JUST 5 MINUTES TAXCON TM INDIA PRIVATE LIMITED

Transcription

1 JUST 5 MINUTES TAXCON TM INDIA PRIVATE LIMITED

2 INCOME TAX 1 CBDT EXTENDS LINKING OF PAN WITH AADHAAR TILL 30TH JUNE ITR FORMS RELEASED FOR THE AY THE CBDT HAS RELEASED THE NEW INCOME-TAX RETURN (ITR) FORMS FOR ASSESSMENT YEAR INCORPORATING THE CHANGES MADE BY THE FINANCE ACT, 2017 IN THE INCOME-TAX ACT AND ASKS TAXPAYERS TO PROVIDE FIGURES OF IND AS COMPLAINT FINANCIAL STATEMENTS, GSTR NO., GST TURNOVER, ETC.

3 COMPANIES ACT 1. SUSPENSION OF DIN FACILITY EXTENDED THE MINISTRY OF CORPORATE AFFAIRS INFORMS THAT TEMPORARY SUSPENSION OF ISSUANCE OF ALLOTMENT OF NEW DINS FOR DESIGNATED PARTNERS/PARTNERS OF LLPS IS BEING EXTENDED TILL FURTHER NOTICE. A SUITABLE MESSAGE WOULD BE POSTED ON THE PORTAL AFTER REVISED DIR-3 IS MADE AVAILABLE FOR FILING PURPOSES FOR ISSUANCE OF NEW DPIN/DINS FOR PARTNERS OF PROPOSED LLPS.

4 COMPANIES ACT 2. EXTENSION OF DUE DATE FOR FILING AOC- 4 XBRL USING IND AS MCA HAS ISSUED A CIRCULAR FOR RELAXATION OF ADDITIONAL FEES AND EXTENSION OF LAST DATE OF FILING OF FORM AOC-4 XBRL E-FORMS USING IND AS UNDER THE COMPANIES ACT, 2013 FROM MARCH 31, 2018 TO APRIL 30, EXTENSION TO CODS MCA HAS EXTENDED THE CONDONATION OF DELAY SCHEME [CODS] 2018 BY ANOTHER ONE MONTH, I.E. UPTO 30TH APRIL 2018.

5 COMPANIES ACT 4. ALLOWED RESUBMISSION OF RUN MCA HAS ALLOWED RE-SUBMISSION OF RUN FOR RESERVATION OF NAME WITHIN 15 DAYS OF REJECTION BY REGISTRAR, BY INCORPORATING THE PROVISION IN THE COMPANIES (INCORPORATION) SECOND AMENDMENT RULES, XBRL RELATED FILING MCA NOTIFIES THE COMPANIES (FILING OF DOCUMENTS & FORMS IN XBRL) AMENDMENT RULES, 2018, MANDATING ALL THE COMPANIES WHICH FILED THEIR FINANCIAL STATEMENTS UNDER SUB-RULE (1) OR UNDER THE ERSTWHILE RULES, SHALL CONTINUE TO FILE THEIR FINANCIAL STATEMENTS THOUGH THEY MAY NOT FALL UNDER THE CLASS OF COMPANIES SPECIFIED THEREIN IN SUCCEEDING YEARS.

6 GST CBEC (CENTRAL BOARD OF EXCISE AND CUSTOMS) IS NOW CBIC (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) W.E.F. 01 APR 2018

7 GST 1. PROVISIONS TO CONTINUE TILL JUNE 30, 2018 CBEC HAS CLARIFIED TO CONTINUE THE FILING OF GSTR-3B UPTO JUNE ALSO THE IMPLEMENTATION OF REVERSE CHARGE MECHANISM (RCM) ON THE SUPPLY OF GOODS OR SERVICES BY UNREGISTERED PERSON HAS BEEN DEFERRED UNTIL 30TH JUNE 2018

8 GST 2. DETAILED VERIFICATION OF TRAN-1 CBEC HAS ISSUED A DETAILED CIRCULAR ON VERIFICATION OF CREDIT TRANSITIONED TO GST THROUGH FORM TRAN-1. KEY ASPECTS ARE STATED BELOW: CREDIT VERIFICATION TO REMAIN THE PRIMARY FOCUS AREA DURING FY CREDIT VERIFICATION TO TAKE PLACE BY CGST AUTHORITIES EVEN IF THE JURISDICTION IS WITH STATE. CREDIT OF KKC/SBC/E CESS IS NOT ELIGIBLE. EACH LINE-WISE DATA IN TRAN-1 TO BE VERIFIED IN DETAIL. SUPPORTING DOCUMENTS AND OTHER INFO TO BE SOUGHT FROM ASSESSEE. CREDIT TAKEN IN EXCESS OF INR 25 LAKHS IS BEING VERIFIED.

