corporate and professional updates 24th April 2018

Direct Tax:

• 68 Bogus loans: The assessee is not required to explain the “source of source” prior to insertion of the proviso to s. 68. If the assessee has discharged the primary onus placed upon it u/s 68 by filing confirmation letters, the Affidavits, the full address and pan numbers of the creditors, the Revenue has to proceed against the persons whose source of funds are alleged to be not genuine Pr. CIT vs. Veedhata Tower Pvt. Ltd (Bombay High Court)
• 56(2)(viia)/ Rule 11UA: The “fair market value” of shares acquired has to be determined by the taking the book values of the underlying assets and not their market values Minda SM Technocast Pvt. Ltd vs. ACIT (ITAT Delhi)
• Income Tax: With effect from 9th April 2018, registration, statement upload and all other facilities for Form No. 61, 61A and 61B have been migrated from e-filing portal to the Reporting   Portal (https://report.insight.gov.in)  Notifications:   Form No.60  |  Form No.61  |  Form No.61A  |  Form No.61B
• 30.4.18 is Last Date to pay TDS deducted u/s 194IB by individual/HUF not liable to Tax audit from rent more than 50000 pm from Jun 17 to Mar 18 in Form 26QC.
• CBDT vide notification no 3 of 2018 dated 5 April 2018 notified rule 114E regarding furnishing of SFT to be applicable for FY 2017-18, wherein amendment of section 285BA made by Finance Act 2014 wherein Annual Information Report (AIR) has been replaced by Statement of Financial Transaction (SFT) or reportable account.
• Addition for Jewellery within limits prescribed by CBDT circular not sustainable. Case Name: Smt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi. Appeal Number : ITA No. 4101/DEL/2017 Date of Judgement/Order : 09/03/2018

Indirect Tax:

• Allahabad High Court held that any E-Way Bill which is not duly filled up cannot be construed to be a valid document and it would be treated as if the goods are not accompanied by appropriate / valid E-Way bill.  Apparently there is a convention of the provision of the Act which mandates that the E-Way bill should be accompany the goods in transit – There is no illegality in seizing goods for violation of provision of the Act. Time To Time Logistics Versus Union Of India And 3 Others

FAQ on E-WAY BILLS:

• Query: Can I transport the goods with the e-way bill without vehicle details in it?
• Answer:   No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than 10 kilo meters within the State from the place of business of consignor to the place of transporter for further transportation, then the vehicle number is a not mandatory.

MCA updates

• MCA is intensifying its drive against shell companies. After taking action against 226,000 shell companies last year, it has now zeroed in on another 225,000 suspected shell companies. The ministry has sent notices to these companies, asking whether they had filed statutory financial returns.

SEBI updates

• SEBI  today proposed to drastically cut the timeline for listing of debt securities to six days from 12 days at present. It has proposed to make ASBA (Application Supported by Blocked Amount) mandatory for all the investors applying in a public issue of debt securities.

Icai updates

• Kindly Subscribe Annual Membership 2018-19 of NIRC. Last year statistics -65 programs, Par Excellence Speakers, Contemporary topics Pay nirc-icai.org/seminars
• Gurugram Branch of ICAI is hosting “Certification Course on Concurrent Audit of Banks” starting 7th July (weekends till 22nd July).

Key Dates:

• GSTR-1 for the taxpayers with annual turnover up to Rs 1.5 cr for the January to March on Quarterly basis: 30.04.2018
• Payment of TDS/TCS collected in March: 30.04.2018
• E-filing of form 15G/H for March Quarter: 30.04.2018
• Due date for filling of GSTR-6– 31 . may . 2018
• Due date for filling GST TRAN-2- 30.06.2018