CORPORATE AND PROFESSIONAL UPDATES 25TH MAY 2018

CORPORATE AND PROFESSIONAL UPDATES 25TH MAY 2018

Direct Tax:

  • Calcutta HC upholds ITAT order for AYs 2008-09 and 2009-10,  rules that provision for bad and doubtful debt deduction u/s 36(1)(viia) incase of assessee-bank (a regional rural bank) ​has to be computed @ 10% of the aggregate monthly average advances by taking ​’cumulative​’​  outstanding advances by rural branch; [TS-261-HC-2018(CAL)]
  • Gujarat HC upholds ITAT order for AY 2009-10, denies capital gains exemption benefit u/s. 54F to assessee-individual as the construction of the flats for personal use was completed before the sale of the capital asset (i.e. land); Assessee owned a land with a bungalow on it, which was demolished to construct 8 flats, 4 of which were sold to buyers and rest were occupied by assessee for her own residence, assessee considered the proportionate land apportioned to 4 flat purchasers as sale of land belonging to her and claimed Sec. 54F benefit; [TS-258-HC-2018(GUJ)]
  • Mumbai ITAT rules that Dominos Pizza International Franchising Inc (a US based company) does not create a PE in India for AY 2012-13 by virtue of the Master Franchises Agreement (MFA) entered with Jubilant Food Works Ltd. (‘Jubilant’) for the franchise of Dominos Pizza Store in India; Rejects Revenue’s stand that Jubilant constitutes assessee’s dependent agent PE in India, referring to various clauses of MFA, ITAT observes that no activities are carried out by Jubilant on behalf of assessee; [TS-260-ITAT-2018( Mum)]
  • Task force rewriting the income-tax laws has been granted three months more till August to submit its report to the government. CBDT set up to draft a law to replace the income Tax Act, which has been in force since 1961, was to submit its report by this month-end.
  • Due Date for Quarterly statement of TDS deposited for the quarter ending March 31, 2018 is May 31, 2018.

INDIRECT TAX

  • E-way bill for moving goods within a state will become mandatory from June 3, with the country-wide roll out of the mechanism. The government had launched the electronic-way or e-way bill system from April 1 for moving goods worth over Rs 50,000 from one state to another.
  • If turnover 1.5 cr or more, Last Day to file GSTR-1 for Apr is 31.5.2018 & for May is 10.6.2018. From May, 10 days to file GSTR-1 i.e. before GSTR3B.

FAQ on E-WAY BILLS:

  • Query: What are the documents that need to be carried along with the goods being transported?
  • Answer:The person in charge of a conveyance shall carry the invoice or bill of supply or delivery challan, bill of entry as the case may be and a copy of the e-way bill number generated from the common portal. Please refer relevant rules for details.

SEBI UPDATES

  • SEBI is planning to ease the norms for mutual funds (MF) participation in the derivative markets. The regulator is considering measuring such as, allowing domestic funds to ‘write’ options and increasing cap on F&O investments.

OTHER UPDATES

  • Cabinet cleared the IBC Ordinance paving way to a host of changes in the modality of the Insolvency and Bankruptcy Code (IBC).  The Ordinance is based on the changes suggested in a report by a 14-member Insolvency Law Committee.

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
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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