Categories: Companies Act / ROCDirect TaxGST (Goods and Services Tax)Income TaxIndirect Tax

CORPORATE AND PROFESSIONAL UPDATES 5Th MARCH 2018

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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

Tags: electronic assessment proceedingsFAQ on Condonation of Delay Scheme (CODS)GST UPDATESGSTR ReturnKEY DUE DATESNational Financial Reporting Authority

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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.