Tax Department issued list of Non-Filers of Tax return through “Non-Filers Monitoring System”(NMS) – To submit online response within 21 Days

The Income Tax Department has carried out its data analysis to identify and monitor persons who are non filers of Income Tax return and have entered into high value transactions using “Non-Filers Monitoring System”. The said analysis was carried out to identify non filers of tax returns about whom specific information was available in the database of Income Tax Department database.

What is NMS?

NMS (Non-filers Monitoring system) is a software based data analysis system, which has been developed by Central Board of Direct taxes (CBDT), to provide report of persons who have carried on high value transactions in a particular financial year and also have potential tax liability but still not have file their Income tax returns. The non filers persons can be an Individual, HUF, Company,

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Insolvency and bankruptcy board of India (IBBI) has organised third awareness program to improve Ecosystem

The insolvency and bankruptcy code 2016 (IBC) was enacted on 28th May 2016 which constitutes a key economic reform. The provisions in the IBC relating to Corporate Solvancy came into force on 1st December 2016. After its enactment,  the entire regulatory framework and the ecosystem relating to corporate insolvency are in place now and debtors and creditors alike are undertaking corporate insolvency resolution process.

The insolvency and bankruptcy board of India in Association with the three insolvency professional agencies has organised an insolvency and bankruptcy awareness programme at Vadodara, Gujarat on 19th January 2019. With the lead partner, the Indian Institute of insolvency professionals of ICAI( the Institute of Chartered Accountants of India) and the ICSI Institute of insolvency Professionals, and the insolvency professional agency for Institute

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Monetary Policy Committee decided to keep the Policy Repo rate under the liquidity adjustment facility (LAF) unchanged to 6.5%

Monetary Policy Committee of India (MPC)- 

The Monetary Policy Committee of India is a committee of the Reserve Bank of India that is responsible for fixing the benchmark interest rate in India.

Meeting of MPC – The meetings of the Monetary Policy Committee are held at least 4 times a year and it publishes its decisions after each such meeting.

The committee comprises six members –

Three officials of the Reserve Bank of India and three external members nominated by the Government of India. They need to observe a “silent period” seven days before and after the rate decision for “utmost confidentiality”. The Read More


The Larger Purpose of Demonetisation (#NoteBandi) was to move INDIA from a Tax Non-compliant society to a Compliant society – Finance Minister

 

Demonetisation (#NoteBandi) and its impact on Tax collection and Formalisation of the Economy – Sh. Arun Jaitley

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks.  A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded.

Was the invalidation of the Non-deposited currency the only object of demonetisation?  Certainly Not.  The larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society.  This necessarily involved the formalisation of the Economy and a blow to the black money.

 

How has this been achieved?


Remarkable increase in Filing of Income Tax Return till 31st August 2018 – 5.42 Crores ITRs Filed as compared to 3.17 Crore upto 31st August 2017

Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018

There has been a marked improvement in the number of Income Tax Returns(ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year. The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as against 3.17 crore upto 31/08/2017, marking an increase of 70.86%. Almost 34.95 lakh returns were uploaded on 31/08/2018 itself, being the last date of the extended due date of filing of ITRs.

A remarkable increase is seen in the number of ITRs in 2 categories ie ITRs filed by salaried Individuals (ITR-1& 2) as also those availing the benefit of the Presumptive Taxation Scheme( ITR-4).

54% Growth in Salaried ITR’s

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Director of a company arrested for evasion of Service Tax

Officers of CGST Delhi North Commissionerate have arrested one Director of a Company for evasion of Service Tax. The Company had collected more than Rs. 3 Crores as Service Tax from its clients but had not deposited the same with the Government Exchequer.

The power to arrest is provided under Section 91 of the Finance Act 1994 for violating the provisions of Section 89 of the Finance Act 1994 read with Section 174 of CGST Act, 2017. He was produced in the Court of Hon’ble CMM, Patiala House Court and has been sent to Judicial Custody for 15 days. Further investigations are being conducted and the amount of Service Tax evaded is bound to increase.

Government wants to assure taxpayers that compliant taxpayers donot run the risk of facing such punitive action

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2,25,910 companies under scanner of Ministry of Corporate Affairs for not filing returns for Year 2015-16 & 2016-17

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha on 3rd August 2018, that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for the financial Year 2015-16 & 2016-17. Due procedure shall be followed by ROCs before striking off names of companies.

Shri Chaudhary further said that during 2017-18 the Registrars of Companies (ROCs) had identified 2.97 lakh companies which were not filing their Financial Statements or Annual Returns for a continuous period of two or more financial years

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Ministry of Corporate Affairs ordered inquiry in 87 real estate companies in 2017-18

Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigation in 7 cases involving 149 entities including 5 Limited Liability Partnerships (LLPs) engaged in real estate activities. The Minister in his reply said that the Companies Act, 2013 (the Act) provides for details of compliances with respect to books of account and other matters to be made by companies of all categories and there are no separate provisions in the Act for real estate companies.

The Companies Act, 2013 stipulates requirement of statutory audit and internal audit by the companies. (Source-PIB)

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PFRDA Invites Expression of Interest (EOI) for Actuarial Valuation of Atal Pension Yojana

Pension Fund Regulatory and Development Authority (PFRDA) invites Expression of Interest (EOI) from reputed Actuary/Actuarial Firm for valuation to estimate the likely shortfall or otherwise on account of the minimum guaranteed pension and suitable provisioning for gap funding under Atal Pension Yojana(APY).

APY offers guaranteed pension benefits which entails suitable gap funding to fulfill the commitment of guaranteed pension benefits to the subscribers and spouse of the subscribers. The Expression of Interest document has been issued on 18.07.2018 and the same is available on PFRDA’s website. Along with the other conditions, the actuarial firm should have carried out the actuarial valuation of at least 10 funds in the immediately preceding 5

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Cabinet approves renewal of MoU between the Institute of Chartered Accountants of India & Saudi Organisation for Certified Public Accountants

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certified Public Accountants (SOCPA) in Saudi Arabia to promote mutual co-operation framework in the areas of Corporate Governance, Technical Research & Advice, Quality Assurance, Forensic Accounting, issues for Small and Medium Sized Practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest related to Accountancy profession.

Major impact:

The aim is to work together to develop a mutually beneficial relationship inthe best interest of ICAI members, students and their organizations.

The MoU will provide an opportunity to the ICAI members to

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