CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 27 2017

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3 (2)

DIRECT TAX:

  • Delhi HC quashes assessment order passed pursuant to ITAT’s remand in case of Nokia India (‘assessee’) for AY 2007-08, holds that the order was barred by limitation u/s. 153(2A) [which prescribes time-limit for framing assessment pursuant to ITAT order setting aside or cancelling assessment]. [TS-425-HC-2017(DEL)]
  • SC allows Revenue’s appeal and sets-aside Punjab & Haryana HC ruling. Rules that enhanced compensation along with interest thereon received by assessee-HUF pursuant to HC’s interim order in pending appeals relating to land acquisition matter, taxable in the year of receipt;

INDIRECT TAX:

  • CBEC notifies changes in GST rates and exemptions in respect of various commodities, including 5% on cereals, pulses and flours put up in unit container and bearing registered brand name or bearing brand name on which actionable claim or enforceable right in court of law is available.

GST UPDATE:

  • Collections under the GST dropped marginally to Rs 90,669 crore for August from therevised figure of Rs 94,063 crore for July.
  • GST Network (GSTN) has tweaked some of the features on its portal over the past month to make the system more robust and allow glitch-free tax payment facility to almost 35 lakh assessees, CEO Prakash Kumar said on Sunday. Of the total 87.33 lakh registered businesses on the GSTN, which manages the IT infrastructure of the new tax regime, 68 lakh.
  • GST e-way Bill and Returns & Burden of Proof & Evidentiary Law with Discussion on recent Update under Income Tax (OTHERS) Date: From: 04-10-2017 – To: 04-10-2017 POU Name: North Campus Study Circle of NIRC Event Venue: ART OF CURRY, OPP-FUN CINEMA, NETAJI SUBHASH PLACE,DELHI-34. City: DELHI …
  • The Goods and Services Tax (GST) Council has put in place an elaborate framework for division of taxpayers between the state and central tax authorities, in a move aimed at bringing clarity and effectiveness in the administration of the new indirect tax regime. The guidelines for the division of the taxpayer base between the Centre and states will…
  • In view of difficulties of online filing, the industry body suggested that “the due dates for filing GSTR-1, GSTR-2 and GSTR-3 should be deferred for another month or two” Industry chamber CII today sought extension of time by two months for filing of GST returns in view of difficulties being faced by businesses. The GST Council has already exten.
  • This article discusses in detail  “whether GSTR-3B is to be filed mandatorily or not when it entails huge tax liability due to submission of some wrong information & non revision of the same or filing of the same can be avoided filing of GSTR-1, 2 & 3?” Query : Sir, i have done mistake..

FAQ on GST: 

Query: How should the assessee disclose the details of inward supplies on which he wishes to avail input tax credit?

Answer: In Form GSTR-2, against each inward supply at invoice level, the assessee has to state whether he is fully eligible, partially eligible or not eligible for availing credit on such inward supply. Further, in case invoice level details cannot be mentioned, the assessee can specify the quantum of ineligible input tax credit on inward supplies, which are relatable to non-taxable supplies or for purpose other than business

MCA UPDATE:

  • Banks have started the process of scanning account details of directors disqualified by the MCA to analyze their links with shell companies and check whether they diverted funds.

RBI UPDATE:

  • RBI has notified the amendments to Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 as per the existing norms.
  • RBI/2017-18/66DBR.No.FSD.BC.89/24.01.040/2017-18 September 25, 2017 All Scheduled Commercial Banks(excluding RRBs) Dear Sir/ Madam, Amendments to Master Direction- Reserve Bank of India (Financial Services provided by Banks) Directions, 2016 Considering the suggestions and queries received from SEBI, banks and other stakeholders, Reserve Bank …
  • Ahead of the monetary policy review by the Reserve Bank of India early next month, the Finance Ministry is hoping for a further cut in key rates to boost domestic demand. “Inflation has picked up in the last one month but all the analyses we had done was based factoring in a rise in inflation. The medium-term inflation target is kept at 4 pe…

OTHER UPADATE:

  • The Central Government has notified the Customs and Central Excise Duties Drawback Rules, 2017 to replace the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 which shall be effective from 1.10.2017.
  • SEBI allowed Stock brokers to submit monthly data on their clients’ funds to the exchanges within three trading days after the month-end. Currently, brokers need to submit this data by the next trading day.
  • Prime Minister constituted a five member Economic Advisory Council (EAC) headed by Niti Aayog member Bibek Debroy, at a time when concerns are being raised over the declining growth in India.

