- SC rules against the Revenue in a batch of over 50 appeals, holds that receipts by premises cooperative societies (assessees) from its members, on account of non-occupancy charges, transfer charges, common amenity fund contribution are exempt from income tax based on the doctrine of mutuality; [TS-111-SC-2018]
- SC clamps down on foreign law firms, holds that the term “practice of law” includes litigation as well as non-litigation work; SC observes “Ethics of the legal profession apply not only when an advocate appears before the Court.. practicing of law includes not only appearance in courts but also giving of opinion, drafting of instruments, participation in conferences involving legal discussion.” ; [LSI-105-SC-2018(NDEL)]
- Transfer Charges, Non-Occupancy Charges etc. collected by Co-operative Societies from its members are exempt from Income Tax: Supreme Court of India.
- Finance Bill 2018 was passed by Lok Sabha on 14.03.2018 with 21 Amendments by the Finance Minister of India Mr. Arun Jaitely.
- extends indexation benefit to investors of unlisted firms for computing tax liability on sale of shares listed after January 31; capital gains arising from such transactions will continue to be taxed at 20%.
- CBEC has issued circular regarding Processing of refund applications for UIN entities. Vide Circular No. 36/10/2018-GST, dated 13th March 2018.
- E-way bill shall be required w.e.f 1.4.2018 for inter-state supplies where value of consignment excluding Exempted goods, exceeds Rs. 50000.
- Key characteristics for Auto-population of e-invoice
- Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme
- MCA amend the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015. These rules may be called the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.
- Lok Sabha passed bill on damages for breach of contract and to reduce discretion of courts in such matters. The Specific Relief (Amendment) Bill, 2018.
- A parliamentary panel has asked the govt. to assess the Employees Pension Scheme 1995 and consider a revision of the minimum monthly pension of Rs 1,000.
- DGFT has Launch of e-MPS-facility to make online payment for miscellaneous applications.
FAQ on Condonation of Delay Scheme (CODS):
- Query:What is remedy to file documents if Director is associated with two different defaulting companies out of which one has been struck off and the other one is still active and situation being such that director has been disqualified due to defaults in struck off company?
- Answer:Well in this situation his DIN shall be active under the Scheme to file documents of defaulting company which is still active. For seeking relief from disqualification from the struck off entity, refer Question 18.
- 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