corporate and professional updates 29th june 2018

corporate and professional updates 29th june 2018

Direct Tax :

  • ITAT notes the assessee-company’s conclusion of the MAP with USA in respect of ‘management charges’ payment and allows withdrawal of the ground of appeal against TPO’s determination of ALP at NIL; On the dispute of Revenue characterizing assessee company’s ‘engineering and design’ services as ITeS, ITAT rejects ITeS classification and remands the matter to the file of the TPO for fresh adjudication; ITAT notes TPO’s inconsistent position over the years and that the TPO’s characterisation was not in tune with the functional analysis and further that TPO had not brought any evidence to support ITeS classification; On the comparability analysis, ITAT allows additional ground raised by assessee for excluding certain comparables  by applying ’employee-cost’ filter : Bangalore ITAT [TS-476-ITAT-2018(BANG)-TP]
  • ITAT Delhi held that  Hostel, mess and transport facility surplus cannot be considered as business income if these are incidental to the main object of the Society.  [Society for Educational Excellence Vs. DCIT (ITAT Delhi)]

Indirect Tax

  • CESTAT Delhi held that Custom Broker Licence cannot be refused merely for penalization U/s. 114 of Customs Act, 1962.  [M/s Global Marine Agencies Vs CC (Prev.) (CESTAT Delhi)]
  • The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.
  • CBEC has issued a circular to all its officers and Commissionerate for Non Initiation / Delay in recovery Proceedings as per the Audit Reports of CAG of India.
  • SBI has filed an appeal in the GST tribunal against a tax demand of Rs. 210 crore for providing various services in the 2013-16 period.
  • The case pertains to tax liability on services provided by Sebi to entities such as stock exchanges, their members, brokers.

FAQ on E-WAY BILLS:

  • Query:Can the ‘consolidated e-way bill’ (CEWB) have the goods / e-way bills which are going to be delivered before reaching the destination defined for CEWB?
  • Answer: Yes, the consolidated e-way bill can have the goods or e-way bills which will be delivered to multiple locations as per the individual EWB included in the CEWB.
  • That is, if the CEWB is generated with 10 EWBs to move 3 consignments to destination Y and 7 consignments to destination X, then on the way the transporter can deliver 3 consignments to destination Y out of 10 and move with remaining 7 consignments to the destination X with the same CEWB.
  • Alternatively, two CEWB can be generated one for 3 consignments for destination Y and another CEWB for 7 consignments for destination

More read:

MCA UPDATES

  • MCA has issued notification that additional fee @ Rs.100/- per day, after30th June 2018 shall become payable in respect of the annual filing forms (MGT-7 (form for annual return), AoC-4 (Form for balance sheet and profit and loss account), in addition to the existing if filed after due date.

RBI UPDATES

  • RBI financial stability report released that Gross NPA ratio of banks to rise to 12.2% by March 2019 if economic conditions stay the same. Bad loans at Indian banks, especially those controlled by the government, will increase further in the year to March 31.

OTHER UPDATES

  • DGFT has notified the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs under the Foreign Trade Policy, 2015-20
  • Holders of shares in listed companies now face a December deadline to convert them into dematerialized form if they have to transfer or sell them.
  • About 2.3 per cent of India’s $2-trillionplus market capitalization is still held in the form of physical stock.

KEY DATE:

  • QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY 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.

Recent Posts

Reducing Compliance by Review of CIRP Forms

IBBI issued a discussion paper for Reducing Compliance by Review of CIRP Forms The Insolvency and Bankruptcy Board of India… Read More

1 day ago

Eligibility U/S 197 for Certificate for Lower TDS Deduction

Eligibility U/S 197 for a certificate for Nil or lower TDS deduction Income Covered & Eligibility Condition of Apply U/s… Read More

1 day ago

Interpretation of “May be Taxed” in DTAAs

Interpretation of "May be Taxed" in DTAAs In the context of Double Taxation Avoidance Agreements (DTAAs), the terminology used to… Read More

3 days ago

GSTN rolls out form for tobacco manufacturers to Report I/O

GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities GSTN rollout for tobacco manufacturers to… Read More

1 week ago

12A CIRP Withdrawal can’t be postponed until CoC Constituted

12A CIRP withdrawal application cannot be kept pending for constitution of CoC Indeed, the Insolvency and Bankruptcy Code (IBC) was… Read More

1 week ago

Statutory Compliance Calendar 2023-24

Statutory Compliance Calendar 2023-24 Statutory Compliance Due date for the May 2024 Income Tax and GST Due Date Calendar of June… Read More

1 week ago
Call Us Enquire Now