👉🏻Chartered Accountants can be proceeded against other Miscondct - SC
(SC noted that proceedings could be started against chartered accountant even if his acts are not related to his professional work)
👇🏻 👇🏻 👇🏻
https://goo.gl/Ee71r1
👉🏻RBI eases hedging requirements for foreign loans
(Medium-term external commercial borrowings will need to be hedged to the extent of 70 percent now compared with 100 percent earlier)
👇🏻 👇🏻 👇🏻
https://goo.gl/n2KmmP
👉🏻Govt to introduce pre-packaged bankruptcy schemes to speed up resolution process
(Under these pre-packaged bankruptcy schemes, creditors and shareholders can approach a bankruptcy court with a pre-negotiated corporate reorganisation plan)
👇🏻 👇🏻 👇🏻
https://goo.gl/gKfgRU
👉🏻Govt moves to redraft direct tax laws to modernize income tax
(Govt appointed Akhilesh Ranjan, member (legislation), CBDT, as the new convener to head the task force, which will advise the government on drafting a new direct tax law)
👇🏻 👇🏻 👇🏻
https://goo.gl/9nwqa2
.
========>
.
GST leviable on Long Term Lease: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-long-term-lease-aar/31049/
.
========>
.
Service Tax leviable on Collecting Toll Amount on behalf of Corporate Entity: CESTAT [Read Order]
Read more at: http://www.taxscan.in/service-tax-toll-cestat/30783/
.
========>
.
CBDT directed Taxmann to check whether Service charge collected by hotels and restaurants but not passed on to staff and workers will be liable to income tax in the hands of such entities, the tax department has said.
SEBI proposed Corporates, NBFCs and other businesses may soon have to disclose key information for issuing commercial papers (CPs) — an unsecured, convenient instrument to borrow short-term fund — to mutual funds (MFs).
RBI in its central board meeting decided the issue of banks under PCA will be examined by Board for Financial Supervision of the central bank. The finance ministry hopes that 3-4 banks would come out of the RBI's Prompt Corrective Action watchlist this fiscal, following the expected modification of guidelines and apparent improvement in bottomline of the public sector banks.
Withdrawal of the Implementation Guide on Auditor's Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 I. AASB of ICAI at its 190th meeting held on 1st & 2nd November 2018 decided to withdraw the aforesaid Implementation Guide.
The payroll data has been revised downwards for each of the nine months between September 2017 and May this year The net enrolment numbers released by the EPFO has been revised down by 12.4 per cent for the September-May period, from an earlier estimate of 4.5 million to 3.9 million.
.
========>
.
CBIC issues procedure for processing IGST Refund Paid on Exports of Goods done from Non-EDI [Read Instruction]
Read more at: http://www.taxscan.in/cbic-issues-procedure-processing-igst-refund-paid-exports-goods-done-non-edi/31055/
.
========>
.
Gur-ta-Gaddi Tercentenary Celebration is a Religious Event: CESTAT quashes Service Tax Demand for setting up Temporary Camps [Read Order]
Read more at: http://www.taxscan.in/gur-ta-gaddi-tercentenary-celebration-is-a-religious-event-cestat-quashes-service-tax-demand-for-setting-up-temporary-camps/30779/
.
========>
.
COMPANIES ACT LEGAL UPDATES
1. NCLAT dismissed appeal filed u/s 421 of the Companies Act, 2013 by the aggrevied director to get re-appointed in the Company after completing his tenure. It held that the retirement of the director and re-election or not to re-elect the director is the normal routine in the company matters. If a person is not re-elected after he has retired as per Companies Act provisions/ AOA of the Company, No grievance of his re-election can be raised by such person.
P. RAM BHOOPAL AND ORS. VS. PRAGNYA RIVERBRIDGE DEVELOPERS LTD. & ORS MANU/NL/0289/2018
2. NCLAT held that NCLT has no power to review its own order. If the tribunal has rightly concluded that it could not review its judgement and there being no error apparent on the record, it could not recall and rewrite the judgement .
