Intention of Assessee at the time of Purchase of Shares relevant to determine Tax Liability: ITAT [Read Order]
Read more at: http://www.taxscan.in/intention-of-assessee-at-the-time-of-purchase-of-shares-relevant-to-determine-tax-liability-itat/30635/
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WELCOME NFRA RULES
A. Applicability:
# NFRA will monitor BIG COMPANIES AS FOLLOWS:
a. ALL Listed Companies/ Body Corporates; OR
b. Unlisted Companies with Paid up Capital or Loans > = INR 500 crores OR Turnover > = INR 1000 crores; OR
c. ALL Banks/Insurance/Electricity Companies; OR
d. Certain specific foreign Subsidiaries/Associates of Indian Companies.
Note - For auditor of these Companies, ICAI do not have any investigation role.
!!! COMPANY/AUDITOR ONCE GOVERNED BY NFRA WILL BE COVERED BY NFRA for 3 MORE YEARS EVEN IF LIMITS ARE REDUCED/ LISTED STATUS CHANGES. !!!
# For Other Companies, ICAI will have the power to initiate disciplinary proceedings.
B. Powers and Responsibilities of NFRA
# Notifying Accounting Standards & Auditing Standards –
Firstly, ICAI Recommend ------ Then, NFRA will check ------ Then, Forward to CG for approval
# Monitoring Compliance of AS – For AS compliance, NFRA MAY REVIEW FS of such Companies and ask for further Information, seek additional information, initiate for penal proceeding if any wrongdoing.
# Monitoring Compliance of SA – For SA Compliance, NFRA MAY REVIEW AUDITOR WORKING PAPERS, check Sufficiency of Quality System within the Audit Firm, Supervise or Test the audit.
Note – Means for Big Companies, Peer Reviewing Powers are now with NFRA and not with ICAI.
C. Filings with NFRA
# Notice to the authority by Body Corporate (other than Company) regarding Auditor – Form NFRA 1
# AUDITOR of Big Companies required to file ANNUAL RETURN to NFRA till 30th April every year.
D. Powers under Section 132 of the Companies Act, 2013
## Monitoring and Regulating Powers – recommend CG w.r.t. AS and SAs and checking proper compliance of the same, oversee quality of audit firms.
## Investigating and Summoning Powers – Investigation of audit firms, summoning and enforcing attendance, Inspection of records.
## Penalizing Powers – Individual Auditors (INR 1 Lakh to 5 times of Fees), Firm of Auditors (INR 5 Lakhs to 10 times of Fees).
## Debarring Powers – Debarring from Practice as a member of ICAI for a period of 6 months to 10 years.
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Following enhancements will be made available on e-way bill
portal (https://ewaybillgst.gov.in/)
from 16.11.2018:
1. Checking of duplicate generation of e-way bills based on same invoice number: The e-way bill system is enabled in a way that if the consignor has generated one e-way bill on the particular invoice, then he or consignee or transporter will not be allowed to generate one more e-way bill on the same invoice number. If the transporter or consignee has generated one e-way bill on the consignor's invoice, then if any other party (consignor, transporter or consignee) tries to generate the e-way bill, the system will alert that there is already one e-way bill for that invoice, and further it allows him to continue, if he wants.
2. CKD/SKD/Lots for movement of Export/Import consignment: CKD/SKD/Lots supply type can now be used for movement of the big consignment in batches, during Import & Export also. Delivery challan and tax invoice need to accompany goods as prescribed in Rule 55 (5) of CGST Rules, 2017.
3. Shipping address in case of export supply type : For Export supply type, the 'Bill To' Party will be URP or GSTIN of SEZ Unit with state as 'Other Country' and shipping address and PIN code can be given as the location (airport/shipping yard/border check post/ address of SEZ), from where the consignment is moving out from the country.
4. Dispatching address in case of import supply type : For Import supply, the 'Bill From' Party will be URP or GSTIN of SEZ Unit with state as 'Other Country' and dispatching address and PIN code can be given as the location (airport/shipping yard/border check post/ address of SEZ), from where the consignment is entering the country.
5. Enhancement in 'Bill To - Ship To' transactions: EWB generation is now categorized to four types - Regular and Bill to Ship to, Bill from Dispatch from & Combination of both.
