CORPORATE AND PROFESSIONAL UPDATE

Professional Update for the Day:

Direct Tax:-

• CBDT has issued a press circular regarding the signing of three more Advance Pricing Agreements (APAs). These agreements pertain to the Engineering goods & Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group services & support services.
• Punjab & Haryana Court in the below-cited case held that deduction under section 80IB is allowable over the period of 6 years which follows that conditions for claiming the deduction must remain fulfilled in all years for which deduction is claimed.
• Supreme Court in Gopal and Sons(HUF) vs. CIT Kolkata-XI has held that even if a HUF itself is not a registered shareholder, the provisions of deemed dividend are attracted once the payment is received by the HUF, and the shareholder is a member of the said HUF and has a substantial interest in it.

Indirect Tax:-

GST Update:-

• GST Consultancy: New System generated report is a Return of FORM GSTR-3B which will be self-generated for every GST Registered person based on the below:
• Liabilities in tables-3.1 & 3.2 of GSTR-3B, except pertaining to inward supplies liable to reverse charge, are computed on the basis of details of outward supplies as filed by you in FORM GSTR-1 for the period.
• ITC details and details of inward supplies liable to reverse charge, to be reported in Tables-4 and 3.1 (d) respectively, are computed as per your system generated FORM GSTR-2B for the period.
• Values are auto-populated in GSTR-3B for the assistance of taxpayers. Finally, the auto-populated values can be edited by the taxpayers, if required. The system will prompt the taxpayers with an alert in cases where the variance of the edited values from the auto-populated values is higher than a respective Limit. However, the taxpayers may continue filing their returns with the edited values, and auto-populated system will not restrict the same.
• If any invoice and credit note have been issued in same month, then both have to be reported separately.
• In case net ITC available in table 4C is in negative, then such negative value shall be considered as a liability.

Other Update:-

• Finance Minister expressed confidence that direct and indirect tax mop-up will surpass the budget estimate of Rs.16.3 lakh crore by March-end.
• SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC).
• ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

• The last date to revision pending Unique Document Identification Number at incometaxindiaefiling.gov.in <https://www.incometaxindiaefiling.gov.in/> to avoid the invalidation of audit report & certificates is 31.12.20.
• The last date to deposit Advance Tax under Income Tax Act. is 12.12.2020.
• The due date to file ITR for individuals under non-audit cases for Assessment Year 2020-21 Is 31.12.2020.

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