Corporate and professional updates 28th march 2018
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Corporate and professional updates 28th march 2018
Direct Tax:
- Kerala HC reverses ITAT order, upholds re-assessment initiated (beyond 4 years) for AY 1994-95 on Tata Ceramics Ltd. (‘assessee’, which did not commence production in subject AY), due to assessee’s failure to disclose the entire interest income from Bank deposits in its return of income; [TS-138-HC-2018(KER)]
- SC dismisses CBDT’s SLP against Meghalaya HC ruling allowing Sec. 244A interest on TDS refund to assessee-deductee (a co-operative bank) for AYs 2000-01 to 2003-04; [TS-127-SC-2018]
- Mumbai ITAT deletes penalty imposed u/s 221(1) r.w.s. 140A(3) (for failure to pay self-assessment tax [‘SA tax’] within the stipulated time) for AY 2009-10, holds that amended Sec. 140A(3) does not envisage any penalty for non-payment of self-assessment tax; [TS-139-ITAT-2018(Mum)]
- 31-03-18 is last day for filing of ITR 1 to 7 for Financial Year 2016-17 (Note- change in law ITR cannot be filed later) and for Financial Year 2015-16 with penalty
- Mumbai ITAT upholds Sec.69A addition in the hands of individual-assessee (non-resident) towards Rs. 2.85 Cr claimed to be received from US based TV production company for AY 2005-06 citing assessee’s failure to prove creditworthiness of US company; [TS-135-ITAI-2018(Mum)]
- Delhi ITAT holds the profit arising on sale of shares (i.e. penny stock in present case) taxable as business income for AY 2011-12, and not short term capital gains (‘STCG’) in hands of assessee-individual; [TS-141- ITAT-2018(DEL)]
- Uttarakhand HC upholds ITAT order, accepts Indian Oil Corporation’s (‘assessee’) plea that payment made to the carrier under the contracts for transporting the petroleum products shall be subject to TDS u/s. 194C and not u/s. 194I ; [TS-140-HC-2018(UTT)]
- CBDT extended deadline for PAN-Aadhaar linking from 31 March to June 30-2018. https://www.moneycontrol.com/ news/india/pan-aadhaar- linking-deadline-extended-to- june-30-cbdt-2537831.htmlCBDT issues clarification regarding requirement for furnishing of country by country report under section 286(4) of IT Act, 1961.
Indirect Tax
- CBEC has made amendment in the Central Goods and Services Tax Rules, 2017. These rules may be called the Central Goods and Services Tax (Third Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette. Vide notification no14/2018 – Central Tax, dated 23rd March 2018.
- 31-03-18 is last date to file GSTR-6 (return by an input service distributor) for the month of July, 2017 to February, 2018.
- Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council’s nod.
- CBEC has issued a notification that the return in FORM GSTR-3B for the month of April, May, and June, 2018 shall be furnished electronically through the common portal, on or before 20th May, 20th June & 20th July, 2018 respectively.CBEC prescribes due dates for filing GSTR-3B for April to June Notification March 23, 2018.
More read:
- Key characteristics for Auto-population of e-invoice
- Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme
RBI Update:
- CBEC has issued Clarification on issues related to Job Work. Vide Circular No.38/12/2018, dated 26th March 2018.
- RBI has issued notification regarding Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2017-18). Vide notification no RBI/2017-18/144, dated 27th March 2018.
MCA updates
- Delhi High Court allows Manual Filing of Returns by Disqualified Directors under Condonation of Delay Scheme ( COD Scheme ) manually instead of online.
- MCA has notified the Companies (Incorporation) Second Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e 23-03-2018.
SEBI updates
- SEBI has completed the investigation against 20 brokers, who allegedly gained unfair access to NSE’s trading facility and colocation (colo) controversy
Icai updates
- ICAI has formed a special group to interact with the Government on day-to-day basis for the formation of National Financial Reporting Authority (NFRA) Rules.
- ICAI has decided to give an opportunity by way of Scheme for restoration of their members names retrospectively upto 31 March, 2018
Other updates
- UIDAI introduces face authentication as means of verifying Aadhar users alongwith iris or fingerprint scan w.e.f. 01.07.2018. PTI.
- ICAI given an opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 31st March, 2018 in order to be eligible for inclusion of name in the List of Voters as on 1st April 2018
- RERA has made it compulsory for developers to get title insurance for all projects, opening a new segment of over Rs 10,000 crore for insurance companies.
- A high-level panel set up to review the Insolvency and Bankruptcy Code (IBC) is likely to have recommended against extending a 270-day moratorium for restructuring a company after its case is admitted by the NCLT