CORPORATE AND PROFESSIONAL UPDATES 17TH MAY 2018

Direct Tax:

• Delhi HC sets aside ITAT order holding payment by airline company (assessee) for services under crew lease agreement with Lufthansa, Germany as non-taxable ‘business profit’ absent PE in India, directs ITAT to examine taxability as FTS u/s. 9(1)(vii) and Article VIIIA of India-Germany DTAA; [TS-245-HC-2018(DEL)]
• Delhi HC sets aside ITAT order passed u/s. 254(2) [pursuant to rectification application moved by Prannoy Roy (‘assessee’)], rejects ITAT’s view that an order directing early hearing to Department is merely an administrative order; [TS-229-HC-2018(DEL)]
• CBDT releases java utility of ITR- 2 for ay 2018 -19. Income Tax Return Forms AY 2018-19 (FY 2017-18).
• Launch of new SINGLE PAGE ITR Form-1(Sahaj). This initiative will benefit more than three crore tax-payers who will be eligible to file their return of income in this simplified Form.
• The number of Income Tax Return Forms AY 2018-19 (FY 2017-18) has been reduced from the existing nine to seven forms.
• The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2.
• ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.
• There is no change in the manner of filing of ITR Forms.
• Return is furnished in ITR– 1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form: (i) an individual of the age of 80 years or more at any time during the previous year; or (ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.

INDIRECT TAX

• The annual return forms for GSThttps://carajput.com/gst/gst-consultancy.php may ask taxpayers to explain any discrepancies between their income tax and GST returns as the government seeks to tighten rules to deter companies from evading taxes.
• The Maharashtra Government has notified that the provisions of the E-Way Bill will be applicable for intra-State movement of goods from 25th May 2018.

FAQ on E-WAY BILLS:

• Query:Which types of transactions that need the e-way bill?

• Answer:For transportation of goods in relation to all types of transactions such as outward supply whether within the State or interstate, inward supply whether from within the State or from interstate including an unregistered person or for reasons other than supply also, e-way bill is mandatory.

Read our articles:

• E-Invoice Mechanism under the GST
• Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN
• Reasons for the Movement of Goods under the GST

RBI Update:

• The Reserve Bank of India has imposed a monetary penalty of Rs. 2.00 lakh (Rupees two lakh) on The Vriddhachalam Co-operative Urban Bank Ltd. (No.E 81), 64 South Fort Street, Vriddhachalam, 606001, in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of the directive of the Reserve Bank prohibiting extension of loans and advances to Directors/their relatives as provided in Para 5 of Master circular UBD.CO.BPD.MC.No.8/12.05.001/ 2013-14 dated July 1st 2013.

Key Date:

• GSTR Return summary for April: 20.05.2018
• Return of TDS/TCS collected in March: 31.05.2018
• Due date for filling of GSTR-6- 31 . may . 2018
• Due date for filling GST TRAN-2- 30.06.2018