corporate and professional updates 23rd may 2018

Direct Tax:

• ITAT Delhi held that addition cannot be made for mere non- production of Directors and non- furnishing of their residential address. M/s Om Shubham Investment & Finance Pvt. Ltd. Vs. ITO (ITAT Delhi)
• ITAT Delhi held that Depreciation on brand value allowed taking it as intangible assets. DCIT Vs. Kuantum Papers Ltd. (ITAT Delhi)
• 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;
• Due date for Quarterly statement of TDS deposited for the quarter ending March 31, 2018 is May 31, 2018
• ITAT Kolkata decided that Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm- In ITO vs. M/s. Dayamayee Marble & Granite.
• 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

Indirect tax

• 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

Other updates

• DGFT has extended the last date for mandatory digital payment through e-MPS.A facility for digital payment for miscellaneous applications (e-MPS) was launched recently and was made mandatory w.e.f 01-05-2018.
• 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

Key Date:

• 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