CORPORATE AND PROFESSIONAL UPDATES 20th MAY 2018
- Pune ITAT rejects Revenue’s plea for AY 2009-10 that deduction with respect to Research & Development (R&D) expenditure u/s 35(2AB) is restricted only to the extent of approval granted by Department of Industrial and Scientific Research (DSIR) in form No.3CL; ITAT clarifies that prior to amendment of IT (Tenth Amendment) Rules, 2016, DSIR had no power to quantify expenditure and highlights that issue under consideration relates to pre-amended provisions; [TS-251-ITAT-2018(PUN)
- Mumbai ITAT holds that assessee was entitled to raise additional ground in reassessment proceedings at appellate stage claiming its transaction of transfer of packing division not in the nature of ‘slump sale’ u/s 50B, deletes long-term capital gains addition of Rs. 24.4 Cr for AY 2007-08; [TS-249-ITAT-2018(Mum)]
- Chhatisgarh High Court held that the service of notice to the CA of the assessee cannot be treated as ‘service’, the entire re-assessment proceedings initiated and the objections rejected for reopening the assessment proceeding deserves to be quashed
- The Income Tax Department has enabled ITR-3 which is applicable for individual and HUF who have income from profits and gains from business or profession. A total of four ITR Forms including ITR-1, 2, 3 and 4 has been launched by the department so far
- Income Tax Department Cautions TDS Deductors against Quarterly Filing Default failing which, would invite a penalty of Rs 200 for each day of default
- Extension of due date for filing GSTR-3B of April 2018 to 22.5.18(Tuesday). Pay GST by 20.5.18(Sunday) only. Source Press Release of 18.5.18.
- CBIC wrote to officials to expedite the process of approval of GST practitioners. A proactive approach in facilitating the enrolment and helping the applicants in case they have committed any bona fide mistakes while making the application will only further our cause of achieving a trade-friendly image for the department.
- Official portal of GST Dept, GSTN has added Two New Features including Additional details are now available in Form GSTR-2A and Auto drafted Form GSTR-4A
- The Maharashtra Authority for Advance Ruling (AAR) held that Liquidated Damages are Classifiable as ‘Other Services’ and is taxable at the rate of 18% GST.
FAQ on E-WAY BILLS:
- Query:How can the taxpayer use the Android App to generate the e-way bill?
- Answer:The taxpayer has to register the EMEI numbers of the mobiles through which he wants to generate the e-way bill on the e-way bill system. Please see the user manual for Mobile App based e-way bill generation, on the portal.
Read our articles:
- E-Invoice Mechanism under the GST
- Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN
- The Reserve Bank of India has notified that the Non Resident Indians (NRIs) investment limit under Portfolio Investment Scheme in M/s Parag Milk Foods Ltd. has increased from 10% to 24% of its paid up capital.
- MCA has issued a General Circular to clarify Condonation of Delay Scheme, 2018 w.r.t Pending Revival applications at NCLT. Ministry has received representations from stakeholders raising doubts regarding filing requirements of e-CODS, 2018,
- SEBI has issued further amendment to SEBI Circular on Monitoring of Foreign Investment limits in listed Indian companies.the deadline for the companies to provide the necessary data to the depositories has been extended to May 25, 2018.
- ICAI issued Exposure Draft of Accounting Standard (AS) 109, Financial Instruments. Comments to be received by June 30, 2018.
- Canara Bank invites Applications from CA Firms for Concurrent Audit of CanaraBank branches. Refer canarabank.com. Apply between 18.05.2018 & 01.06.2018
- PNB scam: ED issues summons to Nirav Modi’s father Deepak Modi, Sister Purvi Mehta and her husband Mayank Mehta
- PNB case: Enforcement Directorate seizes Rs 85-Crore Worth Jewellery of Choksi’s firm brought from Dubai
- Supreme Court of India has decided to Hear All Matters Relating to the RBI Directive Stopping Banks from Dealing with Virtual Currencies
- Bank fraud: ED attaches Rs 184.68-cr worth assets of Rajasthan -based Chartered Accountant (CA) Bharat Bomb and others in connection with its probe into an alleged Bank Fraud worth over Rs 1,000 Crore
- Barely two months after it registered a case against Hyderabad-based Totem Infrastructure Limited for allegedly duping Union Bank of India of Rs 313.84 Crores, CBI filed a charge sheet against three accused., M/s Totem Infrastructure Limited, Hyderabad, its Promoter and Director
- GSTR Return summary for April: 22.05.2018
- 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
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