CORPORATE AND PROFESSIONAL UPDATE July 28, 2017

CORPORATE AND PROFESSIONAL UPDATE July 28, 2017

Image result for corporate images

Direct Tax:

  • CBDT has started accepting the ITR without linking of PAN & Aadhaar. Due to many issues in linking of Aadhaar with PAN because of Name, D.O.B., Gender etc. mismatch; However you have to mention Aadhaar Number.
  • CBDT notifies Principle Director General of Income-tax (system) as the ‘designated authority’ for furnishing the ‘bulk information’ on certain identified parameters to the above authority in pursuance of sub-clause (ii) of clause (a) of sub-section (1) of section 138 of the Income-tax Act, 1961. Vide notification no 74/2017, dated 26th July 2017.
  • CBDT made amendment in section 115JB of the Income-tax Act,1961 in order to provide the framework for computation of book profit for the purposes of levying Minimum Alternate Tax (MAT) in case of Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter. Vide press release, dated 25th July 2017.

Indirect Tax:

  • CBEC made Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports. Vide notification no 354/136/2017-TRU, dated 26th July 2017. .

GST Update

  • U.P. E-way Bill system is deferred till 15/08/17 on the request of the dealers and trade organizations
  • All legal services provided by the Advocates, law firms of Advocates or LLPs of Advocates will be continued to be governed by the reverse charge mechanism.
  • Renting of road is an Input Service-The road is used for the transportation of goods which is directly related to the manufacture of final product in the factory. 2017-TIOL-2499-CESTAT-MUM.
  • Resubmission or Re-upload of the documents for the rejected cases. All the members whose applications are rejected can now re-upload their documents from their login from 31st July to 6th Aug.2017 period.
  • Co. (A) Bill, 2016 has been passed by Lok Sabha on July 27, 2017 as Co. (A) Bill, 2017 & would be referred to Rajya Sabha for consideration and passing.

FAQ on GST

Query: Whether input tax credit can be availed on input services and capital goods (lying in stock) when there is application for new registration or during voluntary registration under section 18?

Answer: No. In case of new registrations and voluntary registrations, input tax credit can be availed only on the stock held (inputs, semi-finished goods or finished goods) preceding the day when he is liable to pay tax or preceding to the date of grant of voluntary registration. Input service and capital goods lying in stock are not eligible for ITC.

Corporate Law:

  • Forms DIR-12, CRA-4, SPICe and INC-27 are likely to be revised on MCA21 Company Forms Download page w.e.f 29th Jul 2017. Stakeholders are advised to check the latest version before filing.
  • The Reserve Bank of India has today notified that the foreign investment limit for investment by Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) in M/s Indraprastha Gas Limited has increased from 24% to 30% of its paid up capital. Vide press release 2017-2018/254, dated 26th July 2017

Quotes of the day

“It is better to fail in originality than to succeed in imitation.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

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Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

Get Introduced by E-way Bill

Get Introduced by E-way Bill

Image result for e way bill gst

  1. Information to be furnished prior to commencement of movement of goods and generation of e-way bill
  • Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees —
  • in relation to a supply; or
  • for reasons other than supply; or
  • due to inward supply from an unregistered person,

shall, before commencement of movement, furnish information relating to the said goods in Part A of FORM GST INS-01, electronically, on the common portal and

  • where the goods are transported by the registered person as a consignor or the recipient of supply as the consignee, whether in his own conveyance or a hired one, the said person or the recipient may generate the e-way bill in FORM GST INS-1 electronically on the common portal after furnishing information in Part B of FORM GST INS-01; or
  • where the e-way bill is not generated under clause (a) and the goods are handed over to a transporter, the registered person shall furnish the information relating to the transporter in Part B of FORM GST INS-01 on the common portal and the e-way bill shall be generated by the transporter on the said portal on the basis of the information furnished by the registered person in Part A of FORM GST INS-01

Provided that the registered person or, as the case may be, the transporter may, at his option, generate and carry the e-way bill even if the value of the consignment is less than fifty thousand rupees.

Provided further that where the movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter, he or the transporter may, at their option, generate the e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule.

Explanation. – For the purposes of this sub-rule, where the goods are supplied by an unregistered supplier to a recipient who is registered, the movement shall be said to be caused by such recipient if the recipient is known at the time of commencement of movement of goods.

