Corporate and professional updates 21st sep 2018

Corporate and professional updates 21st sept. 2018

Direct Tax:

  • ITAT Cuttack held that trust cannot be denied exemption for mere receipt of income by way of training and consultancy fee.Xavier Institute of Management Vs ITO (ITAT Cuttack)
  • ITAT Hyderabad held that cash discount cannot be disallowed for mere non-mention of same on invoice. M/s. Sai Krishna Agencies MedakVsAsstt. (ITAT Hyderabad)
  • CBDT has notified the rules relating to the determination of Fair Market Value of inventories converted into capital assets under the Income Tax Act, 2018. The Finance Act, 2018 has inserted clause (via) to Section 28 of the Income Tax Act, 1961.
  • CBDT has notified for the purpose of the clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961)‘Tamil Nadu Water Supply and Drainage Board’, a board constituted under the Tamil Nadu Water Supply and Drainage Board Act, 1970 (Tamil Nadu Act 4 of 1971), in respect of the some specified income arising to that board.

 

INDIRECT TAX

  • The Authority for Advance Rulings (AAR), Maharashtra ruled that 12 percent GST would be applicable to the services provided by sub-contractors to the main contractors in respect of Works Contract Services pertaining to Railways.

FAQ on GST Audit:

  • Query:Is summary assessment order to be necessarily passed against the taxable person?
  • Answer: In certain cases, like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (proviso to Section 64 of CGST/SGST Act).

RBI Update:

  • The Reserve Bank of India has imposed a monetary penalty of Rs. 2, 00,000/- (Rs Two lakh only) on National Urban Co-operative Bank Ltd., Bahraich in exercise of powers vested in it under the provisions of Section 47A (1) (c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for continuous non-submission of the returns u/s 27 of the Act ibid.vide circular no 2018-2019/646, dated 18thSeptember 2018.

SEBI UPDATES

  • SEBI broadly agrees with easier know-your-customer norms suggested by the committee headed by RBI deputy governor.
  • Moreover, the regulator’s board has mandated that large companies must now access the bond markets for a fourth of their borrowings.
  • SEBI said LIC has not sought any exemption from the open offer requirement to take over the crippled state-run lender IDBI Bank for around Rs 11,000 crore

OTHER UPDATES

  • ICAI has for the third time in less than a month made a request for Extension for time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018and 10th September, 2018.

KEY DUE DATES 

  • GSTR-6 (JULY 17 – AUG’18)- SEP 30TH, 2018
  • GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018
  • GSTR-5A (SEP 2018)-OCT 20th, 2018
  • Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT 31ST, 2018.
  • Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(SEP 2018)-OCT 11th 2018

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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.

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