Thursday, 27 September 2018

27 September 2018 News

Quote of D-DAY

Little doesn't mean Insignificant.
You are significant. Your presence should make a BIG difference. Stop waiting to be on the side of the majority.

Make your influence felt

Remember:
You are the world's Seasoning, to Make it Beautiful...

Good Morning 🌹

Happy Reading on 27.09.2018

*Mint*

=> SC upholds constitutional validity of Aadhaar, strikes down certain provisions

=> ACs, refrigerators, washing machines to get costlier, import duty hiked on over 19 items

=> Cabinet approves telecom policy to draw $100 bn investment, create 4 mn jobs

=> Fate of 2.37 crore railway job seekers uncertain, TCS appointment challenged in court

=> *BSE gets SEBI’s nod to launch gold, silver futures*

=> Supreme Court verdict on Aadhaar: Constitutionally valid, doesn’t violate privacy
...........................................

*Business Standard*

=> Govt hikes import tariffs on 19 items; ACs, refrigerators, footwear to get costlier

=> After SC verdict, private firms wanting to still use Aadhaar look to govt

=> US Fed raises interest rates by 25 bps, foresees another hike in December

=> Deleting Aadhaar data stored with private firms a herculean task: Experts

=> New telecom policy aiming $100 bn investment, 4 mn jobs gets Cabinet nod

=> SBI offloads 4% stake in general insurance arm for Rs 4.81 billion
...........................................

*Economic Times*

=> US Fed raises policy rate by 25 basis points

=> Telcos wary of delay in new connection, higher costs

=> Hindustan Lever, Nestle hint at price increases amid rising costs

=> Customs duty on ATF 'negative' for airlines; fares likely to go up

=> *TCS completes Rs 16,000 crore share buyback*

=> Government may resume allotting coal to power plants with short-term PPAs
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*Financial Express*

=> Donald Trump threatens Iran with more sanctions, Macron criticizes his strategy

=> India's solar alliance gets major push with EIB funds

=> Gritty Bangladesh stun Pakistan by 37 runs to set up Asia Cup final date with India

=> Antigua assures full cooperation in Mehul Choksi's extradition

=> US Federal Reserve raises rates, and says more coming

=> IAF vice chief Air Marshal S B Deo shoots in thigh accidentally
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*Hindustan Times*

=> Supreme Court says Aadhaar fine, but restricts use for govt welfare schemes

=> Bangladesh beat Pakistan by 37 runs, face India in the final

=> Customs duty hiked on ‘non-essential items’, flying, ACs to cost more

=> PM Modi conferred ‘Champions of the Earth’ award at UN 

=> Is namaz in mosque essential to Islam, Supreme Court to decide today

=> *IISc Bengaluru tops India in Global List of Best Institutes*
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*Indian Express*

=> Ministry of Defence official put on record objections to 36-Rafale deal

=> Aadhaar Act as Money Bill: Fraud on Constitution…violates rights, says Justice (Dissenting) Chandrachud

=> On Election Commission's table: Model code to kick in as soon as House dissolved

=> Asia Cup: Bangladesh stun Pakistan to set up final with India

=> PM Modi invited to Maldives, may go if transition process is smooth

=> Centre replaces tainted MCI with new panel of govt doctors
...........................................

*The Hindu*

=> Aadhaar gets thumbs up from Supreme Court

=> Supreme Court ruling on adultery today

=> Lack of consensus stalls demonetisation report again

=> Aadhaar programme reduces a person to 12 digits, says Justice Chandrachud

=> NIA busts terror funding cell

=> Centre sends another advisory on lynching
...........................................

*The Times of India*

=> PM Modi, Macron win UN's environmental award

=> Aadhaar stays, minus fangs and pangs

=> Asia Cup: B'desh beat Pak, to play India in final

=> Govt. hikes import duty; ACs, fridges to be costlier

=> Government appoints board to supersede MCI

=> Terror camp hit by surgical strike active again
...........................................

*अमर उजाला*

=> व्यापमं मामले में कमलनाथ, दिग्विजय और सिंधिया के खिलाफ एफआईआर के आदेश

=> दिवाली से पहले फूटा 'महंगाई बम', आज से फ्रिज-एसी-वाशिंग मशीन समेत 19 विदेशी वस्तुएं महंगी

=> पाकिस्तान एशिया कप से बाहर, भारत और बांग्लादेश में होगा फाइनल मुकाबला

=> सुरक्षा परिषद में भारत ने फिर जताई चिंता, सुषमा ने जी-4 देशों के विदेश मंत्रियों के साथ की बैठक

=> पीएम मोदी को मिलेगा संयुक्त राष्ट्र का सर्वोच्च पुरस्कार चैंपियन ऑफ द अर्थ अवॉर्ड

=> लोकसभा के लिए आवश्यक सभी वीवीपैट मशीनें नवंबर तक हो जाएंगी उपलब्ध : चुनाव आयोग
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*हिन्दुस्तान*

=> मस्जिद इस्लाम का अभिन्न हिस्सा है या नहीं, सुप्रीम कोर्ट का फैसला आज

=> TV, फ्रिज, फोन, AC समेत कई घरेलू उपयोग के सामान आज से हो जाएंगे महंगे

=> तेल की कीमत में वृद्धि के लिए ट्रंप मुख्य रूप से जिम्मेदार: ईरान

=> NIA ने हाफिज सईद के संगठन के आतंक वित्तपोषण मॉड्यूल का पर्दाफाश किया

=> रेलकर्मी अब आश्रितों को नहीं दे सकेंगे नौकरी

=> अच्छी खबर : गरीब बच्चों को 12वीं तक निशुल्क शिक्षा देने की तैयारी 
...........................................

*दैनिक जागरण*

=> महंगे हुए एसी, रेफ्रिजरेटर और वाशिंग मशीन, सरकार ने बढ़ाई 19 आइटम्स पर कस्टम ड्यूटी

=> जाली डिग्री मामले में महिला क्रिकेटर हरमनप्रीत पर कसा शिकंजा, SIT करेगी जांच

=> दिल्ली तक फैला है आतंकी हाफिज सईद का जाल, टेरर फंडिंग में सनसनीखेज खुलासा

=> Pak vs Ban: पाकिस्तान को पीट फाइनल में बांग्लादेश, अब भारत से होगी भिड़ंत

=> आज कामतानाथ के दर्शन कर मप्र में सियासी बिगुल फूंकेंगे राहुल

=> मोबाइल, बैंकिंग में आधार की अनिवार्यता खत्म होने से मोदी सरकार करेगी व्यापक समीक्षा
...........................................

*प्रभात ख़बर*

=> बाबरी मस्जिद इस्लाम का अभिन्न हिस्सा है या नहीं? सुप्रीम कोर्ट गुरुवार को देगा फैसला

=> Asia Cup : पाकिस्तान को हराकर बांग्लादेश शान से फाइनल में

=> पूर्व मिस इंडिया-एक्ट्रेस तनुश्री दत्ता ने नाना पाटेकर के खिलाफ खोला मोर्चा, लगा डाले छेड़छाड़ से लेकर मारपीट तक के आरोप

=> बिहार, जम्मू-कश्मीर की दो अधूरी होटल परियोजनाओं के हस्तांतरण को मंजूरी

=> केंद्रीय करों में हिस्सा बढ़ाने की 15 वें वित्त आयोग से की जायेगी मांग : सुशील मोदी

=> Asia Cup : पाकिस्तान को हराकर बांग्लादेश शान से फाइनल में
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27.09.18 Economic News

👉SC Aadhaar Verdict: SC holds Aadhaar Scheme Constitutionally Valid and makes Aadhaar Mandatory to link with PAN & for filing Income Tax Returns, But it is Not Mandatory for opening Bank Accounts, Mobile Connections etc.

👉Cabinet approves Proposal to convert the Goods and Services Tax Network (GSTN) into a Government owned entity. As per the proposal, the Central Govt will acquire a 50% stake in GSTN while State Govts. will collectively hold the remaining 50%

👉New enhancements & Changes in E-Way Bill Generation Form to be rolled-out from October 1, 2018. There are 6 New Enhancements done in the E-Way Bill Generation Form

👉Commercial Taxes Dept busted a racket Involved In Issuing Fake GST Invoices to help some dealers claim Input Tax Credit (ITC) from the Govt. 3  Bengaluru-based businessmen, who have been arrested, had issued fake GST invoices worth Rs 203 Crore to Facilitate Bogus Claims

👉Government hikes Customs Duty on 19 items to curb their Import & hence widening Current Account Deficit (CAD).

