Disclosure of Demonetized Currencies from FY 2017-18: ICAI Withdraws Implementation Guide
Read more at: http://www.taxscan.in/disclosure-demonetized-currencies-icai-implementation-guide/30934/
.
=========>
.
# CBDT : Service charge collected by hotels and restaurants not distributed to workers by restaurants liable to Income tax.
# Notification issued by the Income Tax Department dt. 19.11.2018 and will come into effect from December 5, 2018 : Non-individual entities who do not have PAN but conduct a transaction of Rs 2.5 lakh or more in a single financial year will now mandatorily have to get a PAN before May 31of the following financial year.
# Madras HC condoned delay as appeal was filed belatedly due to resignation of CEO who only had power to file appeals.
# Banglore ITAT : Where assessee-trust was not registered under sec. 12A and its trustees were filing their own returns also showing taxable income, then trust to be treated as an AOP and its income would be taxed at maximum marginal rate if it wasn't registered u/s 12A.
# Adjudicating Authority has also jurisdiction to remove resolution professional if it is not satisfied with his functioning : NCLAT
# MCA: Revised Form GNL-3 is available on MCA21 Company Forms Download page w.e.f 24th November, 2018.
.
=========>
.
# ICAI hosts Draft Bank Branch Auditors’ Panel for the year 2018-19 at www.meficai.org.
# ICAI: Updated list of Polling Booths for election in the NR is available at https://resource.cdn.icai.org/52611election2018-42167-N.pdf.
# PAN: Name of the Father is not mandatory in PAN Application Form-N.N.82/2018/G.S.R.1128(E), dt.19.11.18.
# GST: GSTR-9A is the annual return to be filed once in a year by taxpayers who have opted for the Composition Scheme for the period JUL 17 to MAR 2018.
# GST: Detention of goods - The insistence from the Revenue to pay the tax and penalty either through cash or through Demand Draft is archaic – Pioneer Polyleathers Ltd. Vs ASO, Kerala GST Deptt. & Ors (2018 (11) TMI 1075 - Kerala HC).
# GST: Since the requirement of the E-way bill was not applicable for the petitioner during the period, the seizure itself is bad in law – LG Electronics India Pvt. Ltd. Vs State of U.P. & Others (2018 (11) TMI 1130 - Allahabad HC).
# IT: Allowability of foreseeable loss - Appellate Authorities have power to consider the claim even though not made in the return – Pr.CIT Vs. Tata Consulting Eng.Ltd. – (2018 (11) TMI 1125 - Bombay HC).
.
=========>
.
NFRA to punish Chartered Accountants for signing balance Sheets Blindly
Read more at: http://www.taxscan.in/nfra-punish-chartered-accountants-balance-sheets/30950/
.
=========>
.
👉The income-tax (I-T) department’s drive against black money stashed abroad has met with a hurdle in the British Virgin Islands (BVI), Britain’s overseas territory located in the Caribbean.According to the department, the BVI, one of the five largest tax haven countries, has expressed its inability to provide information on the several hundred Indians who have offshore investments on its land. In a recent communication with the I-T department, the BVI counterpart said the floods of August 2017 destroyed the relevant files, while some others had lost.
👉An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firm
👉Markets regulator Sebi on Thursday slapped a fine of Rs 65 lakh on Apollo Tyres for violating norms pertaining to buyback of shares.
👉The drop in crude oil prices by 30 per cent in the last month and a half has brought relief to fast-moving consumer goods (FMCG) companies battling inflationary pressures.
👉Revised and simpler tax return forms as well as lower refunds will likely boost revenue collection from Goods and Services Tax (GST), which the government expects to touch to Rs 1.5 lakh crore every month from the next financial year (2019-20).
.
=========>
.
CBDT has directed its field officials to examine balance sheet and expenditure statement of restaurants and hotels in cases where there is any under-reporting or non-reporting of additional income collected in the name of service charge.
Indirect tax collections are likely to fall short by Rs 90,000 crore in the current fiscal on account of subdued GST mop-up and excise duty cut on petroleum products, an SBI research report said.
Sebi has come out with new rules for re-classification of a promoter as a public investor, wherein an outgoing promoter will have to relinquish special rights as well as control over the affairs of the listed firm and not be allowed to hold over 10% stake.
RBI is expected to keep the key policy rates unchanged at its ensuing policy review meet next month, amid easing global crude oil prices and robust agriculture production, says a report. According to Dun & Bradstreet Economy forecast.
The pace of India's economic growth is
expected to slowdown on a sequential basis during the second quarter of
2018-19, credit ratings agency ICRA said.
.
=========>
.
High Remuneration paid to Directors can’t be Disallowed If Same is already subjected to Tax through Personal Returns: ITAT [Read Order]
Read more at: http://www.taxscan.in/high-remuneration-paid-to-directors-cant-be-disallowed-if-same-is-already-subjected-to-tax-through-personal-returns-itat/30958/
.
=========>
.
VAT Assessment post-GST: Karnataka HC stays Single Bench Order [Read Order]
Read more at: http://www.taxscan.in/vat-assessment-post-gst-karnataka-hc/30976/
.
=========>
.
Constructing Houses for Slum People under Govt Schemes not subject to Service Tax: CESTAT [Read Order]
Read more at: http://www.taxscan.in/constructing-houses-slum-people-govt-schemes-service-tax-cestat/30952/
.
=========>
.
GST payable on Penal Interest for Delayed Loan EMI: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-penal-interest-loan-emi-aar/30993/
.
=========>
.
Customs Duty Exemption available to Re-Imports through Post: CBIC [Read Order]
Read more at: http://www.taxscan.in/customs-duty-exemption-re-imports-post-cbic/30941/
