GST : Note on NEW Returns and Return Formats - July 2018

Govt has issued a Note on GST - New Returns and Return Formats.

GST Council approved the key features and new format of the GST returns. This brief note lists the salient features of the new return format and business process for the information of trade and industry and other stakeholders.

A copy of the same for your reference. https://drive.google.com/file/d/0B8GyRsbVIg8gRGxHRmdlQl9wMFlkWFIwcThfZ3FMSGN4ZF9n/view?usp=sharing

Regards,
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CA.C.V.PAWAR

Due date for Income tax return filling extended to 31st August, 2018

Dear All,

 

The Central Board of Direct Taxes (CBDT) via Notification dated 26th July, 2018 has extended the 'due date' of filing return of income for AY 18-19 to 31^st August, 2018 for certain categories of taxpayers for whom the original 'due date' of filing return of income was 31^st July, 2018.

 

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Regards,
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CA.C.V.PAWAR
PATIL DAWARE GIRASE PAWAR & ASSOCIATES

CHARTERED ACCOUNTANTS

0253-2319641. M-9423961209

INDIAN CA - NURTURED IN INDIA, GROOMED FOR THE WORLD

Revision of Monetary Limits for filing Income Tax Appeals

The Central Board of Direct Taxes (CBDT) via Circular No. 3/2018 dated 11th July, 2018 has revised the monetary limits for filing of appeal by the Department before Income Tax Appellate Tribunal, High Courts and Supreme Court. The said circular shall supersede the Circular No 21 of 2015 dated 10^th December, 2015.

As per the Circular, appeals / SLPs shall not be filed in case where the "tax effect" does not exceed the monetary limits as under :

a.       Before Appellate Tribunal – Rs. 20,00,000 as against 10,00,000 as per the previous circular.

b.      Before High Court – Rs. 50,00,000 as against 20,00,000 as per the previous circular.

c.       Before Supreme Court – Rs. 1,00,00,000 as against 25,00,000 as per the previous circular.

Further, the Circular defines the term 'tax effect'.

 

Where the disputed issues arise in more than one assessment year, appeal can be filed only for those assessment year or years where the 'tax effect' exceeds the monetary limits.

However, in case of composite order of any High Court or Appellate Authority which includes more than one assessment year, appeals shall be filed in respect of all such assessment years even if the 'tax effect' in any year is less than the monetary limits.

 

In case where appeal has not been filed only on account of tax effect being less than the monetary limit, the PCIT /  CIT shall specifically record that "even though the decision is not acceptable, appeal is not being filed only on consideration that tax effect is less than the monetary limit specified in the Circular".

 

The following issues should be contested on merits even though the 'tax effect' is less than the monetary limits :

a)      Where the Constitutional Validity of the provisions of an Act or Rule is under challenge, or

b)      Where Board's order, Notification Instruction or Circular has been held to be illegal or ultra vires, or

c)       Where Revenue Audit objection in the case has been accepted by the Department, or

d)      Where the addition relates to undisclosed foreign assets / bank accounts.

 

In cases where the tax effect is not quantifiable (Eg. Registration of trusts or institution under section 12A or 12AA), filing of appeal shall not be governed by the monetary limits.

It is pertinent to note that this circular will apply to SLPs/appeals/cross objections/ references already filed and to be filed. Hence, it applies retrospectively. Pending appeals below the specified tax limits may be withdrawn/not pressed.

IMP: UPDATE ON KYC OF DIRECTORS

UPDATE ON KYC OF DIRECTORS

 

 

ü WHY: As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new e-form viz-DIR-KYC

 

ü FORM: DIR-3 KYC will be notified shortly.

 

ü WHO: Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in 'Approved' status, would be mandatorily required to file form DIR-3 KYC. Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.

 

ü WHEN: On or before 31st August,2018.

 

ü HOW: While filing the form, the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password (OTP).

 

ü FILING AND CERTIFICATION: The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA).

 

Note: After expiry of the due date by which KYC form is to be filed, the MCA21 system will mark all approved DINs(allotted on or before 31^st March 2018) again which DIR-3 KYC form has not been filed as 'Deactivated' with reason as 'Non-Filing of DIR-3 KYC. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.

 

Regards,
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CA.C.V.PAWAR