👉BSE gets SEBI Approval to launch Delivery based Futures Contract in Gold and Silver. "Trading of these contracts will be launched on October  1, 2018. The commodity trading session will be from Monday to Friday 10 am to 11.30/11:55 pm.

👉SEBI issues Show-Cause Notices to 300 Brokerages  whose clients lost significant money in the infamous Rs 5600 Crore National Spot Exchange (NSEL) Scam. SEBI’s notice alleged that these brokerages no longer meet the “Fit and Proper Person” criteria and hence should not be allowed to continue as intermediaries

👉ICAI makes use of Unique Document Identification Number (UDIN) mandatory from 1st January, 2019 for Practicing Chartered Accountants to secure the Certificates/Documents Attested/Certified by Practicing CAs & to trace out the fake CAs. Register at https://udin.icai.org/

👉Cabinet approves for signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants of Kenya (ICPAK).

27th September 2K18

Economic Times

Ø  US Fed raises policy rate by 25 basis points
Ø  UNCTAD expects India’s GDP to rise 7% in 2018
Ø  World economy on shaky ground: UN report
Ø  Bank credit rose by 13.46%; deposits by 8.58%
Ø  Aadhaar does not violate Right to Privacy: SC
Ø  FinMin begins discussions with PSBs for capital infusion
Ø  Centre approves nearly 6.28 lakh houses for urban poor

Business Standard

Ø  Tax cuts cannot keep oil prices low for long: Pradhan
Ø  Cabinet clears another bailout package for sugar mills worth Rs 55 bn
Ø  Govt hikes import tariffs on 19 items; ACs, refrigerators, footwear hit
Ø  SBI offloads 4% stake in general insurance arm for Rs 4.81 billion
Ø  DRI's NOC a must for duty-free import of edible oil from Bangladesh
Ø  Two buyers interested in RCom's leftover businesses: Company official

Business Line

Ø  India’s economy continues on robust growth path: ADB
Ø  Govt estimates kharif foodgrains output at record 141.59 mt
Ø  CIL board okays ‘add on’ over notified price of NEC coal
Ø  NMDC to commission Nagarnar coke oven unit, also steel plant
Ø  Videocon Industries Ltd. - Invitation To Submit Resolution Plan
Ø  Mutual funds gearing up to face debt fund redemption

Mint

Ø  Cabinet approves telecom policy to draw $100 bn investment, create 4 mn jobs
Ø  Telecom companies may be fined for flouting portability rules
Ø  DoT moves to classify dues Aircel owes as statutory
Ø  Tata Steel may invest ₹300-400 crore in Usha Martin in FY20: report

Financial Express

Ø  Gold prices fall after rising for two sessions, silver
Ø  Punjab National Bank, Indian Bank to offload entire stakes in credit info firm Experian
Ø  Cryptomining malware shoot up to 86 per cent in Q2 this year, says McAfee
Ø  IPR policy reduces pendency of intellectual property applications: DIPP Secretary
Ø  Government working to restructure Air India's finances, says Economic Affairs Secretary SC Garg

Financial Chronicle

Ø  Centre mulls fresh lease of life for Goa mines
Ø  Essar Power commissions 337-km Mahan-Sipat transmission line
Ø  Small finance banks lose market share in micro lending
Ø  GSTN to be made 100% govt-owned company
Ø  Spouses of Indian IT brigade in US may soon lose work permit

27 September 2018 Updates

REAL TIME UPDATE

1. ICAI: Board of Studies launches Live Virtual Classes for CA Intermediate and Final Students. Link at: https://www.icai.org/new_post.html?post_id=14781

2. ICSI RVO opens Registrations for Educational Course on Valuation of Securities or Financial Assets at NOIDA from 5th to 13th OCT 2018. Link at: www.icsirvo.in

3. MCA extends the date of applicability of Old Valuation System from 30.09.18 to 31 JAN 2019.

4. GST: Vires of Rule 89(5) of CGST Rules, 2017 - denial of grant of refund of unutilized tax credit in respect of tax paid on input services - Notices issued - ad-interim relief granted  - Shree Rama Newsprint Ltd. Vs Union of India (2018 (9) TMI 1475 - Gujarat HC).

5. IT: Exemption u/s. 10(37) - Interest received u/s 28 in case of compulsory acquisition of agricultural land as nature of interest income or it is a part of enhanced compensation - benefit of exemption allowed – Jagmal Singh Vs ITO (2018 (9) TMI 1468 - ITAT Delhi).

6 IT: Amounts received by the assessee-agent on behalf of the Principal - nature of income - amount waived by the Principals - held as in the nature of commission and taxable in the hands of assesse – Nortrans Marine Services Pvt. Ltd. Vs ACIT (2018 (9) TMI 1469 - Kerala HC).

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Share capital cannot regard undisclosed income of the company u/S 68 of the Income Tax Act in V. R. Global Energy Pvt. Ltd Vs ITO (Madras High Court) when there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted.

Last date to furnish ITC 04 for compliance of goods sent to job worker and received back there after is 30th September 2018 the period covered is 1st of July 2017 till 30th June 2018.

The Government has made some new enhancements in the E-Way Bill (EWB) generation form and is being released on 1st of Oct. 2018. Read more at: http://www.taxscan.in/e-way-bill-form-modified-changed-form-rollout-1st-october/28839/

MCA amended Companies (Registered Valuers & Valuation) Rules to effect the valuation to be done by Registered Valuers from 31st January 2019 and allow to convert or register a RVO till 16th October 2019. http://www.mca.gov.in/Ministry/pdf/CompaniesThirdAmendment_25092018.pdf

MCA is likely to deregister another 50,000 companies this fiscal because These firms have not been carrying out business activities for long.

SEBI has told credit rating agencies some of which were blindsided by the aura and size of IL&FS to review borrowers as soon as their bond prices crash, and even place such securities on ‘rating watch’ if prices continue to languish.

ICAI Membership/COP fees not paid Please pay your Membership / COP Fees for the year 2018-19 latest by 30th September, 2018. http://memfee.icai.org/memfee.htm

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👉🏻Ministry of Corporate Affairs has extended the last date for rendering the Valuation services without a Certificate of Registration under the Companies Act 2013 till 31st January, 2019.

After 31st January 2019 only registered valuers under IBBI will do the Valuation.

Prior to amendment the last date was 30th September, 2018.

Further, if a Valuer has accepted a Valuation assignment prior to 31st January, 2019, the same can be completed upto 30th April, 2019.

For Registered Valuers first take training of 50 Hours and then clear exam conducted by IBBI.
👇🏻 👇🏻 👇🏻
https://goo.gl/mQTBTQ

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SC announces Section 57 of Aadhaar as unconstitutional. Now private entity cannot demand #Aadhaar for identification purposes.

Supreme Court has upheld the validity of adhar and does not think it invades privacy

For filing income tax we need adhar card number says Supreme Court

For other services it will not be mandatory- like liking to phone and bank account

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Changes in E-Way Bill Portal wef 01.10.2018

1. Only relevant document type e.g. bill or bill of supply shall appear based on supply type and sub-type. 

2. No need to enter state. It will appear automatically as per pin code in address of consignor and consignee.

3. Standard rates for tax provided in the drop down list for selection.

4. Additional fields for “CESS Non Advol Amount” & “Other Value” have been introduced to enter CESS Non
Advol amount and any other charges (+/-) written in invoice.

5. Generator of the E-Way Bill will be alerted through SMS if total invoice value is more than Rs. 10 Crores.

6. Transporter ID  compulsory for generating Part-A slip.
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Tax Bar Assn requests Govt to allow Advocates to appear before GST Authorities without Enrolling as GST Practitioners [Read Memorandum]

Read more at: http://www.taxscan.in/tax-bar-assn-requests-govt-allow-advocates-appear-gst-authorities-without-enrolling-gst-practitioners/28844/
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NCLAT : In National Engineering Industries Ltd. vs. Cimmco Birla Ltd.

