31 October 2018 Updates

VAT Re-Assessment Order passed after GST rollout is Valid: Karnataka HC [Read Judgment]

Read more at: http://www.taxscan.in/vat-re-assessment-gst-karnataka-hc/30209/
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NFRA is Unconstitutional, says ICAI Chief

Read more at: http://www.taxscan.in/nfra-is-unconstitutional-says-icai-chief/30214/
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Tax Audit: CBDT issues Advisory to file Returns by 31st October

Read more at: http://www.taxscan.in/tax-audit-cbdt-advisory/30201/
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AO is not justified in insisting on payment of 20% of the demand based on cbdt's instruction dated 29.02.2016 during the pendency of appeal before the cit(a)and this approach may defeat & frustrate the right of the assessee to seek protection against collection and recovery pending appeal.?Bhupendra murji shah vs. Dcit, w.p. No. 2157&2160, bombay high court

GST Council has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, More than 96% of the decisions have already been implemented through 294 notifications.

Government of India has notified the Electoral Bond Scheme 2018. SBI in the 6th phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorised Branches w.e.f. 01.11.2018 to 10.11.2018.

UIDAI has said that Aadhaar e-KYC can be used to authenticate beneficiaries of government subsidies and welfare schemes, while for others the Aadhaar card can be used for verification.

SMEs raised Rs 1,281 crore through initial share-sales in April-September period of the current fiscal, registering a nearly two fold jump from the year-ago period.

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👉🏻21,900 entities under IT Dept’s scanner for evading taxes of about Rs 3,400 Cr
(21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the BSE)
👇🏻 👇🏻 👇🏻
https://goo.gl/CKCnkW

👉🏻RBI allows banks for fire audit of currency chests
(RBI has relaxed norms for the fire audit of currency chests allowing banks to get it done from approved agencies in case of shortage of staff at district fire offices)
👇🏻 👇🏻 👇🏻
https://goo.gl/CTUDwV

👉🏻Income Tax dept proposes online filing of tax exemption application
(Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said)
👇🏻 👇🏻 👇🏻
https://goo.gl/n3dm3s

👉🏻Appointment of Secretarial Auditor for carrying out Secretarial Audit of RailTel
(RailTel invites Expression of Interest from reputed firms of Practicing Company Secretaries for appointment of Practicing Company Secretary/ Firm of Company Secretaries for carrying out Secretarial Audit)
👇🏻 👇🏻 👇🏻
https://goo.gl/Fd7TCB 

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Re-Opening of GST TRAN-1 to Rectify Errors; Bombay HC asks CBIC to resolve Issue within 12 Weeks [Read Judgment]

Read more at: http://www.taxscan.in/re-opening-tran-1-bombay-hc-cbic/30225/
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ICAI goes more Stringent against misleading Media Reports: Slams Reports on IT Returns filed by CAs

Read more at: http://www.taxscan.in/icai-media-it-returns-cas/30234/
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GST dept unearths Shell Companies in Cotton Trade in Ludhiana

Read more at: http://www.taxscan.in/gst-dept-shell-companies-ludhiana/30242/
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Tax Audit Due Date Extension: Kerala HC admits Petition, seeks response from Dept

Read more at: http://www.taxscan.in/tax-audit-due-date-extension-kerala-hc/30252/
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Due date TODAY 31st October

#GSTR -1 for the period July 2017 to Sept'2018 (monthly & quarterly both)

#Tax Audit report and ITR filling

#TDS return filling of IInd Quarter.

ICAI: Eligibility Test (ET) for DISA on to be held on Saturday the 17th Nov., 2018
Last Date for Online Form Submission 31st October, 2018 till 5:30 PM - https://pqc.icai.org/

MCA vide it's General Circular No. 10/2018 dated 29.10.2018 has provided. Relaxation of additional fees on  filing of  e-forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013 up to 31.12.2018

Bombay HC Decision. AO cannot ask for payment of even 20% of Disputed Tax till the disposal of the appeal by CIT-A.

NIRC: Seminar on Blockchain Organized by Digital Accounting and Assurance Board, ICAI Jointly with NIRC of ICAI on 3rd Nov, 2018 at Hans Hotel, Barakhamba Road, New Delhi

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CBIC Notifies Amended rules for GST Practitioners Exam [Read Notification]

Read more at: http://www.taxscan.in/cbic-rules-gst-practitioners-exam/30287/
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Sec. 54F deduction available to HUF even if new house was purchased in name of member

[2018] 98 taxmann.com 189 (Gujarat)

HIGH COURT OF GUJARAT
Principal Commissioner of Income Tax, Vododara-1
v.
Vaidya Panalalmanilal(HUF)

SECTION 54 OF THE INCOME-TAX ACT, 1961 - CAPITAL GAINS - EXEMPTION OF, IN CASE OF INVESTMENT IN RESIDENTIAL HOUSE (HUF) - ASSESSMENT YEAR 2009-10 - WHETHER WHERE CONSIDERATION THAT AROSE IN HANDS OF HUF ON SALE OF CAPITAL ASSET HAD BEEN INVESTED FOR PURCHASE OF NEW RESIDENTIAL HOUSE IN NAME OF SOME OF ITS MEMBERS INSTEAD OF ASSESSEE (HUF), DEDUCTION UNDER SECTION 54F IN HANDS OF HUF WOULD BE PERMISSIBLE - HELD, YES [PARA 8] [IN FAVOUR OF ASSESSEE]

31 October 2018 News

31st October 2K18

Economic Times

Ø  RBI to inject Rs 12,000 cr liquidity in system on Thu
Ø  Government to sell 3% stake in Coal India
Ø  PNB scam: Choksi opposes ED's fugitive offender plea
Ø  GE cuts dividend, splits loss-making power unit
Ø  Tata Motors starts production of upcoming SUV Harrier
Ø  Cognizant records $28 million loss in India bribe talks with US DOJ, SEC
Ø  UK may suffer long recession after no-deal Brexit: S&P

Business Standard

Ø  Sebi not in favour of NSE-MCX merger due to co-location controversy
Ø  Sebi cautions investors against dealing with foreign trading portals
Ø  Tech Mahindra Q2 : Profit at 27% YoY beats street estimates
Ø  Centre approves construction of 215,000 houses in 6 states under PMAY (U)
Ø  Sebi exempts govt from making an open offer in PNB capital infusion
Ø  Dr Reddy's facility fails to clear the inspections by USFDA yet again

Business Line

Ø  FinMin looks to bury the hatchet with RBI
Ø  Paper demand to touch 20.8 million tonne in FY21
Ø  Italy, India to set up fast track mechanism to promote investments
Ø  Govt kickstarts process for further M&As in energy sector
Ø  Fortis case: Court bars 7 cos owing Singhs ₹639 cr from selling assets
Ø  Emami Q2 profit falls amid flat revenues

Mint

Ø  RBI looked the other way when banks lent excessively: Jaitley
Ø  Jet Airways brings Goldman, BCG on board in revival efforts
Ø  FSDC discusses NBFC liquidity issues, RBI promises adequate fund flow in system
Ø  Shapoorji Pallonji, Royal Vopak to set up LPG terminal in Gujarat
Ø  BPCL to shut crude unit, secondary capacity at Kochi refinery in Dec

Financial Express

Ø  Centre, states apportion Rs 32,000 crore IGST in October
Ø  Six Tata Trusts withdraw pleas against Income Tax department notices
Ø  ICAI fast-tracks pending cases for enquiry

Financial Chronicle

Ø  SBI halves ATM withdrawal limit to Rs 20k for some card holders
Ø  Govt eyes consolidation route to reach divestment goal
Ø  Spat shows central bank’s independence: Morgan Stanley

31.10.18 Economic News

👉CBIC Notifies the Amended Rules for GST Practitioners Exam

👉In a petition seeking amendment of GST Form TRAN-1, the Bombay High Court askes the petitioners to file a representation before the CBIC and directs the Board to address the Grievance & resolve the issue within a period of 12 weeks.

