LATEST UPDATES
🖋 Claim of sec. 54F deduction raised for first time before High Court couldn't be entertained.
🖋 AO couldn't open reassessment merely relying upon audit objection regarding sec. 14A disallowance.
🖋 No reassessment just to verify that info. received from VAT dept. related to hawala purchases; SLP dismissed.
🖋 Assessee providing basic telecommunication services as BSNL franchisee was entitled to sec. 80-IA
MCA
Companies (Furnishing of information about payment to micro and small 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
Companies (Acceptance of Deposits),Amendment Rules, 2019
Every company other than Government company shall file a one time 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.
http://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf
CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit online response within 21 days.
NCLAT : In The Statesman Ltd. vs. Emaar MGF Land Ltd. & Ors.
In spite of public notice, if the Appellant did not attend the meetings or raise the objections, subsequently, he could not be heard. The very object of giving public notice is to give opportunity to come forward and participate or raise objections.
Read full case law at : https://dasgovernance.com/2019/01/24/nclat-in-the-statesman-ltd-vs-emaar-mgf-land-ltd-ors/
GST Update
As per Order 02/2018-Central Tax dated 31.12.2018 the due date for any rectification of error or omission in respect of the details of outward supplies furnished in GSTR 1 related to F.Y. 2017-18 has been extended till the due date for furnishing the details in FORM GSTR-1 for the month of March, 2019 or for the quarter January, 2019 to March, 2019.
GSTIN has enabled the functionality to amend B2B invoices and Debit/Credit notes related to F.Y. 2017-18 in GSTR-1 of January 2019.
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# ICAI: AASB issues Guidance Note on Reports in Company Prospectuses (Revised 2019).
# ICAI declared CA Final (Old & New Course), Foundation & CPT Exams held in Nov/Dec 18 on 23 JAN 2019. The Statistics are:
CPT: 9038 passed out of 25037 (36.10%)
Foundation: 21488 passed out of 48702 (44.12%)
Final (Old): Passed Vs Appeared
Group-1: 9934 Vs 33633 (30.44%)
Group-2: 8348 Vs 35655 (23.41%)
Both Groups: Appeared 22514, passed:
• Group-1: 5428 (24.11)
• Group-2: 655 (2.91%)
• Both Grps: 3383 (15.03%)
Final (New): Passed Vs Appeared
Group-1: 884 Vs 6181 (14.3%)
Group-2: 894 Vs 3307 (27.3%)
Both Groups: Appeared 4075, passed:
• Group 1: 542 (13.3%)
• Group 2: 293 (7.19%)
• Both Grps: passed 670 (16.44%)
# GST: The Union Cabinet approved creation of National Bench of Goods and Services Tax Appellate Tribunal (GSTAT), be situated in New Delhi. The GSTAT shall be presided over by the president and shall consist of one technical member from both Centre and State each.
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· Company Rules amended to provide that mandatory dematerialization of shares by unlisted public companies is not applicable to a Nidhi, Government Company and a Wholly owned Subsidiary -http://lunawat.com/Uploaded_Files/Attachments/F_4223.pdf
ICAI issues Guidance Note on Audit of Banks - 2019 Edition:
Section A - Statutory Central Audit -http://lunawat.com/Uploaded_Files/Attachments/F_4209.pdf
▪Section B - Foreign Exchange Transactions and Integrated Treasury -http://lunawat.com/Uploaded_Files/Attachments/F_4210.pdf
▪Section C - Bank Branch Audit other than Foreign Exchange Transactions -http://lunawat.com/Uploaded_Files/Attachments/F_4211.pdf
Income Tax
▪CBDT issues another circular to state that views expressed in circular10/2018 related to s. 56(2)(viia) and subsequently withdrawn were contrary to legislative intent -http://lunawat.com/Uploaded_Files/Attachments/F_4225.pdf
▪CBDT issues Press Release for filing of ITR for FY 2017-18 within 21 days or give online response, if yet not filed -http://lunawat.com/Uploaded_Files/Attachments/F_4224.pdf
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#GSTUpdates #InvoiceAmendment1718
Now you can amend invoices, Debit and Credit notes of FY 2017-18 in GST Portal
Giving effect to the Order No. 2/2018 - Central Tax - Seeks to extend the due date for availing ITC on the invoices or debit notes relating to such invoices issued during the FY 2017-18
GST Portal enabled Option to amend Invoices, Debit and Credit notes pertaining to FY 2017-18 from January 2019 GSTR1
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UDIN mandatory wef 1st Feb., 2019 for all Certificates_-
👇👇👇👇👇👇👇👇👇 https://www.icai.org/new_post.html?post_id=15371&c_id=240
👉 It has been noticed that financial documents / certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and Stakeholders. ICAI is also receiving number of complaints of signatures of CAs being forged by non CAs. To curb the malpractices, the Professional Development Committee of ICAI has implemented in phased manner an innovative concept of UDIN i.e. Unique Document Identification Number. All Certificates are being made mandatory with effect from 1st February, 2019 as per the Council decision taken at its 379th Meeting held on 17th – 18th December, 2018.
👉 Full time Practicing CAs can register themselves by visiting at https://udin.icai.org/ and generate UDIN by registering the certificates attested/certified by them.
👉 For any other further assistance/clarification, you may reach us at 011–30110411/444 or email at udin@icai.in. In case of emergency, you may also call Mr. Vishal Agarwal at 9911539260.
👉 MEMBERS ARE ADVISED TO REGISTER THE DOCUMENTS CERTIFIED BY THEM & GET THESE SECURED.