The limitation of thirty days has been prescribed under sub-section (2) of Section 61 for preferring an appeal against an order passed by the Adjudicating Authority, including the order passed under section 31(1) of the ‘I&B Code’. The Appellate Tribunal for sufficient cause can condone the delay but such period cannot exceed fifteen days. Therefore, no appeal can be entertained after forty-five days of knowledge of order. The Central Government, thereby cannot grant ninety days’ period to prefer an appeal under section 61(1), which is contrary to Section 61(2) of the ‘I&B Code’.

Read full case law at : https://dasgovernance.com/2018/09/26/nclat-in-national-engineering-industries-ltd-vs-cimmco-birla-ltd/
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Key takeaways from Supreme Court’s decision in case of Aadhar Card

The Apex Court, by 4:1 majority, declared Centre’s flagship Aadhaar scheme as constitutionally valid, but with conditions.

Read the key takeaways at : https://dasgovernance.com/2018/09/26/key-takeaways-from-supreme-courts-decision-in-case-of-aadhar-card/
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Indian Oil Corporation can’t claim ITC on GST paid on Railway Freight for Transportation of ATF and Other Taxable Supplies: AAR [Read Order]

Read more at: http://www.taxscan.in/indian-oil-corporation-claim-itc-gst-railway-freight-transportation-aar/28870/
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Cabinet approves Proposal to convert GSTN a Govt Entity

Read more at: http://www.taxscan.in/cabinet-proposal-gstn-govt-entity/28887/
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Biggest GST Scam: Evasion of Rs. 2000 unearthed in Karnataka

Read more at: http://www.taxscan.in/bgst-scam-evasion-karnataka/28897/
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Register with UDIN to trace Fake Chartered Accountants: ICAI to CA’s

Read more at: http://www.taxscan.in/udin-fake-chartered-accountants-icai/28891/
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More opportunities for CA Profession: Cabinet approves pact between ICAI and ICPAK

Read more at: http://www.taxscan.in/more-opportunities-for-ca-profession-cabinet-approves-pact-between-icai-and-icpak/28894/

Wednesday, 26 September 2018

26 September 2018 News

Quote of D-DAY

A Lot of Problems in the World would Disappear if We Talk to Each Other Instead of About Each Other.

Good Morning !!!

Happy Reading on 26.09.2018

*Mint*

=> Yes Bank to RBI: Let Rana Kapoor stay till September 2019

=> Flipkart acquires Israel-based start-up Upstream Commerce

=> BoI to withdraw plea against HDIL in NCLT

=> Fiscal deficit in April-August at 94.7% of govt’s annual target

=> CBI moves Interpol for information on Sandesara

=> *57% of regular Indian employees earn less than ₹10,000*
...........................................

*Business Standard*

=> *Will ensure IL&FS doesn't collapse, all options open: LIC chief V K Sharma*

=> Yes Bank to seek RBI nod to extend MD & CEO Rana Kapoor's term beyond Jan

=> At Rs 5.91 trn, India's April-Aug fiscal deficit at 94.7% of annual target

=> OYO raises $1 bn from investors led by Softbank; firm now valued at $5 bn

=> Shares of realty, housing finance and NBFCs remain under pressure

=> Bad debts in decline, PSU banks' loan recovery picking up: FM Jaitley
...........................................

*Economic Times*

=> India may cut imports of Iranian oil to zero in November

=> Falling, not rising, cronyism is the main cause of NPAs

=> Government in talks with ONGC to encourage buyback of shares

=> Mobile number portability to become faster

=> Haier, Blackstone, Goldman Sachs eyeing Videocon’s $2-billion electronics business

=> Gujarat government plans to cap Uber, Ola fleet at 20,000
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*Financial Express*

=> Supreme Court to pronounce verdict on pleas challenging Aadhaar

=> Twitter to ban 'dehumanizing' comments with user help

=> Mobile number portability: Trai proposes changes in MNP rule to curb porting request rejection

=> Rs 1,90,000 crore road projects spanning over 14,000 km! North-east infrastructure a priority, says Gadkari

=> *Asia Cup: Afghanistan pull off thrilling last-ball tie with India*

=> AAP leader sends legal notice to Sitharaman over Rafale deal
...........................................

*Hindustan Times*

=> Aadhaar verdict today: SC to decide on validity, mandatory linking of card

=> India, Afghanistan produce a classic, match ends in tie

=> Yamuna crosses danger mark in Delhi, alert sounded: Officials

=> 5 states, union territory agree to move towards uniform fuel prices

=> CBI seeks info on Rs 5,300 crore fraud accused Nitin Sandesara from Nigeria

=> Rain slows down pace of road construction in Himachal, J-K
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*Indian Express*

=> Compulsory or not? Supreme Court to pronounce verdict on Aadhaar today

=> We will not let IL&FS collapse, says LIC, largest shareholder

=> India vs Afghanistan: Dead-rubber turns thriller and ends in a tie

=> West Bengal bandh today: Govt deploys police, warns private schools

=> In Delhi, PM Modi’s healthcare scheme hits name roadblock

=> Local fights escalate in sensitive Muzaffarnagar village, 27 held
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*The Hindu*

=> SC harks back to Mumbai blasts to cite criminalisation

=> Aadhaar scheme: apex court to pronounce verdict on its validity today

=> Trump criticises Iran as 'corrupt dictatorship' at U.N.

=> ISRO spy case: Maldivian national seeks damages for illegal custody

=> CJI Bench to hear plea against Gogoi elevation

=> Need for an employment policy to solve jobless growth: study
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*The Times of India*

=> Asia Cup: India-Afghanistan match ends in a tie

=> Maldives will look to balance India, China: Ex-min

=> CBI seeks Interpol Nigeria's help to find Sandesaras

=> Top court's verdict on Aadhaar validity today

=> Monsoon may start withdrawing by Saturday

=> Number of women pilots doubles to 1,000 in 4 yrs
...........................................

*अमर उजाला*

=> सुप्रीम कोर्ट में आज होंगे कई बड़े फैसले, आधार की अनिवार्यता पर शीर्ष अदालत देगी अहम निर्णय

=> एशिया कप 2018: जीत न हार, भारत और अफगानिस्तान के बीच रोमांचक मैच हुआ टाई

=> उत्तर भारत के 6 राज्यों में पेट्रोल-डीजल हो सकता है सस्ता, समान वैट पर सहमति

=> J&K: आतंकियों के डर से चुनाव ड्यूटी से कतरा रहे कर्मचारियों को सरकार की सौगात, अतिरिक्त वेतन और मुआवजे का एलान

=> पुराना मोबाइल नंबर पोर्ट कराना होगा अब ज्यादा आसान

=> एशिया कप 2018: फाइनल का टिकट हासिल करने के लिए पाक-बांग्लादेश के बीच होगी कड़ी भिड़ंत
...........................................

*हिन्दुस्तान*

=> सुप्रीम फैसला: दागी उम्मीदवार लड़ाएं तो पार्टियां जनता को तीन बार बताएं

=> आधार कार्ड की वैधता पर सुप्रीम कोर्ट का फैसला आज 

=> आफत की बारिश : चक्रवात से देश के उत्तरी राज्यों में भारी नुकसान

=> दिल्ली को दिवाली तक भारी वाहनों से मिलेगी मुक्ति, घटेगा प्रदूषण

=> ASIA CUP 2018: भारत और अफगानिस्तान के बीच टाई पर समाप्त हुआ मैच

=> UN में ट्रंप: भारत में मुक्त समाज, लाखों को गरीबी रेखा से बाहर निकाला
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*दैनिक जागरण*

=> अच्छी खबर.... उत्तर भारत के छह राज्यों में सस्ता होगा पेट्रोल-डीजल, घटेगा वैट

=> सुप्रीम कोर्ट में आधार और प्रमोशन में आरक्षण पर आज आ सकता है फैसला

=> IND vs AFG: अफगानिस्तान के साथ मैच हुआ टाई, फिर भी एशिया कप फाइनल में पहुंची टीम इंडिया

=> संयुक्त राष्ट्र में अमेरिकी राष्ट्रपति ट्रंप ने की भारत की तारीफ, पाकिस्तान को दी चेतावनी

=> ठग्स रचेंगे इतिहास, तमिल- तेलुगु बोलेंगे आमिर और अमिताभ

=> रेंज रोवर वेलार P250 SE रिव्यू: एसयूवी सेगमेंट में पावर का लग्जरी अनुभव
...........................................

