CORPORATE AND PROFESSIONAL UPDATES 13TH APRIL 2018

Direct Tax:

  • Delhi High Court held that Reopening after 4 years with approval of DIT instead of JCIT is invalid Yum! Restaurants Asia Pte. Ltd. Vs. Dy. DIT & Ors. (Delhi High Court)
  • HC: Dismisses Revenue’s appeal; Confirms location savings, human & supply-chain intangibles TP-adjustment deletion[TS-230-HC-2018(DEL)-T P]
  • ITAT: Can’t exclude companies with opera
  • ting losses considering functional similarity and profits at GP-level [TS-188-ITAT-2018(Kol )-TP]
  • 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) ]
  • CBDT gives Clarification regarding applicability of standard deduction to pension received from former employer
  • Shares of unquoted shares to be taxed at (deemed) fair value

Indirect Tax:

  • CESTAT Delhi held the finished products which are different types of food preparations and are new marketable products and are liable to excise duty subject to due classification as available in the Central Excise Tariff.M/s Bharat Hotel Limited Vs CCE (CESTAT Delhi)
  • Central Board of Indirect Taxes and Customs gives Clarification on issues related to furnishing of Bond/Letter of Undertaking for exports – Reg.

FAQ on E-WAY BILLS:

  • Query: In case the consignor or consignee is not having, what is to be entered in GSTIN column?
  • Answer: If the consignor or consignee is unregistered taxpayer and not having GSTIN, then the user can enter URP (Unregistered Person) in the corresponding GSTIN column.

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

More read: Situation in which lead to claim GST refund

MCA Updates

  • Directors disqualification is being removed by filing writ petition in the High court.  Last date to approach High court isApril 30, 2018.
  • Extension to 30.04.2018 of last date to file AOC-4 XBRL e-Forms using Ind AS. MCA General Circular No. 01/2018.

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.

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
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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