Volume VII, Issue 1 April 2018

declaration in Form 60 can be submitted either in paper form or electronically under the elec- tronic verification code in ac- cordance with the procedures, data structures, and standards specified by the Principal Direc- tor General of Income-tax. (Systems) or Director General of Income-tax (Systems). LLB & CO. April 2018.
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Volume VII, Issue 1

April 2018

Connection The secret of getting ahead is getting started. ~ Mark Twain

Volume VII, Issue 1


Just to Remind You: • Apr 20 - GSTR - 3B for March • April 30 - Payment of TDS/TCS of March • April 30 - Condonation of Delay Scheme 2018 • April 30 - Payment and monthly return of Maharashtra PT • April 30 - Payment of TDS on Rent > 50,000/p.m. (wef 01.06.17)

Inside this issue:

Statement of Re- 4 portable Account

AO should electronically process return pushed to it by CPC Section 143(1D) of the Income Tax Act, 1961 (Act) was brought in the statute from 01.07.2012 which provided that processing of the returns shall not be necessary where a notice u/s 143(2) of the Act has been issued. The provisions of section 143(1D) were subsequently amended vide Finance Act 2017 with effect from 01.04.2017 by inserting a proviso which states that provisions of this sub-section shall cease to apply to returns furnished for Assessment Year 2017-18 and on wards. 2. Thus from Assessment Year 2017-18, discretion of Assessing Officer in processing returns under scrutiny has been completely removed and therefore, all returns have to be processed as per provisions of section 143(1) of the Act. This is irrespective of the fact whether in cases under scrutiny, the Assessing Officer is contemplating taking recourse under section 241A of the Act to withhold the refund so arising on ground of concern for recovery of revenue. 3. The CBDT has launched

ITR Forms Released


MGST Rules


RBI Update


Registered Valuer 11

MCA Update


April 2018

software for processing of returns on Income-tax Business Application (ITBA) which has been functioning since 31st October, 2017. The returns pushed to the Assessing Officer for processing by the CPC are required to be processed electronically on the ITBA. However, in exceptional circumstances, whenever returns cannot be processed because of technical difficulties in functioning of ITBA, in order to provide an uninterrupted taxpayer service, the Assessing Officer can also manually process the return that is pushed to them by the CPC with prior administrative approval of Pr. CIT. However, before taking up the return for processing manually, the difficulty being faced in processing the return electronically on ITBA on a case to case basis would be referred to the Pr. DGIT (System,) who shall satisfy himself that due to technical difficulties the return cannot be processed electronically

on ITBA within a reasonable period & thereafter, permit manual processing in that case. However, in all such cases, the Assessing Officers have to mandatorily upload the same in the system. 4. To avoid any arbitrariness, the returns of Assessment Year 2017-18 and on wards which are pushed by the CPC to the Assessing Officer for processing, as far as possible, shall be handled in a chronological manner.

How a person not having PAN can submit Form No. 60 As per second proviso of Rule 114B (Transactions in relation to which Permanent Account Number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A of the Income-tax Rules, 1962 (here under referred to as the Rules), any person who does not have a Permanent Account Number and who enters into any transaction specified in this rule, shall make a declaration in Form No. 60 giving therein the particulars of such transaction either in paper form or electronically under the electronic

verification code. 2. As per sub-rule (1) of Rule 114D (Time and manner in which persons referred to in Rule 114C shall furnish a statement containing particulars of Form No. 60), the persons referred to in clauses (a) to (k) of sub-rule (1) of Rule 114C and sub-rule (2) of Rule 114C shall furnish a statement in Form 61 containing particulars of declar