CORPORATE AND PROFESSIONAL UPDATES 10TH JULY 2018

Direct Tax :

• Madras HC reverses ITAT order for AYs 1998-99 and 1999-2000, allows deduction to assessee-company for expenses incurred on abandoned project, holds the same as revenue in nature as the venture did not fructify; Assessee was invited to take over the Chemical Beneficiation Project by the Government of Tamil Nadu, however, due to several reasons, Government decided to abandon the project and consequently, assessee claimed revenue deduction for major portion of intangibles which was disallowed by AO; [TS-332-HC-2018(MAD)]
• Karnataka HC allows assessee’s (distributor of diabetic care and other products) writ, quashes reassessment notice for AY 2006-07; Notes that during assessment proceedings u/s 143(3), TPO had accepted assessee’s transactions to be ALP, however, assessment was reopened on March 28, 2013 alleging that assessee’s transaction would qualify as ‘deemed international transaction’ and assessee failed to report the same in Form 3CEB; [TS-501-HC-2018(KAR)-TP]

Indirect Tax:

• Punjab & Haryana High Court held that GST appeal should not be dismissed for delay if No Appellate Authority constituted. [R.S. Steel Traders Vs State of Haryana (Punjab & Haryana High Court)]

FAQ on GST AUDIT:

• Query: When will a best judgement assessment order be withdrawn?
• Answer:After a taxpayer receives a best judgement assessment order issued by a tax official, they have 30 days to file their returns for the tax period and pay the tax shown on the assessment. As soon as they have done so, the best judgement assessment order will be withdrawn. 

More reads: Reasons for the Movement of Goods under the GST

MCA UPDATES

Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatory required to file form DIR-3 KYC on or before 31st August, 2018. Otherwise LATE FEES PENALTY 5000 FROM 1 SEPTEMBER 2018 AND DIN WILL BE DEACTIVATED.

1. Documents Required:

• 1. DSC of Director duly Registered;
• 2. Self attested PAN card;
• 3. Self attested Aadhar card with updated Mobile number with UIDAI;
• 4. Self attested Electricity Bill, Mobile Bill, Bank statement of Director (latest 2 Months) of his/her present address;
• 5. Latest Passport size photo;
• 6. DIN declaration cum KYC.
• DIR-3 KYC Will be deploy from 10.07.2018.

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
• Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return GSTR-1 (Jun 2018)- Jul 10th, 2018