https://goo.gl/RT8ypc
*CBDT has notified Income-tax (Twenty-fourth Amendment) Rules, 2017, applicable w.e.f. 31 Oct. 2017. New IT Rules 10DA and 10DB have been inserted along with new IT Forms 3CEAA, 3CEAB, 3CEAC, 3CEAD for Guidelines on maintaining and furnishing of Transfer Pricing (TP) Documentation in Master File and Country-by-Country Reporting (CbCR)*

https://atul.caclub.in/hand-book-on-gst-for-service-providers-issued-by-icai/

*Download Hand Book on GST for Service Providers issued by ICAI*

Portal to launch Complaint for Delayed Payment – MSME Samadhaan launched – Tax Updates by CA Atul Modani
https://atul.caclub.in/portal-to-launch-complaint-for-delayed-payment-msme-samadhaan-launched/

Late Fees for unfiled GSTR 1 for July 2017 at Rs 10000 now with extension of GSTR 2 cycle – Tax Updates by CA Atul Modani
https://atul.caclub.in/late-fees-for-unfiled-gstr-1-for-july-2017-at-rs-10000-now-with-extenstion/

New functionalities made available on GST Portal. – Tax Updates by CA Atul Modani
https://atul.caclub.in/new-functionalities-made-available-on-gst-portal/

SC pulls up banks, telecom companies for creating panic on Aadhaar linking


http://www.ecoti.in/ZiUxlb

Four months on, SMEs reluctant to work with GST filing companies
http://www.tribuneindia.com/mobi/news/business/four-months-on-smes-reluctant-to-work-with-gst-filing-companies/492033.html

*Penny Stock addition deleted by Mumbai ITAT in the case of ITO vs. Arvind Kumar Jain HUF (ITAT Mumbai)*

Bogus capital gains from penny stocks: If the DMAT account and contract note show details of the share transactions and the AO has not proved the transactions to be bogus, the capital gains earned on the said transactions cannot be treated as unaccounted income u/s 68. The fact that the broker was tainted and violated SEBI regulations would not make assessee’s transactions bogus

The AO has treated the share transaction as bogus on the plea that SEBI has initiated investigation in respect of Ramkrishna Fincap Pvt. Ltd. The AO further stated that investigation revealed that transaction through M/s Periwal and Co. on the floor of stock exchange was more than 83%. We found that as far as initiation of investigation of broker is concerned, the assessee is no way concerned with the activity of the broker. Detailed finding has been recorded by CIT(A) to the effect that assessee has made investment in shares which was purchased on the floor of stock exchange and not from M/s Basant Periwal and Co. Against purchases payment has been made by account payee cheque, delivery of shares were taken, contract of sale was also complete as per the Contract Act, therefore, the assessee is not concerned with any way of the broker. Nowhere the AO has alleged that the transaction by the assessee with these particular broker or share was bogus, merely because the investigation was done by SEBI against broker or his activity, assessee cannot be said to have entered into ingenuine transaction, insofar as assessee is not concerned with the activity of the broker and have no control over the same

GST could soon be in for the biggest tweak since its launch
https://economictimes.indiatimes.com/news/economy/policy/gst-could-soon-be-in-for-the-most-comprehensive-tweak-since-its-launch/articleshow/61522015.cms

Supplies made to registered recipient for Export at 0.1%: Is the option worth exercising? - GST-Online -
https://gst-online.com/supplies-made-to-registered-recipient-for-export-at-0-1-is-the-option-worth-exercising/

GST technical glitches: Questions raised over Infosys leadership vacuum
http://indianexpress.com/article/business/economy/gst-technical-glitches-questions-raised-over-infosys-leadership-vacuum-4918219/

Solution for Notice u/s 139(9) regarding Non-Filling of Tax Audit Report – Tax Updates by CA Atul Modani
https://atul.caclub.in/solution-for-notice-us-1399-regarding-non-filling-of-tax-audit-report/

https://atul.caclub.in/all-taxpayers-to-file-gstr-3b-upto-december-2017-tax-period-easy-summary-of-gstr-filing-and-payment/

*ALL Taxpayers to file GSTR 3B upto December 2017 tax period*, 

*Download handy summary of GSTR filing and payment schedule*

http://www.news18.com/amp/news/india/massive-gst-fraud-unearthed-in-hyderabad-nearly-5000-raids-conducted-1568795.html

The raids were conducted after department received over 10,000 complaints against small traders to big shopping malls, restaurants and even multiplexes alleging *they have been charging GST on MRP, non GST items and even selling at a higher price claiming GST.*

https://goo.gl/WRtCzS
*CBEC has issued Clarification on Due Dates for Generation of FORM GSTR-1A (1 Dec to 6 Dec. 2017)/ GSTR-2A (11 Oct. 2017 to 30 Nov. 2017), in accordance with the extended Due Dates for filing of FORM GSTR-1/ GSTR-2 respectively, for the month of July 2017*

https://goo.gl/FghvVA
*CBEC has prescribed procedure regarding procurement of goods from DTA units by Export Oriented Unit (EOU)/ Electronic Hardware Technology Park (EHTP) Unit/ Software Technology Park (STP) Unit/ Bio-Technology Parks (BTP) Unit for deemed export benefits under section 147 of CGST Act, 2017*

Union #Budget 2018 to be presented on February 1st.


💠🌀🔰


Last Full budget under current govt as next year Interim Budget or Vote on account may be presented due to Lok Sabha elections as per practice.

https://atul.caclub.in/mass-notices-under-section-139-9-were-sent-inadvertently-income-tax-cpc/

*Mass Notices under section 139 (9) were sent Inadvertently – Income Tax CPC*

#Defective Return #139 (9)