Categories: Companies Act / ROCDirect TaxGST (Goods and Services Tax)Income TaxIndirect Tax

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 28thMarch, 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:

Tags: CBIC clarified that LUT shall be deemed to be accepted on Generation of ARNIBBI notified Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations 2018Income-tax Rules 1962 shall come into force on the 1st day of April 2019medical reimbursement or transport allowance also fully taxable wef FY 18-19Temporary suspension of issuance of allotment of new DINsvalidity of e-way bill
6 years ago
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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