INCOME TAX CORPORATE AND PROFESSIONAL UPDATES

CORPORATE AND PROFESSIONAL UPDATES

 

Direct Tax :

 Summary of Amendments:

  1.  4 – GSTIN to be mentioned.
  2.  19 – Allowance under Section 32AD is to be reported.
  3. 24 – Deemed gains under Section 32AD to be reported.
  4.  26 – Clause (g) of Section 43B (sum payable to Indian Railways for use of assets) has to be reported.
  5.  31 – Cash receipts more than INR 2,00,000 under Section 269ST is to be reported.
  6.  34 – Details with respect to transactions not disclosed in TDS Return/ TCS Return is to be reported.

Tax Audit 3CD Revised:
(6 Amendments + 9 Insertions)
Summary of Amendments:

  1.  29A – Advance received on capital asset forfeited to be reported here {Section 56(2)(ix)}.
  2.  29B – Income of gifts exceeding INR 50,000 to be reported here {Section 56(2)(x)}.
  3.  30A – Details about “Primary Adjustments” in transfer pricing to be reported here as per Section 92CE.
  4.  30B – Limitation of Interest deductions for borrowings from a AE upto 30% of EBITDA is to be furnished here.
  5.  30C – Details of Impermissible Avoidance Agreement to be furnished as referred to in Section 96.
  6.  36A – Dividend received under Section 2(22)(e) is required to be reported here.
  7.  42 – Details w.r.t. Form 61 (details of no PAN Form 60 received), Form 61A (SFT) and Form 61B (SRA) is to be provided here.
  8.  43 – Details w.r.t. CbC Reporting as referred to in Section 286 is required to be reported.
  9.  44 – BREAK UP of total expenditure in respect of GST Registered and Unregistered Entities is required to be given.

FAQ on GST Audit:

RBI Update:

KEY DUE DATES

30 July 2018 -

31 July 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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