Categories: Direct TaxGST (Goods and Services Tax)Income TaxIndirect Tax

Corporate & Professional updates 17th March 2018

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Direct Tax:

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%.

Indirect Tax:

CBEC has issued circular regarding Processing of refund applications for UIN entities. Vide Circular No. 36/10/2018-GST, dated 13th March 2018.

Gst updates

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.

MCA Update:

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.

Others updates

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.

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

Tags: "practice of law"Condonation of Delay Scheme 2018:e-MPS-facilityE-way bill shall be required w.e.f 1.4.2018 for inter-state suppliesEmployees Pension Scheme 1995Finance Bill 2018 was passed by Lok SabhaGSTR-3B for February 2018MCA amend the Companies Rules 2015.The Specific Relief (Amendment) Bill

8 years ago

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.