corporate and professional updates 10th April 2018

 

Direct Tax:

• CBDT notified the Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962 vide notification No. 4 of 2018 dated 5th April, 2018
• CBDT notified the Procedure for registration and submission of statement of financial transactions (SFT)as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 vide notification No. 3 of 2018 dated 5th April, 2018
• CBDT notified the Procedure for registration and submission of Form No. 61 as per Rule 114D of Income-tax Rules, 1962.vide notification No. 2 of 2018 dated 5th April, 2018
• CBDT notified theProcedure for submission of Form No. 60 by any person who does not have a Permanent Account Number and who enters into any transaction specified in Rule 114B of the Income-tax Rules, 1962 vide notification No. 1 of 2018 dated 5th April, 2018
• The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”.
• CBDT has entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018.

Indirect Tax Update:

• Central Board of Indirect Taxes and Customs gives Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports – Reg.
• 10.04.18 is last Day to file GSTR-1 for taxpayers with annual turnover of more than Rs. 1.50 crore for February on monthly basis.

FAQ on E-WAY BILLS:

• Query:How to generate the e-way bill from different registered business places?
• Answer:The registered person can generate the e-way bill from his account from any registered business place. However, he/she needs to enter the address accordingly in the e-way bill. He/she can also create multiple sub-users and assigned to these places and generate the e-way bills accordingly.

More read : all you know about documents required under the gst refund system

RBI updates

• RBI increased the bond investment limit for foreign portfolio investors (FPI) by 0.5 per cent to 5.5 per cent of outstanding stock of securities in 2018-19 and 6 per cent of outstanding stock of securities in 2019-20.

SEBI updates

• SEBI begins adjudication proceedings against 567 entities involved in ‘non-genuine trades’ through illiquid stock options segment in the first phase. It has decided to take action against more than 14,700 entities.

Key Dates:

• GSTR 1 for the Taxpayer with annual aggregate turnover more than Rs 1.5 cr. for the month of Feb. :10/04/2018
• Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018