- Mumbai ITAT accepts assessee-company’s claim of treating the gains arising on sale of land along with staff quarters as long term capital gain (‘LTCG’), rejects Revenue’s stand that since land along with staff quarters constructed thereon formed part of the depreciable assets schedule, the gains would be deemed as short term u/s. 50(1); Referring to the recitals of development agreement, ITAT observes that the intention of the parties was to sell the land, notes that the terms of the deed required the assessee to vacate the employees from the staff quarters and handover the vacant possession of the property to the buyer; [TS-270-ITAT-2018(Mum)]
- Uttarakhand HC dismisses Hyundai’s objections, holds that the appeal filed by Revenue against ITAT ruling is within the time-limit prescribed u/s. 260A ; Hyundai contended based on RTI records that while the Tribunal order had been served on CIT’s office in September, 2009, the tax department filed the appeal in HC only in July 2011, thereby resulting in the Revenue appeal being barred by limitation; [TS-264-HC- 2018(UTT)]
- CBDT Chairman Shri Sushil Chandra was given one-year extension as the chairman of the CBDT till May next year. This is his second extension after taking over as the chief of the CBDT on November 1, 2016.
- 31.5.18 is last date to file AIR in Form 61A by Banks etc & also in Tax Audit cases where cash above Rs 2 lacs received against any sale invoice.
- Penalty of Rs 500 per day for not filing AIR in time. If no transaction to report, file SFT Preliminary Response at https://report.insight.gov. in under Profile.
- No Income Tax on Eligible Start-Ups on Issuing Share Capital at Excess Premium: CBDT has notified that Income Tax is not payable on issuing share capital at excess premium by eligible start-ups.Notification No. 24/2018/F. No.370142/5/2018-TPL dated May 24, 2018.
- CBDT has made amendment in the Income-tax Rules, 1962. These rules may be called the Income-tax (6th Amendment), Rules, 2018 which shall come into force from the date of their publication in the Official Gazette.
- Filing of Nil Statement in form No. 61A is not mandatory under section 285BA read with rule 114E but to be on safer side Assessed may consider filing such return. Further to maintain consistency Assessee who has filed Annual Information Return for Financial Year 2016-17 may consider filing such return for financial year 2017-18 too despite no specified transaction in this FY.
- Due date for filing GSTR -1 for the month of April 2018 for taxpayers with turnover more than 1.50 Crore and Quarterly TDS statement for March ending is May 31, 2018.
- Sale of a going concern by a business house will not attract GST, as per an order by the Authority for Advance Ruling (AAR). The Karnataka bench of the AAR gave its ruling based on an application filed by Rajashri Foods Pvt. Ltd.
FAQ on E-WAY BILLS:
- Query:Whether e-way bill is required for all the goods that are being transported?
- Answer:The e-way bill is required to transport all the goods except exempted under the notifications or rules. Movement of handicraft goods or goods for job-work purposes under specified circumstances also requires e-way bill even if the value of consignment is less than fifty thousand rupees. Kindly refer to the e-way bill rules for other exemptions.
- MCA has issued clarification with regard to provision under section 135(5) of the companies Act, 2013. Vide circular no 06/2018, dated 28th May 2018.
- MCA amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, which may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Third Amendment Rules, 2017and shall come into force with effect from the 22nd May 2018.
- SEBI will soon put in place system-driven disclosures for non-promoters, directors and certain class of employees of listed companies. The system-driven disclosures in securities market was introduced in December 2015 and is being implemented in a phased manner.
- The Law Ministry has clarified that Aadhaar linkage with savings bank account cannot be made mandatory. However, it has opined that there is no problem in linking the PAN. Supreme Court Hearing in this case is over and the court has reserved its verdict.
- DGFT has issued a Public Notice w.r.t Maintenance of Annual Average Export Obligation as provided under Foreign Trade Policy (FTP), 2015-20. The amendments will provide an opportunity to exporter to avail Condonation from non-maintenance of Annual Average in some years and to offset the difference by excess exports in other year(s) in respect of EPCG authorizations.
- Return of TDS/TCS collected in March: 31.05.2018
- Due date for filling of GSTR-6- 31 . may . 2018
- Due date for filling GST TRAN-2- 30.06.2018
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at http://carajput.com/blog/For any query you can write to email@example.com. Hope the information will assist you in your Professional endeavors. For query or help, contact: firstname.lastname@example.org or call at 09811322785/4 9555 5555 480)