Monday, 5 February 2018

05 February 2018 News

Quote of D-DAY:

Life is turn by turn.You are definitely going to be successful. Maybe not today or tomorrow but for sure, if you just keep working in your pace and timezone.

Who knows, that Trillion dollar idea might not hit you till you are 50. *Do not just look at your failures and feel you are less successful or lost.*

Good Morning..! 😊

Have a Productive Week..! 👍🏻



*Happy Reading on 05.02.2017*

*Mint*

=> RCom seeks withdrawal of Trai directive on subscriber refund

=> Facebook may have over 200 million fake or duplicate accounts globally

=> Chandrababu Naidu’s TDP not to break alliance with BJP

=> DoT to float new draft telecom policy within a week

=> ‘Small percentage’ of iPhone 7s need component repair: Apple

=> Assam for tweaking investment policy for pharma industry

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*Business Standard*

=> LTCG tax kitty from stocks to double to Rs 400 bn in FY20: Adhia

=> Will not break ties with BJP, reports of Naidu talking to Uddhav wrong: TDP

=> After China, India saw most super-rich citizens leaving the country in 2017

=> HPCL chief Surana to retain designation if ONGC follows in CIL footsteps

=> RCom seeks withdrawal of Trai order asking to refund users' unspent balance

=> Donald Trump says Republican memo 'vindicates' him in Russia probe

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*Economic Times*

=> As LTCG tax braces for a comeback, life insurance products may feature high on investor lists

=> UP govt moots use of cow urine to make medicines

=> 980 flights in 24 hours: Mumbai airport breaks own record

=> DoT to float new draft telecom policy within a week

=> LTCG tax kitty from stocks to double to Rs 40K crore in FY20: Hasmukh Adhia

=> Global wedding portal Zank You to enter Indian market

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*Financial Express*

=> Delhi HC lifts stay on AAP ban on use of animal-origin material to make silver leaf (chandi ka warq) for sweets

=> Reliance Communications seeks withdrawal of Trai directive on subscriber refund

=> Budget 2018: Central government jobs go up 2.53 lakh in two years

=> Australian government will not finance rail link for Adani project

=> 27 years later, PAC may finalise Bofors report in Budget session

=> Yogi Adityanath government moots use of cow urine to make medicines in Uttar Pradesh

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*Hindustan Times*

=> Modi in Bengaluru: PM says Karnataka govt called ‘10% govt’ as no work is possible without commission

=> On NDA ties, TDP in ‘wait and watch’ mode, to step up pressure on Centre over funds for Andhra

=> India vs South Africa, 2nd ODI, Centurion: IND win by 9 wickets, go 2-0 up in series

=> UP Police suspend four after cop shoots two in Noida, focus on personal enmity

=> 40 million cows to get Aadhaar-like number at cost of Rs 50 crore in 1st phase

=> Railways to create database of contract workers, give benefits like organised sector

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*Indian Express*

=> PM Modi in Bengaluru: 'Countdown for exit of Congress govt in Karnataka has begun'

=> TDP to stay with BJP, for now; Chandrababu Naidu asks MPs to create ruckus in Parliament

=> West Delhi murder: Will hire best lawyers to ensure justice for Ankit, says CM Kejriwal

=> Merchant ship with 22 Indians onboard missing, Indian mission in Nigeria monitoring situation: MEA

=> Padmaavat box office collection day 10: Deepika Padukone's film collects Rs 192.50 crore

=> Stolen idols worth Rs three crore recovered in Hyderabad, two arrested

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*The Hindu*

=> TDP not to snap ties with BJP, for now

=> Maldives Army surrounds Parliament amidst political turmoil

=>  SA vs India updates | India beat South Africa by 9 wickets

=> Girl injured in J&K’s Poonch district as Pakistan violates ceasefire

=> BMC turns to art to beautify Mumbai’s water pipelines

=> New AI system can train robots for armies

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*The Times of India*

=> Zakir Naik in book, Uttar Pradesh school in trouble

=> K'taka to soon be free from Congress culture: PM

=> Singapore prepares for terrorist attack

=> Will not break alliance with BJP: TDP

=> Five Indians in ICC's U-19 World Cup team

=> 11,700 ‘SC/ST’ employees in Maha govt face sack

............................................

*अमर उजाला*

=> पीएम मोदी का बड़ा ऐलान- कर्नाटक में येदियुरप्पा होंगे बीजेपी के सीएम उम्मीदवार

=> INDvSA: चहल-धवन ने सेंचुरियन वन-डे में किया धमाल, टीम इंडिया 9 विकेट से जीती

=> 22 यात्रियों को ले जा रहा भारतीय मर्चेंट शिप लापता, समुद्री लुटेरों पर शक

=> 

पाकिस्तान में दिल दहलाने वाली वारदात, परफॉर्म करने से मना करने पर गायिका को गोली मारी

=> हिमाचल में दो दिन तक बारिश-बर्फबारी के आसार, लुढ़का तापमान

=> नोएडा में फर्जी एनकाउंटर करने वाला दरोगा गिरफ्तार

............................................

*हिन्दुस्तान*

=> पीएम मोदी बोले-येदियुरप्पा होंगे CM चेहरा, कांग्रेस का काउंटडाउन शुरू

=> IndvsSA: चहल-कुलदीप की फिरकी में फंसा द. अफ्रीका, भारत 9 विकेट से जीता

=> मोदी का विकल्प केवल राहुल गांधी ही होंगे : कांग्रेस

=> TDP को NDA से अलग होने की नहीं जल्दबाजी, केन्द्र पर बनाती रहेगी दबाव

=> पाकिस्तान: पश्तूनों ने इस्लामाबाद में किया बड़ा प्रदर्शन, मांगी आज़ादी

=> यूपी: ईश्वरशरण उच्चतर शिक्षा सेवा आयोग अध्यक्ष बने

............................................

*दैनिक जागरण*

=> अब फर्जी एन्काउंटर मामले में फंसी UP पुलिस, जिम ट्रेनर को गोली मारने का आरोप

=> कर्नाटक में कांग्रेस के जाने का काउंटडाउन शुरू हो गया है: PM मोदी

=> राजनीतिक संकट: राष्ट्रपति पर महाभियोग चला सकता है मालदीव का सुप्रीम कोर्ट

=> 'राजिम कुंभ कल्प' की चकाचौंध को बढ़ा देगा ढाई लाख दीप और 1500 शंखों का महानाद

=> बलूचिस्‍तान के बच्चों को लेकर आतंकियों की नई ब्रिगेड बना रहा है पाकिस्तान!

=> युजवेंद्र चहल की गेंदबाजी के आगे झुकी द. अफ्रीकी टीम, बना दिए रिकॉर्ड

............................................

*प्रभात ख़बर*

=> कर्नाटक में एग्जिट गेट पर खड़ी है कांग्रेस, बीजेपी का इंतजार कर रहा है विजय, बेंगलुरु में पीएम के भाषण की बड़ी बातें

=> #SAvIND 2nd ODI : दक्षिण अफ्रीका को 9 विकेट से हराकर भारत ने सीरीज में 2-0 से बढ़त बनायी

=> बॉलीवॉल खेल रहे 11 पाकिस्तानी सैनिकों को तालिबान ने आत्मघाती हमले में उड़ाया

=> नोएडा 'फेक एनकाउंटर' केस : SSP ने कहा, आपसी रंजिश में जिम ट्रेनर को गाेली मारे जाने का शक

=> बिहार में कैंसर फैल रहा है दबे पांव, चपेट में महिलाएं सर्वाधिक

=> पटना : गायघाट स्थित पीपा पुल पर रात 11 बजे तक चलेंगे वाहन

............................................

