Corporate and professional updates 22nd sep 2018

Corporate and professional updates 22nd Sep 2018

Direct Tax:

• ITAT Jaipur held that section 50C not apply if assessed invests entire sale consideration in new house property under section 54F.ITO Vs Raj Kumar Parashar (ITAT Jaipur)
• Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that no penalty can be initiated against the assessee under section 271(1)(c) of the Income Tax Act, 1961 for a bonafide mistake committed on the part of the Chartered Accountant. ALP Overseas Pvt. Ltd Vs DCIT.
• Amazon, Google, Apple, and other foreign companies operating in the e-commerce space will have to register themselves for GST in all the states in the next 10-12 days.
• The government has said eCommerce companies need to collect tax at source from October 1.

FAQ on GST Audit:

• Query: Under what circumstances can a best judgment assessment order issued under section 60 be withdrawn?
• Answer: The best judgment order passed by the Proper Officer under section 62 of CGST/SGST Act shall automatically stand withdrawn if the taxable person furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within thirty days of the receipt of the best judgment assessment order.

 

MCA Update:

• As you are aware the last date for filing form DIR-3 KYC without fee has expired on 15th September 2018.
• The process of deactivating the non-compliant DINs has since been completed and their status has been updated as ‘Deactivated due to non-filing of DIR-3 KYC’.
• However, the non-compliant DIN holders may file DIR-3 KYC with a fee of Rs.500 (RupeesFive Hundred Only) from 21st September till 5th October 2018(both days inclusive) to get their DINs reactivated.
• From 6th October 2018 onwards, a fee of Rs.5000 (Rupees Five Thousand Only) becomes payable for reactivation.
• MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014.
• These rules may be called the Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018 which shall come into force from the date of their publication in the Official Gazette.
• MCA has amended the Companies (Registration Offices and Fees) Rules, 2014.
• These rules may be called the companies (Registration 0ffices and Fees) Fifth Amendment Rules, 2018 which shall come into force from the date official publication in the Official Gazette.
• MCA has amended the Companies (Corporate Social Responsibility Policy) Rules, 2014.
• These rules may be called the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.

• MCA has amended the Limited Liability Partnership Rule, 2009. These rule may be called the Limited Liability Partnership (Second Amendment) Rules, 2018 which shall come into force with effect from the 2^ndOctober, 2018.

RBI UPDATES

• RBI eased norms for companies in the manufacturing sector to raise overseas funds and allowed Indian banks to market Masala Bonds in line with the government’s measures to prop up the rupee.

SEBI UPDATES

• SEBI announced changes to the composition of rating committees at credit rating agencies (CRAs).
• Going ahead, if an issuer requests for a review of the ratings provided to their instrument, the majority of the rating committee members will have to be different than those who had assigned the rating earlier.
• Also, at least a third of the rating committee members will have to be independent.

OTHER UPDATES

• ICAI Members who have shifted/changed their locations after 1st April 2018 have an option to make an application to get permission to VOTE BY POST.
• The LAST DATE for receipt of such application is 5th Oct 2018.
• ICAI members Please pay your Membership /COP Fee for the year 2018-19 latest by 30th September 2018.

KEY DUE DATES

• GSTR-3B (SEP 2018)-OCT 20th, 2018
• GSTR-5 (SEP 2018)-OCT 20th, 2018
• 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 31ST 2018
• https://resource.cdn. icai.org/51675election2018- 41358.pdf
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