  • Upon generation of the e-way bill on the common portal, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal.
  • Any transporter transferring goods from one conveyance to another in the course of transit shall, before such transfer and further movement of goods, generate a new e-way bill on the common portal in FORM GST INS-01 specifying therein the mode of transport.
  • Where multiple consignments are intended to be transported in one conveyance, the transporter shall indicate the serial number of e-way bills generated in respect of each such consignment electronically on the common portal and a consolidated e-way bill in FORM GST INS-02 shall be generated by him on the common portal prior to the movement of goods:

Provided that where the consignor has not generated FORM GST INS-01 in accordance with provisions of sub-rule (1) and the value of goods carried in the conveyance is more than fifty thousand rupees, the transporter shall generate FORM GST INS-01 on the basis of invoice or bill of supply or delivery challan, as the case may be, and also generate a consolidated e-way bill in FORM GST INS-02 on the common portal prior to the movement of goods.

  • The information furnished in Part A of FORM GST INS-01 shall be made available to the registered supplier on the common portal who may utilize the same for furnishing details in FORM GSTR-1:

Provided that when information has been furnished by an unregistered supplier in FORM GST INS-01, he shall be informed electronically, if the mobile number or the e mail is available.

  • Where an e-way bill has been generated under this rule, but goods are either not being transported or are not being transported as per the details furnished in the e-way bill, the e-way bill may be cancelled electronically on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, within 24 hours of generation of the e-way bill:

Provided that an e-way bill cannot be cancelled if it has been verified in transit in accordance with the provisions of rule 3.

  • An e-way bill or a consolidated e-way bill generated under this rule shall be valid for the period as mentioned in column (3) of the Table below from the relevant date, for the distance the goods have to be transported, as mentioned in column (2):

Table

Sr. no. Distance Validity period
(1) (2) (3)
1. Less than 100 km One day
2. 100 km or more but less than 300km Three days
3. 300 km or more but less than 500km Five days
4. 500 km or more but less than 1000km Ten days
5. 1000 km or more Fifteen days

Provided that the Commissioner may, by notification, extend the validity period of e-way bill for certain categories of goods as may be specified therein.

Explanation.— For the purposes of this rule, the “relevant date” shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated.

The details of e-way bill generated under sub-rule (1) shall be made available to the recipient, if registered, on the common portal, who shall communicate his acceptance or rejection of the consignment covered by the e-way bill.

  • Where the recipient referred to in sub-rule (8) does not communicate his acceptance or rejection within seventy two hours of the details being made available to him on the common portal, it shall be deemed that he has accepted the said details.
  • The e-way bill generated under rule 1 of the CGST rules or GST rules of any other State shall be valid in the State.

Explanation. - The facility of generation and cancellation of e-way bill may also be made available through SMS.

  1. Documents and devices to be carried by a person-in-charge of a conveyance
  • The person in charge of a conveyance shall carry —
  • the invoice or bill of supply or delivery challan, as the case may be; and
  • a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded on to the conveyance in such manner as may be notified by the Commissioner.
  • A registered person may obtain an Invoice Reference Number from the common portal by uploading, on the said portal, a tax invoice issued by him in FORM GST INV-1, and produce the same for verification by the proper officer in lieu of the tax invoice and such number shall be valid for a period of thirty days from the date of uploading.
  • Where the registered person uploads the invoice under sub-rule (1), the information in Part A of FORM GST INS-01 shall be auto-populated by the common portal on the basis of the information furnished in FORM GST INV-1.
  • The Commissioner may, by notification, require a class of transporters to obtain a unique RFID and get the said device embedded on to the conveyance and map the e-way bill to the RFID prior to the movement of goods:
  • Notwithstanding anything contained clause (b) of sub-rule (1), where circumstances so warrant, the Commissioner may, by notification, require the person-in-charge of conveyance to carry the following documents instead of the e-way bill:
  • tax invoice or bill of supply or bill of entry; or
  • a delivery challan, where the goods are transported other than by way of supply.

Verification of documents and conveyances

  • The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-State movement of goods.
  • The Commissioner shall get RFID readers installed at places where verification of movement of goods is required to be carried out and verification of movement of vehicles shall be done through such RFID readers where the e-way bill has been mapped with RFID.
  • Physical verification of conveyances shall be carried out by the proper officer as authorized by the Commissioner or an officer empowered by him in this behalf:

Provided that on receipt of specific information of evasion of tax, physical verification of a specific conveyance can also be carried out by any officer after obtaining necessary approval of the Commissioner or an officer authorized by him in this behalf.