👉Tax Audit Due Date Extension: Kerala HC admits Petition and asks the department to file counter affidavit within ten days.

👉As much as Rs 32,000 Crore lying in the IGST pool has been Apportioned between the Centre and States in the month of October in which the states' share would be over Rs 15,000 crore

👉Ahead of Diwali festival, the RBI announces that it will inject Rs 12,000 Crore into the system through purchase of Government Securities on November 1 i.e. Thursday.

👉PNB Capital Infusion: SEBI exempts Govt from making  an Open Offer to the shareholders of PNB following the Proposed Equity Infusion that will hike its stake in the bank by nearly six percent. The Central Govt, a promoter of PNB, has proposed to infuse capital worth Rs 5,431 Crore against allotment of equity on preferential basis, as part of its programme to help the bank in Meeting Capital Adequacy Norms.

👉Chennai-based public sector lender Indian Bank raises Rs 290 Crores under Basel-III-Compliant Tier-2 Bonds on with a coupon rate of 8.90% p.a., tenure at 10 years and Call Option after completion of 5 years on Private Placement Basis.

👉Govt Considering a proposal to Increase Import Duty on Aluminium with a view to support domestic players. Currently the Basic Customs Duty(BCD) on Aluminium Scrap and Primary Aluminium is 2.5% and 7.5% respectively.

MCA relaxes additional fees playable by companies on annual forms

MCA relaxes additional fees playable by companies on e-form AOC -4, AOC(CFS), AOC 4 XBRL and e-form MGT 7 upto 31.12.2018

For more details refer General Circular 10/2018 dated 29.10.2018.

http://www.mca.gov.in/Ministry/pdf/NoticeAndCircularGC_30102018.pdf

30 October 2018 Updates

GST Scam of Rs. 80 Cr detected in Pune, One Arrested

Read more at: http://www.taxscan.in/gst-scam-pune-arrested/30177/
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New Regulatory for ICAI, ICSI & ICWAI on the Cards

Read more at: http://www.taxscan.in/regulatory-icai-icsi-icwai/30180/
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Indirect Tax Legal updates:

1. Central Excise- CSR activity can be considered as Input service since it is included within definition of 'activities relating to business'.CSR is not a charity since it has got a direct bearing on the manufacturing activity of the company which is largely dependent on smooth supply of raw materials and the same also augments the credit rating of the company as well as its standing in the corporate world.
2018-TIOL-3257-CESTAT-MUM

2. Service Tax- Where the arrangement of transportation is only to facilitate delivery of excisable goods at buyer's premises, no service is said to be rendered under Business Support Service. Held, the activities undertaken by the appellant do not conform to the definition of taxable service for the purpose of levy of service tax.
2018-TIOL-3226-CESTAT-MUM

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👉🏻Appointment of Auditor for Conducting GST audit in Union Bank of India
(Request for Proposal (RFP) for appointment of Auditor for conducting GST Audit in UNION BANK OF INDIA.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ad5XPV

👉🏻Appointment of GST Auditor of ITPO for F.Y 2017-18
(Invitation of offer for appointment of GST Auditor of India Trade Promotion Organization (ITPO)
👇🏻 👇🏻 👇🏻
https://goo.gl/h1Kmgn

👉🏻Allahabad Bank invite applications for Appointment of GST Auditors
(RPF for Appointment of Auditors for conducting GST Audit of Allahabad Bank.)
👇🏻 👇🏻 👇🏻
https://goo.gl/N5E4eX

👉🏻Appointment of GST Auditor for Airports Authority of India
(Online tenders through e-procurement mode are invited by Airports Authority of India for Appointment of GST Auditor for F.Y. 2017-18)
👇🏻 👇🏻 👇🏻
https://goo.gl/N1w5Es

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Another Bombshell towards ICAI by Govt.

After the implementation of the auditor’s regulator National Financial Reporting Authority (NFRA), the Government is now looking to discipline the three professional institutes, including the Institute of Chartered Accountants of India ( ICAI ), Institute of Company Secretaries of India (ICSI) and the Institute of Cost Accountants of India (ICWAI), Times of India reported.

According to the report, the government has pulled out a report of the high-level committee headed by O retired bureaucrat Meenakshi Datta Ghosh, that no suggested a massive overhaul of the disciplinary actions taken by the three professional bodies.

The committee, whose report has not been made public, had recommended that the ministry of corporate affairs should appoint directors or discipline and secretaries in all three professional Institutes. These Functionaries are proposed to the government officers and may be appointed In the same way as those in autonomous bodies.

The new disciplinary platform will be independent of the professional bodies. The report sought for a time of one year to dispose of the cases. Currently, the matters take three to five years for disposal. It also suggested reducing the practice of frequent adjournments.

The committee had also asked the government to merge the disciplinary committee and the board of discipline and said members elected to the institutes’ councils, the apex decision-making body, should recuse themselves in case they are subjected to any disciplinary action.
Source : Taxscan

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GST: CBIC clarifies Issues on Refund [Read Circular]

Read more at: http://www.taxscan.in/gst-cbic-issues-refund/30183/
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Income from Flats and Shops held as Stock-in-Trade is Business Income: ITAT [Read Order]

Read more at: http://www.taxscan.in/flats-shops-stock-trade-business-income-itat/30168/
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Income tax dept may soon request authorities in the finance ministry to intervene so that I-T dues get a higher priority over dues to unsecured creditors under the insolvency law.

Even after the deadline for filing income tax returns ended on August 31, the growth in taxpayers filing e-returns continued to grow robustly, and for April-September, a 65% growth was witnessed over the year-ago period, data from the CBDT showed.

CBDT amends Section 197 - Form 13 Amended for manner of filing lower TDS deduction rate. cajatinminocha.com/resourceOnline_application_for_lower_tds_deduction.aspx

Time limit for furnishing the declaration in FORM GST ITC-04 in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to September, 2018 has been extended till 31 December, 2018.

CBIC notified the persons whose registration under the said Act has been cancelled by the proper officer on or before the 30thSept, 2018, as the class of persons who shall furnish the final return in FORM GSTR-10 of the said rules till the 31st Dec, 2018.

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Tax Audit: CBDT issues Advisory to file Returns by 31st October

Read more at: http://www.taxscan.in/tax-audit-cbdt-advisory/30201/
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1. GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion. The Central Board of Indirect Taxes and Customs CBIC has set up a 'Nudge Team' to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes.

2. Enthused by the impact of new insolvency and bankruptcy law, the government expects bad loan recoveries to exceed Rs1.80 trillion target for the current financial year, an official said.

