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CBDT sets targets and incentives
Around three lakh I-T related cases are pendingWith an objective to bring about quick closure of pending income tax cases, the CBDT has set timelines for Commissioners (Appeals) to dispose off cases pending with them. Additionally, the CBDT has also proposed to incentivise “quality orders” passed by the Commissioners, where “quality order” would include any of the following: The Commissioner (Appeals) has made an enhancement to the order of the assessing officer or has further strengthened the order, or a penalty has been levied.
Applicability of new Form 3CD deferred
Businesses subject to tax audit must file Form 3CD along with their IT returns. From August 20, a new Form 3CD was notified to be applicable. However, the reporting requirements relating to the General Anti-Avoidance Rules (GAAR) in clause 30C and Goods and Services Tax (GST) compliance in clause 44 have been postponed until March 31, 2019. Clause 30C of form 3CD seeks details on any non- permitted avoidable agreements entered into. Clause 44 asks for a detailed break-up of total expenditure of entities registered/not registered under the GST.
Inviting public comments for proposal to make the process of
electronic
income taxThe department issues this certificate after adequately satisfying itself that the taxpayer has a fit case to be eligible to receive this certificate.this entire the department has proposed
e-form DIR-3 KYC due date extended
The director of every company who has a Director Identification Number (DIN) in active status as on March 31, 2018, has to file his/her KYC details in e-form DIR-3 KYC. This is applicable for disqualified directors too. The due date to file this e-form was August 31, initially, and non-filing of this would deactivate the director’s DIN. A fine of ₹5,000 is applicable to re-activate the DIN. However, as per a latest notification, the due date to file the e-form DIR 3 KYC has been pushed to September 15, 2018. The penalty of ₹5,000 will be applicable, post-September 15.
GSTR-1 & GSTR-3B till March 2019
The Government has notified that GSTR-3B must be filed for the months beginning July 2018 until March 2019, by the 20th of the following month. Starting July, the due dates for the monthly filing of GSTR-1 have been pushed by a day to 11th of the following month, instead of 10th of the following month. The GSTR-1 returns will continue until March 2019 for monthly and quarterly returns filing. This means that the simplified return format proposed in one of the recent GST council meetings may not be implemented in the current financial year.
Compiled by ClearTax
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