6. Changes in Bulk Generation Tool:Facility of EWB generation through the Bulk Generation Tool has been enhanced.
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Companies should provide details of Auditors to MCA: Govt Notifies NFRA Rules [Read Notification]
Read more at: http://www.taxscan.in/companies-details-auditors-mca-nfra-rules/30662/
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GST Dept unearths Rs. 200 Cr Fraud in Bengaluru, 3 Arrested
Read more at: http://www.taxscan.in/gst-rs-200-fraud-bengaluru-arrested/30672/
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GST: 6 Changes in e-way bill generation with effect from 16.11.2018
MCA notifies National Financial Reporting Authority (NFRA) Rules, 2018
SEBI, vide Circular dated November 01, 2016, had prescribed the standard format for press release regarding rating action by CRAs.
Release Goods detained pending adjudication on compliance of GST Rules: HC - Rajan Joseph Vs. Assistant State Tax Officer, Kollam (High Court of Kerala at Ernakulam)
Due Dates
20-11-2018- GSTR-3B for the m/o October 2018
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Updates from Judiciary-
Supreme Court has dismissed a new writ petition that sought a declaration that mosque is an integral part of Namaz of a Muslim Community.
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NCLAT has held that 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.
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Delhi High Court has allowed a lady’s appeal against divorce decree granted by the family court a decade after death of husband.
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Delhi High Court has issued a “practice direction”, directing counsel in sexual harassment cases to ensure that intimate and sensitive photographs of victims, filed with their petitions, is not displayed on the ‘e-court monitors’.
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Supreme Court has prohibited the plying of 15-yr-old petrol and 10-yr-old diesel vehicles in the National Capital Region and directed the transport department to announce that such vehicles will be impounded if found plying.
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Bombay High Court has held that calling a husband impotent in pleadings can amount to defamation and observed that word “impotent” when understood in its plain and grammatical sense, reflects adversely upon the manhood of a person.
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Bombay High Court has upheld a Maharashtra Government's act which levies tax on sale of lottery tickets in the state and also observed that lottery falls within ambit of betting and gambling.
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Madras High Court has dismissed the petitions of former union telecom minister Dayanidhi Maran, his brother Kalanidhi Maran and other accused in the 'illegal' telephone exchange case, seeking quashing of charges framed by a CBI court against them.
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Bombay High Court has rejected PIL challenging the Union Government’s decision of selling around 20,000 cattle in 39 military farms across the country for rupees 1,000 per animal.
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Bombay High Court has held that non-commencement of trial within three months can’t be a ground for granting bail and also Cancelled bail of a murder accused.
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Madras High Court has directed the Tamil Nadu police not to arrest “Sarkar” movie director A R Murugadoss till November 27.
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Karnataka High Court has refused to quash a case against MLA Muniratna Naidu in an “Illegal payments in connection with an election” case.
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Kerala High Court has ordered reinstatement of a University employee who was suspended for his social media posts against the institution and court also observed that emotional outburst of a disgruntled employee is part of free speech.
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Kerala High Court has disqualified an Indian Union Muslim League (IUML) legislator after hearing a petition that claimed he had used religion to win the 2016 state polls.
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SUPREME COURT : In Sunrise 14 A/S Denmark vs. Ravi Mahajan
Since it is impossible to get the certificate from Indian financial institutions evidencing default in repayment of a debt by a foreign company, as an Operational Creditors, this petition considered as valid and Adjudicating Authority initiate Corporate Insolvency Resolution Process.
Read full case law at : https://dasgovernance.com/2018/11/15/supreme-court-in-sunrise-14-a-s-denmark-vs-ravi-mahajan/
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GST paid under a Wrong Head by Mistake can be Transferred to the Right Head: Kerala HC [Read Judgment]
Read more at: http://www.taxscan.in/gst-mistake-transferred-kerala-hc/30650/
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👉CBDT Chairman informs that the Income Tax Department is "chasing" 80,000 cases where people have not filed their returns, post demonetisation, despite the taxman sending them notices to do so. He also said that the Govt would exceed the Direct Tax Collection Target of Rs 11.5 Lakh Crore for the current fiscal.
👉CBDT is "examining" a report that proposes to facilitate Honest and Consistent Taxpayers in availing a variety of Public Services and Tax-Related Works on priority. CBDT had constituted a Committee in this context, which has submitted its report and recommendations
👉GST Authorities busted a major racket in the Bangalore city for creating fake GST invoices worth Rs 1,200 Crore in order to evade tax to the tune of Rs 200 Crore. The authorities have arrested three persons in this connection and produced before the Magistrate.
