SRC Updates: Direct Tax Updates

SRC Updates: Direct Tax Updates

1. ‘Consent Payment’ made by Anil Ambani to SEBI a Business Expenditure U/s 37(1): Mumbai ITAT in the case of DCIT Vs. Anil Ambani while dismissing the appeal of the revenue held that the ‘Consent Payment’ made by the assessee was a payment for the purpose of the profession carried on by the assessee to save the time, cost and hassle of a long-winded litigation and hence are a business expenditure.

2. No TDS If Advance Received towards Professional Fee is Returned- Hyderabad ITAT in A.Naga Srinivas Vs. DCIT held that the advance received by the assessee towards his professional fee, when it is returned, is not covered by any of the provisions of Chapter XVIIB requiring TDS.

GST Update:

1. Delhi notifies E-Way Bill for Intra-State movement of Goods-Delhi has notified that the E-Way Bill is mandatory for intrastate movement of goods for all B2B transactions above Rs.1 Lakh only from 16th June 2018.

2. CBIC has clarified certain miscellaneous issues related to Special Economic Zones (SEZ) and the refund of unutilized input tax credit for job workers under the Goods and Services Tax (GST) regime.

Due Date:
1. GSTR-3B for the May’18 & Pay due Tax till this date- June 20, 2018

Thanks & Regards
FCA Santosh Kumar
+91-9560763444
DISA, B.com(H)
Santosh Ramanuj & Co.
Chartered Accountants