corporate and professional updates 6th April 2018

corporate and professional updates 6th April 2018

Direct Tax:

• ITAT directs application of TNMM over TPO/DRP’s CUP-method for benchmarking assessee’s payment of technical know-how fee to AE for AYs 2012-13 & 2013-14; Follows co-ordinate bench ruling in assessee’s own case in the preceding year wherein TNMM was accepted as MAM.
• An ITAT opines that “we restore the issue to the file of the Assessing Officer/TPO for applying the TNMM in respect of technical fee payment for determination the arm’s length price”[TS-213-ITAT-2018(DEL)-TP]
• ITAT remits TP-issues for Aptean India for fresh decision for AY 2011-12; Notes that some additional grounds were raised by assessee before DRP but the same were not decided by DRP.
• Thus, opines that “we feel it proper to restore the entire matter back to the file of DRP for fresh decision with the direction that the DRP should decide the additional grounds also along with main grounds raised by the assessee”; Directs assessee to decide all grounds by way of a speaking and reasoned order after providing hearing opportunity  [TS-214-ITAT-2018(Bang)-TP]
• Delhi High Court held that a claim of creditor cannot be said to be barred by limitation if acknowledged by the debtor. [Commissioner Of Income Tax Del Vs. M/S Banaras House Ltd. (Delhi High Court)]
• Direct tax collection has grown by 18 per cent to cross Rs 10.02 trillion in the financial year ended on March 31, 2018. Finance Minister said additional 10 million IT returns being filed in the previous financial year.

INDIRECT TAX

• Existing Composition Suppliers not required to furnish CMP-02 as this scheme is applicable till one opts out. No need for fresh form every year.
• Exporters furnish fresh Bond / Letter of Undertaking online for exports without payment of IGST for FY 2018-19. Circular 8/8/2017-GST of 4.10.2017.
• GSTN portal does not allow you to enter same invoice number in 2018-2019, which you had entered in any GSTR-1 of 2017-2018.

 

MCA Update :

• Ministry of Corporate Affairs informs that Form 20B is likely to be revised on MCA21 Company Forms Download page w.e.f 6th APRIL 2018. Stakeholders are advised to check the latest version before filing.
• MCA exempts NBFCs, certain PFIs, and Infrastructure Finance Leasing Companies  to comply with IND AS 12 and AS22. MCA notification dated 02.04.2018.

SEBI updates

• SEBI  to tighten the derivatives framework could provide an impetus to ‘dabba trading’ — an unofficial parallel market. the concept of ‘product suitability’ and physical settlement can see many proprietary traders and wealthy investors shift to dabba trading.
• SEBI will issue rules that will put the onus on chartered accountants, company secretaries, cost accountants, valuers and monitoring agencies to get companies to comply with securities regulations and act in the interests of public shareholders

Other updates

• IBBI has issued a Press release to clarify that rendering of Valuation Services without a Certificate of Registration under the Companies(Registered Valuers and Valuation) Rules, 2017 is allowed till 30th September,2018.

FAQ on Condonation of Delay Scheme (CODS):

• Query: What about Companies which are Strike Off U/S 248(5) of the Act?
• Answer:Such Companies need to file appeal u/s 252(1) of the Act with the National Company Law Tribunal (NCLT). The scheme suggests that such companies need approach NCLT faster and get its pending documents filed after NCLT permitting the revival of a company.

Key dates

• Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018
• Filing of GSTR-1 for feb 2018(turnover more than Rs1.50 cr):10.04.2018

• More :Reasons for the Movement of Goods under the GST

  More : Refund mechanisum under GST service export