👉🏻CBDT requests non-filers to submit Income Tax Return or Online Response
(Individuals who have carried out high value transactions but have not filed their income tax returns for the assessment year 2018-19 would get 21 days time to submit their responses)
👇🏻 👇🏻 👇🏻
https://goo.gl/N7CmUT
👉🏻GoM on revenue shortfall to study GST collection on services by states
(The panel has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/veapfu
👉🏻ICAI signs MoU with ICPA of Kenya
(The MoU will help in establishing areas of co-operation and collaboration for the mutual benefit of both ICPAK and ICAI members)
👇🏻 👇🏻 👇🏻
https://goo.gl/4w8Q47
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CBIC Notification Made CA certificate Mandatory for export of goods against Advance Authorization
CBIC vide Notification No. 01/2019-CT dated 15.01.2019 has amended Notification No. 48/2017-CT dated 18.10.2017, which clarifies that supply of goods by a registered person against Advance Authorization shall be treated as deemed supply u/s 147.
Now, it has been provided that Supply of goods by a registered person against Advance Authorisation will be treated as Deemed export only if a certificate from a chartered accountant is submitted to jurisdictional GST Commissioner within a period of 6 months. However, certificate is not required if ITC has not been availed on inputs used in manufacture of for export goods.
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# ICAI issues Guidance Notes on Audit of Banks (2019 Edition) Section B - Foreign Exchange Transactions and Integrated Treasury & Section C - Bank Branch Audit other than Foreign Exchange Transactions.
# GST: Inclusion of tax collected at source (TCS) u/s 206C of IT in the value of goods and services - The authority will not act on the clarification, pending the disposal of the writ petition – PSN Automobiles Pvt. Ltd. Vs Union of India & CBIC (2019 (1) TMI 1022 - Kerala HC).
# GST: Transmission or distribution for electricity are in the nature of composite supply in view of S-8(a) of the CGST Act, the tax liability thereof has to be determined accordingly – Torrent Power Ltd. Vs Union of India (2019 (1) TMI 1092 - Gujarat HC).
# IT: Deduction u/s 10A/10B/ Chapter VIA not to be allowed if not claimed in ITR u/s 139(1), but, amendment or correction in the claim allowed – Pr. CIT Vs. Oracle (OFSS) BPO Services Ltd. (2019 (1) TMI 1087 - Delhi HC).
# IT: Liability to pay interest u/s 234B(2A) - retrospective legislation, would be applicable to all proceedings in which orders are pending and / or in which orders u/s 245D(4) are passed on or after 1st June, 2015 – Orchid Inf.Dev.Pvt. Ltd & Ors. Vs Union of India & Ors. (2019 (1) TMI 1090 - Delhi HC).
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IT : Where High Court upheld Tribunal's order rent paid by assessee-trust to a trustee for using land and building was not excessive and, thus, exemption could not be denied to assessee under section 11 by invoking provisions of section 13(1)(c), SLP filed against said order was to be dismissed
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[2019] 101 taxmann.com 193 (SC)
SUPREME COURT OF INDIA
Commissioner of Income-tax, (Exemptions)
v.
Bholaram Educational Society
ASHOK BHUSHAN AND AJAY RASTOGI, JJ.
SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 44677 OF 2018†
DECEMBER 14, 2018
Section 13, read with section 11, of the Income-tax Act, 1961 - Charitable or religious trust - Denial of exemption (Sub-section (1)(c)) - Assessment year 2010-11 - Assessee-trust was running a school - It paid rent to HUF whose karta was trustee of assessee-trust - Assessing Officer taking a view that such payment breached section 13(1)(c), denied exemption claimed by assessee under section 11 - Commissioner (Appeals) as well as Tribunal opined that having regard to fair market value of property, rent paid was not excessive - Moreover, rent had been valued as per prevailing rate fixed for purpose of stamp duty - Accordingly, disallowance made by Assessing Officer was deleted - High Court upheld order passed by Tribunal - Whether, on facts, SLP filed against decision of High Court was to be dismissed - Held, yes [Para 2][In favour of assessee]
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NCLT (Chandigarh Bench) : In Allahabad Bank vs. Vardhman Chemtech Ltd.
No record being available with the information 9 law at : https://dasgovernance.com/2019/01/23/nclt-chandigarh-bench-in-allahabad-bank-vs-vardhman-chemtech-ltd/
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Companies (Furnishing of information enterprise suppliers) Order,2019
Every specified company shall file in MSME Form I details of all outstanding dues* to Micro or small enterprises suppliers existing on the date of notification of this order within thirty days from the date of publication of this notification.
Every specified company shall file a return as per MSME Form I annexed to this Order, by 31st October for the period from April to September and by 30th April for the period from October to March
For more Detail visit below Link.
http://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf
Companies (Acceptance of Deposits),Amendment Rules, 2019*
Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1of rule 2 from the 01 April, 2014 to the date of publication of this notification in the Official Gazette, as specified in *Form DPT-3 within ninety days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.
For Detail visit below Link.
http://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf
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14 Amendments to take effect under GST from 1st Feb 2019
1. Upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr.
2. A Composite dealer(in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding -
Higher of 10% of turnover in the preceding financial year, or Rs. 5 lakh.
3. The threshold limit of Turnover for exemption from registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand shall be increased to Rs. Twenty Lakh from Rs. Ten Lakh.
4. In case of purchase of notified goods from unregistered suppliers, Reverse charge mechanism shall be applicable to notified registered persons.
5. Taxpayers may opt for multiple registrations within a State/U.T in respect of multiple places of business located within the same State/U.T on the same PAN.
6. Mandatory registration is required for only those e-commerce operators who are required to collect tax at source.
7. Registration shall be remain temporarily suspended while cancellation of registration is under process, so that the taxpayer could get relief of further continued compliance under the law.(i.e Taxpayers will not be required to file returns).
8. The following transactions shall not treated as supply (i.e no tax payable under GST) under Schedule III:-
a. Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India;
b. Supply of warehoused goods to any person before clearance for home consumption; and
c. Supply of goods in case of high sea sales.
9. Input tax credit would now be available in respect of the following:-
a. Most of the activities or transactions specified in Schedule III;
b. Motor vehicles for transportation of persons having seating capacity of more than thirteen (including driver), vessels and aircraft;
c. i
available; and
d. Goods or services which are obligatory for an employer to provide to its employees, under any law for the time being in force.
10. Registered persons may issue consolidated credit/debit notes to a party in respect of multiple invoices issued in a Financial Year to that party.
11. Commissioner may extend the time limit for return of inputs and capital sent on job work, upto a period of 1 year and 2 years, respectively.
12. If RBI would permit, Supply of services outside India shall be regarded as exports, even if payment is received in Indian Rupees.
13. Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job work or treatment or process.
14. Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Union
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👉🏻CBDT requests non-filers to submit Income Tax Return or Online Response
(Individuals who have carried out high value transactions but have not filed their income tax returns for the assessment year 2018-19 would get 21 days time to submit their responses)
👇🏻 👇🏻 👇🏻
https://goo.gl/N7CmUT
👉🏻GoM on revenue shortfall to study GST collection on services by statesm
(The panel has been formed by the GST Council to look { revenue shortfall being faced by the states post implementation of GST)
👇🏻 👇🏻 👇🏻
https://goo.gl/veapfu