corporate and professional updates 22nd may 2018

Direct Tax:

• SC reverses HC’s conclusion, allows assessee’s claim for area-specific deduction u/s 80-IC in respect of its industrial undertaking located at Himachal Pradesh, rejects Revenue’s claim that tax-holiday eligibility period of 10 years had expired in assessee’s case;[TS-256-SC-2018]
• SC dismisses assessee’s SLP against Uttarakhand HC decison denying Sec.80-IC deduction on interest earned on fixed deposit with bank for AY 2009-10 as it is not ‘dervied from’ eligible business; HC had observed that the Legislature has chosen to employ the word ‘derived’ in sec.80-IC as distinguished from ‘attributable to’; [TS-250-SC-2018]
• CBDT has notified the Revised Procedure for Registration and online Submission of ‘Statement of Financial Transactions (SFT)’ in Form 61A under IT section 285BA read with IT Rule 114E. For procedure/ (https://report.insight.gov.in).Due date for submission: On or before 31^st May 2018
• Income Tax department cautioned tax deducted at source (TDS) deductors to adhere to the stipulated deadline of 31 May for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.

Indirect Tax:

• CBEC has made amendment by way of notification no16/2018- Central Tax, dated the 23rd March, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 268(E), dated the 23rd March, 2018
• GST Dept. arrests two persons Amit Upadhyay & Asad Anwar Sayed for allegedly Duping the Exchequer of Rs 127 Crore by Issuing Fake GST Invoices and Not Paying the Service Tax.
• TODAY is last date to pay GST and file GSTR-3B of April 2018. Notifications 23/2018. Central Tax of 18.5.2018 & 16/2018 of 23.3.2018.
• Union territories E way bill mandatory wef 25-05-2018

FAQ on E-WAY BILLS:

• Query:Whether e-way bill is required for all the goods that are being transported?
• Answer:The e-way bill is required to transport all the goods with the value exceeding fifty thousand rupees except the goods specified in Annexure to the notification.

Read our articles:

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

MCA UPDATES

• Jaiprakash Associates to Appeal Against NCLT Order, that directed the company to return nearly 760 acre land to its subsidiary Jaypee Infratech, while declaring the transfer of the land as “Fraudulent” and “Undervalued”

• Bank of India (BoI) to realise Rs 1993 Crore from the First Successful NCLT Resolution concerning Tata Steel and Bhushan Steel

• NCLT appoints 3 separate Interim Resolution Professionals (IRPs) to run Reliance Communications (RCom) and its two units, Reliance Telecom Ltd (RTL) and Reliance Infratel
• LLP has to file form 11 (Annual Return) for the FY 2017-18 on or before 30th may, 2018.Otherwise Additional fees of Rs. 100/- per day in case of delay in filing of Form 11.
• Banned Shell Companies come under Tax Scanner; CBDT asks MCA and RoCs to give details

SEBI UPDATES

• Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5, 2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27, 2018 on Monitoring of Foreign Investment limits in listed Indian companies.

RBI UPDATES

• The Reserve Bank of India (RBI) has imposed, by an order dated May 14, 2018, a monetary penalty of Rs. 50 million on South Indian Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms, Know Your Customer (KYC) norms and treasury function and for deficiencies in its compliance function and compliance culture. Vide press release 2017-2018/3038, dated 18th May 2018.

OTHER UPDATES

• Asia’s Oldest Stock Exchange BSE Ltd. has been Recognised as a Designated Offshore Securities Market by the U.S. Securities and Exchange Commission(SEC) for Sale of Securities to American Investors

• National Stock Exchange (NSE) received nod from US Derivatives Regulator, Commodity Futures Trading Commission (CFTC), to sell its product to US investors. Hence, US investors will now be able to trade in Indian Derivatives Market Directly

• CBI likely to Approach INTERPOL for Red Corner Notice Against Nirav Modi and Mehul Choksi
• Walmart approaches CCI for approval of Flipkart Acquisition
• UltraTech to acquire Century Textiles’s Cement Business. Shareholders of Century Textiles will receive one share of UltraTech for every eight shares held in the Cement Unit according to the acquisition plan

Key Date:

• 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