Economic Times

Ø  State Oil cos plan capex of Rs 89k crore, 50% for E&P
Ø  FPIs infuse Rs 22,000 crore in capital mkts in Jan
Ø  Assam all set to get Rs 1,00,000 crore investment
Ø  'Govt working to raise share of exports in GDP to 20%'
Ø  NITI Aayog facilitator for Act East Policy: Kant
Ø  RCom seeks withdrawal of directive on subscriber refund

Business Standard

Ø  DoT to float new draft telecom policy within a week
Ø  Cash-strapped government has cut back on budgetary support to PSUs
Ø  LTCG tax kitty from stocks to double to Rs 400 bn in FY20: Hasmukh Adhia
Ø  Govt expects up to Rs 40-bn surplus fund from Sebi: DEA Secretary
Ø  Sterlite Power to invest $10 bn in transmission lines to expand business
Ø  No federal financing for Adani's Carmichael rail line: Australian official

Business Line

Ø  Revenue deficit no longer a target of the govt
Ø  Central govt jobs go up 2.53 lakh in 2 years
Ø  FPI inflows at $3.5-bn in Jan on better earnings expectation
Ø  Richest companies have the lowest tax liability
Ø  Jaitley to brief SEBI board on Budget proposals
Ø  Strides Shasun arm gets USFDA nod for 2 products

Mint

Ø  Sebi may allow metal ETFs to attract retail investors
Ø  Expert panel rules against setting up new category of stents
Ø  Mahindra wins an order to supply 1000 e-Veritos to Bhagirathi
Ø  JSW Steel-Piramal to bid for Bhushan Steel, JFE Steel opts out
Ø  Maruti open to forge partnerships with local tech firms

Financial Express

Ø  Central Board of Excise and Customs to be renamed CBIC by April
Ø  Godrej Properties sells Rs 700 cr worth office space in Mumbai
Ø  India to be manufacturing hub for Middle East & Africa, says Panasonic CEO Tetsuro Homma

Financial Chronicle

Ø  ICICI Bank sees March quarter margin settling at 3.5 pct
Ø  FM signals fiscal slippage amid revenue uncertainty
Ø  Divestment target points to likely consolidation of oil & gas PSUs

Sunday, 4 February 2018

04 February 2018 Updates

Quote of D-DAY:

Soft Attitude always creates Strong Relations.....!!  
So.....

Let's Keep Softness in our attitude and Make Long and Strong Relationship.....!!!

_Have a Funday_ 🤠


*Happy Reading on 04.02.2018*
_An Initiative towards Healthy Habits_

*Mint*

=> Mukesh Ambani says Reliance to invest Rs2,500 crore in Assam, create 80,000 jobs

=> Bitcoin newbies are getting crushed as old timers pledge to HODL

=> Assam investors’ meet: 176 MoUs of Rs65,186 crore signed on day 1

=> Glaxo, Reckitt are said only bidders for Pfizer’s consumer unit

=> Govt plans to wrap up Air India sale by Dec: Jayant Sinha

=> Govt plans framework to regulate cryptocurrencies by fiscal year-end

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*Business Standard*

=> E-way bill mess: Goods stop on tracks, transporters wary of field officers

=> How Jaitley punctured Bitcoin mania: Global prices slid 25% after Budget

=> Finance Bill 2018: End of the road for MAT on foreign companies

=> IOC to invest Rs 34 bn in Assam to augment operations; new units to come up

=> Global Investors' Summit: Assam gets Rs 651.86 billion investment

=> Manjot Kalra ton, bowlers star in India's fourth U-19 World Cup win

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*Economic Times*

=>  Indian professionals are happy with the contours of Trump's latest immigration policy

=> We will launch light helmets to combat fakes: Nitin Gadkari

=>  Budget's biggest gift to India: 5 mn new jobs every year

=> Modi's mega heathcare to cost about Rs 10,000 crore

=> Duty on PCBs for chargers puzzles handset makers

=> Foreign digital cos with India user base may have to pay tax

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*Financial Express*

=> Extreme-right gunman shoots 6 Africans in Italy; is arrested

=> Metro services on Yamuna Bank-Vaishali section to be affected tomorrow

=> CBI moves application in trial court for further probe in Bofors case

=> Detained student released in Bhopal, on way to Jammu and Kashmir

=> Global Investors' Summit: Assam gets Rs 65,186 cr investment commitments on Day 1

=> Suresh Prabhu says new industrial policy being "designed" to equip industry for the future

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*Hindustan Times*

=> Structural reform can create temporary upheaval, but there are larger gains: Arun Jaitley

=> Rahul Dravid remains humble after India’s U-19 Cricket World Cup win, says ‘it’s not about me’

=> Oil tanker with 22 Indian sailors goes missing off west African coast

=> 40 million cows to get Aadhaar-like number at cost of Rs 50 crore in 1st phase

=> LeT militants held in Kashmir ‘got arms training in Pakistan’

=> Karni Sena expels members who announced withdrawal of protests against Padmaavat

............................................

*Indian Express*

=> India dominate in record fourth U-19 World Cup title

=> Global Investors’ Summit: Northeast at heart of Act East, says PM Modi

=> Film for or against Rajputs: Cracks now in one Karni Sena

=> Another UP official posts: Tiranga excuse, ‘bhagwa’ killed man

=> Attack on J&K students in Haryana: Accused assaulted 5 other men leaving same mosque, says police

=> Mumbai: Fire at Shanti Industrial State in Mulund, no injuries reported

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*The Hindu*

=> Centre opens gates wider for Tibetans going abroad

=> Manjot Kalra's century propels India to U-19 World Cup win

=> Maratha Light Infantry regiment marks 250 years of rising

=> Fear, anger in Delhi's Raghubir Nagar after photographer’s murder

=> National Health Protection Scheme another pack of lies, says Congress

=> Syrian militants down Russian fighter jet, kill pilot

............................................

*The Times of India*

=> Maldives president refuses to ‘release’ Nasheed

=> Stolen biometric data used to create fake records

=> Centre firm on not rolling back LTCG tax

=> Manjot ton brings India their fourth U-19 WC win

=> Lexus’s flagship LS500H arrives in India with a bang

=> Value India ties, but firm on sovereign rights: China

............................................

*अमर उजाला*

=> पाकिस्तान में आत्मघाती हमला, 11 सैनिकों की मौत, 13 से ज्यादा घायल

=> चीन ने बनाया सुपर हथियार 'रेलगन', हर शॉट में खर्च होगी हजारों घरों के बराबर बिजली

=> इटली में चलती कार से विदेशियों पर फायरिंग, चार लोग घायल, एक हमलावर गिरफ्तार

=> World Cancer Day: इलाज संभव, वैज्ञानिकों ने ट्यूमर के जेनेटिक कोड में खास म्यूटेशन को पहचाना

=> CBSE कक्षा 6 से 8 तक की समान मूल्यांकन नीति ली गई वापस

=> 'अय्यारी' की कहानी पर बवाल, रक्षा मंत्रालय तक पहुंचा मामला

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*हिन्दुस्तान*

=> कैराना से भाजपा सांसद हुकुम सिंह का निधन, PM मोदी ने जताया शोक

=> पद्मावतः फिल्म के समर्थन को करणी सेना चीफ कलवी ने बताया झूठ

=> महबूबा सरकार का फैसला: 9730 पत्थरबाजों के खिलाफ खत्म होंगे केस

=> बड़ी कार्रवाई: घूसखोरी में CGST कमिश्नर सहित 9 गिरफ्तार, 6 को जेल

=> पाकिस्तान: आत्मघाती हमले में 11 सैनिकों की मौत, 13 अन्य घायल

=> दाऊद इब्राहिम की ब्रिटेन में कई संपत्तियां: रिपोर्ट

............................................

