CA Binumon

11/07/2023

24/10/2020

*ITR - Non Audit cases - AY 2020-21 - Extended from 30.11.2020 to 31.12.2020*

*Uploading of tax audit reports - AY 2020-21 - Extended from 31.10.2020 to 31.12.2020*

*Uploading ITR in company, tax audit, working partners of tax audit firms, transfer pricing etc. cases - AY 2020-21 - Extended from 30.11.2020 to 31.01.2021*

10/03/2018

https://www.ndtv.com/business/revised-income-tax-returns-to-be-filed-by-march-31-permanent-account-number-pan-details-documents-1821862

PAN is a ten-digit alphanumeric number, issued in the form of a laminated card, by the income tax department.

10/03/2018

GST E WAY BILL : MAJOR RELIEF – 8TH MARCH, 2018

The government has announced major relief in the E Way Bill Rules in its decision on 8th March, 2018, with key points as below:-

1. Limit of Rs. 50,000/- for E Way Bill to be applied to Individual Consignment and not on the Total Value of Consignment in a Vehicle;

2. Rs. 50,000/- Limit will be calculated after reducing the value of Exempted Goods if any in an Invoice;

3. Vehicle details are not required on E Way Bill for Intra State movement of good upto 50 Kms (earlier 10 Kms)

4. Job Workers can also generate E Way Bill for Inter State movement of Goods.

5. Mandatory requirement for production of E Way Bill (wherever applicable) at the time of delivery by Railways to plug leakage from transportation through Railways.

These changes will be a major relief for E Commerce companies, Transport Agencies, Courier Companies and Small Businesses.

10/03/2018

PROFESSSION UPDATES

GST Council is meeting today (10MAR18) to discuss the final implementation date of E-way Bill and simplify filing of returns.

# ICAI has set up a Group for Review of Procedure for General Elections to the Council and Regional Councils and to work out modalities for implementation of Electronic voting.

# IBC: Initiation of CIRP - non-issuance of Section-8 notice prior to filing of the present application is a non-curable defect, which cannot be cured at this stage - Idemitsu L**e India Pvt. Ltd. Vs. AS Autotech Pvt. Ltd. (2018 (3) TMI 390 – NCLT, New Delhi).

# IT: Admittedly, there is no allegation that the revised return of income filed by the Assessee u/s 139 (5), contains any inaccurate particulars of income - ITAT rightly deleted the penalty – Pr.CIT Vs. Sterlite Opportunities and Ventures Ltd. (2018 (3) TMI 384 - Bombay HC).

# ST: Valuation - only w.e.f. 14.05.2015, as per amended Sec. 67, such reimbursable expenditure or cost would be included in the taxable value - Union of India & Anr. Vs. Intercontinental Consultants & Technocrats Pvt. Ltd. (018 (3) TMI 357 - SC)

09/03/2018

Simpler GST filing module may be finalised on March 10: Official

In the 23rd GST council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue.