Corporate Updates 10.04.2018

CBEC

In an attempt to reduce the number of litigations, the CBEC has issued a circular, regarding Reduction of litigation in Central Excise and Service Tax by amending instruction for legacy matters and approval to extend withdrawal on the basis of identical matters. The CBEC, decided to curb the litigation on classification and refund issues which are of legal and/or recurring nature and has approved to extend withdrawal of cases pending in the CESTAT/ High Court as well as Departmental cases with the Commissioner (Appeals) wherein the Supreme Court has already decided on an identical matter and the decision has been accepted by the department. Further, this exercise has been undertaken as an endeavour to reduce litigations so that cases on similar questions of law or identical case on facts pending in the field can be expeditiously decided.

CBDT:

The Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. Further, ITR Form-2 has also been rationalised by providing that Individuals and HUFs having income under any head other than business or profession shall be eligible to file ITR Form-2.  The Individuals and HUFs having income under the head business or profession shall file either ITR Form-3 or ITR Form-4 (in presumptive income cases). There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically.


CS Shivam Rastogi

M.Com., LL.B., ACS
SVR & Co.                      

Company Secretaries 

(Managing Partner)

                                                                                    

# 5, IInd Floor, P 37/38, Gomti Complex,

Near Ahlcon Public School, Mayur Vihar,

Phase-1, New Delhi – 110091

Call: 78279-84434 | 011-42828296

 www.csshivamrastogi.com