The government constituted a 6 member panel on Wednesday for redrafting the Income Tax Law in sync with the economic needs of the country. The panel includes Arbind Modi, CBDT Member (Legislation) as the Convener and other members, including Girish Ahuja (chartered accountant), Rajiv Memani (Chairman and Regional Managing Partner of EY) and Mansi Kedia … Continue reading “Income tax law to be redrafted by new constituted 6 member panel”

The government has referred 18 shell companies to Serious Frauds Investigation Office (SFIO) for depositing and withdrawing large sums during demonetization in what appeared to be entities that existed largely on paper. All entities that had dealings of over Rs 100 crore have been referred to the SFIO. Depending on the investigations, the government will take further … Continue reading “18 Shell Companies referred to SFIO by the Government”

Online sales of auto components have been slayed by complex Goods and Services Tax (GST) model for e-commerce startups. Exclusion of e-commerce businesses from the composite scheme, a higher tax rate of 28% for auto components and for logistics of spare parts as well, and a complex GST model has impacted adversely e-commerce startups Most … Continue reading “E-Commerce startups are slayed by tangled GST Process”

The Securities and Exchange Board of India (SEBI) has formed a sub-committee under the Secondary Market and Advisory Committee (SMAC) to look into the matter where in companies are complaining that they have been inexact classified as shell companies because of technical errors. Earlier, when Ministry of Corporate Affairs (MCA) disqualified in September, at least … Continue reading “SEBI to look into firms inexact classified as shell companies”

The Government to hike import duty on edible oils by 12.5% and 15%. This is likely to safeguard the interest of the farmers and protect the country from cheap edible oil imports, and better prices for farmers. Over the weekend, government hiked import duty on crude soybean oil by 12.5% to 30%, soybean refined oil … Continue reading “Government to Hike Import Duty on Edible Oils”

Securities and Exchange Board of India (SEBI) is working on the guidelines for insolvency resolution professionals under the capital market norms so the recently introduced Bankruptcy & Insolvency Code is implemented better. The new guidelines will be issued this year. Source: Times of India

Filing Goods and Service Tax Returns-1 (GSTR-1) GSTR-1 to be filed by the taxpayer with annual aggregate turnover up to Rs. 1.5 Crore by following dates: Period Date July- September 31ST December 2017 October-December 15th February 2017 January – March 30th April 2017   GSTR-1 to be filed by the taxpayer with annual aggregate turnover more than … Continue reading “Revised late filing penalty and last date to file GSTR-3B and GSTR-1”

Foreign Diplomatic Missions/UN Organizations have shared various representations showing unwillingness of vendors/suppliers to record the Unique Identify Number (UIN) while making sales to such Missions/Consulates or UN organizations. It has been alleged that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and it will … Continue reading “Record of UIN of Foreign Diplomatic Missions/UN Organizations made mandatory”

Tax laws provide that interest credited to an employee provident fund (EPF) account after an individual ceases to be in employment is taxable in his hands in the year of credit. In its recent order, the Bengaluru bench of the Income-Tax Appellate Tribunal (ITAT) also upheld this I-T provision while determining the matter of a retired employee. … Continue reading “No Tax relief for employee on EPF Interest”

Ministry of Corporate Affairs (MCA) vide its notification dated 6/11/2017 regarding the amendments in Rule 3 i.e. filing of documents and forms in extensive business reporting language (XBRL). As per Rule 3 of XBRL Filing, filing of financial statement has been substituted. But after the amendment Rule 3, the ground plan of companies required to … Continue reading “Amendments by MCA in filing of documents and forms in XBRL”

In September, Central Board of Direct Taxes (CBDT) directs corporates and professionals to drop the proposal to submit their tax payment estimate for next 2 quarters in advance. CBDT came up with a draft notification directing companies with annual income of Rs. 1 Crore and professionals with Rs. 50 Lakh income per annum to report … Continue reading “CBDT may drop plan to look corporate taxes in advance”

Reserve Bank of India (RBI) on Thursday asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year. As per notification number RBI/2017-18/89, it has been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided basic services like … Continue reading “RBI wants doorstep banking for senior citizens & differently-abled”

It has been made mandatory by Insurance Regulator IRDAI on Wednesday to link your unique identity number Aadhaar with insurance policies. It has also asked insurers to comply with the statutory norms. The government in June had notified the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhaar and PAN/Form 60 mandatory … Continue reading “Insurance policies made mandatory to link with Aadhaar and PAN”

Non-Banking Financial Companies (NBFC) cannot outsource core management functions like internal audit, strategic and compliance functions for your Know Your Customer (KYC) norms, the sanction of loans and management of investment portfolio. As per notification number RBI/2017-18/87 on RBI’s website, Access to customer information by the staff of the service provider shall be on ‘need … Continue reading “New outsourcing norms for NBFC released by RBI”

The Income Tax Department has selected 20,572 Income tax returns for detailed investigation. Reason being there were discrepancies in income before and after demonetization. Moreover, as per an official, the department has identified 1 lakh cases of tax evasion for detailed investigation. The I-T Department initiated the first phase of the Operation Clean Money+ on … Continue reading “Detailed investigation by Income Tax Department for 20,572 Income Tax Returns”