CORPORATE AND PROFESSIONAL UPDATES 5Th MARCH 2018

CORPORATE AND PROFESSIONAL UPDATES 5Th MARCH 2018

Direct tax 

• CBDT has decided to give a last chance to persons who have not filed income tax returns for the last two years. An advisory issued by the board that such persons can file income tax returns by 31st March 2018.
• Income Tax Deptt. notifies the Centralized Communication Scheme, 2018 for conduct of electronic assessment proceedings. CBDT Notification dated. 22.2.2018.
• Ahmedabad ITAT quashes imposition of penalty u/s 271(1)(c) on assessee-individual for AY 2009-10, rules that “where the original basis of imposition of penalty has been altered in a significant way by the first appellate authority, the very basis for sustaining the penalty is rendered non-existent.”; [TS-86-ITAT- 2018(Ahd)]
• Bombay HC dismisses assessee-company’s (an electronic spot exchange for commodities) writ, upholds re-assessment for AY 2010-11 initiated beyond 4 years period on the basis of a special audit report; [TS-87-HC-2018(BOM)]

Gst updates

• CGST Mumbai Central Commissionerate arrested director of Shah Brothers Ispat Pvt Ltd, and director of V N Industries, for availing of “ineligible credit” of Rs 5.20 crore and Rs 2.03 crore, respectively.
• GST Deptt Chandigarh taken action against “organized gang” involved in the Rs 100 crore fake GST billing scam, against 134 persons associated with 70 companies/ firms in the Punjab state.

FAQ on Condonation of Delay Scheme (CODS):

• Query:what shall be the filing fees for registering under this scheme?
• Answer:The filing fee for availing benefits under this Scheme is Rs.30,000/- which is the fee required to be paid at the time of filing the e-Form CODS 2018.
• However, before filing e-Form CODS 2018, the defaulting companies shall be required to upload all their overdue documents with additional fee for the delayed period for each one of them, as may be leviedas per section 403 of the Act read with Companies (Registration Offices and fee) Rules, 2014.

Other updates

• NFRA: The Union Cabinet has approved the proposal for the establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
• India replaces China as world’s fastest growing economy, as GDPgrew at 7.2%  in Oct-Dec 2017, and will likely expand 6.6 percent in 2017-18, amid strong revival signs in consumption spending and invest activity.

Key Dates:

• Submission of forms received in March to IT commissioner: 07/03/2018
• Payment of TDS/TCS deducted/collected in March: 07/03/2018
• Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 for Jan on monthly basis: 10/03/2017

• Read more about: What is core Business Activity GST

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