*दैनिक जागरण*

=> भारत, ईरान व अफगानिस्तान ने पाकिस्तान पर कसा तीन तरफा आर्थिक शिकंजा

=> भाजपा सांसद हुकुम सिंह के निधन से सियासी हलकों में छाया शोक

=> ब्रिटेन समेत कई देशों में हैं भगोड़े दाऊद इब्राहिम की संपत्ति

=> बेनकाब पाकिस्तान, आतंकियों ने कबूला- पाक हाईकमान ने दिया वीजा

=> पीएम के सामने होगा अंबानी-अडानी और बिड़ला समूह के यूपी निवेश अनुबंध

=> World Cancer Day: सही समय पर पहचान और इलाज है कैंसर से बचाव

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*प्रभात ख़बर*

=> दिल्ली : 2005 से पहले जन्मीं बेटियों का भी पिता की संपत्ति में हक

=> रांची : कई जिलों के एसएसपी व एसपी को बदलने की तैयारी

=> भाजपा सांसद हुकुम सिंह का लंबी बीमारी के बाद निधन

=> Global Investors Summit : असम से रिश्ते बढ़ाना चाहता है जापान, नागरिकों को दी यात्रा में ढील

=> बिहार : गया में पोकलेन मशीन जलाने कMornin में नक्सली कमांडर सहित 7 गिरफ्तार

=> INDvsAUS - अंडर 19 वर्ल्ड कप : मनजोत कालरा के शतक से भारत बना विश्‍व विजेता

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Saturday, 3 February 2018

03 February 2018 Updates

E-Way Bill: In view of difficulties faced by the trade in generating e-way bill due to initial tech glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra-State movement of goods. Eway Bill for inter state movement of Goods will be applicable w.e.f. 21.2.18...As per latest information...
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Budget 2018 reduces 2 Rs. Excise Duty on Petrol and Diesel: No Benefit to Consumers, says Hasmukh Adhia

Read more at: http://www.taxscan.in/budget-2018-reduces-2-rs-excise-duty-petrol-diesel-prices-wont-change-says-hasmukh-adhia/17285/
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No Deductions for Industrial Undertakings If Income Tax Return not filed within Due Dates

Read more at: http://www.taxscan.in/no-deductions-industrial-undertakings-income-tax-return-not-filed-within-due-dates/17295/
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No Need to furnish any Bills or documents to claim the Standard Deduction: CBDT Chief

Read more at: http://www.taxscan.in/no-need-to-furnish-any-bills-or-documents-to-claim-the-standard-deduction-cbdt-chief/17298/
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Budget 2018: Govt to Amend PMLA to detect Corporate Fraud

Read more at: http://www.taxscan.in/budget-2018-govt-to-amend-pmla-to-detect-corporate-fraud/17300/
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Uttarkhand Defers E-Way Bill for 10 Days

Read more at: http://www.taxscan.in/uttarkhand-defers-e-way-bill-for-10-days/17302/
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Group Company not Liable to pay Tax in India on Amount received for providing Technical Personals to Indian AE: ITAT [Read Order]

Read more at: http://www.taxscan.in/booz-group-company-tax-india-amount-received-providing-technical-personals-indian-ae-itat/17116/
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Govt releases New Set of FAQs on E-Way Bill [Read FAQs]

Read more at: http://www.taxscan.in/govt-releases-new-set-of-faqs-on-e-way-bill-read-faqs/17305/
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Brokerage / Commission paid in Connection with Share Transaction is not subject to TDS: ITAT [Read Order]

Read more at: http://www.taxscan.in/brokerage-commission-paid-connection-share-transaction-not-subject-tds-itat/16884/
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Power to Rectification can’t be invoked to Levy Interest u/s 220: Kerala HC [Read Judgment]

Read more at: http://www.taxscan.in/power-rectification-invoked-levy-interest-u-s-220-kerala-hc/16801/
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ICAI releases Tax proposals made in Union Budget 2018: Invites Suggestions [Read Proposals]

Read more at: http://www.taxscan.in/icai-releases-tax-proposals-made-in-union-budget-2018-invites-suggestions-read-proposals/17311/
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ICAI Announces Special Examination for Members of Foreign Accounting Bodies with whom It has entered into MRA and MoU*
http://www.taxscan.in/icai-announces-special-examination-for-members-of-foreign-accounting-bodies-with-whom-it-has-entered-into-mra-and-mou/17309/

The Institute of Chartered Accountants of India (ICAI) announced Special Examination for Members of Foreign Accounting Bodies with whom the Institute had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU). The document released by the Institute contains Note for Information and guidance to applicants, Exam schedule, forms of application and admit card […]
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👉🏻E-assessment of a taxpayer to be handled by two officers - CBDT*

(CBDT  has stipulated that the ambitious e-assessment of a taxpayer will henceforth be handled by two officers, instead of the current system involving a single assessing officer (AO) 
👇🏻 👇🏻 👇🏻
https://goo.gl/oMXpf9 

*👉🏻Govt introduces Bill to amend the PMLA Act, 2002 through Finance Act, 2018*

( The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecution of PMLA cases)
👇🏻 👇🏻 👇🏻
https://goo.gl/41mMtC 

*👉🏻FinMin invites fresh applications for RBI Dy Governor post*

( According to the notice published on the ministry's website, applicants should have at least 15 years of experience in banking and financial market operations.)
👇🏻 👇🏻 👇🏻
https://goo.gl/iKXp8v 

*👉🏻Are you satisfied with Union Budget 2018 -19?*

(What is your opinion..?? Click on the link.)
👇🏻 👇🏻 👇🏻
https://goo.gl/4PzC71 
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# *GST*: E-way Bill portal crashes on DAY 1 forces GST Council to extend the trial phase for generation of e-way bill, both for inter and intra state movement of goods. It shall be made compulsory from a date to be announced in future.

# *Union Budget 2018 Highlights*
• No change in Personal Tax Rate Slabs.
• Domestic Companies having total turnover or gross receipts not exceeding Rs.250 crores in FY 2016-17 shall be liable to pay tax at 25% as against present ceiling of Rs.50 crore in FY2015-16.
• Education Cess increased from 3% to 4% to be known as Education and Health Cess.
• Exemption u/s 10(38) for Long Term Capital Gain (LTCG) in respect of listed STT paid shares withdrawn w.e.f. 01.04.2018.
• LTCG (STT paid on acquisition / transfer) will now be taxed @ 10% u/s 112A. The cost of acquisition will be taken as Fair Market Value of the listed shares as on 31.1.2018 being the HIGHEST traded price or actual cost whichever is HIGHER. Further such tax will be liable for TDS.
• Standard Deduction of Rs.40,000 for salaried employees. However benefit of transport allowance of Rs.19,200 & Medical Reimbursement up to of Rs.15,000 u/s 17(2) are being withdrawn. Thus net benefit to salaries class only Rs 5,800/-.
• Provision of Section 43CA, 50C and 56(2) (x) being amended to allow 5% of sale consideration in variation viz. a viz. stamp duty value on account of location, disadvantage etc.
• Provision of section 40(IA) and 40A (3) and 40A (3A) are being made applicable to Charitable Trust. Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1) (a).
• Agriculture Commodity Derivative income /loss also not to be considered as speculative under section 43(5).
• Income Computation and Disclosure Standards (ICDS) being given statutory backing in view of decision of Delhi High Court decision.
• Marked to market loss computed as per ICDS to be allowed under section 36.
• Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.
• Construction Contract income to be computed on percentage completion method as per ICDS.
• Valuation of Inventory including Securities to be as per ICDS.
• Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section-145B.
• Conversion of stock-in-trade to capital asset to be charged as business income in the year of conversion on Fair Market Value (FMV) on the date of conversion.
• Section 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.
• PAN to be obtained by all entities including HUF other than individuals in case aggregate of financial transaction in a year is Rs.2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.
• All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.
• Assessments to be E assessment under new section 143(3A).
• No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.
• Deemed dividend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.
• Penalty for non-filing financial return as required under section 285BA being increased to Rs.500 per day.
.
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.

Budget 2018.Standard Deduction of 40000 for Salaried. Conveyance allowance & Medical reimbursement taxable. No change in Personal Tax Rates. Higher cess of 4%.

Government to bear Employer PF contribution of 12% for new staff for 3 years.  Women to contribute 8% PF for first 3 years but Employer contribution @ 10%/ 12%.

