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News: Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

GST: Classification of goods/services/both - rate of tax - coverage of various items used in the sprinklers and drip irrigation systems sold individually as well as part of a complete system - Laterals of drip irrigation system will attract GST 12% (CGST 6% + SGST 6%) - Laterals of sprinklers will attract GST at 18% (CGST 9% + SGST 9%).

GST: Jurisdiction - Competency to issue SCN - absence of any notification under Section 4 of IGST Act - 2017 - The officers appointed under the MPGST Act are authorized to be proper officers for the purpose of IGST

Income Tax: Reopening of assessment - claim of deduction u/s 10A denied - scrutiny assessment was conducted - It was not be open for the Assessing Officer to reopen such assessment on the principal claim of the petitioner for deduction on the ground that some other elements or aspects of the claim were not examined. This would clearly be a case of change of opinion.

Income Tax: Depreciation on machinery not listed in New Appendix-I Depreciation Schedule – Part-III (xia) eligible for depreciation @ 40% - Neither AO nor the CIT (A) has rendered a finding that the stand taken by the assessee stating that the tabulated items form part of the listed items in the schedule is either factually incorrect or a wrong submission. - Claim of depreciation allowed.

Income Tax: Registration u/s 12A - Condonation of delay - Ignorance of law is no excuse. The provision of Section 12A, being a beneficial provision to the Assessee, requires strict interpretation. Therefore, the Assessee should have been in a position to explain the delay, which is more than 18 years in the instant case.

Income Tax: PIL - alleged undeclared income - The present Public Interest Litigation is not a genuine Public Interest Litigation, but a politically motivated litigation, which deserves to be dismissed with exemplary cost.

Income Tax: Penalty u/s 271D - while framing the assessment it was held as the monies advanced and assessed as undisclosed income and when the appellate authorities deleted the addition holding that the said sum represents loans borrowed, the department has made the ‘U’ turn and initiated penalty proceedings u/s 271D. - Not permissible - No penalty.

Income Tax: Condonation of delay - appeal of the assessee against the levy of late filing fee u/s 234(E) was dismissed at the admission stage on account of delay in filing the appeal - bonafide explanation for delay - merely technicality should not come in the way of discharge of substantial justice - We accordingly condoned the delay in filing the appeal

Income Tax: TDS u/s 194J OR 194C - payment received by BET towards the work carried on under Phase II of the agreement, will not fall under the definition of the term professional services as no new technical consultancy has been offered by BEL to assessee - TDS was rightly deducted u/s 194C

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Articles
Notifications

Co. Law - Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018

Co. Law - Companies (Registration Offices and Fees) Fifth Amendment Rules, 2018

Co. Law - Companies (Indian Accounting Standards) Second Amendment Rules, 2018

Cus (NT) - Exchange Rates Notification No.81/2018-Custom(NT) dated 20.9.2018

CGST - Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for intra-State taxable supplies

IGST Rate - Seeks to insert explanation in an entry in notification No. 9/2017 – Integrated Tax (Rate) by exercising powers conferred under section 6(3) of IGST Act, 2017.

UTGST Rate - Seeks to insert explanation in an entry in notification No. 12/2017 – Union Territory Tax (Rate) by exercising powers conferred under section 8(3) of UTGST Act, 2017.

CGST Rate - Seeks to insert explanation in an entry in notification No. 12/2017 – Central Tax (Rate) by exercising powers conferred under section 11(3) of CGST Act, 2017

IGST - Seeks to notify the rate of tax collection at source (TCS) to be collected by every electronic commerce operator for inter-State taxable supplies

Co. Law - Central Government appoints the 19th September 2018, as the date on which the provisions of section 37 of the Companies (Amendment) Act, 2017 shall come into force

Co. Law - Companies (Corporate Social Responsibility Policy) Amendment Rules, 2018

Cus (NT) - Exchange Rates Notification No.80/2018-Custom(NT) dated 19.9.2018

LLP - Limited Liability Partnership (Second Amendment) Rules, 2018

Cus - Amendment to Customs Exemption Notifications No. 24/2015-Customs dated 08.04.2015 to align it with amendment in Foreign Trade Policy

IT - U/s 35(1) (ii) of IT Act 1961 Central Government approved for organization . M/s Indian Council of Medical Research

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Circulars/ Public Notices

DGFT - Activation of E-com module for SEIS, based on ANF 3B notified vide Public Notice 15/ 2015-20 dated 28.06.2018

Customs - Sanction of pending IGST refund claims where the records have not been transmitted from the GSTN to DG Systems-reg.

FEMA - External Commercial Borrowings (ECB) Policy - Liberalisation

Goods and Services Tax - Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases

Customs - Customs procedure for export of cargo in containers and closed bodied trucks from ICDs/CFSs through Land Customs Stations (LCSs) - Reg.

DGFT - Charging of Fees for REX Registration — reg.

Goods and Services Tax - Guidelines for Deductions and Deposits of TDS by the DDO under GST

Goods and Services Tax - Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Circular Nos. 41/15/2018-GST dated 13.04.2018 and 49/23/2018-GST dated 21.06.2018 - regarding

Goods and Services Tax - Clarification regarding processing of refund claims filed by UIN entities – regarding

DGFT - 'To do list for SCOMET Policy/Procedure' for feedback/inputs from industry for simplification of licensing procedure of SCOMET items - regarding

Customs - Safeguard duty on Solar cells whether or not assembled in modules or panels - regarding

DGFT - One time relaxation for regularisation and issue of EODC for exports made prior to imports where Advance Authorisation issued for import of Natural Rubber/ Silk – reg.

DGFT - Allocation of preferential export of sugar to USA under TRQ for the year 2018-19

Goods and Services Tax - Levy of GST on Priority Sector Lending Certificates (PSLC) – regarding

DGFT - Guidelines to apply for MEIS under the System Driven approval mechanism for MEIS applications for shipping bills from EDI ports

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News

Auction for Sale (Re-issue) of Government Stocks

Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018

Preventive Vigilance – The Key Tool of Good Governance at Public Sector Institutions (Urjit R. Patel, Governor, Reserve Bank of India - September 20, 2018 - at the Central Vigilance Commission, New Delhi)

Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately ₹ 79.21 crore on the taxable value of concocted supplies of ₹ 450 crore

Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19

I-T Dept inspects books of Jet Airways

Cabinet approves equity infusion of RCF in Talcher Fertilizers Ltd.

Cabinet approves Revised Cost Estimate of Dam rehabilitation and Improvement Project

Prime Minister to lay foundation stone of world class Convention centre in New Delhi

Abundant Opportunities for Australian Superfunds to Invest In India : Suresh Prabhu

CCI approves the combination of Linde Aktiengesellschaft and Praxair, Inc. under Section 31(7) of the Competition Act, 2002, subject to modifications/remedies to address the Anti-competitive effects resulting from the said combination.

CCI imposes penalties upon Sugar Mills and their Associations for rigging the bids in respect of Joint Tender floated by Oil Marketing Companies for procurement of Ethanol for blending with Petrol

India signs Financing Loan Agreement with the World Bank for US$ 74 Million for Uttarakhand Workforce Development Project (UKWDP)

Suresh Prabhu Urges G-20 Members to Focus on Services for Enhancing Global Trade

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137
 
 
 
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