Santosh Ramanuj & Co. Chartered Accountants

20/06/2018

*SRC Updates*

Direct Tax Updates:

1. Delhi ITAT in ACIT Vs M/s Splendour’ Land Base Ltd held that return U/s 153A shall be deemed to be return U/s 139(1) and the return under section 153A once accepted and assessed replaces original return U/s 139.

2. Delhi ITAT in Axis Bank Vs .Addl. CIT held that Axis bank is not liable to deduct TDS from the interest paid or credited to Noida Authority. The Greater Noida authority, the payee, is a statutory authority constituted U/s 3 of the Uttar Pradesh (UP) Industrial Area Development Act, 1976 and 100% owned by UP State Government.

GST Update:
1. Goods can’t be Seized for Non-Filling of Part B of E-Way Bill transported within a distance of 50 Kms, rules Allahabad HC.

2. No Service Tax on Hindustan Petroleum Corp for rendering Service of Maintenance and Safety of Tank Trucks: CESTAT Bangalore in M/s. Hindustan Petrochemical Corporation Ltd v. CCE (Appeals).

Due Date:
1. GSTR 3b for the month of May 2018- June 20, 2018(Today)



Thanks & Regards
CA Gyan Agarwal
9480113902
Santosh Ramanuj & Co.
Chartered Accountants
web: www.sramanuj.com

30/05/2018

SRC Updates

Direct Tax Updates:

1. No Addition in respect of Gift in the nature of Cash and Property made in pursuance of Family Arrangement between Family Members: In Jyoti Rakesh Kapoor Vs. ITO, the Mumbai ITAT held that Gift in the nature of Cash and Property made in pursuance of family arrangement between family members, could not be considered as ‘transfer’ within the definition of Section 2(47) of the Income Tax Act 1961.

2. No Violation of Income Tax Law If Assessee utilized House Loan for Advancing Loans to others for Earning Interest: In Anuradha Agarwal Vs ITO, the Jodhpur ITAT held that there is no violation of the provisions of the Income Tax Act, 1961 if the Assessee has utilized the home loan taken from the bank for advancing loans to others for earning interest.

GST Update:
1. Lease Rent paid by Hospital on Premises subject to GST: The Karnataka Advance Ruling Authority (AAR) recently held that the Goods and Services Tax (GST) is leviable on the rent paid / payable for premises, taken on lease by a Hospital.

Due Date:
1. Due date for filing GSTR -1 for the month of April 2018 for taxpayers with turnover more than 1.50 Crore- May 31, 2018

2. Quarterly statement of TDS deposited for the quarter ending March 31, 2018- May 31, 2018

Thanks & Regards
CA GYAN AGARWAL
Santosh Ramanuj & Co.
Chartered Accountants
web: www.sramanuj.com
080-41124063

24/05/2018

SRC Updates:

Direct Tax Updates:


1. Project Development Expenditure is Revenue in Nature, Allowable u/s 37(1): In ACIT vs. M/s. Reliance Digital Retail Ltd., the Mumbai ITAT held that the Project Development Expenditure incurred on adding retail stores/outlets in the same line of business is revenue in nature and hence it is allowable under Section 37(1) of the Income Tax Act, 1961.

2. Loss due to Encashment of Bank Guarantee for Non-Fulfilment of the Work awarded to the assessee is allowable Expenditure- The Delhi ITAT in Green Delhi BQS Limited vs. ACIT, held that loss due to encashment of bank guarantee for non-fulfilment of the work awarded to the assessee is allowable expenditure.

GST Update:
3. Two More Functionalities added in GST Portal, -Two new functionalities have been added in the official GST portal including the facility to change return frequency for normal taxpayer and the payment of reduced penalty.

Due Date:
1. Quarterly statement of TDS deposited for the quarter ending March 31, 2018- May 31, 2018



Thanks & Regards
CA Gyan Agarwal
Santosh Ramanuj & Co.
Chartered Accountants
+91-9480113902
web: www.sramanuj.com

12/05/2018

SRC Updates

Direct Tax Updates:

1. Material Found during Survey in the Premises of Person Connected to the Assessee Can Be Used in Block Assessment of the Assessee: Supreme Court- From the survey in the builder’s premises, the fact of the assessee having paid Rs.95.16 Lacs to the Builder in cash was revealed which was not accounted for, will be used in block assessment.CIT vs. S. Ajit Kumar,(SC).

2. The Income Tax department has unearthed a Tax Evasion of 70 crores in consequent to raids in the premises of Sultan Group of Companies in Uttar Pradesh. Several incriminating documents were seized from their premises suggesting tax evasion, suspicious bank transactions, sale of leather goods without paying taxes, and documents related to unaccounted investments in properties, gold, shares and other companies.

GST Update:
1. CBIC releases List of Grievance Redressal Officers for E-Way Bill Queries-To address the queries of tax payers relating to E-way Bill, CBIC has published a list of 48 Grievance Redressal Officers all over India (CBIC and State / UT Governments) for e-way bill system under rule 138D of Central/ State GST Rules, 2017.