  1. Inspection and verification of goods
  • A summary report of every inspection of goods in transit shall be recorded online by the proper officer in Part A of FORM GST INS – 03 within twenty four hours of inspection and the final report in Part B of FORM GST INS – 03 shall be recorded within three days of the inspection.
  • Where the physical verification of goods being transported on any conveyance has been done during transit at one place within the State or in any other State, no further physical verification of the said conveyance shall be carried out again in the State, unless specific information relating to evasion of tax is made available subsequently.
  1. Facility for uploading information regarding detention of vehicle

Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the transporter may upload the said information in FORM GST INS- 04 on the common portal.

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Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE July 27, 2017

CORPORATE AND PROFESSIONAL UPDATE July 27, 2017

Image result for corporate images

Direct Tax:

  • S. 69A: NDTV indulged in a clear cut case of “abuse of organization form/ legal form and without reasonable business purpose” and therefore, no fault can be found with the order of the AO in charging to tax Rs. 642 crores by re-characterizing the conditions according to its economic substance and imposing the tax on the actual controlling Indian entity. There is no doubt that the transaction used principally as a devise for the distribution/ diversion of sum to the Indian entity. The beneficial owner of the money is the assessee New Delhi Television Ltd vs. ACIT (ITAT Delhi)
  • S. 292C: An addition cannot be made on the basis of a handwritten loose paper which does not indicate if it pertains to the assessee and if AO has not brought on record any forensic evidence to prove the handwriting of the assessee. An addition cannot be made on the basis of suspicion and guesswork and without bringing corroborative material on record CIT vs. Praveen Juneja (No. 1) (Delhi High Court

Indirect Tax:

  • CBEC, in order to have uniformity in approach among the field formations, issued detailed guidelines for re-testing of samples Vide Circular No. 30/2017-Cus dated 18th July, 2017.

GST Update

  • GST tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month.
  • Invoice-wise details in regular GSTR-1 would have to be filed for the months of July GSTR-1 from 1-5 September, GSTR-2 6-10 September and August GSTR-1 16-20 September, GSTR-2 from 21-25 September.
  • Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.No late fees and penalty would be levied for the interim period.

FAQ on GST

Query: Whether input tax credit is allowed on inputs which become waste and is sold as scrap?

Answer: Section 17(5) (h) specifically restricts input tax credit on goods lost, stolen, destroyed, written off or disposed by way of gift or free samples. Therefore, if the goods have been destroyed in full, input tax credit will not be available. However, if in the process of manufacture some inputs become waste and are sold as scrap, credit shall not be denied. Further, output tax shall be payable on sale of such waste/scrap.

Corporate Law:

  • Over 6.83 lakh companies have a Permanent Account Number (PAN) but did not file income tax returns for assessment year 2016-17, Parliament was informed.
  • MCA issued General Circular No. 08 /2017 dated:25th July,2017 regarding clarification for applicability of exemption given to certain private companies under section 143(3)(i) of the Companies Act 2013.
  • MEF for the year 2017-18 is live at www.meficai.org. The last date for submission of online MEF Form for the year 2017-18 is 15th August, 2017.
  • Updated MCA XBRL Validation Tool version and business rules CSR reporting Business Rules related to the XBRL C&I taxonomy 2016 have been revised. Stakeholders are advised to make a note of the changes and use new version of MCA XBRL Validation Tool V3.0.6 while filing AOC-4 XBRL.
  • RBI issued a compilation of the all instructions contained in the circulars issued by RBI which are operational on Detection and Impounding of Counterfeit Notes Vide Master Circular No.  RBI/2017-18/26 dated 20.07.2017

Quotes of the day

“It is better to fail in originality than to succeed in imitation.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE July 27, 2017

CORPORATE AND PROFESSIONAL UPDATE July 27, 2017

Image result for corporate images

Direct Tax:

  • S. 69A: NDTV indulged in a clear cut case of “abuse of organization form/ legal form and without reasonable business purpose” and therefore, no fault can be found with the order of the AO in charging to tax Rs. 642 crores by re-characterizing the conditions according to its economic substance and imposing the tax on the actual controlling Indian entity. There is no doubt that the transaction used principally as a devise for the distribution/ diversion of sum to the Indian entity. The beneficial owner of the money is the assessee New Delhi Television Ltd vs. ACIT (ITAT Delhi)
  • S. 292C: An addition cannot be made on the basis of a handwritten loose paper which does not indicate if it pertains to the assessee and if AO has not brought on record any forensic evidence to prove the handwriting of the assessee. An addition cannot be made on the basis of suspicion and guesswork and without bringing corroborative material on record CIT vs. Praveen Juneja (No. 1) (Delhi High Court

Indirect Tax:

  • CBEC, in order to have uniformity in approach among the field formations, issued detailed guidelines for re-testing of samples Vide Circular No. 30/2017-Cus dated 18th July, 2017.