*प्रभात ख़बर*

=> सुप्रीम कोर्ट ने कहा, 2004 से 2014 के बीच सबसे अधिक जीते क्रिमिनल बैकग्राउंड वाले उम्मीदवार

=> देश में गाय के गोबर से पैदा हो सकेगी बिजली, दो यूरोपीय कंपनियां कर रहीं तैयारी

=> Asia Cup : भारत-अफगानिस्तान मैच टाई, शहजाद ने ठोका शतक

=> राज्यसभा के उपसभापति हरिवंश से फ्रांसीसी सीनेट के प्रतिनिधिमंडल ने की मुलाकात

=> बिहार कैबिनेट : पटना मेट्रो रेल परियोजना के लिए पटना मेट्रो रेल कॉरपोरेशन को मंजूरी

=> भाजपा ने अप्रवासी बिहारी युवाओं को जोड़ने के लिए वेबसाइट लांच किया

26.09.18 Economic News

👉After an Annual Review Meeting of the Public Sector Banks, Finance Minister Arun Jaitley announces 3 initiatives to take Banking to the last mile, comprising a Financial Inclusion Index, Geographical Mapping of Banking Services and Common Online Portal for Hassle-Free Online Loans for MSMEs upto Rs 1 Crore  approved through a Completely Automated Process within just 59 minutes. .  

👉Finance Ministry extends the Exemptions granted to EoUs and STPIs from payment of IGST and Compensation Cess by six months till March 31, 2019. The Integrated GST (IGST) and cess exemption to Export Oriented Units (EoUs) and Software Technology Parks of India (STPI) was scheduled to come to an end on September 30.

👉Central Bureau of Investigation (CBI) arrests a Superintendent, working in the office of Commissioner, CGST Commissionerate, Rohtak (Haryana) in a bribery case.

👉SEBI tells Credit Rating Agencies — some of which were blindsided by the aura and size of IL&FS — to review borrowers as soon as their Bond Prices Crash, and even place such securities on ‘Rating Watch’ if prices continue to languish.

👉RBI will conduct Open Market Operations (OMO) on September 27, 2018 (Thursday) to Purchase Government Bonds to infuse liquidity of Rs 10000 Crores. The Purchase will happen through Multi-Security Auction using the Multiple Price Method

👉Yes Bank Board Seeks from RBI to Extend Rana Kapoor’s Term as CEO Till September 2019 and also forms a Five Member Panel including two members from outside the bank to find a successor to him

26 September 2018 Updates

All Gujarat Federation of Tax Consultants approaches HC for Tax Audit Due Date Extension

Read more at: http://www.taxscan.in/gujarat-federation-tax-consultants-approaches-hc-tax-audit-due-date-extension/28760/
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Breaking: CBDT extends Due date for Filing of Income Tax Returns & Audit Reports* [Read Order]

Read more at: http://www.taxscan.in/govt-extends-deadline-income-tax-audit/28765/
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Gentle reminder
If you have not paid your ICAI fee for the year 2018-19 than pay it on and before 30th September 2018 check status
https://memfee.icai.org/

CBDT Extends the *Due Date for filing of Tax Audit Report & Income Tax Returns from 30 SEP 2018 to 15 OCT 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018. *The Liability to pay interest u/s 234A of ITAct will remain applicable.

October schedule of due dates
5th DIR 3KYC
7th Tds deposit
11th Gstr1
14th ADT 1 (ROC)
15th Tcs return
15th Tax Audit & ITR
18th GSTR 4 Composition
20th Gstr 3b
30th AOC 4 (ROC)
31st Gstr1 (<1.5 Crore)
31st Tds return
Happy working Month with festivals

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👉🏻ICAI Membership Annual Fee Payment
(Please pay your membership fee of ICAI (if not paid) for FY 2018-19 before *30th September 2018* to avoid late fee and removal of name from membership register)
👇🏻 👇🏻 👇🏻
http://memfee.icai.org/memfee.html 

👉🏻PNB, OBC, Andhra Bank next in line for merger
(Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and Andhra Bank could be next in line for consolidation)
👇🏻 👇🏻 👇🏻
https://goo.gl/ixvZ2j

👉🏻Financial creditors not part of CoC don’t have voting rights - IBBI
(IBBI has cleared the air on the crucial issue of whether a financial creditor who is not admitted as a member of the Committee of Creditors (CoC) would be considered a dissenting or abstaining financial creditor)
👇🏻 👇🏻 👇🏻
https://goo.gl/eH3fkK

👉🏻Empanelment/ Appointment of GST Auditors for HPPCL
(HP Power Corporation Ltd. invites Expression of Interest (EOI) for Empanelment/ Appointment of GST Auditors)
👇🏻 👇🏻 👇🏻
https://goo.gl/zPR8Re

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Allahabad HC quashes Penalty Orders for Goods Transported without E-Way Bill before 1st April [Read Judgment]

Read more at: http://www.taxscan.in/allahabad-hc-quashes-penalty-orders-goods-transported-e-way-bill-1st-april/28780/
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The Due Date of Filing of Audited Balance Sheet & TAR has been extended upto 15.10.2018 vide Notification No. 225/358/2018 dt 24.09.2018.

Maharashtra Appellate Authority for Advance Rulings (AAAR) has upheld a levy of GST on liquidated damages collected by a power generation firm for a delay in project completion.

MCA Amends Companies Indian Accounting Standards rules by which it has amended Ind AS 20 on Government Grants, Ind AS 12 on Income Taxes, Ind AS 16 on Property, Plant and Equipment & Ind AS 38 on Intangible Assets vide noti dated 20 September, 2018.

SEBI brought down the costs (total expense ratio or TER) that mutual funds can charge a decision it announced on 18 September: closed-end equity funds will only be able to charge a maximum of 1.25% of TER.

RBI has issued guidelines to banks and NBFCs for co-origination of loans to the priority sector. Though the loan would be jointly extended to a borrower by a bank and a NBFC, the interest rate should be a single-blended one.

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Registration Window Open for GST Practitioner’s Exam

Read more at: http://www.taxscan.in/registration-window-open-gst-practitioners-exam/28812/
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FKCCI appeals Govt to Extend reconciling GST Returns Due Date

Read more at: http://www.taxscan.in/fkcci-govt-extend-reconciling-gst-returns-due-date/28817/
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SUPREME COURT : In State Bank of India vs. V. Ramakrishnan & Anr.

Section 14 of the Code was deliberate, and that the idea was that there should be no stay of proceedings against the guarantor while the corporate debtor is undergoing an insolvency proceeding. The amendment of 2018 makes it clear that Section 14(3), is now substituted to read that the provisions of sub-section (1) of Section 14 shall not apply to a surety in a contract of guarantee for corporate debtor.

Read full case law at : https://dasgovernance.com/2018/09/25/supreme-court-in-state-bank-of-india-vs-v-ramakrishnan-anr/
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CGST Officer Arrested in Haryana in a Bribery Case

Read more at: http://www.taxscan.in/cgst-officer-arrested-haryana-bribery/28828/
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No penalty just because exp. claimed by assessee wasn't accepted by revenue; SC dismissed

[2018] 97 taxmann.com 279 (SC)
SUPREME COURT OF INDIA
Commissioner of Income-tax-2, Lucknow
v.
U.P. State Bridge Corporation Ltd.