Due Date:
1. PF and ESI for the month of April’18 – MAY 15, 2018
2. Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March 2018- May 15, 2018

Thanks & Regards
FCA GYAN AGARWAL
Santosh Ramanuj & Co.
+91-9480113902

07/05/2018

SRC Updates

Direct Tax Updates:

1. ED files PMLA case in Rs 621-crore UCO Bank loan fraud after taking cognisance of a CBI FIR- The CBI alleged that the accused persons in pursuance of a criminal conspiracy had defrauded UCO Bank to the tune of about Rs 621 crore by diversion and siphoning off the bank loans, they said.

GST Update:
1. GST Leviable on Sale of Undivided and Impartible Share of Land represented by Agreement to Sell: The Delhi Authority for Advance Ruling (AAR ) on 28th March 2018, ruled that 2/3rd of the total amount charged for transfer of land or undivided share of land would be liable to GST.

Others:
1. Arrest of Chartered Accountant and Excise Officer in 52 Crore Fraud: ICAI says Accused is Not CA- Earlier, there were reports that “A Chartered Accountant and an Excise and Taxation department officer (ETO) have been arrested for an alleged fraud of Rs 52 crores. After verifying the same with the data available with the ICAI, it was found that the accused is not a Chartered Accountant.

Due Date:
1. GSTR-1 for the month of March for Aggregate Annual Turnover Exceeding Rs. 1.5 Cr -10 MAY, 2018

2. Deposit of TDS/TCS for the month of April 2018- 07 MAY, 2018

Thanks & Regards
FCA Gyanchand Agarwal
Santosh Ramanuj & Co.
+91-9480113902

06/05/2018

Last date of income tax return is 31st july for F.Y 2017-18 for salaried employeed & bussiness who dnt have tax Audit .

Regards
CA Gyan Agarwal
9480113902
[email protected]

PARTNER

SANTOSH RAMANUJ & CO

04/05/2018

​
Dear all,

​GST Update is provided below for the purpose of knowledge sharing, if you do have any clarifications please get in touch -

GST Council approves principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification

GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows – ​

i. Onemonthly Return:All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage load on the IT system. Composition dealers and dealers having nil transaction shall have facility to file quarterly return.

ii. Unidirectional Flow of invoices: There shall be unidirectional flow of invoices uploaded by the seller on anytime basis during the month which would be the valid document to avail input tax credit by the buyer. Buyer would also be able to continuously see the uploaded invoices during the month.There shall not be any need to upload the purchase invoices also. Invoices for B2B transaction shall need to use HSN at four digit level or more to achieve uniformity in the reporting system.

iii. Simple Return design and easy IT interface: The B2Bdealers will have to fill invoice-wise details of the outward supply made by them, based on which the system will automatically calculate his tax liability. The input tax credit will be calculated automatically by the system based on invoices uploaded by his sellers. Taxpayer shall be also given user friendly IT interface and offline IT tool to upload the invoices.

iv. No automatic reversal of credit: There shall not be any automatic reversal of input tax credit from buyer on non-payment of tax by the seller. In case of default in payment of tax by the seller, recovery shall be made from the seller however reversal of credit from buyer shall also be an option available with the revenue authorities to address exceptional situations like missing dealer, closure of business by supplier or supplier not having adequate assets etc.

v. Due process for recovery and reversal: Recovery of tax or reversal of input tax credit shall be through a due process of issuing notice and order. The process would be online and automated to reduce the human interface.

vi. Supplier side control: Unloading of invoices by the seller to pass input tax credit who has defaulted in payment of tax above a threshold amount shall be blocked to control misuse of input tax credit facility. Similar safeguards would be built with regard to newly registered dealers also. Analytical tools would be used to identify such transactions at the earliest and prevent loss of revenue.

vii. Transition: There will be a three stage transition to the new system. Stage I shall be the present system of filing of return GSTR 3B and GSTR 1. GSTR 2 and GSTR 3 shall continue to remain suspended. Stage I will continue for a period not exceeding 6 months by which time new return software would be ready. In stage 2, the new return will have facility for invoice-wise data upload and also facility for claiming input tax credit on self declaration basis, as in case of GSTR 3B now.

During this stage 2, the dealer will be constantly fed with information about gap between credit available to them as per invoices uploaded by their sellers and the provisional credit being claimed by them. After 6 months of this phase 2, the facility of provisional credit will get withdrawn and input tax credit will only be limited to the invoices uploaded by the sellers from whom the dealer has purchased goods.

Content of the return and implementation: Return shall be simplified also by reducing the content/information required to be filled in the return. The details of the design of the return form, business process and legal changes would be worked out by the law committee based on these principles. Government is keen to introduce the simplified return design at the earliest to reduce the compliance burden on the trade in keeping with the philosophy of ease of doing business.