GST Update

  • GST tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month.
  • Invoice-wise details in regular GSTR-1 would have to be filed for the months of July GSTR-1 from 1-5 September, GSTR-2 6-10 September and August GSTR-1 16-20 September, GSTR-2 from 21-25 September.
  • Facility for uploading of outward supplies for July, 2017 will be available from 15th July, 2017.No late fees and penalty would be levied for the interim period.

FAQ on GST

Query: Whether input tax credit is allowed on inputs which become waste and is sold as scrap?

Answer: Section 17(5) (h) specifically restricts input tax credit on goods lost, stolen, destroyed, written off or disposed by way of gift or free samples. Therefore, if the goods have been destroyed in full, input tax credit will not be available. However, if in the process of manufacture some inputs become waste and are sold as scrap, credit shall not be denied. Further, output tax shall be payable on sale of such waste/scrap.

Corporate Law:

  • Over 6.83 lakh companies have a Permanent Account Number (PAN) but did not file income tax returns for assessment year 2016-17, Parliament was informed.
  • MCA issued General Circular No. 08 /2017 dated:25th July,2017 regarding clarification for applicability of exemption given to certain private companies under section 143(3)(i) of the Companies Act 2013.
  • MEF for the year 2017-18 is live at www.meficai.org. The last date for submission of online MEF Form for the year 2017-18 is 15th August, 2017.
  • Updated MCA XBRL Validation Tool version and business rules CSR reporting Business Rules related to the XBRL C&I taxonomy 2016 have been revised. Stakeholders are advised to make a note of the changes and use new version of MCA XBRL Validation Tool V3.0.6 while filing AOC-4 XBRL.
  • RBI issued a compilation of the all instructions contained in the circulars issued by RBI which are operational on Detection and Impounding of Counterfeit Notes Vide Master Circular No.  RBI/2017-18/26 dated 20.07.2017

Quotes of the day

“It is better to fail in originality than to succeed in imitation.”

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications

SAC CODES FOR LEGAL AND ACCOUNTING SERVICES

SAC CODES FOR GST

Image result for gst images

Heading no. 9982   Legal and accounting services

 

Group 99821   Legal services
     
  998212 Legal advisory and representation services concerning other fields of law.
  998213 Legal documentation and certification services concerning patents, copyrights and other intellectual property rights.
  998214 Legal documentation and certification services concerning other documents.
998215 Arbitration and conciliation services

 

  998216 Other legal services n.e.c.
 

 

 
Group 99822   Accounting, auditing & bookkeeping services.
  998221 Financial auditing services.
  998222 Accounting & bookkeeping services.
  998223 Payroll services
  998224 Other similar services n.e.c
 

 

 
Group 99823   Tax consultancy and Preparation services

 

  998231 Corporate tax consulting and preparation services.
  998232 Individual tax Preparation and planning services.
 

 

 
Group 99824   Insolvency and receivership services

 

  998240 Insolvency and receivership services.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications

Short Introduction to E-Way Bill

Short Introduction to E-Way Bill

Image result for e way bill images

E-way Bill

E-way bill is an electronic way bill for movement of goods which can be generated on the GSTN (common portal). A ‘movement’ of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill.

E-way bill will also be allowed to be generated or cancelled through SMS.

When an e-way bill is generated a unique e-way bill number (EBN) is allocated and is available to supplier, recipient, and the transporter.

When should an e-way bill be generated?

E-way bill will be generated when there is movement of goods –

  • In relation to a ‘supply’
  • For reasons other than a ‘supply’ ( say a return)
  • Due to inward ‘supply’ from an unregistered person

Meaning of ‘Supply’ in case of e-way bill

A supply may be –

  • Supplied for a consideration (means payment) in the course of business
  • Supplies made for a consideration (payment) which may not be in the course of business
  • Supplies without consideration ( without payment)

Therefore, e-way bills must be generated on the common portal for all types of movements.

