Economic News 02-10-2018 For GST, Tax audit, Banking, Finance

Economic News 02-10-2018 For GST, Tax audit, Banking, Finance. Get daily economic updates related to GST, Income Tax, Banking, Finance, GST Collection etc.

02.10.18 Economic News

????PNB Fraud: In An International Crackdown By Indian Agencies, Enforcement Directorate(ED) attaches Nirav Modi’s Assets worth Rs 637 Crore, spanning over Five Countries situated in London, New York, Mumbai etc.

????GST Collection Rises in September stands at Rs 94,442 Crore as against Rs 93,690 Crore in August, but are still short of the Rs 1 Lakh Crore Monthly Target set by the Government.

????In a move to curb tax evasion and to boost up the revenue figures, the Govt may introduce another return form to the Companies that availed of more than Rs 25 Lakh Credit under GST regime in lieu of levies paid under the previous system, to check Transitional Claims. Such companies will soon have to give details of their Purchase Ledgers for Six Months before the New Tax Regime was rolled out

????Tax Audit Due Date: Rajasthan HC directs CBDT to consider further 15 Days Extension and also extension of due date for the purpose of explanation 1 to Section 234A of the Income Tax Act for waiver of interest and decide the same by passing speaking order preferable before 10.10.2018

????RBI to infuse upto Rs.36,000 Crore via Open Market Operations (OMO) in the Second, Third and Fourth Week of October by purchase of Government Bonds.

????IL&FS Crisis: NCLT Approves Govt’s Takeover of IL&FS Board. Govt takes control of IL&FS and forms 6 Member Board led by Mr. Uday Kotak

????NSE Indices, an NSE Group Company Launches 2 Dynamic Asset Allocation Indices — Nifty50 & Short Duration Debt – Dynamic P/E index and Nifty & Short Duration Debt – Dynamic P/B index.

????BSE on Monday kicked off its Commodity Derivatives Segment, with 142 Members on Board. This is the First Time a Stock Exchange is Offering Contracts in Commodity Derivatives in the Country.

????The Asian Development Bank (ADB) and Govt of India sign $150 Million Loan to finance continued improvements to Road Connectivity and Efficiency of the International Trade Corridor in West Bengal and North-Eastern Region of lndia.

Tax Audit Due Date: Rajasthan HC directs CBDT to consider further 15 Days Extension

The Rajasthan High Court has directed the Central Board of Direct Taxes (CBDT) to consider another 15 days extension to Tax Audit Reports and Income Tax Returns. A division bench of Justice Muhammad Rafiq and Justice Goverdhan Bardhar passed an order by a petition filed by the Rajasthan Tax Consultants Association. The Petitioners contended that, CBDT pursuant to the powers vested in it under the Income Tax Act, 1961 has been continuously making random alterations/modifications in the “Form No. 3CD” and also in the “Utilities” and “Schemas” that are essential for e-filing of Tax Audit Reports and Income Tax Returns which are mandatorily required to be filed by the Assessees’ in accordance with the provisions of Section 44AB of the Income Tax Act read with Rule 6G of the Income Tax Rules, 1962. The division bench of the Rajasthan High Court said that, “the CBDT to consider the representation of the petitioner-Association and take a decision on both the aspects i.e. extension of date by another 15 days and extension of due date for the purpose of explanation 1 to Section 234A of the Income Tax Act for waiver of interest and decide the same by passing speaking order preferable before 10.10.2018”.

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