Section 271(1)(c) of the Income-tax Act, 1961 - Penalty - For concealment of income (Disallowance of claim, effect of) - Assessment year 1984-85 - High Court by impugned order held that where assessee had furnished certain details regarding expenditure as well as income in return, which were not found inaccurate, nor could be viewed as concealment of income on part of assessee, merely because said claim was not accepted or was not acceptable to revenue, that by itself would not attract penalty under section 271(1)(c) - It further held that when penalty is being imposed taking into account quantum of additions upheld or accepted, then statute providing limitation will have to be applied strictly in that respect - Whether Special Leave Petition against said impugned order was to be dismissed both on grounds of delay and merits - Held, yes [Para 1] [In favour of assessee]

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E-Way Bill Form to be Modified: Changed Form to Rollout from 1st October* [Read the Note]

Read more at: http://www.taxscan.in/e-way-bill-form-modified-changed-form-rollout-1st-october/28839/
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Tax Bar Assn requests Govt to allow Advocates to appear before GST Authorities without Enrolling as GST Practitioners* [Read Memorandum]

Read more at: http://www.taxscan.in/tax-bar-assn-requests-govt-allow-advocates-appear-gst-authorities-without-enrolling-gst-practitioners/28844/

Tuesday, 25 September 2018

25 September 2018 Updates

Service Tax on Royalty: Gujarat HC Stays Demand [Read Order]

Read more at: http://www.taxscan.in/service-tax-royalty-gujarat-hc-stays-demand/28705/
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GoM Meeting on GSTN: New Return Forms, Mobile App for tax Officials and Other Key Decisions

Read more at: http://www.taxscan.in/gom-gstn-return-forms-mobile-app-tax-decisions/28711/
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Interest on Enhanced Compensation received for Compulsory Acquisition of Agricultural Land not Taxable: ITAT [Read Order]

Read more at: http://www.taxscan.in/interest-enhanced-compensation-received-compulsory-acquisition-agricultural-land-taxable-itat/28713/
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Personal Expenses of Directors of Company can’t be disallowed without Sufficient Proof: ITAT [Read Order]

Read more at: http://www.taxscan.in/personal-expenses-directors-company-disallowed-sufficient-proof-itat/28719/
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Frooti ’ is a beverage, 2% Tax applicable under Chhattisgarh Entry Tax Act: Chhattisgarh HC [Read Judgment]

Read more at: http://www.taxscan.in/frooti-beverage-2-tax-applicable-chhattisgarh-entry-tax-act-chhattisgarh-hc/28725/
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Gujarat HC allows Payment of GST Arrears in Installments [Read Order]

Read more at: http://www.taxscan.in/gujarat-hc-allows-payment-gst-arrears-installments/28731/
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No Income Tax sec. 68 addition if assessee failed to produce persons who had applied as shareholders; SC dismissed SLP. CIT v. Jalan Hard Coke Ltd. in SLP Civil Diary No. 16078 of 2018.

Assessee filed details of share capital money before AO showing that there are number of share applicants who applied for allotment of shares and most of them were residing in Delhi and each application was for Rs.2 lakhs each and payment was made by DDs.

Assessee also filed photocopies of share applications. AO required assessee to produce all persons/share applicants for examination.

Assessee expressed its inability to produce share applicants, however, submitted that since share application had been received from identifiable persons having capacity and creditworthiness of making share application, no addition u/s 68 should be made.

High Court by impugned order held that view taken by Tribunal in deleting the addition was just and proper as assessee could not have been assessed to tax to find out person who had applied as shareholder.

SLP filed before the SC against the order of HC has been dismissed. [2018] 95 taxmann.com 331.

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18% GST on Solar Power Plants: AAAR [Read Order]

Read more at: http://www.taxscan.in/18-gst-solar-power-plants-aaar/28741/
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CBDT Extends the Due Date for filing of Tax Audit Report & Income Tax Returns from 30 SEP 2018 to 15 OCT 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018. The Liability to pay interest u/s 234A of ITAct will remain applicable.

Tweeter Link at: https://twitter.com/incometaxindia/status/1044181403884285954?s=21

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Which ITR to choose for Commission Agents: ITR 3 or ITR 4? 🤔🤔

🍏🍎 Commission Agents are Businessman or Professionals? What do you think? If you think that Commission Agents are Professionals, then you are wrong. Many people thought that Commission Agents are Professionals.
But this is not right. Actually Commission Agents are Businessman according to Income Tax Act. So, 'Income from Commission'  falls under 'Income from Business' in the computation of tax. So, the code: '09005 - General commission agents,commodity brokers and auctioneers' is a code of business.

Q. Who are Commission Agents?
👉 A person who transacts business on commission, work as middleman between Vendors and Buyers, are called commission agents.

Q. What is the correct ITR for Commission Agents? ITR 3 or ITR 4?
👉 The correct ITR for commission agents is ITR 3. ITR 4 is not applicable for Commission Agents.

Q. What happen If any commission Agent files ITR 4 (previously ITR 4S) ?
👉 Your return will be treated as Defective Return.

Q. Why ITR 4 is not applicable for Commission Agents?
👉 In ITR 4, Net Income is computed u/s 44AD. But Commission Agents are not eligible for sec. 44AD (Presumptive Income Scheme)

Q. Is Balance Sheet and Profit & Loss A/c required for Commission Agents?
👉 As you need to file ITR 3, Balance sheet and Profit & Loss A/c must needed. CPC (Centralised Processing Centre) will not process your ITR 3 without Balance sheet and Profit & Loss a/c.

Q. I have submitted ITR 4 in previous year and CPC processed it? Which ITR I will choose this year?
👉 Rules of Income Tax Department are changing with time. Systems are also changing, CPC are checking submitted ITRs with more scrutinized manner. So, If you made any mistakes in ITR in nowdays, you may prepare for receive notice from CPC.

Q. What will CPC do, if anyone made any mistake in ITR?
👉 Your submitted ITR will not be processed, if CPC finds any mistake in ITR. But don't worry, CPC will send you notice via email and post and they will indicate the error. Also CPC will provide probable resolution in the same notice.

Q. Will the ITR processed after giving response to the notice?
👉 If you correct your mistake and give response against notice, then your ITR will be processed by CPC. Otherwise CPC will send you another notice indicating your mistake.

Q. 'I am a Commission Agent and I have computed my income u/s 44AD in several previous years, even CPC processed my ITR in those years. But this year CPC given me a notice telling that I am not eligible for sec. 44AD. What can I do now?'

👉 As you are a Commission agent, your income falls under Business Income, but you are not eligible for sec. 44AD. So, you need to file ITR 3 with Balance Sheet and Profit & Loss A/c.

👆👆 These are some important points to file ITR for Commission Agents. Also put your TDS details correctly in ITR for smooth processing of ITR.
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GST: Centre nods for Additional Cess for Kerala Flood Relief

Read more at: http://www.taxscan.in/gst-additional-cess-kerala-flood-relief/28739/
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IMPACTS of ITR + TAR date extension:

1. 43B Expenses (payment basis allowance) will be allowed if paid on or before 15.10.2018.

2. No Disallowance (100% or 30% of Expense) will be there if TDS will be paid (which has already been deducted till 31.03.2018) till 15.10.2018.

3. PGBP Loss and Capital Gains loss can be carried forward even ITR is filed till 15.10.2018.

4. No Late Fees u/s 234F will be there (INR 1,000/5,000) in case ITR is filed till 15.10.2018.

5. Profit Linked deductions (Section 80-IA to 80-IE), deduction under Section 10AA of the Income tax Act, 1961 will be allowed even if ITR is filed till 15.10.2018.

IMPORTANT "234A" Circular 02/2015 dated 10.02.2015

Circular has clarified that if the whole amount of tax payable under the ITR is paid upto due date of filing ITR, then no Interest u/s 234A will be levied even ITR is filed late.

SO, IT'S BETTER TO PAY YOUR TAXES till 30.09.2018 IN ORDER TO SAVE INTEREST u/s 234A of the Act and File the ITR till 15.10.2018.
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COMPANIES ACT LEGAL UPDATES

1. High court admitted petition filed u/s 433(e), 434 & 439 of the Companies Act,1956 seeking winding up of the respondent Company. It held that where respondent fails to pay the bonafide debt and also accepting the receipt of goods by petitioner then the debt has to be paid by the respondent. No contention of lack of quality in goods can be accepted as it is considered as defence of afterthought.
SAKET FABS PVT. LTD. V. KRANTI AUTOMOBILES LTD. MANU/DE/3216/2018

2. Supreme Court held that a petition for winding up can be  admitted only when a dispute would be substantial and genuine if it is bonafide and not spurious and speculative. It is settled law that if the creditor's debt is bonafide disputed on substantial grounds, the court should dismiss the petition and leave the creditor first to establish his claim in an action,just in case there is danger of abuse of winding up procedure.
IBA HEALTH (I) PVT. LTD. V. INFO DRIVE SYSTEM MANU/SC/0772/2010

25 September 2018 News

Quote of D-DAY

We all are born free, so why bottle up? Just take the lead!

