NICAI Updates

[Raj Chawla]

Respected Members:

Quotes of the Day:

1. Life is All About Adjustments Between Your Feelings and Reality. At Every Stage You have to Quit Your Feelings And Accept the Reality.
   
2. Always pray to have eyes that see the best, a heart that forgives the worst, a mind that forgets the bad and soul that never loses faith.

NICAI Updates:

1. CBDT) has extended the due date for filing income tax returns (ITR) for all income tax assessees in Kerala to September 15, 2018, as per an official release. 
   
2. CBDT has decided, in super-session of Circulars issued, that departmental appeals may be filed on merits before Income Tax Appellate Tribunal and High Courts and SLPs/ appeals before Supreme Court keeping in view the monetary limits and conditions specified. 
   
3. CBDT told the Bombay High Court that 0.10% STT would be levied on physical delivery of shares in the equity derivatives segment. A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the STT rate after the ANMI filed a petition. 
   
4. Govt is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter. 
   
5. Tax officials are working on a proposal to link electricity connection of some manufacturers with GSTIN to keep a tab on power consumption. This will act as an anti-evasion measure to dissuade taxpayers from underreporting sales.
   
6. RBI tightened norms for bad loan resolution by setting timelines for resolving large NPAs, failing which banks will have to mandatory refer them for insolvency proceedings. It also withdrew existing debt restructuring schemes such as SDR and S4A. 
   
7. RBI has issued definitions of different resolution plans and an indicative list of financial difficultly, and directed lenders to share data on certain defaulted borrowers with the central bank’s database on large exposures on every Friday.
   

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With best regards,
CA Raj Chawla

FCA, FCS, FCMA, LLB, MIMA, DISA

Ex Chairman- NIRC of ICAI

Candidate for Central Council of ICAI December 2018

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