KEY DATES:

  • Return of input service distributer for August: 27.09.2017

WORD OF WISDOM:

  • “Great minds discuss ideas; average minds discuss events; small minds discuss people.”

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, GST Etc for resolving their doubts or for clarifications.

 

CORPORATE AND PROFESSIONAL UPDATE 26 SEPTEMBER 2017

DIRECT TAX UPDATE:

  • Mumbai ITAT allows assessee-company’s claim of exemption u/s 54G  for AY 2004-05 with respect to capital gains arising on sale of land, rejects Revenue’s denial on the ground that investment was made in plant and machinery after 9 years of shifting of industrial undertaking. Hence, assessee can purchase machinery even after shifting and commissioning of business from the new premises, however, opines that most important and decisive factor for claiming the deduction is ‘transfer’ of capital asset. [TS-410-ITAT-2017(Mum)].
  • Rajasthan high court held that deemed registration of an application under section 12AA of the Income Tax Act if not responded to within six months, it would be taken that the application is registered under the provision. CIT Vs Sahitya Sadawart Samiti (Rajasthan High Court)

INDIRECT TAX UPDATE:

  • High Court Allows Clean Energy Cess credit utilization until CBEC evolves appropriate process therefor.
  • CBEC madeamendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.5/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 677(E), dated the 28th June, 2017. Vide notification no 29/2017, dated 22th September 2017
  • CBEC made in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.2/2017- Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 674(E), dated the 28th June, 2017. Vide notification no 28/2017, dated 22th September 2017.

GST UPDATE:

  • GST network has tweaked some of the features on its portal over the past month to make the system more robust and allow glitch-free tax payment facility to nearly 35 lakh assessees, its CEO Prakash Kumar Said.

FAQ on GST:

Query: Where a supplier transfers a running business as a whole either due to sale,     merger, amalgamation of such business, whether the portion of the un-utilized input tax credit by the supplier can be claimed immediately by the recipient?

Answer: There is no specific provision under the Act prohibiting transfer of such unutilized credit. Rather, Section 18(3) specifically provides that when there is a change in constitution of a registered person on account of sale, merger, or amalgamation of business with specific provision of transfer of liabilities, the registered taxable person shall be allowed to transfer the input tax credit which remains unutilized. Therefore, if the recipient is registered under the Act, he should be eligible to claim such unutilized credits. In a situation, where the recipient is not registered under the Act, he may have to make a fresh application for registration and claim such unutilized credits after making an intimation to the department.

MCA UPDATE:

  • MCA has notified the Companies (Restriction on Number of Layers) Rules, 2017 which shall come into force from 20-09-2017. Now no company, other than a company belonging to a class specified, shall have more than two layers of subsidiaries.
  • MCA has notified the amendments to the Companies (Acceptance of Deposits) Rules, 2014 applicable from   19-09-2017.

OTHERS UPDATE:

  • CBDT asks I-T department to take urgent steps for collection from the TDS category witnessing a sluggish pace, It asked the I-T dept to pull up its socks and take “urgent” steps and also conduct survey operations to shore up the funds.
  • The Department of Industrial Policy and Promotion (DIPP) will facilitate the process of ranking and it would be done by a third party. The Centre has initiated an exercise to rank states and Union territories on the basis of measures being taken by them to promote buddi entrepreneurs.

KEY DATES:

  • Return of input service distributer for August: 26/09/2017

WORD OF WISDOM:

  • Clear, written goals have a wonderful effect on your thinking. They motivate you and galvanize you into action. They stimulate your creativity, release your energy, and help you to overcome procrastination as much as any other factor.”
  • The most common way people give up their power is by thinking they don’t have any.

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, GST Etc for resolving their doubts or for clarifications.

