corporate and professional updates 17th july 2018

Direct Tax :

  • Delhi ITAT deletes penalty u/s 271(1)(c) on TP-adjustment in case of assessee providing IT/software development services to its AE for AY 2002-03; Notes that TP-adjustment was made on the ground that under-utilization of capacity for assessee (a captive service provider) was due to insufficient orders given by AE and therefore, AE should have compensated assessee for such under-utilization; [TS-607- ITAT-2018(DEL)-TP]
  • Kerala HC upholds ITAT order for AY 2008-09, denies deduction to assessee-employer for belated payment of employees’ contribution to PF/ESI beyond the PF Act due-date, follows co-ordinate bench ruling in Merchem Ltd.; Rejects assessee’s stand that co-ordinate bench ruling requires reconsideration since it misread SC ruling in Alom Extrusions Ltd, holds that the two rulings – Alom Extrusions Ltd. and Merchem Ltd.  apply in two different fields, ”the former with reference to Section 43B(b), being employer’s contribution and the latter dealing with employee’s contribution as covered by Section 36(1)(va)”; [TS-378-HC-2018(KER)]

FAQ on GST Audit:

  • Query:   When can a taxpayer pay tax on a provisional basis?
  • Answer: Under the GST regime, the taxpayer normally pays tax on a self-assessment basis. If a taxpayer is unable to determine the value and tax rate applicable to the goods/services they supplied, they should raise a request for provisional assessment, citing the reasons why they need to pay tax on a provisional basis. This request will be processed by a tax officer.

Read more about: What is core Business Activity GST

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

RBI Update:

  • The Reserve Bank releases monthly data on India’s international trade in services with a lag of around 45 days.

MCA UPDATES

MCA is conducting KYC of all Directors of all companies annually through a new form viz. DIR-3 KYC

  • Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is ‘Approved’.
  • Due date of filing of DIR-3KYC is on or before 31st August, 2018.
  • Mandatory Information DIR-3 – Unique Personal Mobile Number, Personal Email ID, OTP on Email ID and Mobile No.
  • Certification of DIR-3 KYC –  DSC of Director & DSC of practicing professional (CA/CS/CMA)
  • Filing of DIR-3 KYC would be mandatory for Disqualified Directors
  • If director fails to file DIR-3 KYC the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’
  • There will be following Consequences of filing of DIR-3 KYC after due date, After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.
  • MCA notifies ‘Nil Fee’ and ‘Delayed Fee of Rs. 5,000’ for Filing e-Form DIR-3 KYC under rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, applicable w.e.f. 10 July 2018
  • MCA notifies format of e-form DIR-3 KYC under new Rule 12A (Directors KYC) along with procedure for restoration of deactivated DINs of Directors, applicable w.e.f. 14 July, 2018

ICAI Election 2018 ICON created on www.icai.org. And first notification to opt for polling booth change in the same city for the Members of  Delhi, Bengaluru, Chennai, Kolkatta and Mumbai posted. 8th August, 2018 is last date to exercise the option.

KEY DUE DATES

  • GSTR-3B (Jun 2018)-Jul 20th, 2018
  • GSTR-5 (Jun 2018)-Jul 20th, 2018
  • GSTR-6 (Jul’17 – Jun’18)- Jul 31st, 2018
  • GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018
  • GSTR-5A (Jun 2018)-Jul 20th, 2018
  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 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.

Recent Posts

New cheque clearing process starting from Oct 4, 2025

New cheque clearing process in India starting from October 4, 2025 Existing System (Until Oct 3, 2025) : Clearing Method:… Read More

1 day ago

Overview on Tax Treatment on Gratuity in India

Overview on Tax Treatment on Gratuity in India What is Gratuity? Gratuity is a lump sum paid by an employer… Read More

1 day ago

Taxation Comparison: Gold Coin vs Gold Jewellery

Taxation Comparison: Gold Coin vs Gold Jewellery Tax Aspect Gold Coin Gold Jewellery ITR Reporting Treated as a capital asset.… Read More

4 days ago

Crypto Taxation & ITR Reporting Guide for India

Crypto Taxation & ITR Reporting Guide Tax on Profits from Crypto (Virtual Digital Assets)- Taxation U/s 115BBH Applicability on Virtual… Read More

4 days ago

Savings Account Rules for Transactions to Avoid Tax Scrutiny

Savings Account – Rules for Transactions to Avoid Income Tax Scrutiny The Income Tax Department monitors high-value transactions through banks’… Read More

4 days ago

Quick Guide on GST Marginal Scheme

Quick Guide on GST Marginal Scheme What is GST Marginal Scheme Meaning : The GST Margin Scheme is applicable primarily… Read More

4 days ago
Call Us Enquire Now