CORPORATE AND PROFESSIONAL UPDATES 16TH JUNE 2018

CORPORATE AND PROFESSIONAL UPDATES 16TH JUNE 2018

DIRECT TAX

• Income tax payers filing appeals before ITAT will have to provide information relating to the amount locked up in dispute along with a brief case history and the relief claimed.
• IT Dept today came out with a draft notification saying it is amending Form 36, 36A and Rule 47 under the I-T Act.
• For Income Tax purpose Cost inflation index for the Financial Year 2018-19 is 280.
• Update Mobile No., E-mail id, Address etc.
• In Assesses Profile in IT PAN Login. Can skip it and do it later. Now you can login without Date of Birth. 

INDIRECT TAX 

• Gst draft circular on certain issues on Services to SEZ units and refund of itc due to inverted duty structure for fabric job workers.

More read:

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

FAQ on E-WAY BILLS:

• Query Whether e-way bill is required, if the goods are being purchased and moved by the consumer to his destination himself?
• Answer:. Yes. As per the e-way bill rules, e-way bill is required to be carried along with the goods at the time of transportation, if the value is more than Rs. 50,000/-.
• Under this circumstance, the consumer can get the e-way bill generated from the taxpayer or supplier, based on the bill or invoice issued by him. The consumer can also enroll as citizen and generate the e-way bill himself.

MCA Updates:

• MCA has amend the Companies (Appointment and Qualification of Directors) Rules, 2014. These rules may be called the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.
• MCA has amend the Limited Liability Partnership Rules, 2009. These rules may be called the Limited Liability Partnership (Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.
• Forms SPICe MoA and SPICe AoA are likely to be revised on MCA21 Company Forms Download page w.e.f 14th JUNE 2018. Stakeholders are advised to check the latest version before filing.
• MCA has notified the Liability Partnership (Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e. 12th June, 2018.
• DIR-3 and DIR-6 will be revised on MCA21 Company Forms Download page w.e.f 15th JUNE 2018.Stakeholders are advised to check the latest version before filing.

RBI UPDATE

• RBI released draft guidelines on loan system for delivery of bank credit which stipulate a minimum level of ‘loan component’ in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit/ overdraft limits availed by large borrowers.

OTHER UPDATES

• Centre has instructed telecom service providers to tweak their systems and networks to enable the use of Virtual IDs (VIDs) instead of Aadhaar, and migrate to the ‘limited KYC’ mechanism.
• ICAI and four other accounting associations have written to the CBDT opposing the latter’s move to amend Section 11 UA of the Income Tax Act. The step will pave the way for excluding chartered accountants from carrying out valuation of unquoted shares.

KEY DATE:

• QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY 2018

• DUE DATE FOR FILLING GST TRAN-2- 30.06.2018

• DUE DATE FOR GSTR-3B -20.06.2018