corporate and professional updates 14th JUNE 2018

Direct Tax:

  • Mumbai ITAT rules that consideration received by assessee (a Dutch company, part of the Marriott group) for the services rendered to the Indian Hotels under the Training and Computer Systems Agreements (‘TCSA’) during AY 2009-10, not FTS under Article 12 of India-Netherlands DTAA; Assessee had entered into TCSA with 2 Indian hotels for conducting training programs of their employees and for providing access to Centralized Reservation System (‘CRS’), Property Management Systems (‘PMS’) and Other Systems;[TS-303-ITAT-2018(Mum)]
  • Bangalore ITAT upholds CIT(A) order for AYs 2008-09 to 2011-12, TDS u/s. 194C is not applicable on consideration paid by ITC Employees Housing Society (assessee) pursuant to a tripartite agreement/MOU entered with vendor (land owner) and a developer for developing vendor’s property into residential sites;[TS-301-ITAT-2018(Bang)]
  • Income Tax Dept had served notices on nearly 3 lakh non-filers who deposited Rs.10 lakh or more in their bank accounts following the demonetization announcement. “Of these, nearly 2.1 lakh filed their returns by the March 31, 2018 deadline. The rest will now face action.

INDIRECT TAX

  • GST: Update eway bill with Change to Multi vehicle Option where all goods move to a location in one vehicle & then moved in parts in multiple vehicles.
  • The revenue dept is working on a mechanism under which foreign tourists may soon get to claim GST refunds paid by them on local purchases at airports at the time of exit.

FAQ on E-WAY BILLS:

  • Query: Can the e-way bill entry be assigned to another transporter by authorized transporter?
  • Answer:The authorized transporter can assign the e-way bill to any enrolled or registered transporter for further transportation of the goods. Subsequently, the new transporter can only update the Part-B of the EWB.

SEBI UPDATES

  • NSE & BSE have issued a circular on all Listed Companies w.r.t Compliance and Disclosure Requirements for Listed Companies undergoing Corporate Insolvency Resolution Process (CIRP).

OTHER UPDATES

  • The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants.
  • The Board has introduced the reward scheme for informants giving information of benami property actionable under Prohibition of Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016

RBI Update:

  • The Reserve Bank of India today released draft guideline on loan system for delivery of bank credit which stipulate a minimum level of ‘loan component’ in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit/ overdraft limits availed by large borrowers, with a view to enhancing credit discipline among large borrowers.

KEY DATE:

  • QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY 2018
  • DUE DATE FOR FILLING GST TRAN-2- 30.06.2018

Disclaimer:

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 info@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

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This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

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