LTCG on shares of more than Rs 1 lac to be taxed @ 10% WITHOUT Indexation. 

Difference in Circle rate of upto 5% not to be treated as income in property deals.

E-Way Bill: In view of difficulties faced by the trade in generating e-way bill due to initial tech glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra-State movement of goods. Eway Bill for inter state movement of Goods will be applicable w.e.f. 21.2.18...
As per latest information...

Features for filing Form GST ITC-04 have been enhanced on the GST portal to allow multiple entries of items in a single challan.

MCA has notified that to access DSC related services of MCA, new settings are required effective Feb’03,2018. 

SEBI has agreed to transfer Rs 16.7 billion of its surplus funds to the government. The Centre has been eyeing these resources, which would enable it to reduce the fiscal deficit.
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.

📺 *Updates*

➡1. Highlights of the Finance Bill, 2018
https://gst.taxmann.com/topstories/222330000000014231/highlights-of-the-finance-bill-2018.aspx

➡2. Maharashtra VAT to be levied on contract of supply of equipment even if some labour element is involved: HC
Bharat Heavy Electricals Ltd.
v. State of Maharashtra.

➡3. Forex fluctuation to be considered for ALP computation only it related to turnover of relevant year: ITAT
Marlabs Software (P.) Ltd.
v. Assistant Commissioner of Income-tax, Circle 4(1)(2), Bangalore.

 .

==============>
.
Highlights of Union Budget 2018

Union Finance Minister Arun Jaitley presented the Union Budget 2018 today in Lok Sabha;

- Total expenditure for 2018-19 estimated to be over Rs. 24.42 lakh crore.
- Govt to bring out industry friendly defence production policy 2018.
- Two defence industrial production corridors to be developed.
- Standard deduction for transport, medical reimbursement.
- Contribution from women to EPF to be brought down from 12% to 8%.
- Target of Rs. 3 lakh crore for lending under PM MUDRA Yojana.
- Customs duty on raw cashew cut form 5% to 2.5%.
-  Cash payments of over Rs. 10,000 by trusts, institutions to be disallowed.
- 10% tax on distributed income of equity oriented mutual funds.
Complete coverage: Union Budget
- New electronic assessment scheme to eliminate person-to-person contact.
- Over Rs. 1.48 lakh cr to be allocated for railways in next fiscal.
- President's emolument raised to Rs. 5 lakh, VP's to Rs 4 lakh.
- For sr citizen,limit for investment in LIC schemes doubled to Rs. 15 lakh.
- Customs duty increased on mobile phones from 15% to 20%.
- 4% health and education cess; currently it's 3%.
- For senior citizens, no TDS on FD, Post Office interest upto Rs. 50,000.
- Long term capital gains over Rs. 1 lakh to be taxed at the rate of 10%.
- No change in personal income tax..
- Senior citizens can claim 50,000 cr for general medical expenditure.
- Standard deduction to benefit 2.5 crore people.
- Standard deduction to benefit pensioners also.
- Relief for salaried taxpayers: Standard deduction of Rs. 40,000.
- Benefit of reduced corporate rate of 25% to firms with 250 cr turnover.
-  Automatic revision of MPs' emoluments every 5 yrs indexed to inflation.
- 100% tax deduction for farmer production firms with 100 cr turnover..
- Fiscal deficit target for next fiscal: 3.3%.
- Effective tax payers now 8.27 crore.
- Excess revenue collected from personal income tax amounts to 90,000 cr.
- Fiscal deficit target of 3.5% in 2017-18.
- Government to take all steps to eliminate use of cryptocurrencies.
- 24 Public Sector Units to be divested.
- Bank recap to help banks lend additional Rs. 5 lakh crore.
- We have exceeded our disinvestment target this year..
- Disinvestment target of Rs. 80,000 crore for 2018-19.
- System of toll payment by cash being replaced by electronic payments.
- 5 lakh WiFi spots for benefit of 5 crore rural citizens.
- National program to direct efforts in Artificial Intelligence.
- Global economy is transforming into digital economy.
- All trains to increasingly have WiFi & CCTVs.
- Training for 50 lakh youth by 2020.
- Airport capacity to be hiked to handle 1 billion trips per year.
- Regional air connectivity scheme shall connect 56 unserved airports.
- 150 km additional suburban railway network at the cost of Rs. 40,000 cr.
- 600 railway stations to be redeveloped.
- Over 3600 km railway track renovation targeted in current year.
- 10 tourist cities to be developed into iconic tourist destinations.
- 142 cities have got investment grade ratings.
- Smart City mission: 99 cities selected with outlay of Rs. 2.04 lakh crore.
- Govt will contribute 12% of wages of new employees to EPF for 3 yrs.
- Rs. 7148 crore allocation for textile sector.
- In last 3 years, number of steps for generation of employment.
- For STs: 305 programs, allocation of Rs. 32,508 crore.
- For SCs: 279 programs, allocation of Rs. 52,719 crore.
- Govt will expand coverage under Pradhan Mantri jan dhan yojana.
- 24 new govt medical college & hospitals.
- Rs. 600 crore for nutritional support to all TB patients.
- National health protection scheme to benefit 50 crore people.
- Health cover of up to 5 lakh per family per year for poor & vulnerable.
- National health protection scheme to cover 10 cr poor families
- Rs. 1200 crore for health and wellness centres
- 2 major initiatives as part of Ayushman Bharat program.
- Proposal for railway university in Vadodara.
- Rs. 1 lakh crore over 4 years for initiative for infra in education.
- Eklavya schools for tribal children.
- Moving from blackboard to digital board.
- Will treat education holistically without segmentation.
- Credit for agricultural activities: From 10 lakh cr to 11 lakh cr.
- Allocation for national livelihood mission: Rs. 5750 crore.
- Will establish dedicated affordable housing fund.
LIVE UPDATES: Union Budget 2018
- 8 crore rural women to get free gas connection through Ujjwala yojana.
- Special scheme to address air pollution in NCR region.
- Rs. 10,000 cr for fishery development fund and animal husbandry fund.
- Rs. 1290 crore allocation for bamboo sector.
- Kisan credit card to be extended to fisheries,animal husbandry farmers.
- Operation Green allocation Rs. 500 crore.
.
==============>
.
CONCLUSION ON Finance Bill, 2018*

1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be knon as Education and Health cess.
2. However  for Domestic Companies having total turnover or  gross receipts  not exceeding  Rs 250 crores in Financial year 2016-17 shall be liable tp pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16.
3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn.
4. However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018.
5. Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS.
6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement  of Rs 15,000 under Section 17(2) are beinf withdrawn. Thus net benefit to salaries class only Rs 5,800
7. Provision of Section 43CA, 50C and 56(2)(x) being amended to allow 5%  of sale consideration in variation vis a vis stamp duty value. On account of location, disadvantage etc.
8. Provision of section 40(ia) and 40A(3) and 40A(3A)are being made applicable to Charitable Trust . Hence expenditure incurred without deduction of tax and in cash will not be eligible as application of income under section 10(23C) and section 11(1)(a).
9. Agriculture Commodity Derivates income /loss  also not to be considered as speculative under section 43(5).
10. Income Computation and Disclosure Standards(ICDS) being given statutory backing in view of decision of Delhi High Court decision.
11. Marked to market loss computed as per ICDS to be allowed under section 36.
12. Gain or loss in Foreign Exchange as per ICDS to be allowed under new section 43AA.
13. Construction Contract income to be computed on percentage completion method as per ICDS.
14. Valuation of Inventorty including Securities  to be as per ICDS.
15. Interest on compensation, enhanced compensation. Claim or enhancement claim and subsidy, incentives to be taxed in the year of receipt only as per new Section 145B.
16. Conversion of stock in trade to capital asset to be charged as business income in the year of conversion on Fair Market value on the date of conversion.
17. 54EC benefit of investment in Bonds to be restricted to Capital gain on land and building only. Further period of holding being increased from 3 years to 5 years.
18. PAN to be obtained by all entities  including HUF other than individuals in case aggregate of financial transaction in a year is Rs 2,50,000 or more. All directors, partners, members of such entities also to obtain PAN.
19. All companies irrespective of income to file return and in case it is not filed, such companies will be liable for prosecution irrespective of the fact weather it has tax liability of Rs 3,000 or not.
20. Assessments to be E assessment under new section 143(3A)
21. No adjustment under section 143(1) while processing on account of mismatch with 26AS and 16A.
22. Deemed divedend to be taxed in the hands of the company itself as Dividend Distribution of tax @ 30%.
23. Penalty  for non filing financial return as required under section 285BA being increased to Rs 500 per day .
.
==============>
.