 

CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 23rd 2017

DIRECT TAX:

  • Delhi ITAT allows deduction u/s 10B to assessee [(operating an Export Oriented Unit (EOU)] for AY 2010-11 and AY 2011-12 in respect of duty drawback receipts forming part of EOU’s profits, ITAT holds that manner of computing profits u/s 10B(4) does not require direct nexus with business unlike Sec 80(IB).  TS-408-ITAT-2017(DEL)
  • Mumbai ITAT treats interest earned by assessee company on fixed deposit as capital receipt for AY 2012-13, being inextricably linked with setting up of power project, directs set-off against pre-operative expenditure. [TS-409-ITAT-2017(Mum)

INDIRECT TAX:

  • CBEC made amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.11/2017- Central Tax (Rate), dated the 28thJune, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 690(E), dated the 28thJune, 2017. Vide notification no 24/2017, dated 21th September 2017
  • Income Tax Department at the time of login asking for Residential Status, Mobile and Email, Bank details and at last Mobile and E-mail OTP. Otherwise Login is not allowed. Also, one Mobile and E-mail address cannot be used for more than 3 Assessee.
  • CBDT via Notification No. 9 dated. 19.09.2017 notifies procedure for filing Statement of Income to avail foreign tax credit as per Rule 128 of Income Tax Rules 2016.
  • CBEC exempts intra state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) by the Department of Atomic Energy to the Nuclear Power Corporation of India Ltd from the whole of the central tax leviable thereon under section 9 of the Central Good and Services Tax Act, 2017. Vide notification no 26/2017, dated 21thSeptember 2017.

GST UPDATE:

  • Extension of last date for filing TRAN-1 to 10.2017. Now original TRAN1 can be filed and revised once till 31.10.2017.  [Order 03/2017-GST of 21.9.2017.]
  • As many as 2.97 million assessees have filed the summary input-output return under the GST for the month of August (‘GSTR 3B’), much less than the 4.6 million that came for the month of July.

FAQ on GST:

Query: I have a registration as an Input Service Distributor. Am I required to raise invoices even though no taxable supplies are made from this registration number?

Answer: Yes. An Input Service Distributor (ISD) should issue a tax invoice being an ‘ISD invoice’ for distributing credits to the GST registrations that have the same PAN as that of the ISD. Such invoice will be different from invoices reflecting supply of goods or services (refer Invoice Rules). This is a document required under Section 20 of the Act.

MCA UPDATE:

  • MCA made amendments in companies Act, 2013. These rules may be called the Companies (Restriction on number of layers) Rules, 2017 which shall come into force on the date of their publication in the official Gazette. Vide notification no 01/1312013 CL-V (Vol.IIl), dated 20.09.2017.
  • The last date for submission of research proposal for “Funding of Research Studies and Workshops conference, etc. under the CDM plan Scheme” is now extended up to 29th September, 2017.

OTHER UPADATE:

  • SEBI has empowered stock exchanges to conduct forensic audits on listed companies which seem dubious, being suspected of  use as conduits for illicit fund flow.

KEY DATES:

  • Return of input service distributer for August: 23/09/2017

WORD OF WISDOM:

  • To be successful, you must decide exactly what you want to accomplish, then resolve to pay the price to get it.
  • “There is only one corner of the universe you can be certain of improving, and that’s your own self”

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

CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER22nd 2017

DIRECT TAX UPDATES:

  • ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with supporting. Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)
  • ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)
  • A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the goods and services tax (GST) regime. However, some of them said that the notification is aimed at bringing abo.

INDIRECT TAX UPDATE:

  • CBEC implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August, 2017. Vide notification no 450/08/2015, dated 20th September 2017
  • The income tax department’s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The income tax department’s e-filing website remained inaccessible to users for about two hours on Wednesdayamid growing concern ab.
  • Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From: 22-09-2017– To: 22-09-2017 POU Name: GURGAON BRANCH OF NIRC Event Venue
  • Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20/09/2017 For more information

GST UPDATE:

  • Tax officials have asked about 5,000 companies, including some big manufacturers that figure in
  • The BSE 500 list, to provide explanation on transition credit they claimed in July under GST.
  • The government today ruled out any further extension of deadline after December for filing GSTR-3B tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the roll out of the goods and services tax from July . “We have already extended the period for GSTR-3B… People ha..
  • The Kerala GST department has notified that registrations for entities mandated to collect and deduct tax at source (TDS) have been made compulsory from last Monday.
  • (September 18). The notification said that government or semi-government institutions, societies and public sector organisations are expected to complete the registration forma.
  • Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement. When to submit: If the consignment value of such goods exceeds ₹ 50,000/
  • The government today said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.