Who can generate e-way bill?

  • E-way bill must be generated when there is a movement of goods of more than Rs 50,000 in value to or from a Registered Person but in U.P. the limit is Rs 5,000.
  • Registered person or the transporter may choose to generate and carry e-way bill even if value of goods is less than Rs 50,000.
  • Unregistered persons or his transporter may also choose to generate e-way bill. Which means e-way bill can be generated by both registered and unregistered persons. However, where a supply is made by an unregistered person to a registered person, the receiver will have to do all the compliances as if he’s the supplier. 

Validity of an e-way bill

·        An e-way bill is valid for periods as listed below, which is based on the distance travelled by the goods. Validity is calculated from the date and time of generation of eway bill-

Distance                           Valid from                                                      Valid for

Less than 100km              Date & time at which e-way bill is generated      1 day

100km to 300km               Date & time at which e-way bill is generated      3 days

300km to 500km               Date & time at which e-way bill is generated      5 days

500km to 1000km             Date & time at which e-way bill is generated      10 days

1000km or more               Date & time at which e-way bill is generated      15 days

The Commissioner may extend the validity period of e-way bill for certain categories of goods.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications

CORPORATE AND PROFESSIONAL UPDATE July 26, 2017

CORPORATE AND PROFESSIONAL UPDATE July 26, 2017

Related image

Direct Tax:

  • CBDT notified ‘Noida Special Economic Zone Authority, Noida’, an authority constituted under the Special Economic Zone Act, 2005 of the Government of India. Vide notification no 70 /2017, F.No.196/30/2013-ITA-I, dated 20th 2017.
  • CBDT notified Assam State Biodiversity Board, a board established by the Government of Assam. This notification shall be deemed to have been applied for the financial Years 2015-16, 2016-17 and shall apply with respect to financial years 2017-18, 2018-19 and 2019-20. Vide notification no 69/2017/F. No. 300196/1/2016-ITA-I, dated 20th 2017.
  • CBDT notified ‘National Biodiversity Authority’, Chennai, an authority established under the Biological Diversity Act, 2002 (18 of 2003). This notification shall be deemed to have been applied for the financial year 2016-2017 and shall apply with respect to the financial years 2017-2018, 2018-2019, 2019-2020 and 2020-2021. Vide notification no 68 /2017/F. No. 300196/01/2017-ITA-I, dated 20th July 2017.
  • CBDT said that the non-resident Indians will not have to give details of their bank accounts held outside the country while filing their income tax returns, if they are not seeking refunds.
  • The Income Tax department is probing over 30,000 cases of alleged tax evasion wherein the returns (ITRs) were revised by assessees post demonetization, CBDT chief Sushil Chandra said.

Indirect Tax:

  • Due date for filing of service tax return for the period April – June 2017 is 15th August 2017.
  • Filing of certificate from the financial institution maintaining accounts of operational creditor is mandatory. Smart Timing Steel Ltd. V. National Steel & Agro Industries Ltd. [2017] 139 CLA 1 (NCLAT).

Key Dates:

  • Return of TDS for June quarter in DVAT-48: 28.07.2017

GST Update

  • UP Govt. vide Circular No. KA-NI-1014/XI-9(52)/17-U.P.GST Rules-2107-order(31)-2017 dated July 22, 2017 has mandated to have E-way bill 01/ E-way bill 02/ E-way bill 03/ TDF 01 for all taxable goods whose value exceeds Rs. 5,000/- coming from outside UP to the state.
  • GSTN portal has started uploading of specified particulars of outward supply invoices of businesses generated after GST rollout. If the taxpayer has limited number of invoices into GSTR-1 from July 24, 2017. This invoice upload facility is available 24×7.

FAQ on GST

Query: In case of switchover from taxable to exempt transactions or from Regular to composition whether input tax credit is fully restricted?

Answer: Yes. In terms of Section 18(4) of the CGST Act, an amount equal to the credit of tax paid on stock held (inputs, semi-finished goods or finished goods) and capital goods (reduced by percentage points) on the day preceding the date of opting for composition/ effecting exempt supplies will have to be paid. The same can be paid by utilization of credit/ cash payments.

