Corporate and Professional updates 15th 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)]
• 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)
• CBDT conducted countrywide review of tax collection, especially for advance tax, TDS, arrears, and black money cases in a bid to shore up the direct tax revenue kitty for the financial year ending March 31.
• Income tax department has provisionally attached Benami properties of over Rs. 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha.
• Capital Gain Exemption allowed by AO on the basis of Certificate from Tahasildar can’t be treated as ‘erroneous’’: ITAT Delhi Quashes Revisional Assessment in the case of Sangeeta Jain.

Indirect tax

• CBEC has decided to set up camps across the Country from March 15. CBEC said that there are instances of exporters committing errors while filing refund claims and to help them, the department has started giving out refunds partially with manual intervention

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.
• GSTR-3B to continue for further 3 months i.e. for Apr- Jun months.
• GST Implementation Committee (GIC) being tasked to redress the grievances caused to the taxpayers due to IT glitches.

More read:

• Key characteristics for Auto-population of e-invoice
• Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme

Other updates

• SEBI is planning to allow start-ups to list on SME stock exchanges. Sources say start-ups will be given special relaxations on the SME platform in terms of net worth requirements and profitability.

Key Dates:

• Today is last date for payment of annual membership and COP fees for the year 2017-18 i.e. 15.03.2018. Please pay the same if not paid so far.
• 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