CORPORATE AND PROFESSIONAL UPDATES 27TH SEP 2018

Image result for corporate and professional updatesDirect Tax:

  • ITAT Ahmedabad held that deduction under section 54 cannot be denied proportionately merely for joint ownership. Shri Chitrang M. Dave Vs the DCIT (ITAT Ahmedabad)
  • ITAT Mumbai held that assets holding period should be computed from the date of allotment letter.Shri Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai)
  • Registration u/s 12A – Condonation of delay – Ignorance of law is no excuse. The provision of Section 12A, being a beneficial provision to the Assessee, requires strict interpretation. Therefore, the Assessee should have been in a position to explain the delay, which is more than 18 years in the instant case – CIT Vs. Hemla Trust (2018 (9) TMI 1413 – Madras High Court).
  • Share capital cannot regard undisclosed income of the company u/S 68 of the Income Tax Act in V. R. Global Energy Pvt. Ltd Vs ITO (Madras High Court) when there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted.
  • ITR /TAR: Though the CBDT has extended the Due Date for filing of TAR & ITR from 30 SEP 2018 to 15 OCT 2018*, the Liability to pay interest u/s 234A of IT Act will remain applicable. Hence to save a month interest, pay the taxes by 30 SEP 18.

INDIRECT TAX

  • Jurisdiction – Competency to issue SCN – Officers appointed under State GST Act are authorized to be proper officers for the purpose of IGST – Advantage India Logistics Pvt. Ltd. Vs Union Of India & Others (2018 (9) TMI 1417 – Madhya Pradesh High Court).
  • Last date to furnish ITC 04 for compliance of goods sent to *job worker* and received back there after is 30th September 2018* the period covered is 1st of July 2017 till 30th June 2018.
  • The Government has made some new enhancements in the E-Way Bill (EWB) generation form and is being released on 1st of Oct. 2018. Read more at: http://www.taxscan.in/e-way-bill-form-modified-changed-form-rollout-1st-october/28839/

FAQ on GST Audit:

  • Query: Under what circumstances can a best judgment assessment order issued under section 46 be withdrawn?
  • Answer: The best judgment order passed by the Proper Officer under section 46 of MGL shall automatically stand  withdrawn if the taxable person furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within thirty days of the receipt of the best judgment assessment order.

MCA Update:

  • MCA has amend the companies (Registered valuers and Valuation) Rules, 2017. These rules may be called the companies (Registered valuers and Valuation) Third Amendment Rules, 2018 which shall come into force on the date of their publication in the official Gazette.
  • DIR-3 KYC: As you are aware the last date for filing form DIR-3 KYC without fee has expired on 15th September 2018. The process of deactivating the non-compliant DINs has since been completed and their status has been updated as ‘Deactivated due to non-filing of DIR-3 KYC’. However, the non-compliant DIN holders may file DIR-3 KYC with a fee of Rs.500 from 21 SEP till 5 OCT 2018 (both days inclusive) to get their DINs reactivated. From 6th OCT 2018 onwards, a fee of Rs.5000 becomes payable for reactivation.
  • MCA is likely to deregister another 50,000 companies this fiscal because These firms have not been carrying out business activities for long.

SEBI UPDATES

  • SEBI has told credit rating agencies some of which were blindsided by the aura and size of IL&FS to review borrowers as soon as their bond prices crash, and even place such securities on ‘rating watch’ if prices continue to languish.

OTHER UPDATES

  • ICAI Membership/COP fees not paid* Please pay your Membership / COP Fees for the year 2018-19 latest by *30th September, 2018. http://memfee.icai.org/memfee.htm

KEY DUE DATES 

  • GSTR-3B (SEP 2018)-OCT 20th, 2018
  • GSTR-5 (SEP 2018)-OCT 20th, 2018
  • GSTR-6 (JULY 17 – AUG’18)- SEP 30TH, 2018
  • GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018
  • GSTR-5A (SEP 2018)-OCT 20th, 2018
  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT 31ST, 2018.
  • Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(AUG 2018)-OCT 31ST 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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Legal Disclaimer:
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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