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Income Tax
Extend Tax Audit due date to 31 October 2018: BJP Economic Cell (Rajasthan)
BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that quality of Tax Audits may not be compromised. The Institute of Chartered Accountants of India and its members arc partners in “Nation Building” and playing important role in growth of Indian Economy. Tax audit under section -44AB of the Income-tax Act. 1961 is exclusively conducted by [..] Read more at:
Indirect Tax
Gang Issuing Bogus Bills and Bogus E-Way Bills Busted
The Officers in South Zone-Enforcement Wing of commercial Taxes Department of Karnataka have investigated Bill Trading cases and have arrested one person on. 17-09-2018. On preliminary investigation it is observed that, the person has issued invoices for Rs.29 Crore involving tax of Rs.5.34 Crore without supply of goods and services. Sri. Md. Rail Pasha, Assistant Commissioner, has arrested the accused and has produced him before the Hon’hle Special Court for Economic Offences, Bangalore and the accused is remanded for judicial custody. In the last one month, the officers have identified gang of bogus [..] Read more at:
http://onlinelawsolutions.com/gang-issuing-bogus-bills-and-bogus-e-way-bills-busted.html
Seeks to amend Notification No. 12/2017-Customs (ADD) dated 11th April, 2017
G.S.R. (E).- In exercise of the powers conferred by sub-sections (1) and (5) of section 9A of the Customs Tariff Act,1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 12/2017- Customs (ADD), dated the 11th April, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide [..] Read more at:
Companies Act
Companies (Registered valuers and Valuation) Third Amendment Rules, 2018
In exercise of the powers conferred by section 242 read, with section 469 of the Companies Act,2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the companies (Registered valuers and Valuation) Rules, 2012 namely:- 1. (1) These rules may be called the companies (Registered valuers and Valuation) Third Amendment Rules, 2018. 2) They shall come into force on the date of their publication in the official Gazette. 2. In the companies (Registered valuers and valuation) Rules, 2017 (hereinafter referred to as "the said rules"), in rule 11, for the figures, letters and word [..] Read more at:
Miscellaneous News
Web portal www.psbloansin59minutes.com , a transformative initiative in MSME credit space launched
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a web portal www.psbloansin59minutes.com , a transformative initiative in MSME credit space, which will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and 5 Public Sector Banks (PSBs) The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched here today a transformative initiative in MSME credit space. The web portal www.psbloansin59minutes.com will enable in principle approval for MSME loans up to Rs. 1 crore within 59 minutes from SIDBI and [..] Read more at:
Shri Arun Jaitley launches the Financial Inclusion Index in New Delhi
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launches the Financial Inclusion Index in New Delhi today; The Single Composite Index to give a snap shot of level of financial inclusion that would guide Macro Policy perspective; Can be used directly as a composite measure in development indicators The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley launched the Financial Inclusion Index after his Annual Performance Review Meeting with CEOs of the Public Sector Banks in New Delhi today. Department of Financial Services (DFS), Ministry of Finance will release an Annual [..] Read more at:
Shri Arun Jaitley reviews the Annual Performance of the Public Sector Banks (PSBs) in New Delhi
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley reviews the Annual Performance of the Public Sector Banks (PSBs) in New Delhi today; Continued improvement noticed in banking in terms of highest ever recovery in the last Quarter, pick-up in credit growth to 13.5%, growth in MSME lending to 10.5%, the highest Provision Coverage Ratio in over five years, and higher operating profits;. Recovery of Rs. 1,80,000 crore targeted in the remaining part of the Current Financial Year (FY) 2018-19, up from Rs. 74,562 crore in last FY; Mobilising over Rs. 18,500 crore through monetisation of banks’ Non-core assets [..] Read more at:
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