FAQ on GST:

Query: Since some customers may not bear the taxes if shown separately, can a single consolidated price inclusive of all taxes be shown along with such a declaration?

Answer: The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.

RBI UPDATE:

  • RBI came up with a discussion paper on peer-to-peer lending (P2P), seeking to regulate the fast emerging crowd funding platforms as the new financing model has assumed importance too significant to be ignored.
  • RBI/2017-18/57A. P. (DIR Series) Circular No. 04 September 15, 2017 ToAll Category – I Authorised Dealer Banks Madam / Sir Export Data Processing and Monitoring System (EDPMS)Issuance of Electronic Bank Realisation Certificate (eBRC) Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the provisions contained in the&n
  • All peer-to-peer lending (P2P) platforms will be regulated by the Reserve Bank of India (RBI), according to a government of India notification released on Wednesday. The gazette notification stated that all the P2P loan platforms will be treated as non-banking financial companies (NBFCs) and will be brought under the ambit of the banking regulator..

OTHER UPDATE:

  • E-File TRAN-1 by 10.2017. Option to revise it once till 31-10-17. Notification 3/2017 CT of 21 Sep 2017.
  • The government´s move to debar directors of companies that have not filled annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.
  • SEBI proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisting on a 50:50 equity-to-debt mix for new scheme approvals.

KEY DATES:

  • Return of input service distributer for August: 22/09/2017

WORD OF WISDOM:

  • Never be bullied into silence. Never allow yourself to be made a victim; accept no ones definition of your life.

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

CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 2017


DIRECT TAX UPDATES:

  • ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with supporting. Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)
  • ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)
  • A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the goods and services tax (GST) regime. However, some of them said that the notification is aimed at bringing abo.

INDIRECT TAX UPDATE:

  • CBEC implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August, 2017. Vide notification no 450/08/2015, dated 20th September 2017
  • The income tax department’s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The income tax department’s e-filing website remained inaccessible to users for about two hours on Wednesdayamid growing concern ab.
  • Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From: 22-09-2017– To: 22-09-2017 POU Name: GURGAON BRANCH OF NIRC Event Venue
  • Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20/09/2017 For more information

GST UPDATE:

  • Tax officials have asked about 5,000 companies, including some big manufacturers that figure in
  • The BSE 500 list, to provide explanation on transition credit they claimed in July under GST.
  • The government today ruled out any further extension of deadline after December for filing GSTR-3B tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the roll out of the goods and services tax from July . “We have already extended the period for GSTR-3B… People ha..
  • The Kerala GST department has notified that registrations for entities mandated to collect and deduct tax at source (TDS) have been made compulsory from last Monday.
  • (September 18). The notification said that government or semi-government institutions, societies and public sector organisations are expected to complete the registration forma.
  • Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement. When to submit: If the consignment value of such goods exceeds ₹ 50,000/
  • The government today said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.

FAQ on GST:

Query: Since some customers may not bear the taxes if shown separately, can a single                                            consolidated price inclusive of all taxes be shown along with such a declaration?

Answer: The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.

RBI UPDATE:

  • RBI came up with a discussion paper on peer-to-peer lending (P2P), seeking to regulate the fast emerging crowd funding platforms as the new financing model has assumed importance too significant to be ignored
  • RBI/2017-18/57A. P. (DIR Series) Circular No. 04 September 15, 2017 ToAll Category – I Authorised Dealer Banks Madam / Sir Export Data Processing and Monitoring System (EDPMS)Issuance of Electronic Bank Realisation Certificate (eBRC) Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the provisions contained in the&n
  • All peer-to-peer lending (P2P) platforms will be regulated by the Reserve Bank of India (RBI), according to a government of India notification released on Wednesday. The gazette notification stated that all the P2P loan platforms will be treated as non-banking financial companies (NBFCs) and will be brought under the ambit of the banking regulator..

