UPDATES
1.IBBI issues charter on roles and responsibilities of CoC and resolution professionals.
2.One chance must be given to workmen to lodge their claim under Insolvency and Bankruptcy Code: NCLT
3.Insolvency process was to be dismissed due to pre-existence of disputes between parties: NCLT
4.GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said.
5.FSSAI to focus on enforcement of food standards in 2019
With new food quality standards in place, regulator FSSAI will focus on enforcing the regulations without impacting businesses, CEO Pawan Agarwal
6.Income tax department in race against time to meet target, Tax collection till 3rd week of February stood at a little less than Rs 8 lakh crore against a target of Rs 12 lakh crore
7.Over 34,000 real estate projects registered with RERA across India
A total of 15 states/UTs have set up regular Real Estate Regulatory Authority (RERA) while 13 have interim RERA.
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# Case Law: TDS not deductible on Reimbursement of Expenses for conducting Exams
CIT Vs The Registrar, Csjm University, Kalyanpur (Allahabad High Court)
# Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May / June 2019 -https://resource.cdn.icai.org/54217exam43536.pdf
# Supreme Court's ruling that Special allowance to be included in basic wage for deduction of provident fund
Regional Provident Fund Commissioner Vs. Vivekananda Vidyamandir and others.
# ITAT liberally Interprets CBDT Instruction to include silver utensils of married lady
Smt. Rashmi Mujumdar Vs DCIT (ITAT Indore)
# Upcoming Due Date
07-03-2019 - Deposit of TDS/TCS for m/o Feb 2019
10-03-2019- GSTR 8 for E-Commerce operators for the m/o Feb 2019
10-03-2019 - Filing GSTR-7 for the m/o Feb 2019
# No Bail in case of GST Fraud: High Court of Punjab and Haryana in matter of Vikas Goel and another vs Central Goods and Services Tax Commissionerate, Gurugram has held that no Bail to be entertained in case of GST Fraud.
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Analysis of Supreme Court Judgement in Khoday Distilleries Ltd. vs. Sri Mahadeshwara SSK Ltd.
Whether review petition is maintainable before the High Court seeking review of a judgment against which the SLP was dismissed in limine without giving any reasons? Held Yes.
Read full case analysis at : https://dasgovernance.com/2019/03/05/analysis-of-supreme-court-judgement-in-khoday-distilleries-ltd-vs-sri-mahadeshwara-ssk-ltd/
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SUPREME COURT OF INDIA
(2019) 103 taxmann.com 18 (SC)
Regional Provident Fund Commissioner (II) W.B.
v.
Vivekananda Vidyamandir
CL : Where allowances paid by establishment to its employees were essentially a part of basic wage camouflaged as part of an allowance so as to avoid deduction and contribution accordingly to provident fund account of employees, order of authority under Employees' Provident Fund and Miscellaneous Provisions Act, 1952 that special allowance was to be included in basic wage for deduction of provident fund was justified
Facts
• Respondent, an unaided school, was giving special allowance by way of incentive to teaching and non-teaching staff pursuant to an agreement between staff and the management. The authority under Employees' Providing Fund and Miscellaneous Provisions Act, 1952 held that the special allowance was to be included in basic wage for deduction of provident fund.
• Held that no material has been placed by the establishments to demonstrate that the allowances in question being paid to its employees were either variable or were linked to any incentive for production resulting in greater output by an employee and that the allowances in question were not paid across the board to all employees in a particular category or were being paid especially to those who avail the opportunity. In order that the amount goes beyond the basic wages, it has to be shown that the workman concerned had become eligible to get this extra amount beyond the normal work which he was otherwise required to put in.
There is no data available on record to show what were the norms of work prescribed for those workmen during the relevant period. It is, therefore, not possible to ascertain whether extra amounts paid to the workmen were in fact paid for the extra work which had exceeded the normal output prescribed for the workmen. The wage structure and the components of salary have been examined on facts, both by the authority and the appellate authority under the Act, who have arrived at a factual conclusion that the allowances in question were essentially a part of the basic wage camouflaged as part of an allowance so as to avoid deduction and contribution accordingly to the provident fund of the employees.
The concurrent conclusions of facts that special allowances paid by an establishment to its employees would fall within expression 'basic wages' under section 2(b)(ii) read with section 6 for computation of deduction towards Provident Fund is not interfered with.
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👉🏻Audit of IL&FS reveals financial irregularities in deals worth Rs 13,000 Cr
(Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm.)
👇🏻 👇🏻 👇🏻
https://goo.gl/AYZySd
👉🏻IBBI suggests ground rules for Insolvency Professionals, Committee of Creditors
(IBBI has come up with a charter of responsibilities for Insolvency Resolution Professionals and Committee of Creditors so that stakeholders have a complete and clear understanding of their roles and responsibilities in a Corporate Insolvency Resolution Process)
👇🏻 👇🏻 👇🏻
https://goo.gl/SYHt2x
👉🏻Bank Branch Statutory Audit Updates 2019
(Mails received from following banks as confirmed by Members :-
Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Corporation Bank, Indian Bank, Indian Overseas Bank, UCO Bank, Union Bank of India.
Process are not over yet, Some Banks are sending mails Region Wise. Pls check your mail box regularly.)
👇🏻 👇🏻 👇🏻
https://goo.gl/Wszc7a
👉🏻Appointment of Internal Auditors for State Trading Corporation
(STC invites offers from CA Firm for appointment as Internal Auditors for Audit work at their Head Office at New Delhi and its Branches at various locations in India)
👇🏻 👇🏻 👇🏻
https://goo.gl/ye2b2h
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Marketing, promotion and distribution services provided to foreigner is NOT export of services under GST and IGST is payable on such services.
Authority of Advance Ruling, Maharashtra in case of Sabre Travel Network India Pvt Ltd vide its GST-ARA-08/2018-19 has held that Marketing, promotion and distribution services provided to foreigner is NOT export of services under GST and IGST is payable on such services.
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🔉IBC UPDATES
1.RCom to Opt for Insolvency Resolution Process After Failure to Repay Debt.
2.No open offer exemption without IBC: Sebi Companies and investors looking to buy firms, whose debt restructuring exercise is not under the insolvency rules, will not get exemptions from open offer to public shareholders, a move that comes as a setback to Jet Airways’ revival plan.
3. Jet pledges FDs worth ₹1,500 crore with State Bank of India to stay in the air.
🔉Gst Updates
4.GST Practitioner arrested for Tax Evasion - A Goods and Services Tax ( GST ) Practitioner has arrested for evasion of Rs 35 crore. The directorate general of GST intelligence (DGGI) arrested the GST Practitioner for allegedly running a fake invoice racket.
5.Income tax refunds will be credited only to bank accounts linked with PAN (savings/ current/ cash/ OD) from March 1, 2019.
🔉RBI UPDATES
6.Ministry of MSME (MoMSME) has decided that a new scheme viz. “Interest Subvention Scheme for Incremental credit to MSMEs 2018” will be implemented over 2018-19 & 2019-20.
🔉🔉MCA UPDATES
7.Every company incorporated on or before the 31st December 2017 shⁿ0all file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019, provided due Financial statements and Annual returns have to be filed with ROC. Late fees Rs.10,000 For more details ping.