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GST Master Guide Cum Reckoner : UPDATED TILL 31.05.2018
GST Master Guide Cum Reckoner is now available. The book contains Section & Rule wise Index, Due Dates (illustrating relevant notifications), complete CGST Act, IGST Act, and Compensation Cess Act and along with relevant rules, notifications, circulars, press release incorporated at relevant places. All the changes have been properly displayed. The book comes in 2 volumes.To Purchase: CLICK HERE
WHATS APP UPDATES
It covers Income Tax, GST, Service Tax, Excise Duty, Custom Duty, Company Law, SEBI, RBI, Labour Law, IRDAI & Miscellaneous. Time: 12 months Price: Rs. 500/- + 18% GST To subscribe: Click Here
Income Tax
Only 0.35% returns picked up for scrutiny this year: CBDT chairman
New Delhi, August 9, 2018: The Income Tax Department has accepted 99.65 per cent of tax returns as it is and has picked only 0.35 per cent cases for detailed scrutiny thereby showcasing full faith in the taxpayers, chairman of the Central Board of Direct Taxes (CBDT), Mr Sushil Chandra said at an ASSOCHAM event held in New Delhi today. “Tax base has widened owing to all measures taken by government for simplifying filing and processing of tax return, last year we got around 6.86 crore returns and this year I have selected only 0.35 per cent cases for scrutiny thereby meaning that 99.65 per cent [..] Read more at:
http://onlinelawsolutions.com/only-035-returns-picked-up-for-scrutiny-this-year-cbdt-chairman.html
Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region
In exercise of the powers conferred by sub-section (1) of section 280A of the Income-tax Act, 1961 (43 of 1961), the Central Government, in consultation with the Chief Justice of the Gauhati High Court hereby designate the Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region for the purposes of the said sub-section. [..] Read more at:
GST
Govt. introduces 4 GST Amendment bills in Lok Sabha
Govt. introduces in Lok Sabha today Central Goods and Services Tax (Amendment) Act, 2018, Integrated Goods and Services Tax (Amendment) Act, 2018 , Union Territory Goods and Services Tax (Amendment) Act, 2018 and Goods and Services Tax (Compensation to States) Amendment Act, 2018. Bills are likely to get passed in this session of Parliament. Copy of bills are as follows:- Central Goods and Services Tax (Amendment) Act, 2018 as Introduced in Lok Sabha The proposed Central Goods and Services Tax (Amendment) Bill, 2018, inter alia, provides for the following, namely:— (i) to amend [..] Read more at:
http://onlinelawsolutions.com/govt-introduces-4-gst-amendment-bills-in-lok-sabha.html
Custom Duty
Standard operating procedures for discharge of bonds executed by nominated agencies/ banks under Notification no. 57/2000-Customs dated 08.05.2000
Madam/ Sir, References have been received from the exporter associations that there is an inordinate delay in release of bonds executed by the nominated agencies/ banks under Notification no. 57/2000-Customs dated 08.05.2000, while importing gold for the purpose of export of gold jewellery/ articles. Accordingly, the matter was examined and the reports received from the field formations confirm that there is indeed a large pendency of subject bonds. 2. In the aforementioned background, in the interest of trade facilitation, it has been decided that following standard operating procedure will henceforth be followed for the expeditious [..] Read more at:
Corporate Affairs
Serious Fraud Investigation Office (SFIO) arrests Mr. Neeraj Singhal in connection with investigation into the affairs of Bhushan Group of Companies
Mr. Neeraj Singhal, erstwhile Promoter and Managing Director of Bhushan Steel Limited was arrested by the Serious Fraud Investigation Office (SFIO). He was produced before the court of Competent Jurisdiction today and was sent to Judicial Custody till 14thAugust, 2018.This arrest was made as part of the investigation into the affairs of Bhushan Steel Limited (“BSL”) and its several Group Companies by SFIO. The investigation was assigned by the Ministry of Corporate Affairs to SFIO based on the complaints received from various sources. The arrest has been made by in exercise of the powers under Section 212(8) of the [..] Read more at:
SEBI
SEBI seeks comments on Report by Committee on Fair Market Conduct
SEBI constituted a Committee on Fair Market Conduct in August, 2017 under the Chairmanship of Shri T.K. Viswanathan, Ex-Secretary General, Lok Sabha and Ex- Law Secretary. The Committee was mandated to review the existing legal framework to deal with market abuse to ensure fair market conduct in the securities market. The Committee was also mandated to review the surveillance, investigation and enforcement mechanisms being undertaken by SEBI to make them more effective in protecting market integrity and the interest of investors from market abuse. The Committee comprised of representatives [..] Read more at:
http://onlinelawsolutions.com/sebi-seeks-comments-on-report-by-committee-on-fair-market-conduct.html
RBI
Control and resolution of NPAs
The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore as on 31.3.2014, as per the Global Operations Data of the Reserve Bank of India (RBI). As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lending practices, wilful default /loan frauds/corruption in some cases, and economic slowdown. Asset Quality Review (AQR) initiated in 2015 for clean and fully provisioned bank balance-sheets revealed high incidence of non-performing assets (NPAs). As a result of AQR and [..] Read more at:
http://onlinelawsolutions.com/control-and-resolution-of-npas.html
ICAI
ICAI Postpones First Examination of Practical Training
The Council has decided to assess students after completion of first and second year of practical training with online MCQ based tests. The students completing their 1st/ 2nd year of practical training in a particular quarter of a year would be eligible to register for the said test in the subsequent quarter. The first test for both the category of students which was scheduled to be held on August 26, 2018 has now been postponed to September 23, 2018. The students who have completed their 1st/ 2nd year of practical training during the second quarter of 2018, i.e. April‐ June, 2018 would be eligible to appear in these [..] Read more at:
http://onlinelawsolutions.com/icai-postpones-first-examination-of-practical-training.html
Cabinet approves signing of MoU between India and Canada on collaboration among Chartered Accountant Institutions
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the signing of the "Memorandum of Understanding (MoU)" between "Institute of Chartered Accountants of India (ICAI)" and "Chartered Professional Accountants of Canada (CPA Canada)". Details: Approval of the Cabinet has been granted in respect of Ex-post facto approval of the MoU signed in 2011 and approval for signing of MoU between ICAI, India and CPA, Canada and the MoU envisages arrangements for reciprocal membership that will apply to the respective members of both the Institutes subject to specified criteria [..] Read more at:
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