Bank balance sheet affected India’s growth

GST, bank balance sheet affected India’s growth: UN

The goods and services tax, as well as protracted issues of corporate and bank balance sheet problems, pushed India’s economic growth downward in 2017, but a gradual recovery is expected and the economy is forecast to growth at 7.2% in 2018, according to a un report.

bank balance sheet affected India’s growth

According to estimates in the UN Economic and Social Commission for Asia and the Pacific’s flagship publication Economic and Social Survey of Asia and Pacific, India’s GDP grew at 6.6% in 2017, down from 7.1%. The report said India’s GDP is forecast to grow 7.2% in 2018.

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Latest updates @ Chartered Accountants Section!

Professional update @ Chartered Accountants Section!

Latest updates @ Chartered Accountants Section

# GST:

UPS along with the battery cannot be held as naturally bundled but to be considered as Mixed Supply within the meaning of Sec-2(74) of the GST Act, as they are supplied under a single contract at a combined single price – AAR in Switching Avo Electro Power Ltd.

# CBDT

Invites comments on draft notification proposing the amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings on Permanent Establishment (PE).

# A&CA: It is a cardinal principle of the Arbitration and Conciliation Act (A&CA) that the parties are free to decide the number of arbitrators, provided, it is an odd number, as well as the procedure for appointing them – IBI Consultancy India Pvt. Ltd. Vs, DSC Ltd. (2018 (4) TMI 781 – SC).

Income tax

# IT: No penal proceedings have been initiated against the assessee when he was alive. Assessment has not been done in the hands of the legal representatives and therefore, Section 159 of the Act, cannot be applied to the legal representative – CIT Vs. Late Dr. K.C.G. Verghese (2018 (4) TMI 801 – Madras HC).

# IT: As derivative transactions being separate from trading in shares, Exp. to Sec-73 will not be applicable to such transactions and hence, the loss incurred by the assessee in derivative transactions through recognized stock exchange has to be set off against other business income as per provisions of the Act – CIT Vs. Sri Vasavi Gold & Bullion Pvt. Ltd. (2018 (4) TMI 802 – Madras HC).

Truly for the Profession…

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Late Fee On Delayed ITR Filing

Late Fee For Delay In Filing Income Tax Return – Mar 2018

Late Fee For Delay in Filing Income Tax Return For the year ended 31ST MARCH, 2018 (Asst.Yr: 2018-19) under Sec. 234F for non-audit cases :

  1. If Return filed during 01/04/2018 – 31/07/2018: Late Fee NIL
  2. If Return filed during 01/08/2018 – 31/12/2018: Late fee Rs. 5000 (Five Thousand)Late Fee For Delay In Filing Income Tax Return

Income less than 5L

If total income does not exceed Rs.5 Lakhs then this Late fee will be restricted to Rs.1000 only.

If Return filed during 01/01/2019 – 31/03/2019: Late Fee Rs.10000 (Ten Thousand).

If total income does not exceed Rs.5 Lakhs then this Late Fee will be restricted to Rs.1000 only.

 

Better Get your ITR filed by 30/06/2018

To avoid last moment panic due to any technical problem such as AADHAR mismatch, server problem, personal problem, etc.

TIME FOR LINKING AADHAAR WITH PAN IS EXTENDED TILL 30.06.2018.