OTHER UPDATE:

  • E-File TRAN-1 by 10.2017. Option to revise it once till 31-10-17. Notification 3/2017 CT of 21 Sep 2017.
  • The government´s move to debar directors of companies that have not filled annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.
  • SEBI proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisting on a 50:50 equity-to-debt mix for new scheme approvals.

 KEY DATES:

  • Return of input service distributer for August: 22/09/2017

WORD OF WISDOM:

  • Never be bullied into silence. Never allow yourself to be made a victim; accept no ones definition of your life.

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

CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 2017


DIRECT TAX UPDATES:

  • ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with supporting. Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)
  • ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)
  • A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the goods and services tax (GST) regime. However, some of them said that the notification is aimed at bringing abo.

INDIRECT TAX UPDATE:

  • CBEC implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August, 2017. Vide notification no 450/08/2015, dated 20th September 2017
  • The income tax department’s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The income tax department’s e-filing website remained inaccessible to users for about two hours on Wednesdayamid growing concern ab.
  • Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From: 22-09-2017– To: 22-09-2017 POU Name: GURGAON BRANCH OF NIRC Event Venue
  • Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20/09/2017 For more information

GST UPDATE:

  • Tax officials have asked about 5,000 companies, including some big manufacturers that figure in
  • The BSE 500 list, to provide explanation on transition credit they claimed in July under GST.
  • The government today ruled out any further extension of deadline after December for filing GSTR-3B tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the roll out of the goods and services tax from July . “We have already extended the period for GSTR-3B… People ha..
  • The Kerala GST department has notified that registrations for entities mandated to collect and deduct tax at source (TDS) have been made compulsory from last Monday.
  • (September 18). The notification said that government or semi-government institutions, societies and public sector organisations are expected to complete the registration forma.
  • Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement. When to submit: If the consignment value of such goods exceeds ₹ 50,000/
  • The government today said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.

FAQ on GST:

Query: Since some customers may not bear the taxes if shown separately, can a single                                            consolidated price inclusive of all taxes be shown along with such a declaration?

Answer: The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.

RBI UPDATE:

  • RBI came up with a discussion paper on peer-to-peer lending (P2P), seeking to regulate the fast emerging crowd funding platforms as the new financing model has assumed importance too significant to be ignored.
  • RBI/2017-18/57A. P. (DIR Series) Circular No. 04 September 15, 2017 ToAll Category – I Authorised Dealer Banks Madam / Sir Export Data Processing and Monitoring System (EDPMS)Issuance of Electronic Bank Realisation Certificate (eBRC) Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the provisions contained in the&n
  • All peer-to-peer lending (P2P) platforms will be regulated by the Reserve Bank of India (RBI), according to a government of India notification released on Wednesday. The gazette notification stated that all the P2P loan platforms will be treated as non-banking financial companies (NBFCs) and will be brought under the ambit of the banking regulator..

OTHER UPDATE:

  • E-File TRAN-1 by 10.2017. Option to revise it once till 31-10-17. Notification 3/2017 CT of 21 Sep 2017.
  • The government´s move to debar directors of companies that have not filled annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.
  •  SEBI proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisting on a 50:50 equity-to-debt mix for new scheme approvals.

KEY DATES:

  • Return of input service distributer for August: 22/09/2017

WORD OF WISDOM:

  • Never be bullied into silence. Never allow yourself to be made a victim; accept no ones definition of your life.

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FOR FURTHER QUERIES CONTACT US:

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CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 21 2017

DIRECT TAX UPDATE :

  • Delhi ITAT allows deduction for provision regarding year-end circuit accruals (i.e. infrastructure cost and last mile charges paid to other operators for provision of telecom connectivity services) in the year of creation to assessee company (engaged in  telecom business) for AY 2009-10, holds that provision was made on scientific basis and in compliance with Accounting Standards.[TS-407-ITAT-2017(DEL)]
  • Gujarat HC dismisses assessee’s writ, upholds reopening for AY 2009-10 (beyond 4 years period) based on fresh material unearthed by the IT Department through the investigation wing indicating that purchase made by assessee from one supplier were bogus.[TS-406-HC-2017(GUJ)]
  • INDIRECT TAX UPDATE:
  • CBDT issued draft notification to Companies and taxpayers getting their accounts audited will be required to submit income estimates and tax liabilities for six months of the financial year to the income tax dept byNov 15, in a move aimed at keeping a close check on flow of revenue.
  • ICAI has also released E-Income Tax Book. Get the Income Tax book for free from this link: income tax book.