Don’t constrain yourself to the conventional idea of living or earning, follow your dreams & aspirations.

Make your own legacy!!

Good Morning !!!

Happy Reading on 25.09.2018

*Mint*

=> *SEBI said to review DHFL, Yes Bank for trading irregularities*

=> Amcor, Huhtamaki in talks to acquire Essel Propack

=> ED resisted bids to settle loans, says Vijay Mallya

=> Govt unlikely to bow to opposition demand for JPC probe on Rafale

=> Assam NRC: The process to file claims, objections starts today
...........................................

*Business Standard*

=> *Credit concerns rattle stock mkts for 5th straight session, spook investors*

=> *Brent crude crosses $80* as OPEC rejects Trump's call for oil output boost

=> Govt extends deadline for filing I-T returns, audit report till October 15

=> Centre refuses Rs 2.5 billion for Metro, Hyderabad approaches NITI, PMO

=> FM Arun Jaitley to meet PSB chief executives today, review performance

=> Rains in North India lead to 'lodging' in paddy fields, may impact yield
...........................................

*Economic Times*

=> RBI study hints a rate hike in the next policy meet

=> Department of Telecom puts Aadhaar based face authentication on hold

=> India-South Asia trade has potential to triple to $62 billion, says World Bank

=> Refusal to renew consent to operate bad in law, Vedanta tells NGT panel

=> Electrosteel Steels board approves delisting of company

=> Trump, Deputy Attorney General Rosenstein to meet Thursday
...........................................

*Financial Express*

=> *Telecom department puts Aadhaar based face authentication on hold*

=> Dena Bank approves merger with Bank of Baroda along with Vijaya Bank

=> Income tax relief for businesses: Return filing deadline extended; ample time to reconcile with GST return

=> Good news of DA hike! Haryana Govt. raises dearness allowance by 2%

=> AAP in talks with former BJP leader Yashwant Sinha, wants him to contest in New Delhi Lok Sabha seat: Sources

=> India to be USD 100 billion FDI destination by 2022: PHD Chamber
...........................................

*Hindustan Times*

=> Second North Korea summit likely to take place ‘quite soon’: Trump

=> Should netas facing criminal cases contest elections, SC to decide today

=> Modric ends Ronaldo-Messi era to be crowned world’s best football player

=> ED resisted my efforts to repay banks, Vijay Mallya tells court

=> More than 120 people stranded in Lahaul-Spiti as heavy rainfall pounds Himachal

=> Hotstar CEO Ajit Mohan to join Facebook as India MD next year
...........................................

*Indian Express*

=> In wake of caste protests, PMO holds its first meeting on affirmative action in private sector

=> Cheer, relief in Delhi as Maldives Opposition wins Presidential polls

=> *Spot Fixing: Bookies approached five captains in one year*

=> At least 22 dead as heavy rain triggers flash floods, landslides in northern states

=> SC sends plea for ban on female genital mutilation to 5-judge bench

=> Kashmir issue will be resolved as problem not increasing: Rajnath Singh
...........................................

*The Hindu*

=> Our natural partners are countries like India, says Mohamed Nasheed

=> SC ruling today on those with criminal charges contesting elections

=> Centre vows to broadcast stern warning on lynching

=> Crucial claims, objections round of NRC begins on September 25

=> Centre finalising tariffs on non-essential imports

=> Ayodhya reference verdict likely on September 28
...........................................

*The Times of India*

=> On Day 1, Modicare benefits over 1,000 patients

=> India back in the strategic game in Maldives

=> Needle, syringe manufacturers seek price cap

=> *Croatia's Modric is FIFA best player of the year*

=> Rains batter Himachal Pradesh, 378 roads closed

=> SC ruling today on politicos facing criminal charges
...........................................

*अमर उजाला*

=> पाक को मात देने के लिए प्रसार भारती अटारी बॉर्डर पर खोलेगा रेडियो स्टेशन

=> सऊदी अरब के तीन मानवाधिकार कार्यकर्ताओं को ‘अल्टरनेटिव नोबेल’ पुरस्कार

=> अब 15 अक्टूबर तक भर सकते हैं आयकर रिटर्न, बढ़ाई गई तारीख

=> उत्तराखंड: सरकार ने दोगुनी की कैलाश मानसरोवर तीर्थयात्रियों की अनुदान राशि

=> दागियों के चुनाव लड़ने की पाबंदी पर सुप्रीम कोर्ट का फैसला आज

=> उत्तर भारत में मानसून का कहर जारी, अब तक 27 लोगों की मौत, चेतावनी जारी
...........................................

*हिन्दुस्तान*

=> मालदीव में सत्ता परिवर्तन भारत के लिए बेहतर, फिर से सुधरेंगे संबंध

=> दागी नेताओं को चुनाव लड़ना चाहिए? सुप्रीम कोर्ट आज सुना सकता है फैसला

=> नोएडा-ग्रेटर नोएडा में जल्द मकान मिलने का रास्ता साफ

=> मालदीव में नई सरकार गठन बाद हेलीकॉप्टर वापसी पर फैसला

=> आयुष्मान भारत : दूसरे दिन ही मरीजों को नहीं मिल पाया योजना का लाभ

=> उत्तर कोरिया के साथ जल्द होगी दूसरी बार वार्ता - डोनाल्ड ट्रंप
...........................................

*दैनिक जागरण*

=> उत्तर भारत में आफत की बारिशः हिमाचल में यातायात ठप, पंजाब में सेना सतर्क

=> राफेल डील पर घमासान के बीच भाजपा ने निकाला रॉबर्ट वाड्रा कनेक्शन

=> अमृतसर में अोवरब्रिज का हिस्‍सा गिरा, मचा कोहराम, मलबे से 11 लोगोें को निकाला गया

=> चीन की सीमा से महज 60 किमी दूर है पोक्‍योंग एयरपोर्ट, सामरिक दृष्टि से काफी अहम

=> अयोध्या केस प्रभावित करने वाले एक पहलू पर शुक्रवार को आ सकता है बड़ा फैसला

=> सुप्रीम कोर्ट ने कहा- लोगों को पता रहे कि उन्मादी भीड़ हिंसा की तो कानून का क्रोध बरसेगा
...........................................

*प्रभात ख़बर*

=> Hotstar के पूर्व CEO अजित मोहन अब Facebook के India operations Head

=> मध्यक्रम बल्लेबाजों को आजमाना चाहेगा भारत, एशिया कप सुपर-4 आज, अफगानिस्तान से मुकाबला

=> सुषमा स्वराज से मिले ट्रंप, बोले - मैं भारत से प्यार करता हूं, मेरे मित्र पीएम मोदी को मेरा अभिवादन

=> 24 घंटे में कोलकाता में दो हार्ट ट्रांसप्‍लांट, देशभर में 10 फीसदी बढ़ा हृदय प्रत्‍यारोपण

=> ईंधन में लगी ‘आग’, पेट्रोल रिकॉर्ड 91.96 रुपये प्रति लीटर पहुंचा, डीजल भी 80 के करीब

=> Motorola One Power : नॉच डिस्प्ले और 5000mAh बैटरी के साथ आया यह स्मार्टफोन
..........................................

25.09.18 Economic News

👉The Appellate Authority for Advance Ruling ( AAAR ) Maharashtra, upheld the order of the AAR that in the case of Separate Contracts for supply of goods and services for Solar Power Plant, there would be a Cumulative Consideration as ‘Works Contract’ and hence the rate of tax would be 18% under IGST and an aggregate of 18% of CGST and SGST.

👉CBDT extends Due date for Filing of Income Tax Returns & Audit Reports from 30th September 2018 to 15th October 2018

👉Finance Minister Arun Jaitley will meet the Heads of Public Sectors Banks (PSBs) Today, as part of the Annual Financial Performance Review Exercise. He will also discuss Credit Growth and Bad Loan Situation

👉Dena Bank Board approves Merger Proposal with Bank of Baroda along with another State-Run Lender Vijaya Bank.

👉Global Investment company Blackstone and realty firm Embassy Group files its offer document with SEBI to launch the Country's First Real Estate Investment Trust (REIT) to raise over Rs 5000 Crores. SEBI had notified REIT's regulations in 2014, allowing setting up and listing of such trusts, which are very popular in some advanced markets. However, not a single REIT has been launched and listed so far.