👉Amid a slowdown in Foreign Investment in Stocks and Bonds, The Finance Ministry calls a meeting this week with Leading Foreign Banks that serve as Custodians of Foreign Portfolio Investors (FPIs). SEBI would also have a meeting with Custodian Banks soon to listen to their suggestions which could be on subjects like NRI investments and confusion over regulatory norms on foreign direct investment (FDI) and FPI holdings
👉RBI declines to pass on information about Non-Performing Assets (NPAs) and Loan Defaulters that SEBI has asked for in the past year
👉RBI imposes Fine of Rs 3 Crore each on Deutsche Bank and J&K Bank for Non-Compliance of various norms, including Asset Classification and KYC
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GST Dept unearths Rs. 200 Cr Fraud in Bengaluru, 3 Arrested
Read more at: http://www.taxscan.in/gst-rs-200-fraud-bengaluru-arrested/30672/
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CA Certificate is a Material Evidence to allow Benefit of S. 40(a)(ia): ITAT [Read Order]
Read more at: http://www.taxscan.in/ca-certificate-evidence-40aia-itat/30639/
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CBDT specifies jurisdictions under rule 114F of Income-tax Rules on 05 Nov 2018 vide Notification No. 78/2018.
LAST DATE FOR SUBMITTING GSTR 3B and PAYMENT OF TAXES FOR Oct 2018 is 20th Nov 2018.
Over 2 lakh assessees have opted out of the GST registration as their turnover is below the prescribed threshold. This will benefit both the taxpayers and the GST Network, the IT back-bone of the new indirect tax regime.
The Central Government has notified the NAFRA: National Financial Reporting Authority Rules, 2018 on the 13th of November 2018. http://www.mca.gov.in/Ministry/pdf/NFRARules2018_13112018.pdf
Sebi ordered CRAs to analyse deterioration in the liquidity conditions of an issuer, while monitoring its repayment schedules and taking into account any asset-liability mismatches. The regulator also said CRAs should disclose parameters such as liquid investments or cash balances, access to any unutilised credit lines and adequacy of cash flows in a specific section on liquidity.
RBI will inject Rs. 12,000 crore into the market by purchasing government securities on November 15, 2018. The decision comes amid concerns of a liquidity crisis in the economy after the financial services company IL&FS reported defaults in September.
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National Company Law Tribunal, SM, New Delhi bench on 15.11.2018 in case of ANSAL HOUSING & CONSTRUCTION PVT. LTD. CP No. 109(ND)/2016 has granted the extension to repay the Fixed Deposit scheme which is extended for the 10th time. It has also ordered for release of deposit made with the bank under the Deposit Redemption Reserve Account of Rs. 7crore to enable the Company for the repayment to the deposit holder.
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Re-Assessment for second time without Notice is Invalid: ITAT [Read Order]
Read more at: http://www.taxscan.in/re-assessment-without-notice-invalid-itat/30656/
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Income Tax Dept to proceed against 80,000 People for not Filing Returns Post- Demonetisation
Read more at: http://www.taxscan.in/income-tax-dept-returns-post-demonetization/30689/
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# Changes in e-way bill generation with effect from 16.11.2018
1. Checking of duplicate generation of e-way bills based on same invoice number.
2. CKD/SKD/Lots for movement of Export/Import consignment.
3. Shipping address in case of export supply type.
4. Dispatching address in case of import supply type.
5. Enhancement in ‘Bill To – Ship To’ transactions.
6. Changes in Bulk Generation Tool.
For detail visit:
https://docs.ewaybillgst.gov.in/Documents/Enhancementsewb16nov.pdf
# GST paid under a Wrong Head by Mistake can be Transferred to the Right Head: Kerala HC
Upcoming Due Date 20-11-2018- GSTR-3B for the m/o October 2018
NIRC-ICAI launches Certificate Course on Forensic Accounting & Fraud Detection @ Delhi from 24 Nov. Visit http://pqc.icai.org/ for registration & further details.
NIRC-ICAI org Cert. Course Concurrent Audit by NIRC, November 24,2018, https://resource.cdn.icai.org/52368iasbncr.pdf