Categories: Companies Act / ROCDirect TaxGST (Goods and Services Tax)Income TaxIndirect Tax

corporate & professional updates 2nd April 2018

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 :

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.

Key Dates:

  • Filing of GSTR-6 for july 2017-feb-2018 :31.03.2018
  • 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
Tags: CBDT extends timeline for linking PAN with Aadhaar till June 30thCBEC releases simplified application form for anti-profiteering complaintsExtention of IndAS XBRL Filing and CODs Scheme date’sFiling of GSTR-4 for jan-2018-march-2018: 18.04.2018Filing of GSTR-6 for july 2017-feb-2018 :31.03.2018income of AOP cannot be taxed in the hands of the assesseeMCA has extended the Condonation of Delay Scheme
6 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.

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