GST Updates:

  • CBEC has granted extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 till 31st October, 2017
  • ICAI has also released GST Book: E-Book can be downloaded free from this link: GST E-Book
  • CBEC has granted extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 till 31st October, 2017.
  • FAQ on GST:

Query: After filing of Form GSTR-1, the recipient has modified/deleted/added the details. What is the procedure to be followed by the supplier?

Answer: Where the recipient has modified/deleted/added any details in his Form GSTR-2, the supplier will receive a communication in Form GSTR-1A. The supplier can accept or reject such modifications/deletions/ addition before 17th of the succeeding period. If the supplier accepts the modifications/deletions/ addition, the details furnished by him in Form GSTR-1 will be amended automatically

MCA UPDATES:

  • MCA filing of Annual Accounts/ financial statements of the Company for the financial year ended March 31, 2017  is approaching i.e. October 29, 2017.

RBI UPDATE:

  • RBI has assured banks that they can classify priority loans extended to defaulting companies in the bankruptcy process as standard debt in a move aimed at ensuring that entities which can be revived are able to raise resources, said people with knowledge of the matter.

 OTHER UPDATE:

  • ICAI has released the complete book of Companies Act 2013 in its official website. The book can be used for both Examination and professional purposes. Get the book from this link: Companies Act Book.

KEY DATES:

  • Return of input service distributer for Sept: 21.09.2017 

Word of Wisdom:

  • Each moment of life is only as precious as is our ability to attend to it.”
  • Smile to solve the problems and silence to avoid the problems.

Wish you and your family a very happy Navratras. May Maa bless all of us with Happiness, Peace of Mind and satisfaction of Life. Jai Mata Di.

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, GST Etc for resolving their doubts or for clarifications.

 

CORPORATE AND PROFESSIONAL UPDATE 19 SEP 2017

Direct tax

  • Madras HC confirms ITAT order, holds that commission paid by assessee-individual (engaged in garments exports) to an Indian agent on behalf of the foreign entity is taxable in India, confirms Sec. 40(a)(i) disallowance for AY 2002-03. [TS-390-HC-2017(MAD)]
  • ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore).
  • Gujarat HC upholds the constitutional validity of Sections 245D(2A), 245D(2D) and 245HA (which introduced payment of additional tax with interest at the time of filing of Settlement application itself) inserted by the Finance Act, 2007 w.e.f. June 1, 2007; The amended sections also provided for two months window to pay the taxes due up to July 31in respect of old applications pending as on June 1, 2007, failing which the settlement proceedings would abate. [TS-401-HC-2017(GUJ)]
  • Allahabad HC upholds ITAT order for AY 2001-02, denies Sec. 80-IB deduction to assessee-company’s (running a flour mill) on profits of industrial unit formed by takeover of entire business from another entity. [TS-397-HC-2017(ALL)]
  • Gujarat HC reverses ITAT order, grants Sec. 11 exemption to assessee (a statutory body engaged in urban area development and township planning) for AY 2009-10, holds assessee’s activity not in the nature of trade, commerce or business  to trigger rigours for Sec. 2(15) proviso. [TS-383-HC-2017(GUJ)]

Indirect Tax

  • CBEC extends the time limit for furnishing the return by an Input Service Distributor under sub-section (4) of section 39 of the said Act read with rule 65 of the Central Goods and Services Tax Rules, 2017, for the month of July, 2017 upto the 13th October, 2017. Vide notification no 31/2017, dated 11th September 2017.
  • CBEC extends the time limit for furnishing the details or return, as the case may be, under sub-section (1) of section 37, sub-section (2) of section 38 and sub-section (1) of section 39 of the said Act, as specified in column (2) of the Table for the month of July, 2017,for such class of taxable persons or registered persons, as the case may be, as specified in the corresponding entry in column (3) of the Table till the time period as specified in the corresponding entry in column (4) of the Table. Vide notification no 30/2017, dated 11th September 2017.
  • CBEC specifies that the return for the month as specified in column (2) shall be furnished in FORM GSTR-3B electronically through the common portal on or before the last dates as specified in the corresponding entry in column (3). Vide notification no 35/2017, dated 15thSeptember 2017

