CORPORATE AND PROFESSIONAL UPDATES 18TH APRIL 2018

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DIRECT TAX:

• CBDT has recently notified Income Tax Return (‘ITR’) forms for AY 2018-19 with some important changes i
• n disclosure requirement as compared to tax return forms for AY 2017-18.
• Highlights of new form’s are- In ITR 6, new Schedules for In AS Compliant companies are introduced. In new ITR-4, apart from seeking GST number of assessee along with Turnover as per GST return, also requires disclosure of amount of secured / unsecured / loan, advances, fixed assets, capital account balance in addition to amounts of debtors, creditors, stock in trade and cash balance. New ITR-2 to ITR 7 now provide for option to transfer TDS credit to other person / allow taking TDS credit which is deducted in the hands of person other than the assessee. New ITR forms also requires to disclose amount of exemption u/s 54/54F/54EC/54EE etc. separately as against consolidate figure required in earlier forms.   [Source –Taxsutra ]
• 292-B: A s. 148 notice issued in the name of a company which does not exist upon its conversion into a LLP is valid if there is material to show that the issue in the name of the company was a clerical mistake. The object and purpose behind s. 292-B is to ensure that technical pleas on the ground of mistake, defect or omission should not invalidate the assessment proceedings, when no confusion or prejudice is caused due to non-observance of technical formalities. [Skylight Hospitality LLP vs. ACIT (Supreme Court)]
• ITAT Ahmedabad held that  Payment of little higher rate of interest on unsecured loans justified as it involves lesser formalities.   [DCIT Vs. M/s. Ahmedabad Strips P. Ltd. (ITAT Ahmedabad)]
• Permanent Account Number (PAN) application amended to include the third gender(Transgender) option. CBDT Notification dated 09.04.2018.
• CBDT notified income tax return (ITR) forms for assessment year 2018-19 (financial year 2017-18). “For Assessment Year 2018-19, a one-page simplified ITR Form-1 (Sahaj) has been notified.

INDIRECT TAX

• 18.04.18 is last day to file GSTR-4 for Quarterly Return of Outward Suppliers by Composition Suppliers for Jan- Mar,2018.
• Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. Circular 41/15/2018-GST of 13.4.18.
• Clarification regarding GST on supply of food and drinks in educational institutions 12th April 2018:

1. GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit (ITC).
2. If schools up to higher secondary level supply food directly to students, then the same are exempt from GST.”

FAQ on E-WAY BILLS:

• Query: Can the e-way bill be modified or edited?
• Answer: The e-way bill once generated, cannot be edited or modified. Only Part-B can be updated to it. However, if e-way bill is generated with wrong information, it can be cancelled and generated freshly again. The cancellation is required to be done within 24 hours from the time of generation.

Read more about: What is core Business Activity GST

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

MCA UPDATES

• MCA Amendment in table F & H of schedule I of Companies Act,2013, in context of MOA and AOA. MCA Notification dated 10.04.2018.

ICAI UPDATES

• ICAI Invitation to Empanel as a Resource Person to Conduct Investor Awareness Program FY 18-19.Details/Reg. visit https://goo.gl/v8gUBg CCMIP,ICAI

KEY DATES:

• Due date for filling of GSTR-4 (for composition dealers Quarterly Return)-18.04.2018
• Due date for filling GSTR-3B  for March 2018- 20.04.2018