👉SEBI to review DHFL, YES Bank stocks over 'Irregularities' in Trading and is also looking into whether brokers and investors colluded during the Sharp Sell-Off and subsequent recovery in financial stocks, including DHFL and Yes Bank

👉In its bid to shore up the rupee, the Govt is likely to Impose Higher Import Duties on Precious Stones, certain types of Steel and Electronics but will spare Gold to prevent smuggling. Govt. is also trying to curb Imports of "Non-Essential" Items to support the rupee.

👉ICICI Bank gets Directors' Approval for Proposed Offshore Borrowing

25th September 2K18

Economic Times

Ø  Rupee rescue mission begins, oil purchases may be trimmed
Ø  RBI study hints a rate hike in the next policy meet
Ø  Electrosteel Steels board approves delisting of company
Ø  Refusal to renew consent to operate bad in law: Vedanta
Ø  Usha Martin seeks details on end-use of funds
Ø  Yes Bank board to meet after RBI directive on CEO

Business Standard

Ø  India may go for import curbs, gold to be spared
Ø  India's trade with neighbours only 31% of total potential: World Bank
Ø  Govt extends deadline for filing I-T returns, audit report till October 15
Ø  BofAML ups CAD forecast to 2.8% in FY19 on rising crude oil prices
Ø  Revival of 45 bankrupt firms will meet 50% of lenders' claims: IBBI chief
Ø  Brent crude crosses $80 as OPEC rejects Trump's call for oil output boost

Business Line

Ø  'Currency in circulation slows down since May'
Ø  Iran oil: Experts see no possibility of US granting waiver for India
Ø  NRC seeks shareholders nod to sell assets
Ø  Bank loan fraud: ED to file charge sheet against Sterling Biotech promoters
Ø  Infosys bags $62-m deal from Canadian govt

Mint

Ø  Govt may opt to control retail fuel prices to cushion
Ø  Sebi said to review DHFL, Yes Bank for trading irregularities
Ø  India plans power sector mergers to raise ₹ 20,000 crore
Ø  Ola in funding talks with Naspers at a valuation of $7-8 billion
Ø  US, China impose fresh tariffs with no trade talks in sight
Ø  High-level panel set up to resolve Ratnagiri refinery issue
Ø  ED resisted bids to settle loans, says Vijay Mallya

Financial Express

Ø  L&T Technology Services bags $40 million deal
Ø  India to be USD 100 billion FDI destination by 2022: PHD Chamber
Ø  Dena Bank approves merger with Bank of Baroda along with Vijaya Bank
Ø  FM to review banks’ financial performance today

Financial Chronicle

Ø  Crude spike, RBI dollar selling slows currency in circulation
Ø  India imports iron ore despite enough reserves
Ø  Rana Kapoor may stay as whole time director of Yes Bank
Ø  Government mulling merger of REC and PFC

Monday, 24 September 2018

TAR date extended

Respected Members: CBDT extended the last date to 15th October for income tax and tax audit report from 30 Sep to 15 October-2018.

24 September 2018 News

24.09.18 Economic News

👉Gujarat HC allows Payment of GST Arrears in Installments

👉Goods and Services Tax Network (GSTN) directs its Software Vendor Infosys to Design New Forms for Filing Returns by Traders. The Group of Ministers also identified 18 companies across the country to develop a Uniform Accounting Software for the smaller tax payers.

👉The E-Wallet Mechanism for Exporters under the GST regime may not launch on its proposed date of October 1, as required infrastructure is still not in place. GST Council has said that more time will be required to address Legal, Administrative and Technical Issues

👉Government Begins Consolidation of Regional Rural Banks along with the public sector lenders and intends to bring down their number to 36 from the existing 56.

👉The Commerce Ministry is planning to invest ₹ 1,500 Crore to develop 40 Export-Oriented Clusters under the Proposed Agriculture Export Policy.

👉RBI shortlists five IT firms including Infosys and TCS for implementation of a Centralised Information and Management System (CIMS) for Seamless Data Collection and Validations.

👉BSE will move out 8 Companies from the Additional Surveillance Measure (ASM) Framework from September 24.

👉Taiwan takes India to WTO’s Safeguard Committee on Solar Duty. India had imposed Safeguard Duty of up to 25% on Solar Cells Imports from China and Malaysia for two years to protect domestic players from steep rise in inbound shipments.

Sunday, 23 September 2018

23 September 2018 Updates

Taxsutra Breaking News  : CBDT mulls tax audit due date extension, notification likely early next week - http://taxsutra.com/news/21061/CBDT-mulls-tax-audit-due-date-extension-notification-likely-early-next-week

Finance Ministry notified that e-commerce operators shall collect an amount at the rate of one per cent as TCS under the GST on the supplies made by them. Of the amount collected, half will go to the Centre and half to the State where the supply takes place.

DIR-3 KYC fee has been reduced to INR 500/- from INR 5,000/- for 15 days, amendment notification dated 20.09.2018  vide Companies (registration office and Fees) 5th Amendment Rules, 2018.

MCA have issued notification dated 10.9.2018 containing, inter alia, rules for unlisted Public Companies  effective from 2.10.2018:- to Issue securities only in Demat form and Facilitate dematerialization of all its existing securities.

Ind AS 20 amended; allows adjustment of grant income with cost of asset: Government grants related to assets, including non-monetary grants at fair value, shall be presented in the balance sheet either by setting up the grant as deferred income or by deducting the grant in arriving at the carrying amount of the asset.

India Post Payments Bank Limited invites sealed tender offers to empanel Bidders for Concurrent Audit in accordance with the scope set out in the tender document. Portal www.eprocure.gov.in.

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ITAT condones Delay of 387 Days in filing Appeal since Assessee was fighting with Chartered Accountant who filed False Returns [Read Order]

Read more at: http://www.taxscan.in/itat-condones-delay-387-days-filing-appeal-assessee-fighting-chartered-accountant-filed-false-returns/28647/
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No E-Way Bill for Intra-City Movement of Goods in Gujarat [Read Notification]

Read more at: http://www.taxscan.in/no-e-way-bill-intra-city-movement-goods-gujarat/28659/
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Services by Commission Agents to Agriculturists of Turmeric is ‘ Support Services ’, No GST: AAR [Read Order]

Read more at: http://www.taxscan.in/services-commission-agents-agriculturists-turmeric-support-services-no-gst-aar/28668/
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The suggested 3 classes of Digital Signature Certificate are the following :-

Class 1 Certificate: Class 1 certificates shall be issued to individuals/private subscribers. These certificates will confirm that user's name (or alias) and E-mail address form an unambiguous subject within the Certifying Authorities database.

Class 2 Certificate : These certificates will be issued for both business personnel and private individuals use. These certificates will confirm that the information in the application provided by the subscriber does not conflict with the information in well-recognized consumer databases.

Class 3 Certificate : This certificate will be issued to individuals as well as organizations. As these are high assurance certificates, primarily intended for e-commerce applications, they shall be issued to individuals only on their personal (physical) appearance before the Certifying Authorities

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GOOD NEWS: B2B CLASSIFIED AS B2C CAN BE AMENDED

September 2018 is the last month to avail Input tax credit of Financial year 2017-18. There are many instances where many B2B transactions were classified as B2C, also there was no way to amend the same. Now we can amend wrong classification of B2B as B2C.
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CAs appeal to Govt for Tax Audit Due Date Extension, Starts Hashtag Campaign in Twitter

Read more at: http://www.taxscan.in/cas-appeal-govt-tax-audit-due-date-extension-starts-hashtag-campaign-twitter/28676/
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Service Tax on Royalty: Gujarat HC Stays Demand  [Read Order]

Read more at: http://www.taxscan.in/service-tax-royalty-gujarat-hc-stays-demand/28705/
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Income Tax Exemption to MIDC for payment on Land Lease Receipts: ITAT [Read Order]

Read more at: http://www.taxscan.in/income-tax-exemption-midc-payment-land-lease-receipts-itat/28696/
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Bombay HC freezes Criminal Prosecution during Pendency of Stay Application against Assessment Order [Read Order]

Read more at: http://www.taxscan.in/bombay-hc-freezes-criminal-prosecution-pendency-stay-application-assessment-order/28700/

23 September 2018 News

Quote of D-DAY

Prestige comes when,
You Feel You have done Something well...
BUT,
Honour Comes When Others Feel U have done Something well..!!

