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THE EDGE
TAX & LEGAL UPDATE
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Vol 2, Part 32
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Wednesday, Aug 22, 2018
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Weekly on GST, FSSAI, RERA & More...
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| GSTR-3B July, 2018 |
24th Aug |
| Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for the month of July 2018 |
30th Aug |
| Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of July 2018 |
30th Aug |
| ITR for AY 2018-19 for non-corporate and non-audit firms.
| 31st Aug |
| GSTR-1 (Monthly Return for August, 2018) |
11th Sept |
| GSTR-3B August, 2018 |
20th Sept |
| GSTR-6 (July, 2017 – June, 2018) |
30th Sept |
GSTR-1 (Quarterly Return for July – September, 2018) |
31st Oct |
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THE EDGE
Notifications
Circulars
Orders
Judgements
FAQ
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NOTIFICATIONS / AMENDMENTS
CGST
Notification No. 35/2018-Central tax dt. 21.08.2018 – Extending the date for filing GSTR-3B for the month of july to 24th August, 2018.
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CGST – Order
Order No. 03/2018-Central Tax dt. 16.08.2018 - Constitution of Standing Committee under sub-rule (4) of rule 97 of Central Goods and Services Tax Rules, 2017
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INCOME TAX
Circular No. 6/2018 dt. 17.08.2018 – Order under section 119 of the Income Tax Act,1961.
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F.No. 279/Misc. 142/2007-ITJ (Pt.) dt. 20.08.2018 - CBDT extends the scope of filing of departmental Appeal with low tax effect
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CUSTOMS
Notification No. 59/2018-Cus dt. 21.08.2018 - seeks to exempt BCD & IGST on goods imported for donation for relief & rehabilitation of the people of Kerala affected by the floods upto 31.12.2018.
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CUSTOMS – NON TARIFF
Notification No. 74/2018-Cus(N.T.) dt. 16.08.2018 - Exchange Rates Notification No.74/2018-Custom(NT) dated 16.08.2018.
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ANTI DUMPING DUTY
Notification No. 39/2018 Cus (ADD) dt. 20.08.2018 - Seeks to amend Notification No. 26/2013-Customs (ADD) dated 28th October, 2013, concerning imports of 'Paracetamol' originating in or exported from China PR.
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Notification No. 40/2018 Cus (ADD) dt. 20.08.2018 - Seeks to amend Notification No. 8/2018-Customs (ADD) dated 15th March, 2018.
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Whether E-Way bill is required to be generated in case where Gold jewellery is being transported from one place to another?
A: Yes
B. No
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Last date to participate: AUG 25, 2018
PREVIOUS WEEK'S WINNERS
Jhala Rajendra Singh, Jaipur
Dilip Lohiya, Nagpur
CA Rajesh Bhalla, Lucknow
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JAIPUR BENCH
P.R. Rolling Mills (P.) Ltd. v. Deputy Commissioner of Income-tax,Circle-3, Jaipur [2018] 96 taxmann.com 185 (Jaipur - Trib.) dt. 05.07.2018
Where research institution was enjoying approval as per section 35(1)(ii) on date of receipt of donation, on retrospective cancellation of approval, donor's claim of deduction could not be denied
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MUMBAI BENCH
Sachin R. Tendulkar v Deputy Commissioner of Income-tax, Mumbai dt. 14.08.2018 [2018] 96 taxmann.com 253 (Mumbai - Trib.)
Where assessee, a renowned cricketer, could not find tenant for letting out a flat owned by him despite writing various letters to builder of said flat and as a result flat remained vacant throughout relevant year, he was justified in disclosing annual value of flat at nil after claiming vacancy allowance
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DELHI BENCH
Mckinsey Knowledge Centre India (P.) Ltd. v. Principal Commissioner of Income-tax dt. 09.08.2018 [2018] 96 taxmann.com 237 (Delhi)
Where assessee was providing research and information services and claimed that said services were BPO services, since assessee's functions were also inclusive of 'Knowledge management systems and infrastructure issues which encompass infrastructure support, application support, application operations group and survey development center', services rendered by it were specialized and required specific skill based analysis and research that is beyond rudimentary nature of services rendered by a BPO and, therefore, it would be incorrect to slot services provided by assessee into that of a BPO, when it was more akin to a KPO
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AHMEDABAD BENCH
Samir Trikambhai Patel v. Income Tax Officer [2018] 96 taxmann.com 291 (Ahmedabad - Trib.) dt. 08.08.2018
Where Assessing Officer made addition to income of assessee towards long term capital gain on sale of properties by virtue of power of attorney executed by NRIs, who were real owners of properties sold, properties did not belong to assessee and, therefore, capital gain arising from those properties could not be taxed in hands of assessee solely on ground that persons being real owners had not filed their income tax return
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GST
Builder Association of Navi Mumbai & Anr. Vs. Union of India & Ors. dt. 20.08.2018
GST on One-Time Premium: Supreme Court issues Notice to Govt.
The Special Leave Petition filed before the Court stated that the GST has not replaced or substituted stamp duty which is chargeable on a transaction of transfer or conveyance of immovable property , and which continues to be chargeable even after the introduction of GST.
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INCOME TAX
United Bank of India v. Commissioner of Income Tax, W.B.-IV, Calcutta [2018] 96 taxmann.com 235 (Calcutta) dt. 27.06.2018
Where assessee-bank valued its stock of shares and securities on cost basis in books of account, in view of fact that price of those shares fell sharply during relevant year, in such a case, in order to arrive at real income/loss, correctly, assessee could value closing stock of shares on market price or cost, whichever was lower basis in its return of income
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SERVICE TAX
Commissioner of Central Excise, Delhi-II v. Frankfinn Aviation Service (P.) Ltd [2018] 96 taxmann.com 224 (SC) dt. 23.07.2018
Where assessee was providing training courses in aviation, hospitality and travel management and Tribunal held that assessee was exempted from payment of service tax under Notification No. 24/2004-ST, dated 10-9-2004, SC dismissed appeal filed against judgment of Tribunal
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CENTRAL EXCISE & CUSTOMS
Commissioner of Central Excise, Jaipur-I v. Kent Chemicals (P.) Ltd. [2018] 96 taxmann.com 178 (SC) dt. 07.05.2018
Where assessee was trading in 'Light Liquid Paraffin' and 'Heavy Liquid Paraffin' and Tribunal held that said products could not be considered as either lubricating oils or lubricating preparations and Note 4 of Chapter 27 of Central Excise Tariff Act would not be applicable to said goods, appeal filed against impugned order was dismissed
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Press release by CBIC dt. 21.08.2018 – Extension of date for filing GSTR-3B for the month of July, 2018.
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Press release by CBIC dt. 21.08.2018 – Extension of last date for filing GST returns by taxpayers in Kerala, Mahe and Kodagu
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Press Release by PIB dt. 20.08.2018 - Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-tax Rules,1962 by 4th September, 2018
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Editorial Team :
Meenal Ghiya, Priyamvada Joshi & Deepak Garg
Disclaimer: "The Edge" is meant for informational purpose only and does not claim to be advice or opinion, legal or otherwise, whatsoever. The information provided is not intended to create any advocate-client relationship and is not for advertising. The views expressed by the Author(s) are their personal views.
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