​
Thanks & Regards,
CA GYAN AGARWAL
Partner
Santosh Ramanuj & Co.
(CHARTERED ACCOUNTANT IN PRACTICE)
No.227 1st floor 15th Main
Koramangala 4th block Bangalore-560034

E-mail: [email protected]
M. No.:080-41124063,9740262997
https://www.facebook.com/sramanuj575/?fref=ts
Website :- http://www.sramanuj.com


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Independent Director at Kanodia Cement Limited.
Founder of Connecting Professionals,
Insolvency Prof

03/05/2018

Last date of filling of income tax return for salaried employees for the FY 2017-18 &. Who assessee not covered under tax Audit u/s 44AB is 31st July 2018

03/05/2018

Direct Tax Updates:



1. 1. I-T department seizes Rs 4 Cr. in drive against cash hoarders-In a drive against cash hoarders, the income tax (I-T) department has seized currency worth Rs 4 Cr. from people in states, including Karnataka and Andhra Pradesh, which have reported cash shortages.

2. Wrong Info in ITR will be reported to employers: I-T to Salaried Class-The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them.

GST Updates:
1. 1. GST Anti Evasion team unearths Rs. 41 Cr default in GST payment-The Visakhapatnam Central GST Commissionerate, having jurisdiction over the Revenue districts of East Godavari, Visakhapatnam, Vizianagaram and Srikakulam, launched an intensive Inspection drive against Steel manufacturing, Shipping Services, Infrastructure Services, Logistics & Hotel sectors to ascertain proper payment of GST and ensure procedural compliance. During the drive, the Anti-Evasion teams involved in the Inspections have recovered tax of around Rs.18.09 Crores from 15 taxpayers.
2. Maharashtra to Roll Out intra-state e-way Bill w.e.f from 01st May, 2018

DUE DATES:
1. Last Date to pay TDS deducted u/s 194IB by individual/HUF not liable to Tax audit from rent more than 50000 PM from Jun 17 to Mar 18 in Form 26QC- 30 April, 2018
2. GSTR-1 for Jan to March 2018- 30 April, 2018
Thanks & Regards

ACA Gyan agarwal

ACA,B.com
Santosh Ramanuj & Co.
Chartered Accountants
+91-9560763444
011-41805555
web: www.sramanuj.com

Del-Mum-Bnglr-Gzbd-Patna

02/05/2018

*IMPORTANT NOTICE*

*GST Department* have started conducting raids on Business premises to see if the *GSTIN No is visible on Sign board of the Business premises*. Please get it affixed on Signboard and on the front door of Office. Notice can be issued if the GSTIN No is not mentioned on Signboard and on Front door of Business primses *U/s 125 of CGST Act 2017 and the penalty under this Section can be upto 25,000/-.*

Don't ignore and share with in groups.: Pl
keep a notice board as address given for GST

Regards

CA Gyan Agarwal
9480113902.

02/05/2018

*Due Date for Filing GST Return*

Due date for filing GSTR-1 (Details of All Outward Supply) Return for the month of _*March, 2018*_ taxpayer whose turnover is *more than Rs. 1.5 Crore* is *_10th May, 2018_*

So, Hurry up and file your GSTR-1 before due date to avoid last minute rush....

Contact for more details:-
CA Gyan Agarwal
9480113902

02/05/2018

Direct Tax Update:

No reassessment merely on allegation that assessee had PE in India if ALP procedure was duly followed: SC-Where notice issued to assessee for reassessment was based only on allegation that it had permanent establishment in India, said notice could not be sustained once arm's length price procedure had been followed Honda Motors Co. Ltd. V. Assistant Director of Income-Tax, Noida.

GST Updates:

Goods couldn't be seized if e-way bill was generated before seizure order: HC-Where Seizing Authority had seized goods of assessee (seller) under transport on grounds that tax invoice was kept in a sealed envelope and goods were being transported without E-way Bill-02, since tax invoice indicated tax charged and same found during course of inspection/detention and E-way Bill-02 had been downloaded much before seizure order, seizure of goods not justified.

MCA Updates:

Due date for filing of AOC-4 XBRL by Ind AS Companies extended to 31st May, 2018-The Ministry of Corporate Affairs has extended the due date for filing of AOC-4 XBRL for all eligible companies required to prepare or voluntarily prepare their financial statements in accordance with Ind AS till 31st May, 2018 without any additional fees.

Company’s name was to be restored after filing of pending annual returns and balance sheet along with late fee-Where a company was carrying on its operation which was evident from fact that it was filing income tax returns, service tax returns and all other documents, it could not be said that company was defunct or non-operational and, therefore, name of company was to be restored on an undertaking that it would file its pending annual returns and balance sheets along with requisite late filing fees.

DUE DATES:

GSTR-1 for the month of March for Aggregate Annual Turnover Exceeding Rs. 1.5 Cr or opted to file Monthly Return-10 MAY, 2018
Deposit of TDS/TCS for the month of April 2018-07 MAY, 2018

Thanks & Regards

ACA Gyan Agarwal
SantoshRamanuj&Co.
CharteredAccountants
+91-9480113902
080-41124063
web: www.sramanuj.com

Del-Mum-Bnglr-Gzbd-Patna

Chartered Accountants Firm providing services to International & Domestic clients in diverse areas of business through its offices situated at New Delhi, Mumbai & Bangalore.