3. The government is planning to link up the databases of various tax and regulatory authorities to spot signs of growing stress before they blow up like in the case of IL&FS, a government official said. According to the plan, the databases of income tax department, goods and services tax (GST) Network, Central Board of Indirect Taxes and Customs, Financial Intelligence Unit, Registrars of Companies, the Reserve Bank of India and the Securities and Exchange Board of India will be linked through an application programming interface (API), the official cited above said on condition of anonymity. API is a software interface that facilitates communication among various databases.

3. The World Trade Organisation’s dispute settlement body has set up a panel to examine the US complaint against certain export-subsidy measures by India as both the sides failed to resolve the issue at consultation level, an official said.

4. Commerce and Industry Minister Suresh Prabhu has said India and the US have exchanged offers for a possible trade deal with a view to resolving issues related to bilateral commerce. India had announced hiking customs duty on 29 products, including pulses and iron and steel items, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect from November 2.

5. FinMin starts budget 2019 preparation, seeks input from central ministries.

6. For SBI account holders, new ATM cash withdrawal rules kick in from October 31. SBI, the country’s largest bank, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000, with effect from 31 October 2018.
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Legal Updates

1.Delhi High court rejected the plaint filed by plaintiff alleged transfer of shares and allotment of further shares to defendent by the Company in violation of the Companies Act. It held that the Court does'nt have appropriate jurisdiction, thus the plaintiff being aggrieved has to file the petition for claiming remedies such as rectification of register of members, cancellation of shares issued in voilation u/s 62 of Companies Act,2013 etc. , in accordance with law before the NCLT.
SAS HOSPITALITY PVT. LTD. & ORS. VS. SURYA CONSTRUCTIONS PVT. LTD. & ORS. MANU/DE/3791/2018

2. It has been held that once a company petition for winding up is admitted, it ceases to be a petition on behalf of one petitoner only, but it becomes a petition on behalf of several creditors in representative capacity. Ganesh Benzoplast Ltd. Vs. Kedia Distilleries Ltd. MANU/MP/0076/2004

3. High Court held that where a petition of winding up is filed u/s 433 and 439 of Companies Act,1956 , it has to be in compliance of provisions of rules 96,99,24 and form no.48 of Companies rules,1959. The petition shall be advertised so that concerned authorities may file their objections. The court while ordering winding up shall give directions for advertisment to be published in accordance with rule 96, however, if required advertisement still not published for winding up of company, then the said order of winding up shall stand set aside.
Ahmadur Rahman & Ors. Vs. ROC MANU/GH/0002/1972

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NCLAT : In Vijay Kumar Jain vs. Standard Chartered Bank Ltd. & Ors.

The suspended Board of Directors cannot decide the viability and feasibility of a ‘Resolution Plan’ nor is competent to restructure their debt in order to make the ‘Corporate Debtor’ as a going concern. It only in the domain of the ‘Committee of Creditors’ who are expert in the field to decide the viability, feasibility and financial matrix of one or other ‘Resolution Plan’ by majority share of voting rights.

Read full case law at : https://dasgovernance.com/2018/10/30/nclat-in-vijay-kumar-jain-vs-standard-chartered-bank-ltd-ors/
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VAT Re-Assessment Order passed after GST rollout is Valid: Karnataka HC [Read Judgment]

Read more at: http://www.taxscan.in/vat-re-assessment-gst-karnataka-hc/30209/

30 October 2018 News

30th October 2K18

Economic Times

Ø  Govt very upset with RBI for making rift public: Sources
Ø  PNB scam: Nirav Modi opposes fugitive offender plea
Ø  SC allows renegotiation of power tariffs for 3 plants
Ø  Distressed asset sales 3% of overall M&A in 2017
Ø  Tata Capital plans infra debt fund for green projects

Business Standard

Ø  BPCL Q2 profit slips 48% at Rs 1,219 crore
Ø  Govt upset with RBI for being kept in the dark about PCA, NPA norms
Ø  Rupee fall puts Rs 280 bn solar power projects at viability risk: Crisil
Ø  LIC Housing Fin Q2 PAT up 12% to Rs 5.73 bn, loan portfolio up 10%
Ø  Japan backs India's membership bid to join Nuclear Suppliers Group
Ø  Tata Power Q2 net profit jumps 85% due to strong show by renewables

Business Line

Ø  Investors of scam-hit NSEL up in arms against SEBI
Ø  India’s crude steel output grows 2% to 8.5 MT in Sep: worldsteel
Ø  L&T JV to export missiles to Europe from Coimbatore SEZ
Ø  Century Textiles Q2 net jumps 3-fold to Rs 156 cr
Ø  Sterlite Copper accuses TNPCB of providing ‘flawed data’
Ø  IBM to buy Red Hat for $34 billion in cloud push
Ø  India, Japan sign $75 billion currency swap agreement

Mint

Ø  Jet Airways eyes help from Ratan Tata, Mukesh Ambani
Ø  Bharti Airtel is said to delay IPO of $8 billion Africa business
Ø  JSW Steel revamps production to meet steel demand
Ø  NSDL Payments Bank starts operations
Ø  Usha Martin promoters put aside differences over sale to Tata

Financial Express

Ø  Vedanta wins 10-year extension for Rajasthan oil block
Ø  Bank of Japan seen standing pat amid growing focus on 10-year yield range
Ø  DoT to challenge TDSAT order allowing RCom to sell spectrum without bank guarantee
Ø  RBI employees association seek central bank’s autonomy

Financial Chronicle

Ø  RBI okays Puri’s term as HDFC Bank chief till 2020
Ø  DoT to seek AG's views on new digital eKYC
Ø  Adani, Tata, Essar power plants get SC nod for tariff revision
Ø  Toxic IL&FS foreign arms to be shut under Kotak resolution

30.10.18 Economic News

👉The income tax department said on Monday it will allow online filing of applications for tax breaks to certain entities which at present have to file these manually.The beneficiaries of the move are charitable institutions, religious trusts, not-for profit universities and educational institutions as well as not-for profit hospitals. These entities have to apply for tax relief on the funds they receive. Also, individuals who claim deduction under section 80G for the donations made to certain entities from their taxable income will be allowed to apply online.

👉 State Bank of India (SBI) expects the ‘dirty dozen’ large bad loan cases referred to the bankruptcy courts to be resolved by the end of the current fiscal. According to managing director Arijit Basu, the bankruptcy process has stabilised with several Supreme Court rulings and there is more clarity in the process
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👉The Reserve Bank has relaxed norms for the fire audit of currency chests allowing banks to get it done from approved agencies in case of shortage of staff at district fire offices.Banks maintaining currency chests are required to get fire audit done once in a two years.

👉The Micro Small and Medium Enterprises (MSME) are not getting the required attention of investors, despite being the "real drivers of economy", Meghalaya Chief Minister Conrad K Sangma said Monday.

👉Diamond trader Nirav Modi, a prime accused in the multi-crore PNB scam, Monday filed an application before a special court opposing the ED's complaint to have him declared a "fugitive economic offender" under the Fugitive Economic Offenders Act (FEOA).