Have a Happy Relaxing Weekend.

Good Morning !!!

Happy Reading on 23.09.2018

*Mint*

=> Tata Steel to buy Usha Martin’s steel business for up to Rs 4,700 crore

=> Google tweaks privacy policy for Indian payment app after Paytm complaint

=> PM Modi inaugurates Odisha’s second airport at Jharsuguda

=> Dassault Aviation says partnership with Reliance Goup for Rafale was its own choice

=> PM Modi in Odisha, begins work on Rs 13,000 crore Talcher fertiliser plant revival

=> US likely to revoke work permits to H-4 visa holders, including Indians, within three months
...........................................

*Business Standard*

=> Infosys to design new GST returns forms, rollout in 4-6 months: Sushil Modi

=> IL&FS infrastructure arm redesignates CFO Dilip Bhatia to assist asset sale

=> Tatas to acquire Usha Martin's steel business for up to Rs 47 billion

=> Changes in H-4 visa rules unwise and unfortunate, says Nasscom

=> Nandita Das's Manto celebrates Urdu writer and poet in all his flawed glory

=> DU fake degree row: ABVP's Ankiv Baisoya says he studied several subjects
...........................................

*Economic Times*

=> White House drafts order to crack down on Google, Facebook

=> Will ensure speedy Parliament approval for triple talaq ordinance: Modi

=> ISI messages intercepted, asked militants to kill SPOs

=>  D-St week ahead: Nifty50 may try to rebound, but volatility will rise

=> Manvendra Singh quits BJP, will contest LS polls from Barmer

=>  Tata Steel to acquire steel business of Usha Martin for up to Rs 4,700 crore
...........................................

*Financial Express*

=> *GST returns: GSTN directs Infosys to design new forms*

=> Tata Steel to acquire Usha Martin's steel business in slump sale

=> Easy EMIs, speedy delivery! Amazon, Flipkart to woo shoppers on Great Indian Festival, Big Billion Day sales

=> Fuel prices witness fresh hike: Petrol in Delhi reaches Rs 82.61

=> Japan's Yusaku Maezawa will be SpaceX's first tourist to moon

=> PM Narendra Modi to launch Ayushman Bharat today
...........................................

*Hindustan Times*

=> Don’t go back home, officials tell Kashmir cops after targeted killings

=> PM Modi to launch flagship insurance scheme Ayushman Bharat today

=> As 3 Cong MLAs are ‘lost & found,’ new desertion rumours swirl in Karnataka

=> India vs Pakistan: Rohit-Dhawan opening stand holds key against arch-rivals

=> Study hints at bias in India’s air pollution monitoring stations

=> Imran hits out after talks called off, his minister makes another offer
...........................................

*Indian Express*

=> As PMJAY scheme rolls out today, private hospitals in queue but none make the cut in Mewat

=> Rafale row: Govt had no role, Hollande has conflict of interest, says MoD

=> Iron Man 2.0: Sardar Patel's statue enters final countdown

=> As Maldives Oppn cries foul, Yameen promises free, fair election

=> Proposed musem for all PMs at Teen Murti: Staff, visitors talk of a change that has set in

=> Kharagpur: Bayer Garratt steam locomotive inches closer to commercial runs
...........................................

*The Hindu*

=> Eastern U.P.’s forest dwellers are finally on the revenue map

=> Rafale deal: Govt reiterates it had no role in selection of offset partners

=> H-1B spouse work permits to end, says Trump administration

=> Alcohol intake in India doubles in 16 years

=> Maldives police raid Opposition’s office on eve of election

=> 29 killed in attack on Iran parade
...........................................

*The Times of India*

=> Modicare kicks off today, to benefit 50 crore

=> Asean rules out formal meet with India in Nov

=> Delhi air good again, more rain likely today

=> Imran Khan closes all diplomatic doors, for now

=> Treat one-sided laudatory reports as paid news: EC

=> Sikkim gets sensor-based landslide warning system
...........................................

*अमर उजाला*

=> पीएम मोदी आज करेंगे आयुष्मान भारत योजना का शुभारंभ, 10 करोड़ से ज्यादा परिवारों को मिलेगा लाभ

=> मानवेंद्र सिंह ने भाजपा का दामन छोड़ा, पार्टी में शामिल होने को बताया बड़ी भूल

=> हरिद्वार से आज शुरू होगी भाकियू की किसान यात्रा, दिल्ली के किसान घाट पर होगा अंतिम पड़ाव

=> भारतीय सैनिकों से बर्बरता का बदला लिए जाने की आवश्यकता, दूसरे पक्ष को भी वही दर्द हो : सेना प्रमुख

=> तकनीक के जरिए आयुष्मान भारत में सेंधमारी रोकेगी सरकार, भर्ती से लेकर अस्पताल से छुट्टी तक रखेंगे नजर

=> नन से रेप के आरोपी बिशप मुलक्कल की हिरासत दो दिन बढ़ी
...........................................

*हिन्दुस्तान*

=> आरोग्य योजना में 1,350 बीमारियों का मिलेगा कवर, PM आज करेंगे लॉन्च

=> हम सभी मुद्दों पर वार्ता को तैयार,युद्ध के बारे में सोचना मूर्खता-पाक

=> H-4 वीजा पर US दे सकता है भारतीयों को झटका, ट्रंप का निर्णय 3 माह में

=> चीन ने अश्लील सामग्रियों के लिये 4000 वेबसाइट बंद किए

=> उत्तर प्रदेश : दिसंबर तक 15 राष्ट्रीय राजमार्ग परियोजनाएं पूरी होंगी

=> स्कूलों में अनिवार्य रूप से लगाने होंगे सीसीटीवी कैमरे
...........................................

*दैनिक जागरण*

=> पीएम मोदी आज लांच करेंगे दुनिया की सबसे बड़ी स्वास्थ्य योजना

=> राफेल सौदाः भाजपा बोली- मोदी सरकार आने से पहले हो गया था रिलायंस और दासौ में समझौता

=> 31 अक्टूबर तक ट्रायल के लिए ही खुल पाएगा सिग्नेचर ब्रिज, जल्दबाजी में नहीं होगा काम

=> US की नाराजगी के बाद भी भारत-रूस के बीच पाइप लाइन में हैं कई प्रोजेक्ट

=> J&k में आतंकियों ने 3 पुलिसकर्मियों को अगवा कर हत्या की

=> फ्रांस के पूर्व राष्ट्रपति ओलांद ने कहा, दासौ ही बता सकती है भारत का दबाव था या नहीं
...........................................

*प्रभात ख़बर*

=> आयुष्मान भव: आज झारखंड की धरती से देश को सौगात देंगे पीएम नरेंद्र मोदी

=> इसरो ने कहा-चंद्रयान-2 मिशन सोच-समझकर उठाया गया जोखिम

=> एशिया कप में 10 वर्ष बाद एक सत्र में दूसरी बार भिड़ेंगे भारत-पाक, जीतने पर भारत पहुंचेगा फाइनल में!

=> तिलमिलाया पाकिस्तान: इमरान खान के ट्वीट से निकट भविष्य में भारत के साथ वार्ता का रास्ता बंद

=> ऑस्कर पुरस्कार 2019 में भारत भेजेगा ‘विलेज रॉकस्टार'

=> गया में 17 दिवसीय पितृपक्ष मेले का उद्घाटन आज
..

23.09.18 Economic News

👉MCA Amends Companies Indian Accounting Standards Rules by which it has amended Ind AS 20 on Government Grants, Ind AS 12 on Income Taxes, Ind AS 16 on Property, Plant and Equipment & Ind AS 38 on Intangible Assets vide notification dated 20 September, 2018.

👉Omaxe’s Sunil Goel moves NCLT against elder brother and company chairman and managing director Rohtas Goel, accusing him of Financial Mismanagement.

👉The Chartered Accountants all over India is requesting the Government to extend the tax audit due date for the current assessment year. As the due date is going to expire within seven days, the auditors and tax professionals are under pressure to achieve the deadline. The tax professionals have even started a campaign in the social media with a hashtag #ExtendAuditDueDate requesting an extension from the Government.