Corporate Law:

  • MCA specified the constitution of two review committee (s) reviewing the 10 year old and above case of different regions and in office of SFIO for withdrawal of prosecutions. Vide notification no 16/37/2017, dated 25th July 2017.
  • MCA make Chrification regarding. appticability of exemption given to certain private cornpanies under section 143(3Xi) of the Companies Ac! 20.1.3. Vide notification no W2014- CL-v, dated 25th July 2017.
  • Exemption to private cos. on reporting of internal financial controls by auditor applies from April 1, 2016: MCA Circular 8/2017, Dated:25th July, 2017.
  • SEBI has notified stricter participatory notes (P-notes) norms stipulating a fee of $ 1,000 that will be levied on each instrument to check any misuse for channelizing black money.

Quotes of the day

“Worthy books are not companions – they are solitudes: we lose ourselves in them and all our cares.”

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Disclaimer:

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE July 25, 2017

CORPORATE AND PROFESSIONAL UPDATE July 25, 2017

Direct Tax:

  • ITAT Delhi held that no interest on late TDS payment due to system/connectivity issue at bankers.  (Asstt.Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)
  •  Gujarat High court held that the Assessing Officer may proceed further with re-assessment proceeding beyond six years, however, no final order shall be passed without prior permission of this Court, during pendency and final disposal of this petition. ( Raghunath Devchand Patil Vs Asst. Commissioner ofIncome Tax (Gujarat High Court)
  • CBDT lays down Standard Operating Procedure to handle revenue audit objections.
  • No reassessment on basis of change of opinion that income was to be taxed under different head on income. Gujarat High Court Radhawami Salt Works Vs ACIT.

Indirect Tax:

  • CBEC specified extension of time limit for filing intimation for composition levy under sub rule (1) of rule 3 of the Maharashtra Goods and Services Tax Rules, 2017. Vide order no 01/2017-(MGST)

GST Update

  • Invoice data upload functionality has gone live at GST Portal.
  • Offline Utility for GSTR-1 for upload of invoice data/other records is available on GST Portal under Download section. Tool is to be used to import data from Excel template which is bundled with Offline Tool.
  • Creation & saving of Outward Supplies Return (Form GSTR-1) is now available on GST portal. Data uploaded can be viewed by counter party in Form GSTR-2A.

FAQ on GST

Query: Whether taxes paid on change of interiors of service apartment is eligible for input tax credit?

Answer: Input tax credit is not available on goods or services received by a taxable person for construction of an immovable property on his own account other than plant and machinery even when used in course or furtherance of business. The word “construction” includes reconstruction, renovation, additions or alterations or repairs to the extent of capitalization to the said immovable property. If the cost of interiors is capitalized towards the cost of immovable property then it forms part of the cost of immovable property (Service apartment) and accordingly taxes paid on change of interiors of service apartment will not be eligible as input tax credit.

Corporate Law:

  • The Reserve Bank of India has today released the data on Outward Foreign Direct Investment (OFDI) indicating the comparative position for the month of May 2017 and June 2017 and for the month of June 2016 and June 2017 both under Automatic Route and the Approval Route, for the month of June 2017.Vide press release 223, dated 25th July 2017.
  • MCA has released new version of the XBRL Validation Tool V3.0.6 and updated Business Rules. In the XBRL Validation tools, changes have been made w.r.t CSR reporting, Business Rules related to the XBRL and C & I taxonomy 2016 have been revised

Quotes of the day

“Greatness comes by beginning something that doesn’t end with you.”

We look forward for your valuable comment www.carajput.com

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W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE July 24, 2017

CORPORATE AND PROFESSIONAL UPDATE July 24, 2017

Image result for corporate images

Direct Tax:

  • CBDT has clarified that, where the recipient of a service is required to deduct TDS when making a payment to the supplier, the amount of TDS shall be computed without grossing up for the GST component, which is also part of the bill.
  • ITAT Bangalore held that the service provided by the seconded employee in the case of the assessee is purely technical in nature and therefore exclusion of managerial from the definition of Fees for Included Services under Article 12(4) of indo-US DTAA will not make any difference and thus taxable as fees for included service (FIS) ( [TS-294-ITAT-2017(Bang)]

Indirect Tax:

  • CBEC specified extension of time limit for filing intimation for composition levy under sub rule (1) of rule 3 of the CGST Rules, 2017. Vide notification no 345/114/2017, dated 21th July 2017.

