CORPORATE AND PROFESSIONAL UPDATES 12TH JULY 2018

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  • Gujarat HC sets-aside order of Settlement Commission (‘ITSC’) treating assessee’s settlement application as abated, relies on SC ruling in Star Television News Ltd. to hold that Settlement Application would not abate if there is no delay attributable to the applicant; Notes that though in earlier round of proceedings, assessee had agreed to abide by outcome of decision of SC in Prabhu Dayal case, SC in that case had allowed withdrawal of petition without ruling on merits, however, the Settlement Commission treated the assessee’s Settlement applications as abated relying on SC ruling in Prabhu Dayal case; [TS-368-HC-2018(GUJ)]
  • Delhi ITAT rules that consideration received by assessee (Investment management company) during AY 2005-06 for retiring as Principal Asset Management Company (‘AMC’) of Sun F&C Mutual Fund,is taxable as capital gains; Notes that total 14 schemes were transferred by assessee pursuant to its retirement, out of which 12 schemes were floated by assessee-company and remaining 2 were acquired (on which assessee claimed depreciation @ 25% treating it as intangible asset); [TS-370-ITAT-2018(DEL) ]
  • CBDT Chairperson expressed disappointment that a special drive launched in this regard in 2015 had failed to achieve its mandate of resolving taxpayers’ grievances and was under-utilised. Now he has issued a stern directive to IT offices asking them to curb “high-pitched” assessments against taxpayers and ensure that AO who issue such irrational orders are transferred and face disciplinary action.

INDIRECT TAX

  • 46 GST law amendments likely; employers may get to claim input tax crediton food, transport, and insurance provided to employees under any law, once the proposed amendments to the GST Act are approved by Parliament and the state legislatures.

FAQ on GST Audit:

  • Query: Whether any prior intimation is required before conducting the audit?
  • Answer:Yes, prior intimation is required and the taxable person should be informed at least 15 working days prior to conduct of audit.

MCA UPDATES

  • MCA notified DIR-3 KYC vide Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 While filing DIR-3 KYC form use PAN based DSC in case of Indian Nationals i.e., DSC should contain PAN as specified in the form.
  • MCA has notified the Companies (Acceptance of Deposits) Amendment Rules, 2018 which shall come into force from 15-08-2018. Now Certificate of statutory auditor of the company is required to be attached in form DPT-1.
  • DIR-3 KYC notified vide Companies(Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 dated 5th July 2018 would be made available shortly for filing purposes.

RBI UPDATES

  • RBI introduced online application namely “Foreign Investment Reporting and Management System” (‘FIRMS’), for implementation of the Single Master Form (‘SMF’), containing 9 reports would be made available w.e.f. August 1, 2018;
  • The National Centre for Financial Education (NCFE) was set up with support from all financial sector regulators i.e. RBI, SEBI, IRDAI and PFRDA for implementation of the National Strategy for Financial Education (NSFE).

OTHER UPDATES

  • IBBI has notified revised norms for IRP paving the way for home buyers to seek relief as financial creditors, putting in place clear timelines to be followed by RP and permitting withdrawal of insolvency applications subject to certain conditions.

KEY DUE DATES

  • GSTR-3B (Jun 2018)-Jul 20th, 2018
  • GSTR-5 (Jun 2018)-Jul 20th, 2018
  • GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018
  • GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018
  • GSTR-5A (Jun 2018)-Jul 20th, 2018
  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 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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