9 GST 3. GOVERNMENT ISSUES CLARIFICATIONS TO FURTHER EASE THE PROCEDURE FOR FILING AND SANCTION OF EXPORT REFUNDS IN SOME CASES ZERO RATED SUPPLIES HAVE BEEN MADE BEFORE FILING OF LUT AND REFUND CLAIMS HAVE BEEN FILED FOR UNUTILIZED ITC. THE CIRCULAR CLARIFIES THAT THE DELAY IN FURNISHING OF LUT IN SUCH CASES MAY BE CONDONED AND THE FACILITY FOR EXPORT UNDER LUT MAY BE ALLOWED RETROSPECTIVELY TAKING INTO ACCOUNT THE FACTS AND CIRCUMSTANCES OF EACH CASE. RULE 96A (1) OF CGST RULES STIPULATES THAT ANY REGISTERED PERSON WHO EXPORTS GOODS OR SERVICES IS LIABLE TO PAY TAX ALONG WITH INTEREST IF THE GOODS ARE NOT EXPORTED, OR PAYMENT OF SERVICES ARE NOT REALIZED WITHIN A SPECIFIED TIME PERIOD. THE BOARD CLARIFIES THAT EXPORTERS ARE NOT REQUIRED TO PAY ANY INTEGRATED TAX FOR NOT EXPORTING THE GOODS WITHIN THE TIME PERIOD AND CLAIM A REFUND, AS LONG AS THE GOODS ARE ACTUALLY EXPORTED.

10 GST EXPORTERS HAVE THE OPTION OF FILING REFUND CLAIMS FOR ONE CALENDAR MONTH/ QUARTER OR BY CLUBBING SUCCESSIVE CALENDAR MONTHS/ QUARTERS BUT SUCH CALENDAR MONTH/ QUARTER SHALL NOT SPREAD ACROSS DIFFERENT FINANCIAL YEARS. REALISATION OF CONVERTIBLE FOREIGN EXCHANGE IS ONE OF THE CONDITIONS FOR EXPORT OF SERVICES BUT IT IS NOT A CONDITION FOR EXPORT OF GOODS. THE RULES PRESCRIBE FILING OF THE RELEVANT BRC OR FIRC ONLY FOR EXPORT OF SERVICES. FOR EXPORTERS OF GOODS, THERE IS NO REQUIREMENT TO PROVIDE BRC OR FIRC

11 GST WHEN A SELF-DECLARATION IS FILED AT THE TIME OF SUBMISSION OF LUT THAT THE EXPORTER HAS NOT BEEN PROSECUTED, THE GST OFFICERS SHOULD NOT INSIST ON FILING SUCH SELF- DECLARATION ALONG WITH EVERY REFUND CLAIM. DOCUMENTS HAVE BEEN PRESCRIBED WHICH THE OFFICER MAY ASK FOR THE SCRUTINY OF REFUND CLAIMS

12 1. AMENDMENT IN GRATUITY ACT LABOUR LAWS THE PAYMENT OF GRATUITY (AMENDMENT) BILL HAS BEEN AMENDED TO AS BELOW ENHANCED THE CEILING OF TAX-FREE GRATUITY TO RS 20 LAKH FROM EXISTING RS 10 LAKH FOR EMPLOYEE. SPECIFIED THAT FOR THE TOTAL PERIOD OF MATERNITY LEAVE IN THE CASE OF A FEMALE EMPLOYEE SHALL NOT EXCEED TWENTY-SIX WEEKS. 2. PPF ACCOUNTS TO REMAIN IMMUNE FROM ATTACHMENT RELIEVING INVESTORS FEAR, THE GOVERNMENT BROUGHT AN AMENDMENT TO THE FINANCE BILL ENSURING CONTINUED IMMUNITY TO DEPOSITS UNDER THE PUBLIC PROVIDENT FUND (PPF) FROM ATTACHMENT UNDER ANY DECREE OR ORDER OF COURT FOR RECOVERY OF DEBT OR LIABILITY OF THE DEPOSITOR.