👉Amid difference between the Reserve Bank of India (RBI) and the finance ministry, officials said the government was upset with the central bank for not consulting it before finalising norms for prompt corrective action (PCA) and classification of non-performing assets (NPAs).

👉The RBI has upped the ante on the central bank’s autonomy even as it warned that the regulator’s conservatism is essential for the long-term stability of the economy. Delivering the AD Shroff Memorial Lecture, RBI deputy governor Viral Acharya said undermining the RBI’s independence will have a “catastrophic” impact.

FAKE : Extension of Annual filing MCA

Circular doing rounds on social media regarding extension of due date of AOC-4 and MGT-7 till 31st Dec is FAKE. 📣

29 October 2018 Updates

GST Provision denying credit of Excise Duty paid on Capital Goods in Transit as on 1st July 2017 is Valid: Gujarat HC [Read Judgment]

Read more at: http://www.taxscan.in/gst-credit-capital-goods-transit-gujarat-hc/30152/
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Cap Market Updates 🏦
October 29

✍ Asian Paints seems to be losing its sheen. Its Q2 PAT fell around 15%. Stay away from this counter till the market stabilises.

✍ HDFC Bank, which reported 21% higher PAT for Q2 at Rs.5005.73 crore, is reportedly faring well in the current quarter as well. Buy.

✍ Persistent Systems has reported a Rs.43 crore exposure to the IL&FS group. Its Q2 results also failed to cheer investors. Stay away from this counter.

✍ Oberoi Realty’s Q2 consolidated PAT jumped over 2x on the back of higher bookings and projects. Buy for the long term.

✍ Hindustan Zinc reported 29% lower PAT for Q2 on account of higher input cost and lower revenue. Investors may, however, hold the stock in view of the special dividend of Rs.20/share.

✍ There is no stopping Alembic Pharmaceuticals, which reported 64% higher PAT for Q2 due to a one-time supply shortage in the US markets. The gains are likely to continue to Q3 as well. Hold.

✍ Jubilant Lifesciences reported 67% higher PAT for Q2, mainly on account of robust sales from the pharma segment. Its Q3 is likely to be equally good. Buy.

✍ Inox Leisure, which operates around 536 screens in 66 cities across 19 states, reported flat to positive results for Q2. Hold.

✍ Bajaj Finance reported robust numbers for Q2 with 54% higher PAT. Buy.

✍ Zee Entertainment Enterprises has secured a US patent for its technology platform in the home entertainment segment. A big positive for the company. Buy.

✍ PNB Housing Finance has raised Rs.1775 crore for expanding its business. Its commercial papers (CPs) were fully subscribed, which testifies its inherent strength to meet its obligations. Accumulate.

✍ Havells India is focused on introducing new consumer electronic products and improving its distribution network. Buy for the long-term.

✍ Value buying is gradually emerging in good quality housing finance company (HFC) stocks. Buy IndiaBulls Housing Finance immediately for stellar gains.

✍ TVS Motor Company is geared up for growth. The stock looks good for the long-term in spite of stagnant profits.

✍ HCL Technologies beat street estimates with 15% higher PAT for Q2. The management expects 11% higher revenue for FY19 and its bottom-line will also improve. Buy.

✍ The government is focused on enhancing crop production using drip irrigation systems. Buy Jain Irrigation Systems for good returns.

✍ All rating agencies have re-affirmed their AAA rating for Dewan Housing Finance Corporation, which seems to have been overlooked by investors. The current correction phase offers an excellent opportunity to enter.

✍ With decent earnings visibility, fertiliser majors Gujarat State Fertilizers & Chemicals and Deepak Fertilisers & Petrochemicals Corporation look good. Buy.

✍ Contrarian buying and going against the tide fetches good returns sometimes. It may be prudent to buy Apex Frozen Foods, Waterbase and Avanti Feeds for an investment period of two years.

✍ National Aluminium Company invites investor attention. An imminent buy-back coupled with higher profits for FY19 augurs well for the company. Buy immediately.

✍ IT major Larsen & Toubro Infotech reported 47% higher PAT for Q2 on account of higher growth in its digital services segment. The management is optimistic about the company’s future. Buy for the long-term.

✍ Mahindra & Mahindra Financial Services reported a two-fold increase in Q2 PAT. The current meltdown in the market could not dent its share price, which shows its inherent strength. Buy.

✍ Kriti Nutrients, which reported 40% higher PAT for Q2FY19 and 66% higher PAT for H1FY19, is likely to notch an EPS of over Rs.4.5 for FY19. A reasonable P/E of 10x will take its share price to Rs.45 in the medium-term.

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You must be aware that DIRECTOR’S REPORT for other than Small Companies and One Person Companies has been amended w.e.f. 31st July 2018 to include 2 more points:

1. Maintenance of cost records
2. Compliance under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Please consider the same in your reports.
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GST Council met 30 times, took 918 decisions since its Constitution, says Finance Ministry

Read more at: http://www.taxscan.in/gst-council-decisions-finance-ministry/30158/
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CBIC to focus on behavioural patterns of taxpayers to improve GST compliance

Soon, GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion.

The CBIC has set up a ‘Nudge Team’ to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes.

The plan is based on ‘behavioural interventions’ or ‘non-deterrence approach’ adopted by countries like the UK, Australia and Mexico to frame policies and increase tax collections.

“On the basis of the behavioural pattern, the dept will segregate taxpayers into different categories like ‘disengaged’, ‘resisters’, ‘triers’ and ‘supporters’,” .

In cases of non-wilful defaulters, the tax dept would adopt a soft approach to persuade them to comply with tax laws by sending them personalised emails reminding them about the default in tax payment cycle.

Efforts will also be made to educate these taxpayers about provisions like payment of taxes in instalments in case of liquidity crunch, and other benign provisions of the tax laws to enable them to comply with statutory provision.

29 October 2018 News

29th October 2K18

Economic Times

Ø  SBI to revamp credit policy for the jewellery sector
Ø  Oil regulator approves sale of Mukesh Ambani's pipeline
Ø  IBC bonanza for banks could exceed Rs 1.8 lakh crore in FY19
Ø  Essar sweetens offer to retain family silver
Ø  Urjit Patel to brief parl panel on note-ban on Nov 12
Ø  Local pharma formulators to benefit from USFDA
Ø  Govt plans global ETF in FY20 to tap overseas funds

Business Standard

Ø  India's first inland waterways shipment to start with PepsiCo on Tuesday
Ø  Iran starts oil sales to private exporters to beat approaching US sanctions
Ø  India Cements to buy Springway Mining for Rs 1.82 bn to set up a MP plant
Ø  Flipkart's FY18 losses narrow 29% to Rs 11.6 bn, revenues grow 48%
Ø  Ruias to deleverage Rs 1.25 trn of their debt if Essar Steel offer accepted

Business Line
 
Ø  Bharat Petroleum to invest $800-m equity in Mozambique LNG project
Ø  Consumer groups oppose Gujarat govt’s plan to bailout Adani, Tata, Essar’s ailing power 
Ø  Centre expects recoveries to exceed ₹1.80 lakh cr in FY19
Ø  Cochin Shipyard embarks on biggest expansion with Rs 1,799-cr dry dock
 
Mint

Ø  FPIs stay bearish on India; pull out $5 billion in October so far
Ø  Paytm losses swell 69% to Rs1,490 crore in FY18
Ø Government plans global ETF in FY20 to tap overseas pension funds
Ø  ZipGo acquires Supreme Transport to create presence in Mumbai, Pune

Financial Express
 
Ø  New MSME package: Banks to clear 90% of CPSEs’ dues on receipt of purchase
Ø  Smart electricity meters in rural India a win-win, says ADB
Ø  HSIL eyes revenue of over Rs 500 crore from consumer business in FY20
Ø  No-deal Brexit may prolong UK austerity, says Philip Hammond
 
Financial Chronicle

Ø  FinMin studying DoT plea for 4G spectrum to BSNL, MTNL
Ø  WTO panel to examine US stand on Indian subsidies
Ø  Big pharma firms set to return to double-digit growth
Ø  GST council met 30 times, took 918 decisions in 2 years
Ø  Telecom vednors commit Rs 4000cr investment in India over 2 years: Govt

29.10.18 Economic News

👉GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion. The Central Board of Indirect Taxes and Customs CBIC has set up a 'Nudge Team' to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes.

