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Assurance

At Luthra & Luthra we focus on building close client relationships that add long-term value.

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Corporate Governance

In this dynamic era growth of an organization merely depends upon its attitude towards corporate governance.

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Transaction Advisory

At Luthra & Luthra we focus on building close client relationships that add long-term value.

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Insolvency and Bankruptcy

Insolvency & Bankruptcy Services: Prior to the enactment of the Insolvency and Bankruptcy Code, 2016,

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IFRS

IFRS are considered as “principle based” set of standards and establish broad rules rather than dictating specific treatments.

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Goods and Service Tax

Overview of the Tax Advisory & Compliance Services

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Business Support

Corporate Taxation

Our taxation team stays constantly abreast with changes in tax policies, administration & regulations.

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Transfer Pricing and International Taxation

Industries Verticals

Airlines / Flight Handling Agencies / Airports

Automobiles

BPO / KPO

Construction / Infrastructure / Road Projects

Consulting Engineering

Consumer Goods

Energy & Environment Consulting

Financial Services / Banking / Insurance

Hospitality

Information Technology Sectors

Investment Funds

Manufacturing

Mining

NGO’s

Retail / Wholesale Trading

Schools / Management Institute / Training

Sports

Telecommunication / Media

Luthra & Luthra has a long history of accelerating our clients’ growth, growing their revenue and adding to their delight

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RECENT NEWS

Expenditure incurred for software expenses was to be treated as revenue expenditure as it merely facilitated assessee's trading operations, enabling it to carry on business more efficiently even though the advantage endured for an indefinite period. [HIGH COURT OF MADRAS, Commissioner of Income-tax, Trichy v. Lakshmi Vilas Bank Ltd.]
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A one-time scheme to waive off late fee payable for delayed furnishing of FORM GSTR-1 for the period from July, 2017 to September, 2018 till 31.10.2018 has been launched.
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CGST Rules has been amended whereby commissioner may extend due date to file TRAN-1 till 31st march 2019 and TRAN-2 by 30th April 2019 for the registered person, who could not submit TRAN-1 and TRAN-2 due to technical difficulties on common portal
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Due date to file GSTR 1 and GSTR 3B for the period July 17 to November 18 has been extended to 31st December 2018 for the persons who did not file the complete FORM GST REG- 26 but received only a Provisional Identification Number (PID) till 31st December 2017 and now migrating to GST.
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In case of imported goods, the person in charge of a conveyance shall also carry a copy of the bill of entry filed by the importer of such goods and shall indicate the number and date of the bill of entry in Part A of FORM GST EWB-01.
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If appeals with reference to the quantum proceedings have been admitted by the Court on substantial questions of law, it means that there were debatable and arguable questions raised and so penalty u/s 271(1)(c) cannot be levied (PCIT v. Shree Gopal Housing 167 DTR 236 distinguished). Penalty also cannot be levied if the claim was as per judicial precedents prevalent at the time of filing the ROI. [Bombay HC- PCIT vs. Dhariwal Industries Ltd]
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If the transaction is supported by documents like contract notes, demat statements, routed through the stock exchange, payments are made by account-payee cheques and there is no evidence that the cash has gone back to the assessee's account, it has to be treated as a genuine transaction and cannot be assessed as unexplained credit u/s 68 of the Act. [CIT vs. Pooja Agarwal (Rajasthan High Court)]
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Date of filing BEN-2 without additional fees extended to 30 days from the date of deployment of form on the MCA portal. --------------------------------------------------------------
• RBI again permitted Companies to register for EMF w.e.f. Sep 01, 2018 and to state reasons in authorization letter for not complying earlier. • New reporting with respect to form FC-GPR, FC-TRS, etc to be done through Single Master Form on FIRMS applications w.e.f. Sep 01, 2018. --------------------------------------------------------------
If there was all relevant documentary evidence available on record to render finding whether assessee had a PE in India, Tribunal could not have remanded back matter to AO for fresh consideration especially when AO had not discharged burden of proving that assessee had a PE in India. [Co-operative Centrale Reiffeisen Boerenleenbank B. A. v. DDIT, International Taxation-1(2), Mumbai (HC-Bombay)] --------------------------------------------------------------
“Salary cannot be taxed in the hands of NR-Employee just on the fact the employer had deducted taxes on it.” [Avdesh Kumar vs. Dty. CIT (Delhi ITAT)]
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Last date to file GSTR 3B for the month of July 18 has been extended to 24th August 2018.

