Corporate and Professional Updates 19th April 2018

Corporate and Professional Updates 19th April 2018

Direct Tax:

• Mumbai ITAT held that assessee was an amateur cricketer and was employed with a reputed company from whom he got salary, observes that “He played the game of cricket for India as his passion and the receipts of the net proceeds for the benefit match was only in the nature of appreciation of his personal achievements and talent and thus, cannot be brought to tax” the proceeds from benefit match were in the nature of award and not related to the assessee  profession, remarks that such receipts are specifically exempted by CBDT circular No. 477 dated 22.01.1986. [TS-182-ITAT-2018( MUM)]
• ITAT remits issue of assessee’s claim of working capital adjustment back to AO/TPO for AY 2004-05; Notes that CIT(A) had allowed the working capital adjustment observing that in subsequent AYs, TPO himself had allowed assessee’s working capital adjustment claim while calculating the comparables’ average profit margins.
• Further, noting that assessee had no objection to Revenue’s contention to remit the issue back to AO/TPO, ITAT sets aside this issue back to the file of the TPO/AO for verification of the calculations given by the assessee for the working capital adjustment and decide the issue for claim of the assessee on account of working capital adjustment on the same lines as had been done in the subsequent assessment years. [TS-249-ITAT-2018( DEL)-TP]
• CBDT invites comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per BEPS Action 5, for improving transparency in tax rulings on Permanent Establishment (PE).

Indirect tax

• GST: No need for Composition Suppliers to furnish data of Inward supplies from registered persons(4A of Table 4 of GSTR-4). Press Release MOF, 17.4.18.
• E-way bill no. on Invoice sufficient. Its printout not must. Number available on sms or otherwise also valid. Circular 41/15/2018-GST of 13.4.18.
• GST: Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. Circular 41/15/2018-GST of 13.04.2018

FAQ on E-WAY BILLS:

• Query:How to generate e-way bill for multiple invoices belonging to same consignor and consignee?
• Answer: If multiple invoices are issued by the supplier to recipient, that is, for movement of goods of more than one invoice of same consignor and consignee, multiple EWBs have to be generated.
• That is, for each invoice, one EWB has to be generated, irrespective of same or different consignors or consignees are involved. Multiple invoices cannot be clubbed to generate one EWB.
• However after generating all these EWBs, one Consolidated EWB can be prepared for transportation purpose, if they are going in one vehicle.

MCA Update:

• MCA informs that Forms 20B and DPT3 are likely to be revised on MCA21 Company Forms Download page w.e.f 18th APRIL 2018. Stakeholders are advised to check the latest version before filing.
• MCA issues The Companies (Share Capital and Debentures) Amendment Rules, 2018. MCA Notification dated 10.04.2018.
• The Government fixed minimum overseas capital requirement for certain class of unregistered and unregulated entities offering financial services under the foreign direct investment regime.

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

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor.

For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.

The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider.

His blog can be found at https://carajput.com/blog/For any query you can write to singh@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   singh@carajput.com or call at 09811322785/4 9555 5555 480)

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