auction will be at their own risk because they (shares) are under our charge (custody) against the outstanding demand in a tax evasion case," I-T official N. Rathi told.
👉ED names ,senior congress leader Chidambaram as accused in second chargesheet in Aircel Maxis Case.
👉The government is likely to take action against the promoters of 73,000 companies in which it has detected fraudulent transactions after the demonetisation drive.
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Due date for filing of Form GST ITC-04 minal regulatory fee of Rs 1 lakh per exchange on turnover arising from agricultural commodity derivatives, instead of levying charges based on turnover slab rates, a move that is expected to benefit farmers.
Ministry of Corporate Affairs has notified relevant sections to give effect to NFRA by way of notification on 24th of October, 2018.
Till now ICAI used to make recommendations to the Central Government on the formulation and laying down of accounting and auditing policies and standards but, from now onwards ICAI will act as advisory to NFRA and NFRA will recommend to the Government
NFRA have the power to investigate, either suo motu or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants,
no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation.
So, ICAI cannot interfere where NFRA has issued proceedings
NFRA have the same powers as are vested in a civil court And the most critical one comes here, PENALTY Where professional or other misconduct is proved. NFRA may impose one lakh rupees - five times of the fees received, in case of individual. Ten lakh rupees -Ten times of the fees received, in case of firms. Debarring the member or the firm from Practice 6 months - 10 years
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GST: Punjab and Haryana HC orders to release detained Goods on Furnishing Security [Read Order]
Read more at: http://www.taxscan.in/gst-punjab-haryana-hc-orders-release-detained-goods-furnishing-security/30113/
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Rent from Warehouse facilities is Business Income: ITAT [Read Order]
Read more at: http://www.taxscan.in/rent-warehouse-facilities-business-income-itat/30101/
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IMD Bonds ’ can be treated as Securities and Therefore it does not fall within the Meaning of Any Some of Money: ITAT [Read Order]
Read more at: http://www.taxscan.in/imd-bonds-treated-securities-fall-meaning-money-itat/30106/
