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THE CA JOURNAL

     
 
 
FROM THE PRESIDENT
My dear Professional Colleagues,
I have embarked in my role as the 66th President of ICAI, effective 12th February; I carry with me a sense of inherent pride and elation. I am equally conscious of the magnitude of the responsibility that the Presidency brings along. I am grateful to all my illustrious Predecessors for bringing profession to the stage where it is today ....
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FEATURES INSIDE...
Editorial Photographs 23rd Council Photograph
Accountant’s Browser Know Your Ethics Opinion
Strategic Action Plan 2018-2019
Composition of ICAI Committees for the Year 2018-19 ICAI in Media
Webcast Updates The Chartered Accountant Journal and Its Many Digital Versions
Forthcoming Events and Classifieds Backpage
 
PROFILE
Our New President Our New Vice President
 
REPORT
68th Annual Function: ICAI Showcases Achievements and CAs’ Vital Role in Economy at Its 68th Annual Function.
INTERVIEW
Indian Stakeholders are Well-Aligned with Our Emerging Priorities, Says IESBA Chairman
OUR ACHIEVER
CA Education Helped Me Excel: Vishakha Mulye.
 
ARTICLES
UNION BUDGET 2018-19
ICAI Suggestions Relating to Direct Taxes Considered/Accepted in Finance Bill, 2018.
DIRECT TAX
Provisions Relating to Bankruptcy Code and Other Deductions
CA. Anil Sathe
Amendments to Revalidate ICDS
CA. Gautam Nayak
Amendments Related to Capital Market Transactions
CA. Devendra Jain
INTERNATIONAL TAXATION
Revamping the Business Connection
CA. Sanjiv Kumar Chaudhary
INDIRECT TAX
Indirect Tax Proposals in Union Budget 2018-19
CA. A. Jatin Christopher
CAPACITY BUILDING
Building a Credible Indian Alternative
CA. Dinesh Kanabar
BANK AUDIT
Verification of Advances with Special Reference to Income Recognition and Asset Classification (IRAC) Norms.l
CORPORATE & ALLIED LAWS
The Companies (Amendment) Act, 2017- Analysis of Significant Provisions
CA. Manoj Fadnis
The Benami Transactions (Prohibition) Amendment Act, 2016 - New Perspective Post Amendment
CA. Subhashini Giridhar
 
 
 
 
CIRCULARS AND NOTIFICATIONS
DIRECT TAXES
I-NOTIFICATIONS
1. Amendments to the Tax Return Preparer Scheme, 2006 as notified u/s. 139B- Notification No. 4/2018, dated 19- 01-2018.
II. CIRCULARS 1. Explanatory Notes to the Provisions of the Finance Act, 2017 - Circular No. 2/2018, dated 15-2-2018.
III. PRESS RELEASES/INSTRUCTIONS/OFFICE MEMORANDUM.
2. Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under Section 56(2)(viib) read with Rule 11UA(2) – F.No. 173/14/2018- ITA.1, dated 6-2-2018.
3. Indian Advance Pricing Agreement regime moves forward with signing of five UAPAs and two BAPAs by CBDT in January, 2018 – Press Release, dated 7-2-2018.
4. Conduct of Assessment Proceedings in scrutiny cases electronically–Instruction No. 01/2018, dated 12-2-2018.
GOODS & SERVICES TAX
1. Collection of Revenue from Indirect Taxes
2. Clarifications regarding GST on College Hostel Mess Fees
3. Central Goods and Service Tax (Amendment) Rules, 2018
4. Postponement of E-Way Bill Rules
5. Reduction in Late Fees
6. Extension in time limit for furnishing the return by an ISD
7. Electronic Portal for furnishing of returns and E- way bill.
8. Recipient is liable to pay tax on renting service received from Government
9. Liability to pay central tax shall arise at the time when the developer or construction company transfer possession.
10. Exemption on Intra-state supply of service by way of grant of license to explore or mine petroleum.
11. Power to issue show cause notice.
12. GST data reveals 50% increase in number of Indirect Taxpayers Economic Survey says- Maharashtra, Gujarat, Karnataka, Tamil Nadu & Telangana account for 70% of India’s exports India’s internal trade in goods and services is 60 percent of GDP.
FEMA
(A.) Gist of some Compounding Orders passed by Reserve Bank of India
 
LEGAL DECISIONS
INCOME TAX
LD/66/120 The Commissioner of Income Tax vs. NGC Networks (India) Pvt. Ltd. 29th January, 2018.
LD/66/121 Tata Teleservices (Maharashtra) Limited vs. The Dy. Commissioner of Income Tax 25th January, 2018.
LD/66/122 The Commissioner of Income Tax vs. M/s Baby Marine Exports 11th January, 2018.
LD/66/123 Chief Commissioner of Income Tax Central and Anr vs. Naresh Kumar Aggarwal 09th January, 2018.
LD/66/124 Principal Commissioner of Income Tax vs. Shri Shankar Lal Saini 19th December, 2017.
LD/66/125 John Baptist Lasrado vs. Income Tax Settlement Commission 27th November, 2017.
Transfer Pricing
LD/66/126 Prin. Commissioner of Income Tax vs. Frigoglass India Pvt. Ltd. 19th January, 2018.
LD/66/127 M/s EIH Limited vs. DCIT (ITA No. 110/Kol/2016, ITA No. 153/Kol/2016) (Kolkata ITAT).
LD/66/128 Prin. Commissioner of Income Tax vs. M/s Veer Gems 05th January, 2018.
LD/66/129 Springer India Pvt. Ltd. vs. Assistant Commissioner of Income Tax 15th December, 2017.
Excise
LD/66/130 Commissioner of Central Excise and Service Tax vs. Ultra Tech Cement Limited 01st February, 2018.
Service Tax
LD/66/131 Commissioner of Service Tax vs. Lakshminarayana Mining Company 24th January, 2017.
LD/66/132 M/s Sir Ganga Ram Hospital, Bombay Hospital and Medical Research Centre, Appollo Hospitals, M/s Max Health Care Institute Ltd. vs. CCE, CCE & ST and CST vs. 6th December, 2017.
LD/66/133 M/s Hotel Kailash International vs. Commissioner of Central Excise 9th January, 2018.
LD/66/134 M/s Cybercom Datamatics Information Solutions Ltd. vs. Commissioner of Service Tax 12th July, 2017.
LD/66/135 M/s Lea International Ltd. vs. Commissioner of Service Tax 12th January, 2018.
LD/66/136 Religare Enterprise Ltd. vs. Commissioner of Service Tax 9th November, 2017.
International Tax
LD/66/137 Booz & Company (ME) FZ-LLC vs. DDIT ITA No. 4063/Mum/2015 Mumbai ITAT.
LD/66/138 Gea Refrigiration Technology Gmbh (AAR. No. 1232/2012) (New Delhi).
Insolvency and Bankruptcy Code
Macquarie Bank Limited vs. Shilpi Cable Technologies Ltd. Supreme Court of India 15-12-2017.
Disciplinary Case
 
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