MCA Update:

  • MCA made obligation to comply with the Indian accounting standards (Ind AS) and rule 4 of companies (Indian accounting standards) Rules,2015-Payment banks, small finance banks which are subsidiaries of corporates. Vide notification no 01/01/2009-CL-V, dated 13thSeptember 2017

Key dates:

Payment of GST and filing of return for inward & outward supplies for August by regular & casual suppliers: 20/09/2017

Word of Wisdom:

When we develop the ability to listen to negative comments without losing temper or confidence, it means now we are become matured & truly Educated.

 

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.

 

 

 

 

3 (2)

CORPORATE AND PROFESSIONAL UPDATE 14 Sep 2017

Direct Tax

1.Gov.has now set its sights on overhauling the 56-year-old direct taxes law covering income and corporation taxas it seeks to make the Indian regime more contemporary and tailor it to current requirements.

2.Madras HC confirms ITAT order, holds that commission paid by assessee-individual (engaged in garments exports) to an Indian agent on behalf of the foreign entity is taxable in India, confirms Sec. 40(a)(i) disallowance for AY 2002-03. [TS-390-HC-2017(MAD)]

3.ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)

Indirect Tax


1.CBEC extends the time limit for furnishing the details or return, as the case may be, under sub-section (1) of section 37, sub-section (2) of section 38 and sub-section (1) of section 39 of the said Act, as specified in column (2) of the Table for the month of July, 2017,for such class of taxable persons or registered persons, as the case may be, as specified in the corresponding entry in column (3) of the Table till the time period as specified in the corresponding entry in column (4) of the Table. Vide notification no 30/2017, dated 11th September 2017.

GST Update

1.Govt. has now set its sights on overhauling the 56-year-old direct taxes law covering income and  as it seeks to make the Indian regime more contemporary and tailor it to current requirements.

2.Jewellery sales have declined by around 50 per cent over the past four weeks, due to consumers’ deferring of orders amid fear of future action against them under the Prevention of Money Laundering Act.

3.GST @5% on GTA Service will be paid by Service Receiver under RCM. Service Receiver can take full credit of GST so Paid on GTA. GTA can opt for 12% GST with ITC or 5% GST with no ITC.

4.It has come to our knowledge that Govt. of India decides to extend the dates of Forms GSTR 1, GSTR-2 and GSTR-3 for the month of July to 20th, 25th and 30th September 2017 respectively. Dates for August Returns extended to 5th, 10th and 15th October respectively. Official notification is awaited.

Others Updates

1.Jewellery sales have declined by around 50 per cent over the past four weeks, due to consumers’ deferring of orders amid fear of future action against them under the Prevention of Money Laundering Act.

2.The Central Government delegates powers to Regional Directors to make representations in case of Reduction of Share Capital by the Company.

Key dates:

1.Payment of TDS and filling of return of GST TDS for  15.9.2017

Quotes of the Day:

1.No matter how many times “teeth bites the tongue”​ ​They still “stay and work together”. That’s the “spirit of forgiveness and relationship.

2.Education is not the name of any degree or certificate that can be shown to others as a proof.  But education is the name of our behavior, attitude, actions, language and personality with others in real life.

FAQ on GST:

1.Query: How will transfer of credit on account of sale, merger, amalgamation etc be effected?

Answer: The registered person is required to furnish the details of sale, merger, amalgamation, de-merger, lease, transfer of business in Form GSTR ITC-02 electronically with a request to transfer the unutilized credit to the transferee.

RBI Update:

1.Survey (SIOS) on a pilot basis since 2014-15. The survey is conducted on a quarterly The Reserve Bank has been conducting the Services and Infrastructure Outlook basis. Vide press release 2017-2018/670, dated 11th September 2017

Disclaimer:

1.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.

