CORPORATE AND PROFESSIONAL UPDATES 26TH MAY 2018

Direct Tax:

• Mumbai ITAT rules that assessee (a stock broking company) cannot be held liable to deduct TDS u/s 194A on borrowing fees paid to National Securities Clearing Corporation Ltd. [‘NSCCL’, a SEBI approved intermediary], if it is found that at the time of payment, assessee was unaware of the identity of the lenders (ultimate recipient of income);  [TS-262-ITAT-2018(Mum)]
• Kolkata ITAT upholds Sec. 263 revision on assessee-company for AY 2008-09, rejects assessee’s stand that CIT could not have revised the re-assessment since the latter one was a non est order by virtue of non-issue of Sec. 143(2) / 142(1) notices;  [TS-259-ITAT-2018(Kol)]
• India’s net direct tax collection in 2017/18 stood at Rs 10.03 trillion, up 18 percent on year, the finance ministry said.
• CBDT has directed the I-T Department to form a special team of officers to complete the task of filing these Appeals under Section 252(1) of the Companies Act, 2013 in various NCLT benches across the country by this month-end.

Indirect Tax:

• CBEC has made amendment by way of notification no 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide, number G.S.R. 785(E), dated the 30th June, 2017. Vide notification no 46 /2018-Customs, dated 23rd May 2018.
• 31.05.18 is last date to file GSTR-6, Furnish of Return by Input Service Distributor for the months from July 2017 to Apr 2018.
• DVAT has allowed extension for filing of online return for 4th Quarter of 2017-18. Thereby, the last date of filing of online/hard copy of fourth quarter return for the year 2017-18 in form DVAT-16 has been extended to 28/05/2018.

FAQ on E-WAY BILLS:

• Query:Why the transporter needs to enroll on the e-way bill system?
• Answer:There may be some transporters, who are not registered under the Goods and Services Tax Act, but such transporters cause the movement of goods for their clients. They need to enroll on the e-way bill portal to get 15 digit Unique Transporter Id.

Read more about: What is core Business Activity GST

Read more about: All about GST Offenses, Penalties, and Appeals

Other updates

• Union Cabinet approved, via an Ordinance, amendments to the Insolvency and Bankruptcy Code (IBC), giving homebuyers the status of creditors in the insolvency process.
• The government has proposed rates for over 1,350 treatment packages ranging from Rs 1,000 to over Rs 1.50 lakh, for the Pradhan Mantri Rashtriya Swasthya Suraksha Mission.The government issued a 205-page model tender document.

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

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associates , a leading Tax & Investment Planning Advisory Service Provider. His blog can be found at https://carajput.com/blog/For any query you can write to singh@carajput.com. Hope the information will assist you in your Professional endeavors. For query or help, contact:   singh@carajput.com or call at 09811322785/4 9555 5555 480)