E-way bill for intra-state/UT supplies applicable in UT’s Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Andaman & Nicobar Islands and Lakshadweep w.e.f May 25, 2018 and in State Goa w.e.f June 1, 2018
As on May 23, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States/ UT of Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Sikkim, Telangana, Tripura, Uttarakhand, Uttar Pradesh, Puducherry, Assam and Rajasthan. Now, e-Way Bill system for intra-State/UT movement of goods would be implemented UT’s Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Andaman & Nicobar Islands and Lakshadweep w.e.f May 25, 2018 and in State Goa w.e.f June 1, 2018.
Sale proceeds taxable as business income if assessee failed to prove that shares were kept as investments
Where assessee filed his return wherein income from sale of shares was shown as short term capital gain, in view of fact that assessee did not furnish any evidence to show that shares were held for investment and, moreover, assessee apart from using his own funds for investment in shares, had also resorted to huge borrowings, Assessing officer was justified in holding that amount in question was liable to tax as business income.
Provision for bad & doubtful debts not to be added if its an ascertained liability
IT: An assessee’s case would fall within ambit of clause (c) of section 115JA(1) only if amount is set aside as provision; provision if made for meeting an ascertained liability is not to be added back; and provision for other than ascertained liabilities should be added back
Employee wasn’t liable to interest for advance tax default if employer failed to deduct TDS on salaried income
IT : An assessee, whose tax is liable to be deducted at source, is not liable to pay advance tax under section 208 and consequently, he is not liable to pay interest under section 234B(1) thereon.
RBI liberalises ECB norms Favorably revisits norms relating to end use, all-in-costs
The basic objective of the extant External Commercial Borrowings (ECB) policy is to supplement domestic capital for creation of capital assets in the country, limited by considerations for capital account management. With this objective in view, the ECB regime has been progressively liberalised over the years, allowing different entities to raise ECB.
Know more at : https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11267&Mode=0
New system for monitoring of foreign investment limit in listed Companies to be operational on June 01, 2018: SEBI
SEBI had introduced a new system for Monitoring of Foreign Investment limits in listed Indian companies and prescribed guidelines w.r.t the necessary infrastructure, data to be provided by listed Indian companies and other related matters. In this regard, it has been decided to extend the deadlines for Companies to provide necessary data to the depositories to May 25, 2018 and the new system for monitoring foreign investment limit in listed companies shall be made operational on June 01, 2018.
Insolvency & Bankruptcy Code:
Dues against services of employees would amount to operational debt under IBC
IBC : Where corporate debtor failed to pay Operational creditor’s dues against providing services of Operational creditor’s employees, same was an operational debt and, CIRP was to be admitted.
Only natural persons liable to imprisonment and not corporate entities under IBC
Provisions of section 29A(d) would not be applicable to cover a juristic person and could be applied only to a natural person because it contemplates visiting convict with imprisonment for two years or more. As there is no provision for imposition of fine and a corporate body like a company cannot be visited with imprisonment/custodial sentence. Thus, as section 29A(d) does not provide for imposition of fine, it would not be applicable to company because a corporate entity cannot be subjected to custodial sentence.