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

Corporate & Professional updates 31st March 2018

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Direct Tax:

Chandigarh ITAT allows Sec. 80IC deduction to assessee-company (running a hotel in Himachal Pradesh under the Eco-tourism project) for AY 2007-08 on account of ‘substantial expansion’ in building, furniture and fixtures; Rejects Revenue’s stand that the expansion in building, furniture and fixtures cannot constitute an investment in plant and machinery for the purpose of reckoning ‘substantial’ expansion’ u/s. 80IC. [TS-145-ITAT-2018(CHANDI)]

ITAT holds that TP-adjustment towards notional interest on outstanding AE receivable is required to be made for AY 2004-05, notes that credit period extended to AE was higher than credit period extended to non-AEs; Assessee had argued that it did not charge interest to AE as well as non-AE for delayed payments; However, ITAT rejects interest rate of 6.75% applied by TPO based on cost of capital, directs that adjustment should be made using interest rate for export packing credit of 1.92%. [TS-199-ITAT-2018(Mum)-TP]

ITAT Kolkata holds that “Initial Intention” of the assessee to decide whether an activity amounts to ‘Trading activity’ or ‘Investment activity’. [I.T.O Vs. M/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata)]

INDIRECT TAX

31-3-18 (Saturday) is LAST DATE for eligible assessees to opt for Composition Scheme by filing intimation in Form GST CMP-02 for FY 2018-19.
The Central Board of Excise and Customs (CBEC) extended the time limit for filing of GSTR-1 for both entities who have turnover up to 1.5 crores and more than 1.5 crore.
Exporters of goods or services or both are hereby informed that they are required to furnish Letter of Undertaking for Financial Year 2018-19 prior to starting issuing export invoices if they opt to export the goods or services or both without payment of tax.

RBI updates

RBI rolled out the regulations to allow cross-border mergers and amalgamation that could boost foreign direct investment into the country. The Foreign Exchange Management (Cross Border Merger) Regulations, 2018, will cover both inbound and outbound investments.

SEBI updates

SEBI approved changes proposed by the Uday Kotak panel on improving corporate governance standards such as splitting the post of chairman and managing director, tighter rules for independent directors, enhanced disclosure of related-party transactions and mandatory secretarial audits for listed entities & their subsidiaries.

Key Dates:

Filing of ITR for AY 2017-18: 31.03.2018
Filing of ITR for AY 2016-17: 31.03.2018

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: “Initial Intention”Condonation of Delay Scheme(CODS)foreign companies eligible to seek condonationForm GST CMP-02RBI allow cross-border mergersRBI rolled out the regulations to allow cross-border mergers and amalgamationSEBI approved changes proposed by the Uday KotakSec. 80IC deduction to assessee for ‘substantial expansion’

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.