# *GST*: E-way Bill has been made mandatory and Inter-State Movement of Goods exceeding Rs.50,000/- to be supported by e-way bill w.e.f. TODAY. 

# *Union Budget 2018* is being presented today by FM – Shri Arun Jaitley. Expect fiscal discipline, rationalization in IT slabs, standard deduction and increase in 80C deduction.

# *STOCK MARKET*: BSE & NSE gained 30% and 29% respectively in last one year since last Budget. During this period, Mutual Funds invest 1.20 Lac Crores while Foreign Investors only 15K Crores.

# *IBBI* has issued a Press release in Public Interest that the Board has no Association with “IBBI Insolvency Practitioners LLP”.

# *IT*: 31 MAR 2018 is the LAST DATE for filing Income Tax Returns for AY 2016-17 & 2017-18.

# *ST*: Movable or immovable property, in personal use of the sole proprietor or partner cannot be attached to recover service tax dues - Hema Balasubramanian Vs CST & Ors. (2018 (1) TMI 1220 - Madras High Court).
.
==============>
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Mere high appreciation in share value not enough to treat gain from Penny stocks as bogus.  Case Name : Pr CIT Vs. Prem Pal Gandhi (Punjab & Haryana High Court)

No E-Way Bill for Intra-State Supplies in Rajasthan, Gujarat. Govt of Rajasthan on Monday notified that no E-Way Bill is required for intra-State supply of goods. Govt of Gujarat also exempted all intra-State supply of goods from the generation of e-way bill under GST. 

Input tax credit cannot be denied to recipient on default of payment by supplier. Supreme Court in the case of Commissioner of Trade & Taxes, Delhi and others Vs. Arise India Limited and others [TS-2-SC-2018-VAT], 

Employees’ Provident Fund Organisation (EPFO) said it has launched facilities for employers to pay dues and update ownership deatils online. the EPFO has facility of online submission of Form 5A (Return of Ownership), it said in a statement.

The Auditing and Assurance Standards Board of ICAI is issuing the revised formats of the statutory auditor’s report for urban cooperative banks (UCBs). 

ICAI notified Examination Timings - CA May - 2018 Examinations An announcement dated 9th January 2018 informing the schedule and timings was hosted on www.icai.org
.
==============>
.

📺 *Updates*

➡1. Ind AS 109: Guarantee by director for loan taken by company not to be recorded in the books

➡2. No E-way bill is required for intra-State movement in Himachal Pradesh and Rajasthan

➡3. E-way bill required in Haryana for inter-State and intra-State supplies from Feb. 1, 2018

➡4. CBDT circular relaxing MAT for companies under IBC: complete exemption required
https://accountsandaudit.taxmann.com/topstories/105010000000015153/cbdt-circular-relaxing-mat-for-companies-under-ibc-complete-exemption-required.aspx

        🙏Thank you🙏
         Have a nice day

Friday, 2 February 2018

02 February 2018 News

*Quote of D-DAY:*

Soft Attitude always creates Strong Relations.....!!  
So.....
Let's Keep Softness in our attitude and Make Long and Strong Relationship.....!!!

*Good Morning* 🌞🌞🌞

_Feel free to contact for queries related to Corporate Laws._

Happy Reading on 02.02.2018

*Mint*

=> Budget 2018: Infrastructure sector gets a Rs5.97 trillion push

=> Budget 2018: Fiscal deficit target revised to boost spending in 2018-19

=> Railways gets a record Rs1.48 trillion in Union Budget 2018

=> Budget 2018 and Markets: LTCG tax roils BSE Sensex, Nifty

=> Budget 2018 and Corporate Bonds: Sebi plans mandatory bond market borrowing

=> Budget 2018: Rs. 5 lakh Modicare for the poor

...........................................

*Business Standard*

=> Pre-election Budget: Sops for farm sector, seniors, health cover for poor

=> Budget 2018 shocker for M&As: Entities to pay 20% DDT with retro effect?

=> Budget 2018 to sting buyers of iPhones, Audi cars, Fitibit, luxury brands

=> Alibaba's twin investments: BigBasket gets $200 mn and $150 mn for Zomato

=> Supreme Court adopts roster system for allocation of matters to judges

=> 10-yr bonds fall as Budget 2018 sets larger deficit target of 3.3% for FY19

...........................................

*Economic Times*

=> Budget: Modi govt plans mega expansion of rural infra

=> Brinda Karat criticises Union Budget over farmers issue

=> Foreign or local, digital services companies equal before tax law

=> Tech view: Nifty forms ‘High Wave’ pattern, bulls need to cross 11,171 level

=> PM Awas Yojana: Rs 21,000 crore for affordable housing drive

=> Dabur names Mohit Malhotra as new CEO

...........................................

*Financial Express*

=> Budget 2018: Most companies to pay 25% corporate tax

=> Budget 2018 has a big rural push to create more jobs

=> Make, Sell, Buy in India mantra for Budget 2018

=> Maruti Suzuki posts 5% growth in its domestic sales in January 2018: Sells over 1.36 million vehicles this financial year

=> Xiaomi Redmi 5A Rose Gold colour variant launched in India

=> Goa will become open defecation free by October 2 this year, says CM Manohar Parrikar

...........................................

*Hindustan Times*

=> Rajasthan bypolls loss should worry BJP, Vasundhara Raje as state election nears

=> Focus on farmers and rural infra, healthcare for poor, sops for MSMEs highlights of Budget 2018

=> Fidel Castro’s son who was treated for depression commits suicide: Cuban media

=> Virat Kohli ton upstages Faf du Plessis knock as India beat South Africa in Durban

=> Union Budget 2018: Govt to construct 2 crore toilets in next 2 years

=> SC adopts roster system for allocation of matters, CJI to hear all PILs

............................................

*Indian Express*

=> Rs 5-lakh health cover for 10 crore poor, prescription awaited

=> Assurance on MSP but for government, rural is more about infrastructure than agriculture

=> 10 per cent market tax in name of helping real economy

=> In election year, BJP gets a drubbing in Rajasthan bypolls

=> Supreme Court makes public: which judge gets what matter, move to elevate two judges

=> Virat Kohli hits 33rd ODI century, India beat South Africa by six wickets

............................................

*The Hindu*

=> Congress sweeps byelections in Rajasthan

=> The return of standard deduction for salaried employees

=> Highest-ever allocation to fast-forward Railway plans

=> TV prices to rise with increase in customs duty on parts

=> Start-ups feel let down

=> Jaitley gives MPs a salary raise, propose automatic revision every five years

............................................

*The Times of India*

=> Budget: Crypto cash not legal; but wait, it’s not illegal

=> India win 1st ODI against S Africa by 6 wickets

=> India win 1st ODI against S Africa by 6 wickets

=> After revolt, judges roster made public

=> Mass castration: Dera chief MSG chargesheeted

=> Budget 2018: Circle rate relief to boost realty sales

............................................

