Today Professional updates.

*Namaskaram*!

मनुष्‍य अपने विश्र्वास से निर्मित होता है, जैसा वो विश्र्वास करता है वैसा वह बन जाता है।

The lie you tell today will force you to lie again tomorrow.

“Profession *FIRST*” Updates:

# *GST*: Liquidated damages - classifiable within the Heading 9997 - rate of GST is @ 18% - payable when established as per the agreement – AAR, Maha. in Maharashtra State Power Gen.Co. Ltd. (2018 (5) TMI 1332).

# *GST*: Old newspapers when sold as such are newspapers - Covered by entry 54 (List 2)/ entry 92 (List 1) of the Constitution - Exempted from Tax - State of TN Vs. P.S. Sambandam Mudaliar & Co. (2018 (5) TMI 1283 - Madras HC).

# *NCLT* has issued a notice w.r.t summer vacation between 1st JUN to 1st JUL, 2018 and working hours of the Registry, Office and the vacation Court.

# *NCLT* has issued an order that there shall be Vacation Bench at NCLT, Chandigarh from 18.06.18 to 29.06.18, to attend the urgent matters.

# *IT*: No TDS liability on monthly maintenance charges paid to housing societies since it is merely reimbursement expenses by the members – ACIT Vs. Modi Rubber Ltd. (2018 (5) TMI 1377 - ITAT Delhi).

# *IT*: Capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS - No penalty U/s 271D – ITO Vs. Dayamayee Marble & Granite (2018 (5) TMI 1313 - ITAT Kol).

Truly for the Profession…
CA Sunil Kumar