corporate and professional updates 25th march 2018
Page Contents
Direct tax
- Income tax returns cannot be e-filed without quoting an Aadhaar number despite the March 13 Supreme Court order directing the govt. should not make it mandatory to quote Aadhaar till the final verdict.
- Mumbai ITAT holds that taxability of Rs. 150 cr. received by assessee-company (part of the Mckinsey Group based in US) in India during AYs 2011-12 and AY 2012-13 shall be determined as per the MAP settlement for earlier years; [TS-129-ITAT-2018(Mum)]
- Kerala HC upholds ITAT order, confirms Sec. 40(a)(ia) disallowance for TDS default on lease rent paid / payable by assessee (an educational institution) during AYs 2007-08 to 2009-10, HC rejects assessee’s contention that second proviso to Sec. 40(a)(ia) inserted by Finance Act, 2012 is curative in nature; [TS-128-HC-2018(KER)]
GST updates
- GST: Since CGST Act, 2017 came in force with effect from 1-7-2017, contract work for which agreements were executed prior to 1-7-2017, GST would not be imposed on same and 2 per cent VAT alone was applicable. High Court of Madras: Coimbatore Corp Cont Welfare Assv. Tamil Nadu State.
MCA updates
- MCA has decided to permit w.e.f. 24.03.2018 two proposed names and one Resubmission (RSUB) while Reserving Unique Names for companies through the RUN web service.
- Section 132(3) & (11) of the Companies Act, 2013 regarding the constitution of NAFRA notified w.e.f. 21.03.2018.
- MCA make The National Financial Reporting Authority (Manner of Appointment and other Terms and Condition of Service of Chairperson and Members) Rules, 2018 which shall come into force on the date of their publication in the official gazette.
More read:
- Key characteristics for Auto-population of e-invoice
- Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme
Other updates
- Parliament passed the Payment of Gratuity (Amendment) Bill which will increase the ceiling of tax-free gratuity amount to Rs 20 lakh from Rs 10 lakh. It also allows the government to fix the period of maternity leave for female employees.
- Telecom department has extended the time limit for re-verifying mobile No through Aadhaar till the time the Supreme Court decides ongoing case on the validity of the identification number and its enabling law.
- The Cabinet has approved National Health Protection Scheme with budgetary support of Rs 160 billion. The scheme is intended to provide health care for at least 40% of the population. Each family will be entitled to health cover up to Rs 500,000 a year.
Key Dates:
- Filing of ITR for AY 2017-18: 31.03.2018
- Filing of ITR for AY 2016-17 with penalty of Rs. 5000: 31.03.2018
- Filing of GSTR-6 for july 2017-feb-2018 :31.03.2018
- Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018
- Filing of GSTR-1 for feb 2018(turnover more than Rs1.50 cr):10.04.2018