13 CASE LAWS - INCOME TAX 1. SHRI RUDRA GOUDA (LR OF LATE B KUMAR GOUDA) V. ACIT CIRCLE-1 IT HAS BEEN HELD BY KARNATAKA HIGH COURT THAT WHERE ASSESSMENT AGAINST LEGAL REPRESENTATIVE OF THE DECEASED AND ASSESSMENT ORDER MADE IN THE NAME OF DECEASED PERSON, THE AO HAS TO PASS DENOVO ASSESSMENT ORDER ON THE LEGAL REPRESENTATIVES OF THE DECEASED ASSESSEE IN ACCORDANCE WITH LAW. 2. ACIT VS. RAJIV NAYAR (2018 (3) TMI ITAT DELHI IT HAS BEEN HELD THAT WHERE THE ASSESSEE FOLLOWING CASH ACCOUNTING METHOD, TDS CERTIFICATES SHOWS HIGHER GROSS RECEIPTS THEN WHAT IS SHOWN IN THE RETURN OF INCOME AND PROFIT & LOSS ACCOUNT, THE ADDITIONS WERE CORRECTLY DELETED BY THE CIT(A).

14 CASE LAWS - INCOME TAX 3. RAJAT B MEHTA V. INCOME TAX OFFICER (INTERNATIONAL TAXATION) IT HAS BEEN HELD THAT IF FURNITURE AND FIXTURES ARE INTEGRAL PART OF HOUSE PURCHASED BY THE ASSESSEE, IT IS NOT OPEN TO AO TO TREAT ONLY THE COST OF CIVIL CONSTRUCTION AS THE COST OF HOUSE AND SEGREGATE THE COST OF OTHER THINGS AS INELIGIBLE FOR DEDUCTION U/S 54.

15 CASE LAWS INDIRECT TAX 1. COIMBATORE CORPORATION CONTRACTORS WELFARE ASSOCIATION V. STATE OF TAMIL NADU THE HIGH COURT OF MADRAS HAS HELD THAT SINCE CGST ACT, 2017 CAME IN FORCE WITH EFFECT FROM JULY 1, 2017, CONTRACT WORK FOR WHICH AGREEMENTS WERE EXECUTED PRIOR TO JULY 1, 2017 GST WOULD NOT BE IMPOSED ON SAME AND 25% VAT ALONE WAS APPLICABLE. 2. A & M DESIGN & PRINT PRODUCTION V. UNION OF INDIA THE DELHI HIGH COURT HAS HELD THAT SINCE MANDATE OF COMMON GOODS AND SERVICES TAX ELECTRONIC PORTAL IS TO FACILITATE REGISTRATION, PAYMENT OF TAX, FURNISHING OF ITS RETURNS, ETC., IT COULD NOT BE PROGRAMMED SO AS TO DENY UTILIZATION OF CGST AND SGST CREDIT IN A MANNER NOT ENVISAGED EITHER UNDER SECTION 49(5) OR RULES MADE UNDER SECTION 49(4)

16 CASE LAWS INDIRECT TAX 3. MAA VINDHYAVASINI TOBACCO (P.) LTD. V. STATE OF U.P [2018] 91 TAXMANN.COM 214 (ALLAHABAD) THE ALLAHABAD HIGH COURT HAS HELD THAT IN CASE GOODS STARTING THEIR JOURNEY ONE WEEK AFTER DATE OF INVOICE, PRIMA FACIE CANNOT BE A GROUND FOR SEIZURE OF GOODS OR IMPOSITION OF PENALTY 4. M/S PUNJ LLOYD LTD VERSUS CST DELHI THE DELHI BENCH OF CESTAT HAS HELD THAT AN ASSESSEE CAN T BE TREATED AS MANPOWER SUPPLY AGENCY ON DEPUTATION OF EMPLOYEES TO SUBSIDIARY GROUP COMPANY FOR THE PURPOSE OF IMPOSING SERVICE TAX.

17 FORTNIGHTLY UPDATE NO : 293 RD DISCLAIMER: THIS IS FOR PRIVATE CIRCULATION ONLY. EVERY EFFORT HAS BEEN MADE TO PROVIDE THE CORRECT INFORMATION FOR THE FACILITY OF OUR CLIENTS. SPECIFIC ADVICE/CLARIFICATION SHOULD BE OBTAINED IN CASE THERE IS ANY DOUBT RELATING TO THE AFORESAID