👉Enthused by the impact of new insolvency and bankruptcy law, the government expects bad loan recoveries to exceed Rs1.80 trillion target for the current financial year, an official said.

👉The government is planning to link up the databases of various tax and regulatory authorities to spot signs of growing stress before they blow up like in the case of IL&FS, a government official said. According to the plan, the databases of income tax department, goods and services tax (GST) Network, Central Board of Indirect Taxes and Customs, Financial Intelligence Unit, Registrars of Companies, the Reserve Bank of India and the Securities and Exchange Board of India will be linked through an application programming interface (API), the official cited above said on condition of anonymity. API is a software interface that facilitates communication among various databases.

👉The World Trade Organisation’s dispute settlement body has set up a panel to examine the US complaint against certain export-subsidy measures by India as both the sides failed to resolve the issue at consultation level, an official said.

👉Commerce and Industry Minister Suresh Prabhu has said India and the US have exchanged offers for a possible trade deal with a view to resolving issues related to bilateral commerce. India had announced hiking customs duty on 29 products, including pulses and iron and steel items, imported from the US as a retaliatory action against the tariff hike by Washington. The duty hike would come into effect from November 2.

👉FinMin starts budget 2019 preparation, seeks input from central ministries

👉For SBI account holders, new ATM cash withdrawal rules kick in from October 31. SBI, the country’s largest bank, will reduce the daily cash withdrawal limit for Classic and Maestro debit cards to Rs 20,000 per day, from Rs 40,000, with effect from 31 October 2018.

28 October 2018 Updates

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/

28 October 2018 News

🌅🗞 समाचार सुप्रभात🌅

  28 अक्टूबर, 2018 रविवार
              🔰🔰🔰

📌Top Headlines

🔺PM Modi reaches Tokyo to attend Annual India-Japan Bilateral Summit

🔺DAC approves upgradation of 17 Dornier Aircraft of Indian Coast Guard

🔺FM Jaitley urges Kashmiris to support govt in fight against terrorism

🔺Five-day North East festival begins in New Delhi

🔺Four CRPF jawans martyred in Chhattisgarh Maoist ambush
   
🇮🇳NATIONAL NEWS

🔺Strong enough to respond if Islamabad continues with its plans against New Delhi: Army Chief

🔺Railways functioning undergone a sea change during NDA regime: Piyush Goyal

🔺PM Modi will share his thoughts in Mann Ki Baat programme today

🔺Guwahati film festival Day 3: 21 films began screened

🔺Consumer Protection Bill- 2018 will be passed in coming Winter Session, hopes C R Chaudhary

🌍INTERNATIONAL NEWS

🔺Sri Lankan President prorogues parliament till Nov 16 amid political crisis

🔺India donates 3 lakh Dollars for peacekeeping initiative at UN

🔺Saudi Arabia to try suspects in journalist's murder case: Foreign Minister

🔺Six killed in suicide attack on Afghan police bus

🔺EU, US and UK urge parties in Sri Lanka to follow Constitution, refrain from violence

🏏SPORTS NEWS

🔺West Indies beat India by 43 Runs in 3rd ODI

🔺Table Tennis: Ayhika Mukherjee wins silver medal at Under-21 Belgium Open

🔺Asian Champions Troph: India take on Japan in semi-finals

🔺MS Dhoni dropped from India's 16-member teams for T20I series against West Indies, Australia

🔺Saina Nehwal, P V Sindhu & Kidambi Srikanth knocked out from French Open

🇦🇶STATE NEWS

🔺Seven elephants electrocuted in Odisha

🔺Amit Shah accuses Kerala govt of using police force against Sabarimala devotees

🔺Heavy rain forecast for coastal Odisha

🔺J&K: CASOs launched in south Kashmir's Kulgam and Shopian districts

🔺BSP issues its 2nd list for 29 seats for MP Assembly elections

🛑मुख्य समाचार:-

▪प्रधानमंत्री नरेन्द्र मोदी भारत-जापान वार्षिक शिखर बैठक में भाग लेने तोक्यो पहुंचे

▪रक्षा खरीद परिषद ने भारतीय तटरक्षक बल के 17 डोर्नियर विमानों को तकनीकी रूप से उन्‍नत बनाने की मंजूरी दी

▪वित्‍तमंत्री अरुण जेटली का कश्‍मीर के लोगों से आतंकवाद के खिलाफ लड़ाई में सरकार का साथ देने का आहवान

▪छत्तीसगढ़ के बीजापुर में माओवादियों के घात लगाकर किये हमले में सी.आर.पी.एफ. के चार जवान शहीद

▪पांच दिन का पूर्वोतर महोत्‍सव नई दिल्‍ली में शुरू

▪श्रीलंका में राष्‍ट्रपति मैत्रीपाला सिरीसेना ने देश में राजनीतिक संकट के बीच संसद का सत्र 16 नवम्‍बर तक स्‍थगित करने के आदेश दिये

▪पुणे में तीसरे एकदिवसीय अंतर्राष्ट्रीय क्रिकेट मैच में वेस्ट इंडीज ने भारत को 43 रनों से हराया, 240 रन पर सिमटी भारत की टीम

💢विविध खबरें

🔺राजनाथ का तंज- कहीं विपक्षी पार्टियां ही ना चला दें कांग्रेस के खिलाफ #Metoo कैंपेन

♦सबरीमला विवाद पर बोले शाह- दांव पर नहीं लगने देंगे हिंदू धर्म

♦RBI के डिप्टी गवर्नर का बयान, सरकारी विभाग नहीं है रिजर्व बैंक

♦संबित पात्रा का कांग्रेस पर बड़ा हमला- सोनिया गांधी को बताया नंबर 1 अरोपी

♦ADR की रिपोर्ट में खुलासा, 7 सांसदों और 199 विधायकों ने नहीं दी पैन की जानकारी

♦T- 20 सीरीज: विंडीज और आॅस्ट्रलिया के लिए टीम इंडिया का ऐलान, धोनी की छुट्टी

♦अफसरों से मारपीट करने पर IB नाराज, डोभाल से की PSO की शिकायत

♦जम्मू कश्मीर: नौगाम में CISF की टीम पर आतंकी हमला, ASI शहीद

♦दिल्ली में हवा की गुणवत्ता हुई बेहद खराब, 10 दिन का अलर्ट जारी

♦बिपिन रावत की पाकिस्तान को सख्त चेतावनी, कहा- सुधर जाओ, नहीं तो करेंगे बड़ी कार्रवाई

