Corporate & Professional updates 16th march 2018

Direct tax

• The Finance Bill, 2018 as passed by Lok Sabha has inserted a new proviso in section 145A to provide that the securities held by a scheduled bank or public financial institution shall be valued in accordance with ICDS(Income Computation and Disclosure Standards ) after taking into account the extant guidelines issued by the RBI in this regard.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Iran.
• AAR rules that the applicant company (a non-resident seller based in Finland) eligible for lower rate of tax @ 10.506% (inclusive of surcharge and cess) on capital gains arising on sale of listed shares, as per proviso to Sec 112(1), follows Delhi HC ruling in Cairn UK; [TS-110-AAR-2018]

• Income tax department has provisionally attachedbenami properties of over Rs 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha on Mar 13, 2018. “Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases.
• While quashing the revisional assessment in the case of Sangeeta Jain, Income Tax Appellate Tribunal (ITAT) Delhi bench recently ruled that capital gain exemption allowed by the Assessing Officer (AO) on the basis of the certificate from Tahasildar cannot be treated as erroneous.

Indirect tax

Gst updates

• The Central Board of Excise and Customs (CBEC) has sanctioned Rs 4,000 crore worth refunds to exporters in 4 months since October. Still about Rs 10,000 crore worth claims are stuck due to discrepancies in the information furnished by exporters to GST Network (GSTN) in filing GSTR 1 or Table 6A or GSTR 3B and shipping bill filed with Customs.
• GST Council has decided to extend GSTR-3B return filling up to 30.06.2018.

• GST Council has been announced e-way bill for inter-State movement of goods across the country from 01.04.2018. For intra- State movement of goods, e-way bill system will be introduced with effect from a date to be announced in a phased manner but not later than 01.06.2018.

More read:

• Key characteristics for Auto-population of e-invoice
• Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme

RBI Update:

• The Reserve Bank of India has issues notification regarding Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits. Vide notification no RBI/2017-18/139, dated 13th March 2018.

Sebi updates

• SEBI today said unutilised Investor Protection Fund (IPF) interest income accruing during a specific financial year can be carried forward to the next fiscal to enable effective utilisation of such money by the commodity derivative exchanges.

Icai updates

• If any member want to change the Region (e.g. Central region to Northern region or Northern to other Region) or Place of voting (like residence in Chandigarh & doing Job in Gurgaon) then he/she can change his Professional address.https://appforms.icai.org/memberAddressUpdate/-Change it online & submit the hard copy to ICAI with your signature on or before 31/03/2018. Otherwise for voting you will have to go to your place as mentioned in your professional address as per ICAI records.

FAQ on Condonation of Delay Scheme (CODS):

• Query:Can active company (non-defaulting) apply for CODS 2018 to file its overdue documents?
• Answer: As per introduction given in the Scheme, it is clear that the Scheme has been rolled out for defaulting companies only which are yet to file their annual filing documents which are due to be filed upto 30.06.2017.

Key dates

• GSTR-3B for the Month of February 2018: 20-03-2018
• ITR Filling last date for Income Tax Returns (ITRs) for FY 2015-16 and FY 2016-17:-31-03-2018
• Condonation of Delay Scheme 2018 which allows defaulting companies to file its overdue documents which were due for filing.:-31-03-2018