MCA clarifies that individuals with duplicate/multiple DNS can retain only oldest DIN and DIN once associated is not eligible for surrender. MCA clarifies that individuals with duplicate/multiple DNS can retain only oldest DIN and DIN once associated is not eligible for surrender.
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In order to arrive at the real income / loss, different stock valuation method can be adopted as compared to the one adopted in the books of accounts.” [Union Bank of India vs. CIT, WB-IV, Calcutta (HC of Calcutta)]
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MCA extended the due date for filing of e-Form DIR-3 KYC from 31 Aug. 2018 to 15 Sept. 2018 without any fee in respect of FY 2017-18.
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Foodstuffs, medicines, medical stores of perishable nature, clothing and blankets imported for thepurpose of donation of relief and rehabilitation of people affected by flood in Kerala have been exempted from whole of custom duty and IGST.
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Where assessee was an agriculturist and owned agricultural land, mere fact that said land had beensold to an industrial unit & had potential to be used for industrial purpose, could not be a determinative factor to treat profit earned by assessee on sale of that land as business income. [HC Guj. in case of Principal CIT V. Heenaben Bhadresh Mehta]
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Reduction in time taken for listing after the closure of the issue to 6 working days from 12 working days for debt securities, NCRPS and SDI.
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To ease the process of issuance of securities on private placement basis through Electronic Book Provider Platform, SEBI on Aug 17 has provided some additional facilities effective from Oct 01.
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Due date to furnish Form GSTR-1 by registered persons with aggregate turnover of more than Rs. 1.5 crore in the preceding/ current financial year, for the periods from July, 2018 to March, 2019 will be 11th day of the month succeeding such month.
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Due date to furnish Form GSTR-1 by registered persons with aggregate turnover up to Rs. 1.5 crore in the preceding/current financial year, for the periods from July, 2018 to March, 2019 shall be as under: • July - September, 2018 - 31st October, 2018
• October - December, 2018 - 31st January, 2019
• January - March, 2019 - 30th April, 2019
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Due date to furnish Form GSTR-3B for each of the moths from July, 2018 to March, 2019 will be 20th day of the month succeeding such month after discharge his liability towards tax, interest, penalty, fees or any other amount payable.
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If there is no discussion whatsoever by the tribunal of the various case laws cited in the submission filed by the assessee, the order is non-speaking and has to be recalled. [Amore Jewels Private Ltd vs. DCIT (HC-Bombay)]
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An entity should not exclude the appropriation made to mandatory reserves, which is merely appropriation of profits and doesn’t result in reduction of the profit as well as net assets of the associate, from the result of operations of the associate that would be used for the purpose of computing the investor’s share. - Educational material on IND AS 28
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Cash payments exceeding Rs.20,000/- could be made to farmers without attracting any disallowance u/s 40A(3) since this transaction is clearly covered by exemption under Rule 6DD(e)(i). [Principal CIT V. Keshvalal Mangaldas (HC Gujarat)]
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RBI has cancelled licenses of 368 NBFCs till June 2018 for failure to meet the regulatory norms and majority of such NBFCs are those who failed to meet requirement of NOF of Rs. 2cr.
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A cashback of 20% on the GST component will be credited to consumers on the GST component if payment is made digitally though prescribed modes
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Payment of tax under RCM u/s 9 (4) of the CSGT Act has been deferred till 30th September 2019
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Where AO did not find that assessee had incurred any expenditure which was directly attributable to investment made in partnership firm for earning exempt income under section 10(2A), no disallowance could be made under section 14A [Hon’ble Mumbai ITAT in case of Wadhwa Residency (P.) Ltd. Vs. Additional CIT, Mumbai]