 Key Dates:

  • E-return of DVAT for quarter ended June: 25.07.2017

GST Update:

  • Extension to 16.08.17 of last date to file Form GST CMP-01 (Intimation of Composition Levy Scheme).Order no. 01/2017-GST
  • GST Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is up to 30th September, 2017.

FAQ on GST:

QueryIn case the amount is paid partly to the supplier of service, whether full taxes can be adjusted first? If No then whether it has to be calculated proportionately?

Answer: No. there is no provision under the GST law to allocate part payment of the invoice towards the taxes first so that the input tax credit can be allowed. Second proviso to Section 16(2) of the CGST Act clearly provides that the entire value of supply (with tax) is to be paid within 180 days from the date of issue of invoice. Therefore, as long as the entire payment is made within 180 days, the recipient would be entitled to claim the credit in full. Assuming that only part payment is made within 180 days, availing of proportionate credit based on such part payment is not provided for under the CGST law and thus, would be subject to litigation.

Corporate Law:

  • Finance Minister Arun Jaitley today introduced a bill to repeal SBI (Subsidiary Banks) Act and State Bank of Hyderabad Act following the merger of five associates with the parent SBI.
  • More than 160,000 companies been deregistered and a series of actions are being taken against shell firms. Out of the 162,618 companies that have been struck-off the register, the registration of 33,000 were cancelled by RoC (Mumbai).
  • Form AOC-4, CRA-2 and 21A were recently revised on MCA21 Company Forms Download page. Stakeholders are advised to check the latest version before filing.
  • The Reserve Bank has issued a license to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Vide press release 217, dated 21 July 2017

Quotes of the day:

“Put your heart, mind, and soul into even your smallest acts”.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

CORPORATE AND PROFESSIONAL UPDATE July 22, 2017

CORPORATE AND PROFESSIONAL UPDATE July 22, 2017

Image result for corporate images

Direct Tax:

  • CBDT make amendment in Income-tax Rules, 1962. These rules may be called the Income-tax (21st Amendment) Rules, 2017 which shall come into force and shall be deemed to have come into force from the 1st day of April, 2017. Vide notification no. 62 /2017/ F. No. 370142/ 20/2017-TPL], dated 18th July 2017

Indirect Tax:

  • CESTAT Hyderabad held that the import of spares along with clearance of dredger claiming NIL rate of duty, claiming benefit under Customs N/N. 21/2002 Sl. No. 353A consequently, non-payment of SAD by N/N. 20/2006 is correct as per law. (CC, CE & ST, Guntur Versus M/s Navayuga Engineering Company Ltd.)

GST Update

  • The filing of intimation for composition levy under sub rule (1) of rule 3 of the CGST Rules, 2017 has been extended upto 16-08-2017 vide order No. 01/2017-GST dated 21-07-2017.
  • Supply of Service by RWA or Registered Non Profit Entity to its own Members not taxable to GST. The exemption is Upto Rs 5000 per Member per month. If the aggregate turnover of such RWA is Upto 20 Lakh in a Financial Year then such supplies would be exempt from GST even if the charges per month per member is more than Rs.5000.
  • Goods bought with loyalty points will face tax under GST. GST would be levied on the total price of the product and not on the discounted value after adjusting the bonus, loyalty or rewards points.

FAQ on GST

Query:  If certain goods/ services are used partly for business and partly for non-business purposes, will the credits be allowed in full or proportionately?

Answer:  The credit on goods/ services used partly for business and partly for non-business purposes will be allowed proportionately to the extent it is attributable for business purposes. The manner of calculation of such credit is provided in Rule 7 (1) of the Input Tax Credit Rules, 2017.

Corporate Law:

  • SEBI plans to reduce the time taken for a security to list on an exchange to three days from the date of closure of its initial public offer (IPO), instead of the earlier envisaged timeline of four days.
  • NSE sought a settlement with the markets regulator over allegations that it provided unfair access to its high-frequency trading systems to some brokers. NSE applied to the SEBI for a settlement through the so-called consent mechanism.
  • The Reserve Bank of India has today notified that the foreign investment limit for investment by Foreign Institutional Investors (FIIs)/ Foreign Portfolios Investors (FPIs) in M/s The Byke Hospitality Limited has increased from 24% to 40% of its paid up capital. Vide press release 2017-20181/87, dated 19th July 2017

Quotes of the day

“Do one thing every day that scares you.”

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FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.