*अमर उजाला*

=> बजट 2018:अब जेटली की जुमलेबाजी, कोर्ट में 2015 में शपथ पत्र देकर MSP डेढ़ गुना करने से किया था इंकार

=> अनाज, खाद और तेल पर सब्सिडी बिल 15 फीसदी बढ़ा

=> रोस्टर सिस्टम जारी, मुख्य न्यायाधीश ही करेंगे पीआईएल पर सुनवाई

=> जम्मू कश्मीरः पुलवामा में आतंकियों ने किया नाका पार्टी पर हमला

=> पुणे की श्रुति ने किया सीडीएस परीक्षा में लड़कियों में टॉप

=> नेपाल के पूर्व प्रधानमंत्री ओली से मिलीं सुषमा स्वराज

............................................

*हिन्दुस्तान*

=> राजस्थान उपचुनाव: अजमेर-अलवर कांग्रेस को बड़ी बढ़त, मांडलगढ़ में जीत

=> INDvSA: डुप्लेसिस पर भारी कोहली का शतक, भारत ने जीता पहला वनडे

=> बजट: डिजिटल इंडिया का बजट दोगुना,गांवों में बनेंगे 5 लाख WiFi हॉटस्पॉट

=> बजट 2018:रक्षा बजट में पिछले 60 साल में सबसे कम बढ़ोत्तरी

=> नपुंसक बनाने के मामले में CBI ने राम रहीम के खिलाफ दायर की चार्जशीट

=> यूपी बोर्ड परीक्षा: केंद्र पर गड़बड़ी की जानकारी व्हाट्सएप पर दें

............................................

*दैनिक जागरण*

=> सरकार लाई 'ऑपरेशन ग्रीन', अब चुनावी मुद्दा नहीं बन पायेगा प्याज, टमाटर व आलू

=> महंगे अस्पतालों में भी होगा गरीबों का इलाज, सरकार करेगी व्यवस्था

=> विराट व रहाणे ने भारतीय टीम को दिलाई जीत, द. अफ्रीका को 6 विकेट से हराया

=> पेट्रोल-डीजल नहीं हुआ सस्ता, एक्साइज ड्यूटी की कमी जितना लगा सेस

=> स्मार्ट सिटी योजना में चुने गए 99 शहर, 2 लाख करोड़ के खर्चे से बनेंगे हाईटेक

=> जेटली ने अपने बजट में सीनियर सिटीजन को दी राहत, अब ब्याज आय में मिलेगी 50 हजार तक की छूट

............................................

*प्रभात ख़बर*

=> विश्व की सबसे बड़ी स्वास्थ्य योजना, ओबामाकेयर से बड़ी भारतीय स्वास्थ्य बीमा

=> बजट 2018-19 : गरीब व कमजोर परिवार के लिए स्वास्थ्य योजना का एलान, 50 करोड़ को 5 लाख का स्वास्थ्य बीमा

=> झारखंड : सरयू राय हटे, नीलकंठ मुंडा बने संसदीय कार्य मंत्री, चार को दिल्ली जा सकते हैं सरयू

=> जिया खान सुसाइड केस : सूरज पंचोली पर आत्‍महत्‍या के लिए उकसाने का आरोप तय

=> बजट 2018-19 : इंफ्रास्ट्रक्चर पर फोकस, 1.48 लाख करोड़ रुपये से सरकार करेगी रेलवे की क्षमता में विस्तार

............................................

Economic Times

Ø  FPIs may have found a way to dodge LTCG bullet
Ø  I-T dept has tech to trace black money: CBDT chief
Ø  Budget reaffirms digital commitment within govt
Ø  Govt raises import duty on cotton seed oil, olive oil
Ø  Telecom sector to create 4 lakh new jobs in 5 yrs: Sinha
Ø  Government defers compulsory E-way bill application
Ø  Imported luxury cars to be costlier by up to Rs 10 lakh

Business Standard

Ø  Budget 2018: The great balancing act by Jaitley on social and fiscal fronts
Ø  Union Budget 2018-19 Announcements In Nutshell
Ø  Issue guidelines to ascertain predatory pricing: TDSAT to telecom regulator
Ø  At Rs 6.2 trn, April-Dec fiscal deficit touches 113.6% of FY18 estimate
Ø  Titan Q3 net rises 21% to Rs 2.8 bn; total income up 7%
Ø  Bitcoin's big wipeout erased $44 bn of market value in Jan

Business Line

Ø  Govt misses fiscal deficit target; higher at 3.5% in FY 18
Ø  Govt hikes customs duty on mobile phones to 20%
Ø  Budget eyes Rs 80,000 cr from PSU disinvestment in FY19
Ø  Logistics sector to benefit from National Logistics Portal
Ø  Maruti sales up 4% at 1,39,189 units in January
Ø  Royal Enfield January sales up 31% at 77,878 units

 Mint

Ø  IMF welcomes fiscal deficit targets set by Arun Jaitley
Ø  Smart cities mission gets a hike in budget
Ø  Rupee crumbles 44 paise on LTCG tax, fiscal deficit woes
Ø  Alibaba raises forecast, agrees to buy 33% of Ant Financial
Ø  TV18 to increase Viacom18 stake to 51%
Ø  Oil steady as Opec compliance offsets robust US output

Financial Express

Ø  Tata Motors worried over drop in commercial vehicle share
Ø  FPIs infuse more than $1 billion in Indian debt in 2 weeks
Ø  ONGC pays government Rs 36,915 crore for HPCL
Ø  Amazon posts largest profit in its history on sales, tax boost

Financial Chronicle

Ø  Govt lowers market borrowing to Rs 4.07 lakh cr for FY19
Ø  Gold Monetisation Scheme to be revamped: Jaitley
Ø  3 PSU insurers to be merged and listed
Ø  Highest ever infra allocation to boost investment cycle

Thursday, 1 February 2018

01 February 2018 Updates

ICAI - Revised Formats of Statutory Auditor’s Report for Urban Cooperative Banks - (30-01-2018) - https://www.icai.org/new_post.html?post_id=14392&c_id=219
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No E-Way Bill for Intra-State Supplies in Rajasthan [Read Notification]

Read more at: http://www.taxscan.in/no-e-way-bill-intra-state-supplies-rajasthan/17050/
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===========>
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Assam Notifies Effective Dates for Rollout of E-Way Bill for both Inter-State and Intra-State Supplies [Read Notification]

Read more at: http://www.taxscan.in/assam-notifies-effective-dates-rollout-e-way-bill-inter-state-intra-state-supplies/17071/
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NCLT (New Delhi Bench) : In ICICI Bank Ltd. vs. Tirupati Inks Ltd.*

*_Financial creditor bank being a member of the consortium of banks giving loan is competent to file application on its own behalf and also on behalf of other banks who are members of consortium._*

*_Read full case law at :_* https://dasgovernance.com/2018/01/31/nclt-new-delhi-bench-in-icici-bank-ltd-vs-tirupati-inks-ltd/
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No Deemed Dividend If Assessee is not a Shareholder in Payer Company: ITAT [Read Order]

Read more at: http://www.taxscan.in/no-deemed-dividend-if-assessee-is-not-a-shareholder-in-payer-company-itat/17052/
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*May 2018 Exam Timings Changed back to Afternoon*
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Last month, ICAI announced that the Exam Timings for May 2018 CA Final Exams are changed to morning hours, that is, 10.30 AM to 1.30 PM.
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However, ICAI has today reverted this back to old timings.
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It has now been decided that all the CA Exams to be held in May 2018 will now be held at the the earlier timings, i.e. 2.00 PM to 5.00 PM.
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Students are advised to take note of this change.

ICAI - Examination Timings - CA May - 2018 Examinations - (31-01-2018) - https://www.icai.org/new_post.html?post_id=14397&c_id=219
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ICAI Announces Change in CA Exam Timing

Read more at: http://www.taxscan.in/icai-announces-change-exam-timing/17058/
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No E-Way Bill for Intra-State Supplies in Rajasthan [Read Notification]

Read more at: http://www.taxscan.in/no-e-way-bill-intra-state-supplies-rajasthan/17050/
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Income Tax Returns for FY 2015-16 and 2016-17 cannot be filed after 31.03.2018. 
After 31.03.2018, 2 Years ITR filing will stop...Only 1 year filing can be filed.