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Supreme court dismissed SLP against HC ruling that section 14A cannot be invoked where no exempt income was earned by assessee in relevant assessment year. [CIT, (Central) 1 vs. Chettinad Logistics (P.) Ltd]
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Beneficiary shareholder shall consider the voting rights on shares held by its nominee or in a fiduciary capacity while evaluating the significant influence over the investee. – Educational material on IND AS 28
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If the AO reopens the assessment by obtaining the sanction of the Commissioner of Income Tax instead of the Additional Commissioner of Income Tax, there is a breach of section 151 which renders the reopening void. [CIT V. Aquatic Remedies P Ltd. (HC-Bombay)]
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“When there is ambiguity in exemption notification which is subject to strict interpretation, the benefit of such ambiguity cannot be claimed by the assessee and it must be interpreted in favor of the revenue. Over-Ruling decision passed in 1971 in the case of Sun Export [Supreme Court in Commissioner of Customs (Import), Mumbai vs. Dilip Kumar and Co. & Ors.]
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CBDT extends due date for filing of ITR for taxpayers for AY 2018-19 from July 31, 2018 to Aug. 31, 2018 vide Circular F no. 225/242/2018/ITA II dt. 26.07.18.
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• MCA notified amendment in Companies Accounts Rules requiring additional disclosure in Board Report with respect to maintenance of cost records and compliance with the provisions relating to prevention of sexual harassment of women at workplace.
• MCA notified amendment in Companies Accounts Rules wherein matter for the Board Report of One Person Company and Small Company has been specified.
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CBDT's OMs dated 29.02.2016 & 31.07.2017 by which AO's have been directed to grant stay of disputed demand on payment of 20%/ 15% does not fetter the power of the AO & CIT to grant stay on payment of amounts lesser than 15%/ 20%. The AO/ CIT have to deal with the prima facie merits and give reasons for rejection of the stay application. [PCIT v LG Electronics India Pvt Ltd (SC)]
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Re-assessment notice to be set-aside in case underlying reasons for notice weren't found correct [Haryana Paper Distributors (P.) Ltd. Vs. PCIT (HC-Gujrat)]
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Due date to file GSTR- 6 for ISD for the period from July 17 to August 18 has been extended till 30th September 2018.
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A GSTP cannot submit an application on taxpayer’s behalf. He can only prepare and save the application. To submit the application, taxpayer has to login to the GST portal and file it using EVC or DSC as applicable.
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Notice issued in name of dead person is not enforceable in law there is no statutory obligation on part of legal representative of deceased to immediately intimate death of assesse. [Madras HC in case of Alamelu Veerapan V. ITO]
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• Quarterly returns for business turnover up to Rs 5 crore instead of monthly filings. However, tax payment would be monthly.
• Turnover limit to opt for composition scheme has been recommended to raise from 1 Cr to 1.5 Cr
• In case of non-payment to supplier within 180 days from invoice date, ITC availed need to be reversed , no need to pay interest
• The order of cross utilization of ITC has been rationalized
• Hotels to be taxed on actual tariff basis not on declared tariff
• GST Rates on many goods has been reduced
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Mushroom is not a ‘vegetable’, ‘plant’, 'fruit' or ‘animal’ but is a ‘fungus’. Anything which is produced by performing basic operations on the soil is an "agricultural product" and the income therefrom is "agricultural income". The nature of the product and the fact that it is not a ‘plant’, ‘flower’, ‘vegetable’ or ‘fruit’ is irrelevant. The only relevant aspect is whether the production is by performing some basic operations on the soil. [ITAT HYDERABAD - DCIT v M/s. Inventaa Industries Private Limited]
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