♦ट्विटर पर पूर्व नौसेना प्रमुख से भिड़ी रक्षा मंत्रालय की प्रवक्ता, विवाद के बाद छुट्टी

♦श्रीलंका में सियासी उठापटक: राष्ट्रलपति ने विवादित राजपक्षे को सौंपी पीएम की कुर्सी

♦छत्तीसगढ़: इस बार पलट जाएगी बस्तर की बाजी- मुख्यमंत्री रमन सिंह

♦नवंबर अंत से 'रेड आई' फ्लाइट्स शुरू करेगा एयर इंडिया, देर रात उड़ान भरकर तड़के पहुंचेंगी

♦झारखण्ड: नक्सलियों की कमाई के निवेशक की संपत्ति प्रशासन ने की जब्त

♦श्योपुर (मध्यप्रदेश): एमबीबीएस में प्रवेश के नाम पर लाखों ठगने वाले आरोपी बेंगलुरु से पकड़े गए

♦भारत में बनेगी दुनिया की सबसे ऊंची रेलवे लाइन, सुरंग के भीतर होगा रेलवे स्टेशन; चीन तक पहुंचाएगी यह रेल लाइन!

♦भारत-चीन के बीच अगले महीने होगी 21वें दौर की सीमा वार्ता

♦पाकिस्तान के सुप्रीम कोर्ट ने फिर से लागू किया भारतीय कॉन्टेंट पर बैन

♦अमेरिका के पिट्सबर्ग में गोलीबारी, कम से कम 4 लोगों की मौत

♦ पाकिस्तान पीएम इमरान की बहन सहित 44 प्रमुख पाकिस्तानियों की है यूएई में बेनामी संपत्ति

♦पाकिस्तान के सेना प्रमुख ने 14 आतंकवादियों को मौत की सजा की पुष्टि की

♦खशोगी मर्डर: जांच के लिए इंस्ताबुल जाएंगे सऊदी के वकील

26 October 2018 News

🌅🗞 समाचार सुप्रभात🌅

  26 अक्टूबर, 2018 शुक्रवार
              🔰🔰🔰

📌Top Headlines

*🔺President Kovind calls upon social organisations to encourage public on celebrating festivals

*🔺Madras HC upholds order disqualifying 18 rebel AIADMK MLAs*

*🔺ED attaches Rs 255-cr assets of Nirav Modi in Hong Kong*

*🔺Vladimir Putin warns of a new arms race with America*
   
*🇮🇳NATIONAL NEWS*

*🔺Indian telecom industry will rollout one million WiFi hotspots by December next year: Union Minister Manoj Sinha*

*🔺HM Rajnath Singh attends the 57th Raising Day Parade of ITBP*

*🔺Vyapam scam: Two accused sentenced to imprisonment for five years by special CBI court*

*🔺Muzaffarpur Shelter Home Case: SC terms as horrible and scary details placed before it by CBI*

*🔺Defence Minister says that buying S-400 Triumf air defence missile from Russia is a choice that India makes*

*🌍INTERNATIONAL NEWS*

*🔺US Secret Service intercepts explosive devices sent to homes of former President Obama and 2016 Democratic nominee Hillary Clinton*

*🔺Saudi Arabia's crown prince Mohammed bin Salman denounces the murder of journalist Jamal Khashoggi*

*🔺UN investigators say genocide is still taking place against Rohingya Muslims in Myanmar*

*🔺European Parliament backs ban on single-use plastics*

*🔺5 more rice mills cleared for exports to China; ban on rapeseed meal from India dropped by China*

*⚽SPORTS NEWS*

*🔺Virat Kohli becomes fastest batsman to reach 10,000 ODI runs*

*🔺Wrestling: Ritu Malik in contention for bronze; Sakshi Malik, Ritu Phogat suffer defeats*

*🔺2nd T20: India A beat Australian counterparts by 28 runs*

*🔺India to cooperate in investigation of corruption cases within Sri Lankan cricket*

*🔺Liuzhou International Challenger: Prajnesh Gunneswaran wins in the men's singles*

*🔺K Srikanth, Saina Nehwal enter quarterfinals of French Open*

*🇦🇶STATE NEWS*

*🔺Assam: Second Guwahati International Film Festival began*

*🔺J&K: Gunfight raged between terrorists and joint team of security forces in Kreeri area of north Kashmir's Baramulla*

*🔺Maha Gov calls for a broad consensus among all political parties on not offering political tickets to candidates with criminal background*

*🔺Arunachal Pradesh: Two day Children’s Film Bonanza began in Naharlagun*

*🔺Congress releases list of 40 candidates for Mizoram Assembly polls*

*🔴मुख्य समाचार*

*▪राष्‍ट्रपति रामनाथ कोविंद ने सामाजिक संगठनों से लोगों को समारोह मनाते समय पर्यावरण पर प्रतिकूल असर रोकने के लिए समझाने को कहा*

*▪मद्रास उच्‍च न्‍यायालय ने ऑल इंडिया अन्‍ना डी एम के पार्टी के 18 बागी विधायकों को अयोग्‍य ठहराने के तमिलनाडु विधानसभा अध्‍यक्ष के फैसले को बरकरार रखा*

*▪प्रवर्तन निदेशालय ने पंजाब नेशनल बैंक घोटाला मामले में भगौड़े व्‍यापारी नीरव मोदी की हांगकांग में दो सौ पचपन करोड़ रूपये मूल्‍य की सम्‍पत्ति जब्‍त की*

*▪रूस के राष्ट्रपति व्लादिमीर पुतिन ने आगाह किया--अमरीका अगर मध्यम दूरी तक मार करने वाले परमाणु हथियारों से संबद्ध संधि से हटता है तो इससे हथियारों की एक नई दौड़ को बल मिलेगा*

*▪West Indies के खिलाफ आखिरी 3 वनडे के लिए टीम इंडिया का ऐलान, बुमराह, भुवनेश्वर की वापसी*

*💢विविध खबरें*

*♦CBI विवाद पर बोले स्वामी- वर्मा को लेकर पुनर्विचार करें पीएम मोदी*

*♦PM मोदी ने देश के संविधान का अपमान किया: राहुल गांधी*

*♦CBI की सफाई- नहीं हटाए गए आलोक वर्मा और राकेश अस्थाना*

*♦Aircel Maxis case: चिदंबरम आरोपी नंबर 1, पटियाला हाऊस कोर्ट में चार्जशीट दाखिल*

