Corporate and Professional updates 13th march 2018

 

Direct Tax:

• ITAT Delhi held that Section 54/54F flat booked with builder can be considered as construction of flat. ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi)

• 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)]

• Income tax sec 32(2) had to be construed in its own term and not so as to restrict the benefit or advantage, it is sought  to confirm; assessee was entitled to carry forward unabsorbed depreciation of  earlier.  (Favour  of  Assessee) CIT  vs.  Britis  Motor Car  Co. Ltd.  (High Court- Delhi)

Indirect Tax:

• Supreme court of India held that sales tax on LPG cylinders payable on price finalized by MoP & NG. Ms Universal Cylinders Limited Vs The Commercial Taxes Officer (Supreme Court of India)

Gst updates

• GST Council was told that there is a major variance between the amount of integrated GST and compensation cess paid by importers at custom ports and input tax credit of the same claimed in GSTR-3B, the summary form for input-output.

• GSTN portal recently clarified the liability to pay the late fee for filing GSTR-3B with delay. The taxpayer has to pay all liability along with late fees and interest to file Form GSTR 3B due to the system error.

• Decisions GST Council Meeting Mar 10. GSTR-1 & 3B till Jun. Inter-state e-way bill wef Apr 1 & intra-state by Jun 1. TDS/TCS & RCM NA till Jun 30.

Read more about: What is core Business Activity GST

Read more about: All about GST Offenses, Penalties, and Appeals

Mca updates

• Parliamentary panel has asked the government to define “Shell Company” in the Companies Act and ensure distinction between those guilty of fraud and those irregular with filings.

Other updates

• ICAI issued advisory to the members came after it received information from the RBI that there have been “certain issues between the banks’ joint auditors and the banks’ management regarding the allocation of work among the joint auditors

FAQ on Condonation of Delay Scheme (CODS):

• Query: Can Companies who have filed application for revival of Company under section 252 apply for CODS 2018?

• Answer:  Para 4(v) of the Scheme allows such companies which have filed application u/s 252 to avail benefits of this Scheme subject to NCLT’s order for revival of such companies.

Key Dates:

• 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

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at https://carajput.com/blog/For any query you can write to singh@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   singh@carajput.com or call at 09811322785/4 9555 5555 480)