corporate & professional updates 2nd April 2018
Page Contents
Direct Tax:
- CBDT extends timeline for linking PAN with Aadhaar till June 30th.
- Bangalore ITAT holds that income of AOP cannot be taxed in the hands of the assessee(one of the members of AOP) during AY 2012-13 merely due to non-filing of PAN card and IT return of AOP, notes that AOP was in existence as per deed executed; [TS-134-ITAT-2018(bang)]
- CBDT on 28thMarch, 2018 clarified that all the returns for AY 2017-18 and onwards have to be processed under section 143(1) of the Income-tax Act, 1961 irrespective of the fact whether the cases are under scrutiny or AO contemplating withholding of refund under section 241Aof the Act.
- Income-Tax Department released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues.
More reads :
- Basic of Adhaar Card, significance, process, Aadhaar linking with PAN
- How to check the status of TAN and PAN Application
Indirect Tax:
- CBEC releases simplified application form for anti-profiteering complaints; Accordingly, affected consumers can file their grievance using Form APAF-1, which is made more convenient to use, before Standing Committee or State level Screening Committee in terms of Rule 128 of CGST Rules; New form requires general information about applicant and supplier who has not passed on benefit, as well as particulars of goods / services and details of reduction in tax rate / benefit of ITC.
- Extension to 31.05.2018 of Last Date of GSTR-6 for July17-April 18. CBEC Notification no. 19/2018-Central Tax.
MCA Updates:
- MCA has extended the Condonation of Delay Scheme, 2018 upto 30th April, 2018. Vide circular no No022018, dated 28.03.2018.
- MCA has issued circular regarding relaxation of additional fees and extension of last date of filling of AOC -4 XBRL using Ind AS under the Companies Act, 2013.
- MCA has made the amendments to the principal rules and notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 which shall come into force from the 1st day of April, 2018.
- Pleased to inform you that IndAS XBRL Filing and CODs Scheme date’s has been extended. https://www.mca.gov. in/Ministry/pdf/GeneralCircularNo01of201829032018.pdf
RBI updates
- RBI has directed all banks to participate in the special clearing operations to be held on March 31 to clear government accounts.