Tax Audit 3CD Revised:
(6 Amendments + 9 Insertions)
Summary of Amendments:
1. 4 - GSTIN to be mentioned.
2. 19 - Allowance under Section 32AD is to be reported.
3. 24 - Deemed gains under Section 32AD to be reported.
4. 26 - Clause (g) of Section 43B (sum payable to Indian Railways for use of assets) has to be reported.
5. 31 - Cash receipts more than INR 2,00,000 under Section 269ST is to be reported.
6. 34 - Details with respect to transactions not disclosed in TDS Return/ TCS Return is to be reported.
Summary of Insertions:
1. 29A - Advance received on capital asset forfeited to be reported here {Section 56(2)(ix)}.
2. 29B - Income of gifts exceeding INR 50,000 to be reported here {Section 56(2)(x)}.
3. 30A - Details about "Primary Adjustments" in transfer pricing to be reported here as per Section 92CE.
4. 30B - Limitation of Interest deductions for borrowings from a AE upto 30% of EBITDA is to be furnished here.
5. 30C - Details of Impermissible Avoidance Agreement to be furnished as referred to in Section 96.
6. 36A - Dividend received under Section 2(22)(e) is required to be reported here.
7. 42 - Details w.r.t. Form 61 (details of no PAN Form 60 received), Form 61A (SFT) and Form 61B (SRA) is to be provided here.
8. 43 - Details w.r.t. CbC Reporting as referred to in Section 286 is required to be reported.
9. 44 - BREAK UP of total expenditure in respect of GST Registered and Unregistered Entities is required to be given
.
=========>
.
Delhi HC directs IT Dept to enable Online Filing of Returns without Aadhaar*
Read more at: http://www.taxscan.in/delhi-hc-online-returns-aadhaar/26393/
.
=========>
.
*👉🏻Auditors of 204 listed companies resign this year*
(Auditors of 204 listed companies resigned in the period between January 1 and July 17 this year, resignations were majorly from companies registered in Mumbai, Delhi, Kolkata, and Ahmedabad.)
👇🏻 👇🏻 👇🏻
https://goo.gl/BAaQij
*Cash-on-delivery deals by e-commerce firms not authorised - RBI*
(Cash-on-delivery (CoD) method of payment option provided by online retailers may be a regulatory grey area as per the Reserve Bank of India's response to RTI query)
👇🏻 👇🏻 👇🏻
https://goo.gl/ptrXcZ
*👉🏻Fin Creditors have realized claims of app Rs. 47,426.75 Cr in 26 cases under IBC*
(Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment)
👇🏻 👇🏻 👇🏻
https://goo.gl/TU6Eiz
*👉🏻EOI for Appointment of Statutory Auditor for University Of Kashmir*
(Expression Of Interest For Appointment Of Statutory Auditor for University Of Kashmir, Srinagar - Jammu And Kashmir)
👇🏻 👇🏻 👇🏻
https://goo.gl/X1YsF6
.
=========>
.
PIL in Supreme Court challenges Govt’s decision to withdraw 54% of the Pending Tax Cases* [Read Petition]
Read more at: http://www.taxscan.in/pil-supreme-court-challenges-withdraw-54-pending-tax-cases/26405/
.
=========>
.
✳RBI Update:
▶Directions under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - The United Cooperative Bank Limited, Bagnan Station Road (North), P.O. – Bagnan, Dist - Howrah, Pin – 711303, West Bengal.
✳Direct Tax :
▶Allahabad HC reverses ITAT order and rules in favour of Revenue for AY 1997-98, upholds AO’s addition of excise duty payable to the value of closing stock; Rejects ITAT’s view that since the excise duty was payable on goods lying in bonded warehouse, the assessee-company did not incur any cost on account of excise duty which can be added towards closing stock;
[TS-400-HC-2018(ALL)]
▶HC allows assessee’s (a foreign company) writ, sets aside final assessment order passed u/s 143(3) without passing draft assessment order as mandated by DRP provisions u/s 144C(1) for AY 2011-12; Notes that while giving effect to Tribunal’s order in remand proceedings, AO passed a final order without passing a draft assessment order; [TS-719-HC-2018(BOM)-TP]
✳Income Tax:
▶Karnataka HC dismisses assessee’s appeal against ITAT-order holding that AO was justified in adopting reasonable operating profit margin for ALP computation in absence of relevant material to the contrary for AY 2006-07; Follows co-ordinate bench ruling in Softbrands wherein it was held that “unless the finding of the Tribunal is found ex facie perverse, the Appeal u/s. 260-A of the Act, is not maintainable”; [TS-629-HC-2018(KAR)-TP]
✳Key Date :
▶Quarterly Return of Outward Supplies for Apr-Jun :31.07.2018
.
=========>
.
Income tax return filing date has been extended from 31 July to 31 August.
Delhi HC directs Income-tax Dept. to allow filing of ITR without furnishing Aadhaar No.
Income Tax Dept is set to crack down on TDS defaults by government and private sector entities, especially e-retail portals, local bodies like panchayats, as the CBDT has directed its assessing officers across the country to undertake at least 30 surveys or on-spot checks.
SEBI has issued consultative paper on revision of provisions pertaining to re-classification of shareholders.
CA- IPCC/ Intermediate May 2018 exam results will be declared on Sunday, 29th July 2018. All the best to all the students and parents.
The Insolvency and Bankruptcy Code (Second Amendment) Bill 2018 was placed in the Lok Sabha and shall replace the Insolvency and Bankruptcy Code (Amendment)Ordinance, 2018.
.
=========>
.
CBDT: The date of Filing of Income tax return for A.Y 2018-19 ( Non Audit) is extended 31-08-2018 Vide Notification No . 225/242/248 dated 26-07-18.
CBDT has revised the mandatory tax audit report Form 3CD, which is to be filed by certain taxpayers, to expand the scope of the exercise. An auditor will now have to furnish details related to GST sales, information on transactions covered by transfer pricing provisions, cash transactions and transaction involving TDS.
E-commerce companies to face tax audit over GST refund issue : The anti-profiteering authority has ordered audit of major e-commerce companies like Flipkart, Amazon and Snapdeal, to find out whether they have refunded the excess GST collected from the consumers.
MCA: Updating of Email ID and Mobile number in DIR-6 has been temporarily disabled till further notice. Stakeholders may kindly take note.
SEBI proposed Unified Payments Interface (UPI)-based payments for retail investors investing in IPO. The move will help cut down the time taken between closing of an IPO and listing of the security from current six days to just three days.
Parliament passed the Fugitive Economic Offenders Bill to prevent economic offenders from fleeing the country and evading the legal process. It also gives teeth to the Enforcement Directorate to confiscate the property of fugitive economic offenders.
