corporate and professional updates 12th APRIL 2018

corporate and professional updates 12th APRIL 2018

Direct Tax:

• CBDT made the Income-tax (Third Amendment) Rules, 2018 to further amend the Income-tax Rules, 1962 shall come into force on the 1st day of April, 2019 and shall apply to the assessment year 2019-2020 and subsequent assessment years. Vide Notification No.17/2018/F. No.370142/02/2018-TPL dated 6th April, 2018

• Delhi HC dismisses Revenue’s appeal, holds that no tax was deductible u/s 195 on payment made by assessee (Organizing Committee Hero Honda World Cup) to Federation of International Hockey (FIH) during AY 2010-11 towards reimbursement of expenses relating to Hockey World Cup event[TS-165-HC-2018(DEL)]

• Madras HC refuses to lift attachment on immovable property purchased by petitioner from a tax defaulter, noting that demand notice under Rule 2 of second schedule (as mandated u/s. 281) was served upon tax defaulter prior to the execution of the sale transaction, remarks that “The moment such a notice was served …, by virtue of Rule 16(1) of the second schedule, he became incompetent to deal with the property.”[TS-166-HC-2018(MAD) ]
• Like medical reimbursement, transport allowance also fully taxable wef FY 18-19, in lieu of Standard Deduction of 40000. CBDT notification 17/2018 of 06.04.2018

INDIRECT TAX UPDATES

• CBEC has issued a circular, regarding Reduction of litigation in Central Excise and Service Tax by amending instruction for legacy matters and approval to extend withdrawal on the basis of identical matters.
• CBIC clarified that LUT shall be deemed to be accepted on Generation of ARN, No documents required to be physically submitted to Jurisdictional Office.
• GST: After Karnataka, Intra-state e-way Bill for AP, Gujarat, Kerala, Telangana & UP also wef 15.4.18 (Sun). Press Release MOF of 10.4.18.

FAQ on E-WAY BILLS:

• Query:When does the validity of e-way bill start?

• Answer:The validity of e-way bill starts when first entry is made in Part-B i.e. vehicle entry is made in case of road transportation or first transport document number entry in case of rail/slip/ship transportation, whichever is the first entry.

 

SEBI updates

• SEBI has directed all exchanges to provide “managed colocation services”. A new measures to provide “fair and equitable access” to the colocation facilities offered by the bourses.

MCA updates

• The Insolvency and Bankruptcy Board of India (IBBI) has recently notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 in the Gazette of India dated 28^thMarch, 2018.
• Temporary suspension of issuance of allotment of new DINs for Designated Partners/Partners of LLPs is being extendedtill further notice.
• A suitable message would be posted on the portal after revised DIR-3 is made available for filing purposes for issuance of new DPIN/DINs for Partners of proposed LLPs.

Key Dates:

• Due date for payment of PF for the month of March: 15.04.2018
• Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018

• more :Reasons for the Movement of Goods under the GST

  More more:Refund mechanisum under GST service export