GST : Order No. 02/2019-Central Tax dt. 01.02.2019
Extension of due date for furnishing of Form GSTR-8 (TCS Return by e-commerce operators) for Oct to Dec 2018 till 07.02.2019
GST : Order-01/2019 dt. 31.01.2019
Due date for filing Form GST TRAN-1 has been extended from January 31, 2019 to March 31, 2019
http://www.cbic.gov.in/htdocs-cbec/gst/order1-2019-cgst.pdf
GST : Notification No. 07/2019-Central Tax dt. 31-01-2019
Due date of filing GSTR-7 for the tax periods October, November & December, 2018 has been extended up to 28th February, 2019
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-07-central-tax-english-2019.pdf
ICAI : From 1 Feb. 2019; Mandatory for all CA in practice to register all certificates at UDIN portal.
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👉CBDT clarifies that the Official Assignee, who realizes property of the Insolvent and allocates it amongst the creditors of the Insolvent, is required to file Income tax return in the ITR form applicable to ‘Artificial Juridical Person’ separately of each of the estate of the insolvent.
👉Finance Minister CA Piyush Goyal is scheduled to address the Customary Post Budget Meeting of the RBI Central Board on February 9 and highlight the key points of the Interim Budget. The Board Meeting on February 9 would also take up request of the Govt. for Interim Dividend for the current fiscal.
👉Insurance Regulatory and Development Authority of India (IRDAI) will set a timeline for LIC to bring down its stake in IDBI Bank to below 15%. It clarifies that the LIC has been given the approval to acquire 51% stake on the condition of bringing it down to below 15% over a period of time but the timeline would depend on the business plan of LIC for the troubled lender.
👉ZEE Essel Group informs that it has sealed a Formal Agreement with its lenders to keep it afloat, under which it gets time till September to deleverage or pare its debt. The agreement is with those lenders who have taken pledged shares of the group flagship and listed entities, Zee Entertainment Enterprises and Dish TV India.
👉Anil Ambani’s Reliance Communications files for insolvency through NCLT after failing to sell assets to pay up debt to the tune of around Rs 45,000 Crore. The company also continues to pursue the deals with Reliance Jio Infocomm (R-Jio) outside the NCLT.
👉ICAI releases Exposure Draft of Accounting Standard (AS) 41-- Agriculture & invites Comments to be received by March 3, 2019
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RBI asks All Banks to adopt ICAI Software on Allotment of Statutory Bank-Branch Audit
Read more at: http://www.taxscan.in/rbi-icai-software-bank-audit/33319/
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Analysis on NCLAT Judgement of Sajjan India Ltd. & Ors. vs. The Registrar of Companies, Mumbai
It was held that the appointed date of the scheme will remain unchanged and the Income Tax Authorities would not be hindered in any manner due to this scheme of merger as they are at liberty proceed against the Party irrespective of the appointed date of the scheme, in accordance with law.
Read full case law at : https://dasgovernance.com/2019/02/05/analysis-on-nclat-judgement-of-sajjan-india-ltd-ors-vs-the-registrar-of-companies-mumbai/
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👉GSTN Alert: GSTN adds 2 New Features in the GST Portal including List of Preferred Banks list while making Payment and the Monthly Refund applications by Quarterly GSTR-1 filers.
👉CBIC excludes Certain Exempt Services for determining Eligibility for Composition Scheme. CBIC clarifies that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – (i) for determining the eligibility for composition scheme under second proviso to sub-section (1) of section 10; (ii) in computing aggregate turnover in order to determine eligibility for composition scheme under GST.
👉Department of Industrial Policy and Promotion (DIPP) to set up 5-Member Working Committee that includes Entrepreneurs & Investors to solve Angel Tax Issue & new norms for Startup Registration
👉RBI will announce its Monetary Policy Decision before afternoon on Thursday i.e. 07.02.2019. "The Monetary Policy Committee (MPC) will meet during February 5 to 7, 2019, for the Sixth Bi-monthly Monetary Policy Statement for 2018-19. The resolution of the MPC will be placed on the website at 11.45 am on February 7, 2019”
👉UK Home Secretary approves extradition of Vijay Mallya. Now, He is expected to move the UK High Court and has 14 days to appeal against the extradition.
👉SEBI may re-consider the Liquidity Enhancement Scheme (LES) framework for the Commodities Segment. In the equity segment, there is no such restriction on launching the scheme.
👉SEBI almost finalises the mechanism for “Tap Issue of Bonds” through a Shelf Offer Document and likely to implement it from FY 2020. Under Tap Issue, companies will be allowed to file Shelf Prospectus on the same lines as Private Placements, once a year and raise money when required without going through the process of seeking approval from regulatory authorities.
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A ‘Month’ for imposing Penalty for TDS Default means 30 Days, not a British Calendar Month: ITAT [Read Order]
Read more at: http://www.taxscan.in/penalty-tds-default-british-calendar-month-itat/33144/
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Jubilant FoodWorks slapped with Rs 41.42 crore Demand by GST Anti-Profiteering Authority [Read Order]
Read more at: http://www.taxscan.in/jubilant-foodworks-gst-anti-profiteering-authority/33332/
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ITC not available for GST paid for Hotel Stay on Rent-free Accommodation provided to Company Director and Manager: AAR [Read Order]
Read more at: http://www.taxscan.in/itc-gst-hotel-stay-rent-free-manager-director-aar/33337/
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On harmonious interpretation of provisions of section 40(b)(v) as well as clauses of partnership deed, claim of remuneration paid to partners despite 'quantum' not specified in partnership deed was to be allowed
[2019] 101 taxmann.com 397 (Mumbai - Trib.), Unitec Marketing Services v. Assistant Commissioner of Income Tax, Circle-17(3) Mumbai
SANDEEP GOSAIN, JUDICIAL MEMBER ,AND N.K. PRADHAN, ACCOUNTANT MEMBER IT APPEAL NO. 822 (MUM.) OF 2018. [ASSESSMENT YEAR 2014-15]
DECEMBER 5, 2018
Section 40(b) of the Income-tax Act, 1961 - Business disallowance - Interest salary, etc., paid by firm to partner - Assessment year 2014-15 - Assessee filed its return of income in which it had claimed remuneration to partners, however, Assessing Officer noted that there was no remuneration clause in Partnership Deed - Thus, revenue authorities rejected claim of assessee by holding that assessee had not satisfied requirement of section 40(b)(v) and conditions laid down in CBDT Circular No. 739, dated 25-3-1996 - It was also held that since quantum of remuneration had not been stated in partnership deed, which was mandatory condition, therefore, disallowance was rightly made by Assessing Officer - Whether section 40(b)(v) does not lay down any condition of fixing remuneration or method of remuneration in partnership deed - Held, yes - Whether all that section 40(b)(v) provides is that in case payment of remuneration made to any working partner is in accordance with terms of partnership deed and does not exceed aggregate amount as laid down in subsequent portion of section, deduction is permissible - Held, yes - Whether since Partnership Deed specifically provided that salary/remuneration was to be computed as per section 40(b)(v); thus, harmoniously interpreting provisions of section 40(b)(v) as well as clauses of partnership deed, claim of remuneration paid to partners was to be allowed - Held, yes [Paras 9 to 11] [In favour of assessee]