We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter (UTM # No. 42)”,
|A. GST –Guajarat AAR recently has held that Sale of Developed Plots is rendering of Service and Liable to GST. |
B. Income Tax: -New Version of Form 26AS. Here are the Changes that you Must Know.
|C. GST: List of Upcoming Key Changes of GST Portal. |
D. Corporate Law: – ICAI Launches Technical Guide on Easy Incorporation of Companies Via SPICE+
E. IFRS: -Deloitte Launched an Extensive E-book for Professionals on Handling COVID-19 IFRS adjustments.
|F. Markets: -Policy Bazaar IPO will soon hit the Streets |
G. International : -Last Date to Upload FLA Return for FY 2019-20 is 31st July,2020. Procedure has changed with this year.
H. Audit: -NFRA Debars Deloitte’s ILFS Audit Engagement Partner for Seven Years.
- Recently the Gujarat AAR – GST in case of Shri Dipesh Anil Kumar Nayak In re Advance Ruling No. GUJ/GAAR/R/2020/11 dated 19-05-2020] surprisingly has held that sale of developed plot as Liable to GST.
Key Points :-
- AAR is not binding on All Assessees but Department can use it to pursue further.
- Earlier SC’s Judgement in Case of M/s Narne Constructions have been Relied upon by AAR. Importantly the basis was Consumer Protection Act.
- We believe that the judgement is untenable in Law and high chances of Quash in Upper forum. Detailed analysis is in E-Book Below.
2. New Form 26AS shall become operational w.e.f 1st June. Here are the Changes
- PAN, email ID and Aadhaar number.
- Date of incorporation if the taxpayer is a company, LLP.
- Information relating to TDS and tax collected at source.
- Information relating to payment of taxes, demand and refund.
- Details of pending as well as completed tax proceedings, if any.
- Details of specified financial transactions.
- Registrar of Properties must report transactions for an immovable property exceeding Rs 30 lakh.
- Receipt above Rs 10 lakh for acquiring units of a mutual fund scheme.
- Amount exceeding Rs 10 lakh as a consideration against buyback of shares.
- Receipts exceeding Rs 10 lakh for acquiring bonds, debentures or shares.
- Payments in cash exceeding Rs 10 lakh or more in a financial year
- Cash deposits or withdrawals worth Rs 50 lakh or more in one or more current accounts.
- Deposits exceeding Rs 10 lakh in non-current accounts
- One or more time deposits exceeding Rs 10 lakh
3. Following Changes shall soon be available on GSTN Portal
- GSTR-2A will reflect return filing status (GSTR-1 and GSTR-3B) of vendors
- Matching tool for comparison of system drafted purchase register and own purchase register
- Facility to create vendor master / HSN master on taxpayer dashboard
- Communication channel between buyer and supplier for missing invoices
- Status of amendment of invoice will be shown with month.
- – Flow of ITC due to IGST paid on import from ICES to GST system.
- – Linking of GSTR-1 with 3B, PDF of 3B will be sent over email.
- – Linking of GSTR-2A/2B and ICEGATE data with GSTR-3B.
4. ICAI Launches Technical Guide for Easy Incorporation of Companies Via SPICE+
5. Deloitte Launched E-Book on COVID-19 IFRS Adjustments
6. Policybazaar IPO To Soon Hit the Markets
PolicyBazaar is the online insurance platform backed by SoftBank Group, which intends to go public in 2021 with a mega valuation of $3.5 billion, probably becoming India’s first mega startups to debut with an initial public offering (IPO).
7. RBI FLA Returns Filing Last Date is 31st July,2020
This deadline is already after extension from usual deadline of 15th July, 2020. This time around, one is not required to email at firstname.lastname@example.org but now a Login Registration is required at the FLA Portal. Once login, you need to upload the Financial Information.
8. NFRA Debars Deloitte’s IL&FS Audit Engagement Partner For Seven Years
India’s audit watchdog has debarred Udayan Sen—Deloitte’s engagement partner in the audit of IL&FS Financial Services Ltd.—for a period of seven years and has imposed on him a penalty of Rs 25 lakh for his alleged professional misconduct and serious lapses while discharging duties as an auditor of the non-bank lender.
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