*♦आलोक वर्मा की जासूसी नहीं, नियमित गश्त पर थे कर्मचारी: IB सूत्र*

*♦पलानीस्वामी सरकार को बड़ी राहत, AIADMK के 18 बागी विधायक अयोग्य करार*

*♦CBI विवाद: आलोक वर्मा की जासूसी, पूछताछ के बाद 4 संदिग्धों को पुलिस ने छोड़ा*

*♦विंडीज के ऑलराउंडर ड्वेन ब्रावो ने इंटरनेशनल क्रिकेट से लिया संन्यास*

*♦जांच के डर से CBI निदेशक को हटाया: राहुल गांधी*

*♦म्यांमार में अब भी हो रहा रोहिंग्या मुसलमानों का नरसंहार: संयुक्त राष्ट्र*

*♦UN डे: संयुक्त राष्ट्र में गूंजी राम धुन, महासचिव ने बापू को किया याद*

*♦ट्रंप की फोन पर होने वाली बातचीत सुन रहे चीन और रूस: रिपोर्ट*

*♦चीन की मदद से 2022 में अपने नागरिक को अंतरिक्ष भेजेगा पाकिस्तान*

*♦मुशर्रफ के खिलाफ देशद्रोह का मुकदमा सुन रही विशेष अदालत फिर भंग*

*♦खशोगी की हत्या पर सऊदी क्राउन प्रिंस का पहला बयान, घटना को बताया डरावना*

*♦दुबई-खुला किस्मत का ताला, भारतीय की लगी सात करोड़ की लॉटरी*

*♦सऊदी के बाद कर्ज लेने चीन जाएंगे इमरान खान*

*♦शहीदों के परिजनों को एक करोड़ रुपये की सहायता राशि दी जाएगी : राजनाथ सिंह*

*♦त्‍योहारी सीजन में बढ़ी सोने की मांग, 6 साल में हुआ सबसे महंगा*

*♦एयरसेल-मैक्सिस केस: चिदंबरम के खिलाफ ईडी ने दायर की चार्जशीट, गिरफ्तारी पर 29 नवंबर तक रोक*

*♦विशाखापत्तनम: जगन मोहन रेड्डी पर धारदार हथियार से जानलेवा हमला, कैंटीन ब्वॉय पर आरोप*

*♦अगले 10 साल तक देश को कड़े फैसले लेने वाली मजबूत सरकार की जरूरत : डोभाल*

*♦एमनेस्टी इंटरनेशनल के बंगलूरू स्थित दो दफ्तरों पर ईडी का छापा*

26th October 2K18

Economic Times

Ø  Fiscal deficit widens in H1 of FY19
Ø  Maruti Suzuki Q2 profit falls 10% YoY to Rs 2,240 cr 
Ø  Airtel profit slumps 65% YoY to Rs 119 crore
Ø  Essar board offers to pay Rs 54,389 cr dues
Ø  Bhushan Power auction compromised: Tata Steel
Ø  Odisha clears Hindalco's Rs 5000 cr investment proposal

Business Standard

Ø  YES Bank Q2 profit drops 4% YoY to Rs 965 cr 
Ø  RBI plan to move from wholesale cash cycle to a retail-based model
Ø  India's sugar output may decline marginally this yr due to cane crop damage
Ø  Oil steadies near two-month low as US stockpiles climb, equity rout eases
Ø  Biocon Q2 net profit surges five-fold on exceptional income
Ø  Sebi issues norms to levy Rs 100,000 on agri-commodity derivatives turnover
 
Business Line

Ø  North-East monsoon pattern evolves, but no rains just yet
Ø  Basmati paddy price surges 25% on expectation of output decline
Ø  TVS Motor rolls out special edition of TVS Sport
Ø  Rising demand propels JSW Steel Q2 profit to ₹2,087 crore
Ø  Demand for our loans grew as other NBFCs stopped lending: Ajay Piramal
Ø  Spot rubber skids on buyer resistance
Ø  Airtel Africa raises $1.25 billion from SoftBank, 5 others before IPO

Mint

Ø  IDFC Bank to be renamed as IDFC First Bank
Ø  Tata Motors’ JLR opens $1.6 billion manufacturing plant in Slovakia
Ø  JSW Steel Q2 profit more than doubles on higher output
Ø  Challenges persist for Wipro despite healthy Q2 results
Ø  GST anti profiteering clause puts FMCG firms in a fix

Financial Express

Ø  Startups in India see 108% growth in funding, receive $4.2 billion in 2018, says NASSCOM
Ø  BHEL share buyback for Rs 1,628 crore: Record date announced; key things about mega PSU stock repurchase
Ø  NBCC bags Rs 902-cr contract to build AIIMS in Deogarh, Jharkhand
Ø  ILFS inducts CS Rajan into board of IECCL as additional director

Financial Chronicle

Ø  Large pharma firms to report double-digit growth this fiscal: Crisil
Ø  Birla Group plans $5b capex over next three years
Ø  Sebi sees opportunity for bond market in NPA crisis
Ø  63 Moons gets interim relief from high court

26 October 2018 Updates

Checklist for GST Annual return

Four types of annual returns

GSTR-9 : Annual return for the regular taxpayer

GSTR-9A: If you have opted for the GST composition scheme, you become liable for filing the annual return form GSTR-9A, instead of GSTR-9.

GSTR-9B: Similarly, if you are an e-commerce operator who had filed GSTR-8 during the FY, you need to file GSTR-9B as your annual return.

GSTR-9C: If your annual turnover exceeds Rs 2 crores, you should file GSTR-9C along with your annual return. In this case, you also need to get your accounts audited.

A checklist Before going to file the annual returns

~List of tax invoiced issued during the period and reconciliation of the same with books of accounts, this also should be reconciled with the turnover declared in the audited financial statements. This should be made each GSTIN statewise by the company.

~List of debit/credit notes issued during the period and reconciliation of the same with books of accounts.

~In case company has the different units/branch all over India, then the stock transfer between units/branches also to be reconciled with the books.

~Reconciliation of advances received and GST paid for goods & services during July 1 to 15th November 2017 and advances received for services and GST paid for that from 15th November 2017 to 31ST March 2018.

~Reconciliation of E-Way bill data with the tax invoices issued during the period

~ GSTIN statewise
Reconciliation of HSN wise summary with the issued tax invoices

~Reconciliation discount given to the customer with purpose and recheck if the same under GST act allowed or not.

~List of Purchase & other service bills accounted during the period & Input credit taken on the same and further reconciliation with the books and returns.

~Ensure all the input credit taken bills are uploaded by the suppliers and it is reflecting in the GSTR-2A.

~Reconciliation of input credit availed and also ensure all the availed credits are eligible as per the act and the ineligible credits, common credits are reversed & accounted properly.

~Details of input credit taken on the fixed assets and
Reconciliation of Reverse charge GST (RCM) payable till the applicable date on all the applicable expenses and paid the same.

~Reconciliation of monthly GST returns with the books of accounts and all the taxable, exempted & non-GST turn over declared in the returns if any differences, reason for the same.

~Check and ensure input credit taken supplier invoices paid within 180 days, if not the same input to be reversed.

~All the credit taken on TRAN-1 credit reflecting in the GST portal and there is no issue on that.

~In case any refund application filed with the department and eligibility & status of the same.
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NCLAT Thota Gurunath Reddy & Ors. vs. Continental Hospitals Pvt. Ltd. & Ors.

The order passed by the Tribunal in the capacity of ‘Judicial Authority’ under Section 45 of the Arbitration Act, 1996, then the appeal under Section 421 of the Companies Act, 2013 is not maintainable before Appellate Tribunal.

