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GST, Income Tax , TDS – Daily Updates

This Section will Be Updated on Routine Basis , Keep Checking.

October 5, 2017

CBEC Relaxes Norms for Exports under GST: Exporters can Furnish Letter of Undertaking instead of Bond without Threshold Limit. it has been decided that the facility of furnishing Letter of Undertaking, in place of a bond, for exporting goods or services or both shall be allowed to exporters and no bank guarantee will be required

GST: Advisory on claiming credit in TRAN 1 in respect of existing registrations –https://www.gst.gov.in/newsandupdates/read/143

Service Tax: Clarification on Transitional Issues arising with respect to payment of service tax after 30th June, 2017 Central Government vide Circular No. 207/5/2017  Dated September 28, 2017

Case Study: The partial disallowance of depreciation in the year under consideration in any case would not result into any evasion of tax. In short, the assessee would earn no benefit out of the reduced depreciation which can always be claimed in later years. – PCIT – Vadodara -1 Versus Gujarat Electricity Board

October 3, 2017

CBDT has issued an instruction no. 8/2017 dated 29th September’2017 – CBDT’s instruction to conduct e-assessments for time-barring scrutiny cases

DVAT: Date of filing of reconciliation return in Form 9 (CST) for the year 2016-17 has been extended upto 31.12.2017 vide Circular No. 16 dated 29.09.2017.

Case Study: IGST on Services Provided to Head Office abroad challenged in HC – DBS Bank Limited India Branches Vs Union of India & Anr (Delhi High Court)

Case Study: No Section 12AA Registration cancellation for non-start of charitable or religious activity – CIT vs. Shreedhar Sewa Trust (Allahabad High Court)

Due Dates for October Month

Income Tax

07.10.17 – TDS/TCS Challan

15.10.17 – TCS Return

31.10.17 – TDS Return

31.10.17 – Income Tax Return Audit Cases & for Specified persons

15.10.17 – ESI & PF

GST

20.10.17 – GSTR – 3B for the month September.

10.10.17 – GSTR-1 for the month of July.

31.10.17 – GSTR-2 for the month of July.

18.10.17 – Quarterly Return for Composition Dealers.

31.10.17 – TRAN-1

September 29, 2017

Transitional issues related to service tax payment after 30th June 2017 – Circular 207/5/2017 (28/09/2017) – It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was also made before 1-7-2017, but the service tax was paid by 5th/6thJuly 2017, details of credit should be indicated in Part I of Form ST-3 by filing a revised return

GST: Amendment of registration CORE field” has been opened on GST portal. Now the amendment in 1) Business Detail 2) Place of Business 3) Additional Place of Business and 4) Promoters/Partners detail is possible

GST: Composition scheme under GST is “Open”. Traders can register till 30 September.

Case Study: Section 54/ 54F benefit cannot be denied for mere non registration of sale deed – Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi)

September 27, 2017

Transitional issues related to service tax payment after 30th June 2017 – Circular 207/5/2017 (28/09/2017) – It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was also made before 1-7-2017, but the service tax was paid by 5th/6thJuly 2017, details of credit should be indicated in Part I of Form ST-3 by filing a revised return.

GST: Amendment of registration CORE field” has been opened on GST portal. Now the amendment in 1) Business Detail 2) Place of Business 3) Additional Place of Business and 4) Promoters/Partners detail is possible

GST: Composition scheme under GST is “Open”. Traders can register till 30 September.

 

Case Study: Section 54/ 54F benefit cannot be denied for mere non registration of sale deed – Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi)

September 27, 2017

GST: Composition scheme under GST is “Open“. Traders can register till 30 September. The 21st meeting of the GST Council has decided to re-open registrations for small businesses. Composition scheme is an alternate method of taxation, which allows small businesses with annual turnover up to Rs 75 lakhs, to pay tax at a concessional rate, as well as reduce the compliance cost.

RBI: Amendments to RBI Master Direction on Financial Services provided by Banks vide RBI/2017-18/66 dated 25/09/2017.

SEBI: Prevention of Unauthorized Trading by Stock Brokers  vide order SEBI date 26/09/2017.

Case Study: Onus to justify balance claim of expense on Assessee when he admits part of the same is excessive – CIT Vs. Link Engineer (P.) Ltd. (Delhi High Court)

September 26, 2017

*Income Tax: *Big Relief from useless compliance under Income Tax Profile info* – Now you can skip the page demanding new email, bank account info on Income tax Login. Click on Skip Button at the bottom of the page without filing information.

September 25, 2017

#Income Tax Registration: New Registration process to facilitate effective communication between the taxpayer and department is enabled. The existing e-Filing users are required to update their profile by logging into e-Filing account. Users who have registered already and not activated has to register again.

#Income Tax: Online Form i.e. Form No. 67 needs to be filed in the case where assessee claiming the benefit of foreign tax credit. Submission of Form 67 shall precede the filing of return of Income. Notification No. 9 – (19/09/2017)

#MCA: Companies (Restriction on Number of Layers) Rules 2017 notified w.e.f. 20.09.2017 u/s 2(87): http://egazette.nic.in/WriteReadData/2017/179104.pdf

Proviso to Sec.2(87) made effective from 20.9.2017: http://egazette.nic.in/WriteReadData/2017/179105.pdf

#GST: TDS Deductor Registration enabled on GST Portal.

Taxpayers can now edit, submit & file GSTR 3B for July 2017

September 21, 2017

#GST – Date for original TRAN-1 also extended to 31st October by order no. 3/2017 dated 21-09-2017.

