corporate and professional updates 9th APRIL 2018
Page Contents
Direct Tax:
- Madras High Court held that the main criteria for treating a person as the Principal Officer is that he should be in charge of the management, administration and day-to-day affairs of the company. It further holds that merely because the petitioner was the non-executive Chairman of the company, it cannot be said that he was in-charge of the day-to-day affairs, management and administration of the company. HC heavily relies on statement of Company’s that the assessee was not in charge of the day-to-day management and administration of the company and was neither drawing any salary nor sitting fees for attending boarding meetings [TS-160-HC-2018(MAD)]
- Delhi ITAT held that “Promotion of brand by a branch office in India is also required to be done at ALP in the same way in which it is done for a transaction between the foreign enterprise and its associated enterprise in India”. [TS-224-ITAT-2018(DEL)-TP]
- ITRs for AY 18-19 notified. E-filing Mandatory except for ITR1 & 4 for individual/HUF having income upto 5lacs & no refund& individual of 80 years or more.
- CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a standard deduction of Rs 40000/-or amount of pension whichever is less.
- Income tax department has set up a committee to look into the tax implications of the super-rich leaving the country to settle abroad and also arrive at the country’s stand on such migrations.
- CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
- CBDT gives Clarification regarding applicability of standard deduction to pension received from former employer
More read : all you know about documents required under the gst refund system
Indirect Tax Update:
- Indirect Taxes Committee of ICAI invites comments & suggestions from members on proposed GST Audit Report formats; Releases draft of Form GSTR 9C – GST Audit Report, Form GSTR 9D – GST statement of particulars which needs to be furnished along with Audit Report, and relevant draft Annexures to said Form GSTR 9D;
- CBIC introduces IT Grievance Redressal Mechanism for grievances of taxpayers due to technical glitches on GST Portal-reg. – Circular No. 39/13/2018-GST.
- Big Relief For Exporters in Case Of LUT: As per Latest Circular No. 40/14/2018-GST dt. 06.04.2018 Exporters to file LUT in FORM GST RFD-11 on the portal only. LUT will be deemed to be accepted as soon as ARN is generated. No document needs to be physically submitted to the jurisdictional office.
MCA Updates
- Directors disqualification is being removed by filing writ petition in the High court. Last date to approach High court isApril 30, 2018.
RBI Updates
- RBI has decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
Other updates
- The Payment of Gratuity (Amendment) Bill, 2018 has been passed by Lok Sabha on 15th March, 2018 and by the Rajya Sabha on 22nd March, 2018, has been brought in force on 29th March,2018.
FAQ on E-WAY BILLS:
- Query: What is the Part-A Slip?
- Answer:Part-A Slip is a temporary number generated after entering all the details in PART-A. This can be shared or used by transporter or yourself later to enter the PART-B and generate the E-way Bill. This will be useful, when you have prepared invoice relating to your business transaction, but don’t have the transportation details. You can enter invoice details and keep it ready for transportation, once the transportation is ready.
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
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)