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Hi Folks
I am told August 19th is designated as World Photography Day. Objective is to “share photographer’s world with the world”. Do we really need a day for this in today’s world where every moment seems to be a photographer’s moment, what with selfies, facebook and instagram playing out our lives in the public. Everyone is a photographer so to say. Every moment is a photo-op moment. So much so that I wonder if we have forgotten to ‘live the moment and live for the moment’ ! We seem to be lost more in capturing the moment to share with others than savouring it when in it.
Well, if photography is an art, who could be the artist of these beautiful creations….
Be it the Kanchenjunga sunrise, be it the still waters of the Kukkanahalli lake in Mysore, be it the frozen mountains melting into the Tsongo lake, be it the greenery, the Chitrakaar or Artist can be the one and only HIM. The following lyrics from an old 1967 Hindi film “Boond jo ban gaye moti” describe the wonderment best :
“Hari hari vasundhara pe neela neela ye gagan
Ke jis pe baadalon ki paalaki uda raha pawan
Dishaayen dekho mgabhari, chamak rahi umngabhari
Ye kis ne ful ful pe kiya singaar hai
Yeh kaun chitrakaar hai, yeh kaun chitrakaar”
(who is this artist, who is this artist?)
As we continue to wonder on the many things in life that remain inexplicable, our newsletter continues to “share the regulatory world with the world….” Apart from the last couple of weeks’ regulatory updates from across the spectrum, for our earlier issues do visit the Resource Centre at  sharadasc.com.

Happy Reading

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Pursuant to implementation of Indian Accounting Standards, the cost audit records and audit rules are to be amended to bring parity between financial records and cost records. Form CRA-1 giving particulars relating to the items of costs to be included in the Books of accounts, and Form CRA-3 for Cost Audit Report will be substituted accordingly. This will be applicable from the financial year 1st April, 2016 onwards.
Draft Rules have been notified which shall come into force from the date of publication in the Official Gazette.
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W.e.f 1st October, 2017, entities which have listed its specified securities, non-convertible debt securities and non-convertible and redeemable preference shares, shall disclose to stock exchanges, defaults made in the payment of interest / instalment obligations on debt securities, Medium Term Notes, Foreign Currency Convertible Bonds (FCCBs), loans from banks and financial institutions, External Commercial Borrowings (ECBs) etc. Earlier such default disclosures were not required to be made in respect of loans from Banks and Financial Institutions. Such disclosure is required to be made within 1 working day from the date of default. Disclosure shall also be made to the concerned Credit Rating Agencies in a timely manner.
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The IBC requires submission and collation of all claims from all creditors – operational and financial, including workmen and employees. However, the current claim form does not cover other type of creditors and home buyers. To enable claim from these type of creditors also, IBBI has introduced a new claim Form F. The ongoing Jaypee Infratech Limited case has thrown up the need for this new Form.


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Section 9 of the Income Tax Act brings to tax income attributable to operations in India where there is a ‘business connection’. Section 9A of the Income Tax Act provides the exceptions to the application of this concept in respect of Investment Funds including the list of countries to which the exception will apply. Section 9A(3)(b) of the Income Tax Act enables the CBDT to notify the names of countries for the purpose. CBDT has notified 121 countries under this List effective 3rd August, 2017.
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  • IGST on High Sea Sales Imports

    CBEC has clarified that IGST would be applicable to High Seas Sales and the entire value addition occurring in each such leg of the high seas sales would be considered for IGST. All documents pertaining to each leg of the high seas sales would have to be furnished for customs clearance.
  • LUT submission for exports

    CBEC has clarified that LUT (Legal Undertaking) can be submitted instead of a Bond in certain cases. Only such exporters who have received a remittance of Rs. One crore or 10% of export turnover, whichever is higher in the previous financial year would be eligible for issuing LUT.
  • GST Return Filing Dates – July & August, 2017
Name of Return Period of Filing Due date for filing
GSTR-3B For the month of July, 2017 20th August, 2017
For the month of August, 2017 20th September, 2017
GSTR-1 For the month of July, 2017 1st to 5th September, 2017
For the month of August, 2017 16th to 20th September, 2017
GSTR-2 For the month of July, 2017 6th to 10th September, 2017
For the month of August, 2017 21st to 25th September, 2017
GSTR-3 For the month of July, 2017 11 to 15th September, 2017
For the month of August, 2017 26th to 30th September, 2017
 
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.
 

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