- ITAT Indore held that profit from sale of land with well thought business project is business income.Smt. Anita Singh Vs ACIT (ITAT Indore)
- ITAT Chandigarh held that 100% deduction under section 80IC allowable on substantial expansion of eligible unit. Friends Alloys VsAsstt. CIT (ITAT Chandigarh)
- Gujarat High court held that tax cannot be levied on gain from sale of agricultural land based on intention of buyer to use the land for business purpose. Principal CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court)
- ITAT Jaipur held that interest on income tax refund not eligible for deduction under section 80IE. M/s. OMIL JSC (JV) Kameng Kota. Vs Dy. CIT (ITAT Jaipur)
- GST Offline utility of Form GSTR-10 (Final Return) is now available in the download section of GST portal. The excel based offline utility is designed to help taxpayers to prepare their Form GSTR-10 offline.
- CBIC extends Mandatory RFID sealing due date to 01.11.2018. References have been received regarding Circular 19/2018-Customs dated 18th June 2018 seeking a postponement in the date for mandatory RFID sealing in case of movement of goods under warehousing bond.
- GST Council set up a committee of seven state finance ministers to examine the legality and recommend the methodology for levying an ‘additional tax’ to raise revenue for floods-ravaged Kerala.
FAQ on GST Audit:
- Query: What is the legal recourse available in respect of a person who is liable to pay tax but has failed to obtain registration?
- Answer:Section 47 of MGL provides that in such a case, the proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax periods. However, such an order must be passed within a period of five years from the due date of filing of the annual return for the financial year to which non-payment of tax relates.
- RBI issued draft directions for the prohibition of abuse in the fixed income markets, stating, among other things, that market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipulate the process of calculation of a benchmark rate or reference rate.
- The Reserve Bank of India has issued notification regarding Co-origination of loans by Banks and NBFCs for lending to priority sector.
- MCA has A High Level Committee on CSR (HLC-2018) to review the existing framework and guide and formulate the roadmap for a coherent policy on Corporate Social Responsibility ( CSR).
KEY DUE DATES
- GSTR-3B (SEP 2018)-OCT 20th, 2018
- GSTR-5 (SEP 2018)-OCT 20th, 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-(SEP 2018)-OCT 31ST 2018
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