Brokerage / commission paid in connection with share transaction is not subject to TDS: Kolkata ITAT. 

Indirect tax base grew 50 per cent since the GST roll-out, led by a large increase in registrations, especially by small enterprises. The demonetisation of high-value currency notes in November 2016 resulted in widening of taxpayers’ base. :Survey. 

Media monitoring services can’t be taxed as ‘business auxiliary service’: New Delhi bench of CESTAT in the case of CST Delhi vs. M/s IPAN. 

SEBI : private placement, rather than a public issue, is the markets regulator’s favoured route to start trading in securities receipts issued by (ARCs). Only certain “qualified buyers” will be permitted to trade in them, and the minimum lot size will be Rs10 lakh.

SEBI has issued circular w.r.t Online Registration Mechanism and Filing System for Depositories. 

Insolvency & Bankruptcy Board of India has issued a Press release in Public Interest that the Board has no Association with “IBBI Insolvency Practitioners LLP”. 

ICAI: Last date for payment of Membership fee and Certificate of Practice fee for the year 2017-18 be extended upto 15th March, 2018 (instead of 30th September, 2017).
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📺 *Updates*

➡1. CIT couldn’t pass revisional order without concluding that AO’s order was erroneous on merits
Sadhana Stocks & Securities (P.) Ltd. v. Principal Commissioner of Income Tax-4, Kolkata.

➡2. Ind AS 109: Guarantee by director for loan taken by company not to be recorded in the books
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000014185&mode=home&page=

➡3. Payee not liable to Sec. 234B interest if payer had paid interest for non-deduction of TDS
John Baptist Lasrado
v. Income Tax Settlement Commission

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The CBDT has issued a Notification No 151/2017-A&PAC-1 dated 10th Jan 2018 to Assessing Officer prescribing standard procedure for applying provision of Sec 68 of Income Tax Act 1961.

Finance Minister presented the Economic Survey 2017-18 before the Parliament. It is a report card of India’s economic performance which gives the current and expected direction of the Government Policies.

E-Way bill will be introduced by 13 states for both Inter-State as well as Intra-State movement of goods. These States are:- Karnataka, Tamil Nadu, Pondicherry, Kerala, Andhra Pradesh, Telangana, Arunachal Pradesh, Bihar, Haryana, Jharkhand, Sikkim, UP, Uttarakhand w.e.f 01-02-2018.

MCA has notified the companies (Appointment and Qualification of Directors) Amendment Rules, 2018 which shall come into force from the date of the notification in the Official Gazette i.e. 26th January, 2018.
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GST: #Ewaybill #EWB

As on 25/01/2018, the following 13 States have issued notification for introducing E-waybill w.e.f. 1st February, 2018 for INTRA-STATE (within state) movement of goods having consignment value exceeding ₹50000.

1) Andhra Pradesh
2) Arunachal Pradesh
3) Bihar
4) Haryana
5) Jharkhand
6) Karnataka
7) Kerala
8) Puducherry(UT)
9) Sikkim
10)Tamil Nadu
11)Telangana
12)Uttar Pradesh, and
13)Uttarakhand

Also, the following states have issued notification for introduction of e way bill from a deferred date as given below:

14) Odisha - 01/06/18
15) Maharashtra - 01/05/18
16) Chattisgarh - 01/06/18
17) West Bengal - 01/06/18

Note: E-WAYBILL is mandatory in all States/UT for inter-state movement of goods w e.f. 01/02/18.
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SEBI

 

SEBI has issued circular w.r.t Online Registration Mechanism and Filing System for Depositories. In order to ease the process of application for recognition / renewal, reporting and other filings in terms of SEBI (Depositories and Participants) Regulations, 1996, SEBI has introduced a digital platform for online filings related to Depositories. All applicants desirous of seeking registration as a Depository in terms of Regulation 3, shall now submit their applications online, through SEBI Intermediary Portal. The applicants would be required to upload scanned copy of relevant documents such as any declaration or undertaking or notarised copy of documents as may be prescribed, and keep hard copy of the same to be furnished to SEBI whenever required. Further, all other filings including Annual Financial Statements and Returns, Monthly Development Report, Rules, Bye-laws, etc., shall also be submitted online.

 

IBBI

 

Insolvency & Bankruptcy Board of India has issued a Press release in Public Interest that the Board has no Association with “IBBI Insolvency Practitioners LLP”. It has come to the notice of the Insolvency and Bankruptcy Board of India (IBBI) that there is a Limited Liability Partnership (LLP) by the name “IBBI Insolvency Practitioners LLP”. It is clarified that IBBI has not authorised any person to use it’s name in any form, whether abbreviated or otherwise and “IBBI Insolvency Practitioners LLP” is not registered as an Insolvency Professional Entity with IBBI and Board has no association whatsoever with the said LLP.
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Use of Family Name would not Amount to the Use of Brand Name of Third Parties: CESTAT Allows SSI Exemption [Read Order]

Read more at: http://www.taxscan.in/use-family-name-not-amount-use-brand-name-cestat-allows-ssi-exemption/16995/
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Income from Share Transactions is Taxable as ‘Capital Gain’ if the ‘Initial Intention’ of assessee was to make Investment: ITAT [Read Order]

Read more at: http://www.taxscan.in/income-share-transactions-taxable-capital-gain-investment-itat/16978/
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📺 *Updates*

➡1. MRP provisions not applicable to sale of mineral water in hotels or restaurants: SC
Federation of Hotel & Restaurant Association of India v. Union of India

➡2. Interest for defaults in payment of advance tax to be levied till date of revisional order passed u/s 263.
Smt. S. Vijayalakshmi v. Income Tax Officer, Ward 1 (2), Pondicherry.

        🙏�Thank you🙏�
         Have a nice day

01 February 2018 News

*Quote of D-DAY:*

Do no wrong, feel no guilt, and be proud and confident of who you are.

*Know what you bring to the table, and let the world know that you’re not afraid to eat alone.*

Have a Good Day ☺




*Happy Reading on Budget Day*

*Mint*

=> GST e-way bill to go live on budget day, industry fears disruption

=> Rahul Gandhi jacket row: Sharp dressing elicits sharp response for Indian politicians

=> Manyavar owner Vedant Fashions planning IPO in second half of FY19

=> BSE Sensex, Nifty post best one-month pre-budget rally in 13 years

=> Delhi HC allows Daiichi Sankyo to recover Rs3,500 crore from Singh brothers

=> Sonia Gandhi to convene opposition meet today in bid to build anti-BJP front

...........................................

*Business Standard*

=> Ahead of Budget 2018, core sector growth slows to 5-month low of 4% in Dec

=> Budget 2018: India's start-ups hope for a reprieve from angel tax

=> Budget 2018: Govt may raise equity investment limit for PF bodies

=> Sensex ends marginally lower, Nifty holds 11000 as investors await Budget

=> Budget 2018: Brokers asked to collect higher margins to contain risks

=> Budget 2018: Jaitley may deliver significant portions of speech in Hindi

...........................................

*Economic Times*

=> US Federal Reserve leaves rate unchanged as Janet Yellen departs; sets up March hike

=> Rahul Gandhi’s Rs 63,000 jacket’ suits BJP’s North East campaign

=> Digital transactions on the rise but fall drastically short of 25-billion target

=> Car imports from India to UK jumped by over 8 per cent

=> Airtel, Vodafone & Idea gear up to match Reliance Jio’s 49 a month plan

=> Bidders in a fix after Insolvency and Bankruptcy Code Amendment

...........................................