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

GOODS & SERVICES TAX UPDATES- Key Takeaways of 21st meeting of G.S.T Council held on 9th September 2017”

GOODS & SERVICES TAX UPDATES

annual-compliance-of-a-private-limited-company

  • “Key Takeaways of 21st meeting of G.S.T Council held on 9th September 2017”
  • 21st meeting of G.ST Council was held on 9th September 2017 at Hyderabad wherein the following decisions were taken:
  • Rate of given services has been reduced from 18% to 12%:
  • Services provided to the Government, a local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of –
  • (a) a civil structure or any other original works meant predominantly for use other than for commerce, industry, or any other business or profession;
  • (b) a structure meant predominantly for use as (i) an educational, (ii) a clinical, or(iii) an art or cultural establishment;
  • (c) a residential complex predominantly meant for self-use or the use of their employees or other persons specified in paragraph 3 of the Schedule III of the CGST Act, 2017 (namely, MPs/Members of State Legislatures, Panchayats, Municipalities, other local authorities, persons holding constitutional posts, chairperson/member/director in a body established by Central Government, State Government or local authorities etc.).
  • Place of supply of satellite launch services by ANTRIX to international customers would be outside India in terms of section 13(9) of IGST Act, 2017 and where such supply meets the requirements of section 2(6) of IGST Act and thus constitutes export of service will be zero rated. Where satellite launch service is provided to a person in India, the place of supply of satellite launch service would be taxable.
  • Services by way of admission to FIFA U-17 Football World Cup- 2017 events have been exempted from GST.
  • Revision of Date Of GST Returns
  • The GST council, in its 21st meeting in Hyderabad, has recommended extensions of the due dates:

 

S.NO. RETURNS DESCRIPTION FOR THE MONTH OF(2017) REVISED DUE DATES
1. GSTR-1

(Turnover >INR 100CR

Return of outward  supply JULY 03RD  OCTOBER, 2017
2. GSTR-1

(Turnover <= INR 100CR)

Return of outward  supply JULY 10TH OCTOBER, 2017
3. GSTR-2 Return of inward supply JULY 31ST OCTOBER, 2017
4. GSTR-3 Monthly Return JULY 10TH NOVEMBER,2017
5. GSTR-4 Return for Composite dealers JULY-SEPTEMBER 18TH OCTOBER,

2017(No change)

6. GSTR-6 Return for input service Service distributors JULY 13th OCTOBER

 

  • FURTHER RECOMMENDATIONS
  • Revised GST Return (GSTR-1, GSTR-2 & GSTR-3) due dates for the month of August & September 2017 is not yet notified.
  • GSTR-3B (Summary Return) for September to December 2017 to be filed by 20thof the next month of the relevant tax period (earlier GSTR-3B was only required for July & August 2017).
  • Registration under composition scheme for both new registrants and migrated persons extended upto 30thSeptember, 2017.
  • Provisions of the composition scheme to be allowed from 1st October, 2017
  • The due date for filing of GST TRAN-1 (Transition Return) extended to 31stOctober, 2017 (from 28th Sept 2017). Further, such Return can be revised once only.
  • FORM GST TRAN-1 can be revised once.
  • Registration for persons required for deduct TDS or collect TCS will commence from 18thSept 2017 (The date of such deduction / collection of TDS / TCS is not yet notified).
  • Presently, any person making inter-state taxable supplies is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has been decided to allow an exemption from registration to persons making inter-State taxable supplies of handicraft goods upto aggregate turnover of Rs. 20 lacs as long as the person has a Permanent Account Number (PAN) and the goods move under the cover of an e-way bill, irrespective of the value of the consignment.
  • Presently, a job worker making inter-State taxable supply of job work service is not eligible for threshold exemption of Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) and is liable for registration. It has been decided to exempt those job workers from obtaining registration who are making inter-State taxable supply of job work service to a registered person as long as the goods move under the cover of an e-way bill, irrespective of the value of the consignment. This exemption will not be available to job work in relation to jewellery, goldsmiths’ and silversmiths’ wares as covered under Chapter 71 which do not require e-way bill.

 

 

 

 

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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 clarification