Peoples General Hospital (P.) Ltd. Vs. Alliance Industries Ltd. & Ors. (2018) 147 CLA 69(NCLAT)
.
========>
.
Towers and Shelters are not Immovable Properties: Delhi HC allows Cenvat Credit to Vodafone [Read Judgment]
Read more at: http://www.taxscan.in/towers-immovable-properties-delhi-hc-credit-vodafone/30891/
.
========>
.
CBIC issues procedure for processing IGST Refund Paid on Exports of Goods done from Non-EDI [Read Instruction]
Read more at: http://www.taxscan.in/cbic-issues-procedure-processing-igst-refund-paid-exports-goods-done-non-edi/31055/
.
========>
.
ICAI releases FAQ on GST Annual Return [Read FAQs]
Read more at: http://www.taxscan.in/icai-faq-gst-annual-return/31063/
.
========>
.
1. ICAI ELECTION 2018: To *Know Your Polling Booth Details, Pls Click at: http://220.225.242.179/lov2018.asp.
2. ICAI amends the CAs (Procedure of investigations of Professional and other misconduct of Cases) Rules, 2006.
3. GST: Amount passed on to the customer against early payment before credit period is in the nature of discount - not liable to GST – AAR Rajasthan in K K Polymers (2018 (11) TMI 1264.
4. GST: Supply of pure food items such as sweetmeats, namkeens etc. by the restaurant shall be taxable as supply of services under GST @5% - AAR, UK in Kundan Misthan Bhandar (2018 (11) TMI 1266).
5. IT: Penalty u/s 271E - repayment of deposits in cash made by the assessee to her related persons - default u/s 269T - the burden entirely lay upon AO first to establish that there existed a loan or advance and the contentious payment in repayment of such loan - No penalty – Pr.CIT, Vs Daksha Jain (2018 (11) TMI 1182 - Rajasthan HC).
6. IT: Reopening of assessment u/s 147 - deduction u/s. 801A/IB - reassessment framed by the AO is bad in law for the three reasons – Bharat Petroleum Corp. Ltd., Vs ACIT (2018 (11) TMI 1237 - ITAT Mumbai).
.
========>
.
Tamil Nadu Govt seeks One Month relaxation for GST Return Filing
Read more at: http://www.taxscan.in/tamil-nadu-one-month-gst-return-filing/31075/
.
========>
.
CBI interim Director turns down Proposal to re-open alleged Corruption Case against IT officials and CA
Read more at: http://www.taxscan.in/cbi-re-open-it-officials-ca/31061/
.
========>
.
# CBIC vide Instruction 20/2018 – Customs dt. 26.11.2018 has laid down the procedure for processing the refund claims for exports made from Non-EDI Ports.
# FAQs on Form GSTR-9 - Annual Return released by IDTC.
http://idtc-icai.s3.amazonaws.com/download/knowledgeShare18-19/FAQs-on-Form-GSTR9-Annual-Return.pdf
# Multi Vehicle Option for e-Way bill The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.
# Due Dates - 30th Nov 2018
- Transfer Pricing reports - Form 3CEB, Form 3CEAA & Form 3CEAE.
- Furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA, 194-IB in m/o October 2018.
.
========>
.
Indirect Tax Legal updates:
1. Service Tax- Mobilization advance- The amount received by the appellant from Indian Navy for building facilities is in the nature of a grant and to be amortized against future payments. No service tax is payable on the amount received towards mobilization advance of the contract from the Indian Navy.
2018-VIL-765-CESTAT-HYD-ST
2. Central Excise- Refund claim of excess duty paid- The value that was agreed upon between the buyer and the seller at the time of clearance, determines the assessable value and both of them intended alteration of the specification of the product. Accordingly, the discharge of duty liability in excess is held to have been established. This amount is eligible to be refunded in consequence of refund claim.
2018-VIL-762-CESTAT-MUM-CE