*Financial Express*

=> Rail Budget 2018: FM Jaitley's Union Budget to announce passenger friendly measures, focus on safety

=> Haryana RERA body yet to become fully functional

=> Uttarakhand's maiden investor summit in September

=> National accounts: FY15-17 data revised, no impact on Budget 2018

=> Ranbaxy case: Delhi High Court finds in favour of Daiichi

=> TRAI cits MNP charges to Rs 4

*Hindustan Times*

=> IAF officer arrested on charges of spying, found using unauthorised devices

=> Earth’s satellite turns red, stargazers see ‘super blue blood moon’ across India

=> Stock markets post best one-month pre-Budget gain in 13 years

=> Now, ‘soot-boot’ on the other foot as BJP slams Rahul over ‘expensive’ jacket

=> Judges seek panel of future CJIs to allocate SC cases

=> Virat Kohli says Ajinkya Rahane ‘strong candidate’ for No. 4 instead of opening

............................................

*Indian Express*

=> Pehlu Khan’s lynching: Alwar police charge all victims with cow smuggling

=> Bad food: NIA probed BSF man for ‘foreign contacts,’ found nothing

=> Supreme Court crisis: No CJI meeting held, judges propose roster reform panel

=> Govt schools in 700 districts tested: Mathematics, language skills dip as kids grow

=> Kerala: First black money case against Catholic church, Cardinal George Alencherry under cloud

=> Land that doesn’t exist used to fund Hurriyat: NIA probe

...........................................

*The Hindu*

=> Budget expected to focus on direct taxes

=> Contractors picking the pockets of labourers, finds Railways

=> Budget session: Sonia Gandhi to chair Opposition meet

=> Indian aid for Palestine diplomatic institute

=> Graduates from IIT, NIT to teach in rural areas

=> Port mobile number for just ₹4

............................................

*The Times of India*

=> Sharp dip in employment levels in 2015-16: Survey

=> Rahul’s ‘Rs 63,000 jacket’ suits BJP’s NE campaign

=> Sr IAF officer detained for leaking info from HQ

=> Cracks in Naga boycott camp, ruling NPF edgy

=> Main accused in Kasganj killing held, guns seized

=> Give houses to 42,000 buyers: SC to Amrapali

............................................

*अमर उजाला*

=> Budget 2018: वित्त मंत्री जेटली आज पेश करेंगे बजट, युवा, महिला, गांव, किसान और शिक्षा पर रहेगा फोकस

=> बजट 2018: सरकार को घेरने के लिए विपक्षी दलों की बैठक आज, सोनिया कर सकती हैं अध्यक्षता

=> Budget 2018: 7 लाख तक की इनकम पर मिल सकती है टैक्स में छूट

=> जासूसी के आरोप में वायुसेना का एक अधिकारी हिरासत में

=> Budget 2018: पीएचडी स्कॉलर्स को मिल सकता है पीएम रिसर्च फेलोशिप

=> पाक, बांग्लादेश सरहद पर तैनाती के लिए बीएसएफ को 6 नई बटालियन की मंजूरी

............................................

*हिन्दुस्तान*

=> आम बजट आज: राहत के साथ हल्के झटके देने की तैयारी

=> रेल बजट 2018: आम बजट में किराये में बढ़ोत्तरी की संभावना नहीं

=> दिल्ली: व्हाट्सएप पर जानकारी भेजने पर वायुसेना का ग्रुप कैप्टन अरेस्ट

=> रणनीति: सोनिया गांधी की अध्यक्षता में सरकार को घेरेगा विपक्ष

=> 53 सरकारी इंजीनियरिंग कॉलेजों में पढ़ाएंगे आईआईटी-एनआईटी के विद्वान

=> लंदन में सिख सैनिकों की याद में युद्ध स्मारक बनेगा

............................................

*दैनिक जागरण*

=> उम्मीदें और चुनौतियों का बजट 2018, आज खुलेगा वित्त मंत्री जेटली का पिटारा

=> सीबीआइ के हत्थे चढ़ा तस्करों से घूस लेने वाला बीएसएफ कमांडेंट

=> SC की निगरानी में एसआइटी करे जस्टिस लोया मामले की जांच: कांग्रेस

=> PM मोदी का मुरीद हुआ चीन, कहा- भारत की विदेश नीति आक्रामक और मुखर

=> मिशन 2019: गांधी परिवार के गढ़ पर योगी की नजर, हर क्षेत्र में 100 करोड़

=> मुस्लिम फ्लाइट अटेंडेंट को ढकना होगा हिजाब से सिर, विमानन कंपनियां हुईं तैयार!

............................................

*प्रभात ख़बर*

=> आम बजट आज : जेटली सुबह 11 बजे संसद में करेंगे पेश, आर्थिक सुधारों के बीच राहत की भी है उम्मीद

=> झारखंड में सियासी हलचल : सत्ता पक्ष के नाराज ये नौ विधायक मिले सरयू व मुंडा से, जा सकते हैं दिल्ली

=> बिहार में ई-वे बिल प्रणाली लागू, सुशील मोदी बोले- कारोबारियों को मिलेगा फायदा

=> इनकम टैक्‍स डिपार्टमेंट ने सील किया शाहरुख का फार्म हाउस

=>भूकंप से कांपा अफगानिस्तान और पाकिस्तान, उत्तर भारत में भी तेज झटके, एक की मौत

=> एक साथ चुनावों होने की तुरंत संभावना नहीं : CM नीतीश

............................................

Economic Times

Ø  FY17 GDP growth revised to 7.1% from 6.6% earlier 
Ø  Reliance Jio warns public against fake JioCoin apps
Ø  US Fed leaves rate unchanged; sets up March hike
Ø  Quess to acquire Monster India, HCL Info' care biz
Ø  SBI gets board approval to divest 4.40% CCIL stake
Ø  Havells India promoters sell 2% stake for Rs 647 cr
Ø  TV18 becomes majority shareholder in Viacom18 at a valuation of $2 billion

 Business Standard

Ø  IBBI chairman Sahoo defends 94% haircut for stressed firm
Ø  Sebi agrees to transfer Rs 16.7 bn of surplus funds to govt
Ø  Recap bonds: Govt fixes coupon rates up to 7.68% with six maturities
Ø  ICICI Bank Q3 net drops 32% to Rs 16.5 bn; smallest profit in 7 quarters
Ø  HC allows Daiichi plea seeking Rs 35.6-bn arbitral award against Singh Bros
Ø  Morgan Stanley shifts p-note base as govt tightens rules for FPIs
Ø  Trai cuts mobile number port out charges by 79% to Rs 4

Business Line

Ø  China January factory growth dips to 8-month low
Ø  IREDA, Rewa Ultra Mega Solar sign loan agreement
Ø  Solar Alliance to sign 121 projects by April-end
Ø  Ramky Enviro to invest₹1,000 cr in expansion
Ø  JSW Steel logs record Q3 profit of Rs.1,774 cr
Ø  H&M India sales nearly double to Rs 955 cr in 2017

 Mint

Ø  Liquidation is anti-thesis of resolution, says IBBI chief
Ø  SBI’s deposit rate hike sets stage for rise in interest rates
Ø  Blackstone to buy Thomson Reuters F&R unit in a $20 billion deal
Ø  Galaxy Surfactants IPO sees 19.76 times subscription on the last day
Ø  Hindustan Copper plans to raise Rs1,400 crore via QIP
Ø  Vedanta Q3 profit slips about 4% to Rs2,053 crore, lags estimates

Financial Express

Ø  GST E-way Bill mandatory from Thursday
Ø  Suresh Prabhu to meet industry next month on new industrial policy
Ø  Banks can keep recap bonds in HTM category minus any limit
Ø  Middle Eastern countries must broaden tax bases: IMF
Ø  Samsung Electronics reaps $39.30 billion net profit in 2017
Ø  Walmart to pick up 15-20 per cent stake in Flipkart: Report

 Financial Chronicle

Ø  TVS Motor launches crusade against copy cats
Ø  India moves to stub out tobacco industry rights
Ø  Hero MotoCorp re-enters premium segment with new Xtreme 200R bike
Ø  Bulk deposit rates rise as credit growth picks up momentum