Read full case law at : https://dasgovernance.com/2018/10/25/nclat-in-thota-gurunath-reddy-ors-vs-continental-hospitals-pvt-ltd-ors/
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Most of us know that AOC-4 if not filed within 30 days of AGM would result in *additional fee of Rs. 100/- per day*.... However please take note of other implications of delayed filing:

1. It being default in filing AOC-4; would result in *private company not allowed to take benefit of private companies exemption notification dt 5th June 2015; and

2. There would be fine on company - minimum 50K - maximum 500K and on officer in default - imprisonment upto 6 months or fine minimum 50K - maximum 500K or both on adjudication, if show cause notice issued.

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The number of income tax (I-T) returns filed grew 13 per cent for assessment year 2016-17, while it grew by less than 1 per cent in the assessment year (AY) 2017-18, the direct taxes data released by the Central Board of Direct Taxes (CBDT) shows.

HIGH COURT OF MADRAS in the case of Zeenath International Supplies Vs. CIT held that AO"s order rejecting ITR without providing opportunity to rectify defect under Section 139(9) liable to set-aside.
Death of Policy holder due to Malaria after Mosquito Bite is an accidental death and hence Insurance Company is liable to pay the sum assured. Case of National Insurance Co. Ltd. V/s Mosumi Bhattacharjee, (R.P. No.1270/2016), National Commission Consumer Forum.

SEBI has finally moved to curb upfront commission in the mutual funds (MF) industry with immediate effect. MFs will now have to adopt a full-trail model of commission in all schemes, without payment of any upfront commission or upfronting of any trail commission.

RBI is learnt to have discussed the issue of relaxing the so-called prompt corrective action (PCA) framework in a much-watched meeting on Tuesday, but no relief on this front was approved. It also deliberated upon steps to ease credit flow to NBFCs.

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GST payable on Educational Courses Offered by Entities approved by NSDC: AAR [Read Order]

Read more at: http://www.taxscan.in/gst-payable-educational-courses-offered-entities-approved-nsdc-aar/30001/
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GST: 50 Crore Evasion unearthed in Uttarakhand

Read more at: http://www.taxscan.in/50-crore-gst-evasion-uttarakhand/30003/
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NFRA can Investigate against Chartered Accountants for Misconduct from 24th October: MCA Notifies [Read Notification]

Read more at: http://www.taxscan.in/nfra-chartered-accountant-misconduct-mca-notifies/30032/
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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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The IGST refunds of exporters were struck due to mis-match errors between the Shipping bills and GSTR-1, i.e., SB005 error. Earlier, the rectification was allowed to shipping bills filed upto June 30, 2018. The CBIC has further extended the rectification facility to shipping bills filed upto November 15, 2018.

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NCLAT : In Mayfair Capital Private Limited Pvt. Ltd. vs. Jindal Saxena Financial Services Pvt. Ltd. & Ors.

The I&B Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of ‘corporate persons’, ‘partnership firms’ and ‘individual’ in a time bound manner. However, an exception had been carved out while enacting the Code that the ‘financial service providers’ have been kept outside the purview of the Code and it cannot be made applicable to ‘financial service providers’ including ‘non-banking financial institutions’ and MFI’s banks, which have been kept outside the purview of the Code.

Read full case law at : https://dasgovernance.com/2018/10/26/nclat-in-mayfair-capital-private-limited-pvt-ltd-vs-jindal-saxena-financial-services-pvt-ltd-ors/
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1 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.

2.  GSTN enables facility to claim Refund of Tax due to any Other Reason.

The IGST refunds of exporters were struck due to mis-match errors between the Shipping bills and GSTR-1, i.e., SB005 error. Earlier, the rectification was allowed to shipping bills filed upto June 30, 2018. The CBIC has further extended the rectification facility to shipping bills filed upto November 15, 2018.

3. MCA notifies from 24.10.2018 that NFRA can Investigate the matters relating to Misonduct of Chartered Accountants.

4. ICAI invites Application for Scholarships to Articled Assistants from The Chartered Accountants Student Benevolent Fund.

5.Due dates
31st October - Tax Audit report and ITR filling and TDS return filling of IInd Qtr and GSTR1.

AOC-4 within 30 days from AGM.

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Court Fees: The Central Government has revised the court fees payable for cases before the district consumer disputes redressal forums. A notification dated September 14 intimates a reduction in the court fee payable by complainants.

Read more at https://barandbench.com/court-fees-district-consumer-forums-reduced/

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NFRA Vs ICAI*

Were Our ICAI Leadership played Proactive Role to Save Autonoumy of the ICAI?

Ministry of Corporate Affairs has notified relevant sections to give effect to NFRA by way of notification on 24th of October,2018.

Below are the few points and critical aspects that you needs to know about NFRA:

1.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

2.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,
And 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

3. NFRA have the same powers as are vested in a civil court

4. 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 individuals

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

25 October 2018 News

25th October 2K18

Economic Times

Ø  RBI may look at relaxing PCA framework
Ø  India plans trade deal to boost exports to China
Ø  NCLT directs to move Videocon pleas to one court
Ø  Vistara gets Rs 2,000 cr from Tata Sons, SAL
Ø  Tata Trusts denies Ratan Tata's meeting with UK PM

Business Standard

Ø  Benami cases: Cabinet okays Adjudicating Authority
Ø  Airtel's Africa arm gets $1.25 bn from 6 investors, IPO to follow
Ø  No anti-dumping duty on chemicals imported from China, Germany, Saudi: Govt
Ø  Cabinet approves BRICS MoU for joint cooperation in social, labour sphere
Ø  Govt okays Rs 75-bn fund to help boost fish production, jobs in fisheries
Ø  IDFC Bank in red for 1st time since market debut, posts Rs 3.7-bn net loss
Ø  Sebi proposes measures to strengthen framework for debenture trustees

Business Line

Ø  Bajaj Auto Q2 net rises 5% on robust sales
Ø  Co-location exits drag Bharti Infratel net down to ₹600 cr
Ø  No more BS IV vehicle sales from April 2020, says SC
Ø  Heinz acquisition bodes well for Zydus Wellness
Ø  UAE-based BRS Ventures to invest in Indian healthcare
Ø  VC funding for digital health cos rises 46% to $8 b in 9 months

Mint

Ø  Wipro Q2 profit drops nearly 14% to ₹ 1,889 crore
Ø  Manipal eyes Medanta after failed Fortis Healthcare bid
Ø  Jubilant FoodWorks Q2 profit rises 60% to Rs77.7 crore
Ø  BoB, Vijaya Bank, Dena set up committees on loans, HR and IT
Ø  RIL takes Reliance Jio route for Jio Payments Bank launch
Ø  Supreme Court tells RCom to pay Ericsson dues by 15 December

Financial Express

Ø  India has most outward migrants in 2017, says ADB report
Ø  Cyrus Mistry floats startup investment fund on second anniversary of his ouster from Tata Sons
Ø  L&T Infotech Q2 net profit surges over 46% to Rs 400 crore
Ø  India’s economic growth not inclusive enough, inequality rises
Ø  Business confidence rises marginally in Oct-Dec

Financial Chronicle

Ø  63 Moons gets interim relief from high court
Ø  Manappuram NCDs offer up to 10.40% interest
Ø  Modi calls for 'tax-plus one' system of honest tax payment
Ø  PMO asks Sebi to tighten vigil on bond market