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FROM THE PRESIDENT
My Dear Professional Colleagues, A very Happy CA DAY to all of you! This CA Day on July 1 is more than special. This day our Institute will step into 70th year, i.e. Platinum Jubilee year, of its glorious existence. On this very day, our Institute came into being in the year 1949. The occasion calls for befitting celebrations for ICAI’s steadfast march in the glory of bringing a Resolute Economic India. The Platinum Jubilee celebrations are set to be launched by none other than the first citizen of the country, Hon’ble President of India Shri Ram Nath Kovind in a grand function in Delhi. These celebrations will be dedicated to our indomitable spirit and a purposeful, meaningful and benevolent existence. These will be the celebration of the contributions that ICAI and Indian accounting profession have made to the country ever since our inception. We remember what our first Prime Minister had said: Time is not measured by the passing of years but by what one does, what one feels, and what one achieves. On behalf of the profession and the Institute, let me mention with pride that we are celebrating our work, our achievements and the fulfilment of our promises made to the stakeholders ever since we were born. Read more
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FEATURES INSIDE...
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| LEGAL DECISIONS |
| INCOME TAX |
| LD/66/186 Mahabir Industries vs. Principal Commissioner of Income Tax 18th May, 2018. |
| LD/66/187 Conventional Fastners vs. Commissioner of Income Tax 16th May, 2018. |
| LD/66/188 Principal Commissioner of Income Tax vs. Uttarbanga Kshetriya Gramin Bank 07th May, 2018. |
| LD/66/189 Ardent Steel Limited vs. Asst. Commissioner of Income Tax 04th May, 2018. |
| LD/66/190 Ushaben Jayantilal Sodhan vs. Income Tax Officer 01st May, 2018. |
| LD/66/191 International Seaport Dredging Private Limited vs. Dy. Commissioner of Income Tax 25th April, 2018. |
| Service Tax |
| LD/66/192 Vasantha Green Projects vs. CCT 11st May, 2018. |
| Excise |
| LD/66/193 M/s Santani Sales Organisation vs. CESTAT, Delhi and Others 31st May, 2018. |
| LD/66/194 Shiva Alloys Private Limited vs. Commissioner of Central Excise 07th May, 2018. |
| LD/66/195 Commissioner of Central Excise vs. M/s Ceat Limited 03rd May, 2018. |
| Customs |
| LD/66/196 Commissioner of Customs vs. Arif Khichi 23rd May, 2018. |
| Transfer pricing |
| LD/66/197 M/s Kaypee Electronics & Associates Pvt. Ltd. vs. Dy. Commissioner of Income Tax 29th May, 2018. |
| Disciplinary Case |
| CBI vs. CA. XYZ. |
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| CIRCULARS AND NOTIFICATIONS |
| DIRECT TAXES |
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NOTIFICATIONS |
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Amendment in Rule 11U and 11UA omitting reference to the term “accountant”, thereby permitting only merchant bankers to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method-Notification No. 23/2018, dated 24-05-2018. |
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Exception notified for the purposes of clause (ii) of the proviso to clause (viib) of Section 56(2)-Notification No. 24/2018, dated 24-05-2018. |
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Cost Inflation Index for Financial Year 2018-19 notified Notification No. 26/2018, dated 13- 06-2018. |
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| II. |
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PRESS RELEASES/INSTRUCTIONS/OFFICE MEMORANDUM |
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1. |
Extension of time of the Task Force for drafting a New Direct Tax Legislation–Press Release, dated 22-5-2018. |
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2. |
Revised Income Tax Informants Reward Scheme, 2018– Press Release, dated 1-6-2018. |
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| INDIRECT TAX |
| 1. |
GST NACIN as the authority for conducting the examination for GST Practitioners under rule 83 (3) of the CGST Rules, 2017. |
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Recipient is liable to pay tax under Reverse Charge on purchase of Priority Sector Lending Certificate. |
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Central Goods and Services tax (Fifth Amendment) Rules, 2018. |
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Clarifications on refund related issues. |
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Clarifications of certain Issues under GST. |
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Change of email and mobile number of the authorised signatory by taxpayers with assistance from the jurisdictional tax officer under GST system. |
| CUSTOMS |
| Customs Audit Regulations, 2018 |
| Exports by Post Regulations, 2018 w.e.f 21st June, 2018. |
| Sanctioning of pending IGST refund claims. |
| Post refund audit. |
| Procedure for e-commerce exports through Post and clarification on personal imports. |
| Refund of IGST on export of goods- Extension of date in SB005 alternate mechanism cases and clarification in other cases. |
| Procedure for E- commerce exports through Post and Clarification regarding personal imports. |
| FEMA |
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External Commercial Borrowing (ECBs)– Monthly reporting through ECB 2 returns A.P. (DIR Series) Circular No. 29 dated June 07, 2018. |
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Foreign Investment in India–Reporting in Single Master Form A.P. (DIR Series) Circular No. 30 dated June 07, 2018. |
| CORPORATE LAW |
| MCA (www.mca.gov.in) MCA notification GSR (E) dated 18th June 2018– Companies (Accounting Standards) Amendment Rules, 2018. |
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