New GST return forms would be introduced from January 1 after successful beta-testing of the software, Finance Secretary Hasmukh Adhia said. He said wrong input tax credit claims are a potential area of evasion in the GST regime and one-to-one invoice matching is the key to checking evasion.
CBIC extends RCM relaxation by 3 months upto 30th September 2018, Notification issued.
MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC. 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 on or before 31 Aug,2018.
Public sector lender Indian Bank has decided to withdraw a resolution related to dividend payment after the RBI said, the bank can declare dividend after fully providing for mark-to-market (MTM) loss, gratuity and any other provisions.
The Central Board of Trustees, EPF in their meeting have approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month.
Indian Overseas Bank invite applications from CA Firms for assignment of Concurrent Audit in the Prescribed Format. The Application downloaded from the website should be filed in and duly signed by authorised signatory and should be emailed to conauditapp@iob.in in pdf format on or before 06-07-2018.
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# *GST*: RCM u/s 5(4) of IGST / 9(4) of CGST on procurement of supplies from unregistered persons have been deferred till the 30 SEP 2018 - N.N.12/2018-CT (R), dt.29.06.18.
# *IBC*: If the dispute is frivolous, unsupported by any evidence, the spurious defense is to be rejected. However, on the basis of records and evidence if there appears to be an ‘existence of dispute’, such case is to be rejected – GAC Logistics Pvt. Ltd. Vs. AI Nafees Frozen Foods (2018 (6) TMI 1382 – NCLT, ND).
# *IT*: Interest earned on bank deposits out of share capital received from the RBI to be taxed as “Income from other Sources” - or to be reduced from the capital cost of the project - HC dismissed the revenue appeal – Pr.CIT Vs. Bank Note Paper Mill (2018 (6) TMI 1401 - Karnataka HC).
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*👉🏻Free of cost instant e-PAN allotment on near to real time basic*
(Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders)
👇🏻 👇🏻 👇🏻
https://goo.gl/r6F7E7
*👉🏻Mandatory Annual KYC of all Directors of all companies by 31.08.2018*
(Every Director who has been allotted DIN on or before 31-03-2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31-08-2018)
👇🏻 👇🏻 👇🏻
https://goo.gl/bsupuU
*👉🏻RBI could take punitive action against erring auditors*
(RBI warned that any Statutory Auditor not following instructions will be met with punitive actions such as debarring them from conducting business with banks)
👇🏻 👇🏻 👇🏻
https://goo.gl/2eVRf9
*👉🏻FAQ for Limited Insolvency Examination wef 01st July 2018 - IBBI*
(The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same)
👇🏻 👇🏻 👇🏻
https://goo.gl/UkxNKe
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Govt. extends due date of Linking Aadhaar with PAN till 31st March, 2019*
Read more at: http://www.taxscan.in/govt-extends-due-date-linking-aadhaar-pan-31st-march-2019/25223/
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*Professional Charges for Processing Loan for Construction of Property from which Assessee Received Rental Income not allowable as Business Expenditure: ITAT* [Read Order]
Read more at: http://www.taxscan.in/professional-charges-processing-loan-construction-property-received-rental-income-allowable-business-expenditure-itat/24913/
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Due dates for the month of July 2018.
GSTR-3B (Jun 2018)-Jul 20th, 2018
GSTR-5 (Jun 2018)-Jul 20th, 2018
GSTR-6 (Jul'17 - Jun'18)- Jul 31st, 2018
GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018
GSTR-5A (Jun 2018)-Jul 20th, 2018
Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018
Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return GSTR-1 (Jun 2018)- Jul 10th, 2018
15th July 2018 PF Monthly PF payment for June 2018
ESIC payment for the month of June 2018
7 July 2018 -
Due date for deposit of Tax deducted/collected for the month of June, 2018. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
7 July 2018 -
Due date for deposit of TDS for the period April 2018 to June 2018 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A,194D or 194H.
15 July 2018 -
Due date for furnishing of Form 24G by an office of the Government where TDS for the month of June, 2018 has been paid without the production of a challan
15 July 2018 -
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of May, 2018
15 July 2018 -
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of May, 2017
15 July 2018 -
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2018
15 July 2018 -
Quarterly statement of TCS deposited for the quarter ending 30 June, 2018
15 July 2018 -
Upload the declarations received from recipients in Form No. 15G/15H during the quarter ending June, 2018.
30 July 2018 -
Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2018
30 July 2018 -
Due date for furnishing of challan-cum-statement in respect of tax deducted undersection 194-IA for the month of June, 2018
30 July 2018 -
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of June, 2018
31 July 2018 -
Quarterly statement of TDS deposited for the quarter ending June 30, 2018
31 July 2018 -
Annual return of income for the assessment year 2018-19 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report under section 92E.
31 July 2018 -
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending June 30, 2018
31 July 2018 -
Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is July 31, 2018)
31 July 2018 -
Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on or before July 31, 2018)
31 July 2018 -
Statement in Form no. 10 to be furnished to accumulate income for future application undersection 10(21) or 11(2) (if the assessee is required to submit return of income on or before July 31, 2018)
31 July 2018 -
Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2017-18 and of foreign tax deducted or paid on such income in Form no. 67. (If the assessee is required to submit return of income on or before July 31, 2018.)
