CORPORATE AND PROFESSIONAL UPDATES 8TH OCT 2018

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Direct Tax:

  • Bombay High court held that reassessment for non-disclosure of bank A/C which was disclosed during original assessment is invalid. Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court)
  • Demand of Interest U/S Section 234 A illegal once due date has been extended : Income Tax Department cannot demand interest U/S Section 234 A, once due date of ITR has been extended, Kerala High Court admits writ petition.
  • Income Tax Dept has notified norms for applicability of concessional long-term capital gain tax. This will benefit investments made in IPOs and follow-on public offerings (FPOs). The new norms will come into effect from April 1, 2019, and will apply in relation to assessment year 2019-20 and subsequent assessment years.

INDIRECT TAX.   

  • Form GSTR-9C released. Due date of filing GSTR -9C yet to be notified.

  • Extension of Due date for GSTR-3B only for newly migrated taxpayers for months July 2017 to Nov 2018 till 31st December 2018. The due dates remain unchanged for rest of the taxpayers.
  • Extension of Due date for GSTR-1 in case of taxpayers with turnover above Rs 1.5 crores in previous FY or Current FY
    • Regular taxpayers : for months from July 2017 to September 2018 extended till the 31st October 2018.
    • Newly migrated taxpayers : for months from July 2017 to November 2018 extended till the 31st December 2018.

  • Extension of Due date for GSTR-1 in case of taxpayers with turnover upto Rs 1.5 crores in previous FY or Current FY

a.Regular taxpayers :

Quarter                                    New Due date

July – September 2017            31st October 2018

October – December 2017      31st October 2018

January – March 2018             31st October 2018

April – June 2018                    31st October 2018

July – September 2018            31st October 2018

October – December 2018      31st January 2019

January – March 2019             30th April 2019

  • Newly migrated taxpayers : For all quarters from July 2017 to September 2018 extended till 31st December 2018.

  • For flood-affected regions of Kodagu, Mahe and Kerala : Above table of dates remain the same except for quarter July 2018 to September 2018 extended till 15th November 2018.

  • Due date of TRAN-1 and TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch, to 31st March 2019 and 30th April 2019 respectively.

  • CBIC released formats of GSTR -9 & GSTR -9A.

  • GST council waives the late fees for the following :

  • Taxpayers whose GSTR -3B for the month of October 2017 was submitted but not filed on the common portal.

  • Taxpayers whose GSTR -4 was filed for the period of October to December 2017 within due date but late fees were mistakenly charged.

  • Input service distributors who paid late fees for GSTR-6 for any tax period between 1st Jan 2018 to 23rd Jan 2018.

FAQ on GST Audit:

  • Query:If a taxable person fails to  file  the return  required  under  law  (under  section  39 ( monthly/ quarterly), or  45  ( final return), what legal recourse is available to the tax officer?
  • Answer:The proper officer has to first issue a notice to the defaulting taxable person under section 46 of CGST/SGST Act requiring him to furnish the return within a period of fifteen days. If the taxable person fails to file return within the given time, the proper officer shall proceed to assess the tax liability of the return defaulter to the best of his judgment taking into account all the relevant material available with him. (Section 62).

MCA UPDATES

  • Constitution of National Financial Reporting Authority:In exercise of the powers conferred under Companies Act, 2013 the Central Government hereby appoints the 1stOctober, 2018 said Act shall come into force.
  • MCA has issued circular regarding Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and Aoc-4 (Financial statement) under the Companies Act, 2013- State of Kerala. Vide circular no 09/2018, dated 5th October 2018.

RBI UPDATES

  • Reserve Bank of India (RBI) Wednesday relaxed policy on borrowing from overseas to allow state-owned fuel retailers to raise up to USD 10 billion external debt for working capital needs.
  • Banks move to alert ED on exporters whose payments have been delayed:In the past few days, banks have shared with the Enforcement Directorate the names of thousands of exporters who have not received payments against shipment of goods

KEY DUE DATES

October 2018 Due Dates:

  • 14th October- ADT 1 for Appointment of Auditor
  • 15th October- TCS Return for Jul to Sep 2018 -Tax Audit & ITR for FY 2017-18
  • 18th October- GSTR 4 for Composition Dealer for Jul 2017 to Sep 2018
  • 20th October- GSTR 3B – Sep 2018 Month
  • 30th October- AOC 4 for FY 2017-18
  • 31st October- GSTR 1 for July 2017 to Sep 2018
  • 31st Oct- TDS Return for Jul to Sep 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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