Corporate and Professional updates 10th march 2018

Direct Tax:

• Kolkata ITAT deletes penalty levied u/s 271E (for violating conditions ​u/s 269T by repaying loan other than through banking channels)  for conversion of loan into equity by assessee-company during AY 2008-09; Holds that squaring-off loan by way of allotment of equity shares  is a usual business practice and a part of routine corporate debt restructuring exercise and hence cannot be held as violation of provisions of Sec. 269T ; [TS-105-ITAT-2018(Kol)]

• Kolkata ITAT holds that sale of shares by Emami Infrastructure Ltd. (‘assessee’) to its second step down 100% subsidiary, not transfer u/s. 47(iv), rejects assessee’s claim of long term capital loss; [TS-101-ITAT-2018(Kol)]
• The Central Board of Direct Taxes has notified the scheme for centralized issuance of notice, which may be known as the Centralized Communication Scheme, 2018 and shall come into force on the date of its publication in the Official Gazette.
• Share premiums can be assessed under Section 68 of the Income Tax Act. Cornerstone Property Investments Pvt. Ltd vs. ITO (ITAT Bangalore).
• Rent received by an Association of Co-Owners Whose only Objective is to Derive Income from Letting out of Property is Taxable as ‘Income from House Property’: Manek Lodge Properties vs. Add CIT, Mumbai (ITAT).

Indirect Tax:

• Mumbai ITAT allows assessee’s (an NBFC) claim for service tax payment relatable to exempted services  during AYs 2010-11 and 2011-12 in absence of input tax credit availability as per the Service tax Rules; [TS-100-ITAT-2018(Mum)]
• E-SANCHIT (enabling the registered persons to file documents online) becomes mandatory w.e.f. 15.03.2018.  CBEC DO.No.09/CH (EC)/2018.

Mca updates.

• MCA notifies form AOC-3A for Ind AS Complaint Co.s to send financial statements to stakeholders. The Companies (Accounts) Amendment Rules, 2018.
• MCA has notified the Companies (Accounts) Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e. 27-02-2018.

Rbi updates

• RBI is likely to stick to its target of making digital wallets inter operable by April despite allowing payment companies two additional months to comply with its customer verification requirement.

FAQ on Condonation of Delay Scheme (CODS):

• Query: Can company file all its overdue documents under this scheme?

• Answer: A defaulting company can file only its overdue documents which were due to filed upto 30.06.2017 under this Scheme. Any overdue document which was due for filing from 01.07.2017 shall not be allowed to be filed under this Scheme.

Key due dates

• Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 for Jan on monthly basis: 10/03/2018
• Payment  of annual membership and COP fees for the year 2017-18: 15-03-2018
• PF & ESI Payment for the month of Feb 2018-:15-03-2018
• GSTR-3B for the Month of February 2018: 20-03-2018
• due date for linking of Aadhaar number with PAN, mobile, insurance policy, bank accounts etc:-31-03-2018
• ITR Filling last date for Income Tax Returns (ITRs) for FY 2015-16 and FY 2016-17:-31-03-2018
• Condonation of Delay Scheme 2018 which allows defaulting companies to file its overdue documents which were due for filing.:-31-03-2018

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