#GST – CBEC reduces CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) – (21/09/2017)
#GST: Relief to taxpayers by Rajathan High Court from late fees and penalty on account of technical glitches on GSTN portal – Rajasthan Tax Consultants Association Vs. Union Of India And Ors (Rajasthan High Court)

September 20, 2017

GST: Exemption from registration to a casual taxable person/ person making inter-state taxable supplies of handicraft goods vide Notification No. 32/2017-Central Tax, dt. 15-09-2017

GST: Job-workers making inter-State supply of services to a registered person exempted from obtaining registration vide Notification No. 07/2017-Integrated Tax, dt. 14-09-2017

September 19, 2017

CBDT issued draft notification to introduce self reporting system of income tax by the assessees quarterly or half yearly (as per draft notification). – Another compliance to be added under Income Tax for advance tax payers. CBDT to introduce Rule 39A & Form 28AA for voluntary reporting of estimated current income and advance tax liability to be filed by 15th November for 30th September half year ended

GST Composition: Small Traders/Manufacturers/Restaurants can now opt for availing the Composition Scheme till September 30, 2017. You can now opt for availing the Composition Scheme till 30th September, 2017 and avail its benefits from 1st October, 2017.

Case Study: Before Passing an Order U/s. 263 Principal CIT or CIT has to do their Own Enquiry – PCIT vs. Delhi Airport Metro Express Pvt. Ltd (Delhi High Court)

September 14, 2017

GST – Due date to file declaration in Form GST TRAN-1 extended till 31.10.2017 vide Order No. 02/2017-GST – (18/09/2017)

September 13, 2017

GST Advisory: Use separate series of Invoice & Payment voucher for RCM cases, Receipt & Refund Voucher for advances as series to be given in  GSTR-1

Case Study: Legislative Provisions cannot be amended by CBDT in exercise of its Power U/s. 119 of Income Tax Act, 1961 – CIT Vs S.V. Gopala Rao (Supreme Court of India)

Case Study: Mere Cheque payment and establishing ID of creditors is not sufficient to make a loan genuine – Principal Commissioner Of Income Tax – 7 Vs Bikram Singh (Delhi High Court)

Income Tax: 15.09.2017 is last date for payment of your second installment of Advance Tax. Non/short payment will attract levy of penal interest.

September 12, 2017

Case Study: Revision on the ground that AO did not conduct a detailed inquiry due to paucity of time is invalid – PCIT Vs. Mera Baba Reality Associates Pvt. Ltd. (Delhi High Court)

CBEC notifies revised rates of compensation cess on various motor vehicles vide Notification No. 5/2017-Compensation Cess (Rate)

September 10, 2017

GST Update – 21st GST Council meeting dated 9th September extended July Return GSTR-1- 10th October; GSTR-2- 31st October; GSTR-3- 10th November. Due dates for subsequent periods after July shall be notified at a later.

Summarised return in Form GSTR-3B to continue for 4 more months – It is decided that GSTR-3B will continue to be filed for the months of August to December, 2017 by 20th of the following month.

GST Eway Bill – Every registered person who causes movement of goods and Consignment value exceeds Rs.50,000 shall furnish information in Part A of FORM GST EWB-01.  The information furnished in Part A of FORM GST EWB-01 shall be made available to the registered supplier on the common portal who may utilize the same for furnishing details in FORM GSTR-1.

Case Study: Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts – DIT(E) Vs. Vishwa Hindu Parishad (Delhi High Court)

September 7, 2017

MCA: Power of Central Govt  u/s 66(2) regarding notice for reduction of share capital delegated to Regional Directors vide notification dated 6.9.2017 – http://www.mca.gov.in/Ministry/pdf/Delegationpowers_07092017.pdf

September 5, 2017

#GST Update: Due dates of GSTR 1, GSTR 2 and GSTR 3 for the month of July & August extended vide notification no.29/2017 dated 5th September 2017.

#Income Tax: Indian Advance Pricing Agreement regime moves forward with signing of four APAs by CBDT in August, 2017

Case Study: No Service Tax on Service by Indian Tour Operators in foreign currency to foreign tourists – Indian Association of Tour Operators vs union of India & ANR (Delhi High Court)

Company Law:

–       Banks to not to allow operation in account of ‘struck off’ companies

–       Directors disqualified U/s. 164(2)(a) cannot apply for Name Availability

September 4, 2017

#GST Update: GST Returns Due dates extended

For July Month

GSTR-1- 10th September

GSTR-2- 25th September

GSTR-3- 30th September

For August Month

GSTR-1- 5th October

GSTR-2- 10th October

GSTR-3- 15th October

In GST, System based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR-2 with FORM GSTR-3B – Circular No. 7/7/2017-GST dated 1st Sept.

September 3, 2017

#GST Update:

Circular dated 1st September on reconciliation of data between form 3B & GSTR1,2,3. correction can be done in GSTR 1,2 and 3 and even if 3B was submitted not filed, reconcilation will be done.

Notification No.28/2017 dated 01.09.17 issued to waive late fees payable u/s 47 for those who failed to file return GSTR 3B for the month of July.

Central Government vide Notification no.27/2017-Central Tax dt 30-08-2017 has substituted Rule 138 of CGST Rules, 2017 and prescribed the detailed procedure to be followed for generation of E-way bill and information to be furnished prior to commencement of movement of goods. The detailed procedure is available here.http://www.cbec.gov.in/resources/htdocs-cbec/gst/Ntfn%2027_2017.pdf

ICAI releases Exposure Draft of Guidance Note on Transfer Pricing [Read Draft Guidelines] – https://resource.cdn.icai.org/46857citax36644.pdf

August 31, 2017

ITR & Tax Audit: Due date for filing Income Tax Returns and Tax Audit Reports extended from 30th September, 2017 to 31st October, 2017.

Income Tax: Deadline for linking Income Tax, PAN with Aadhaar extended till December 31, 2017.

 

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