PROFESSIONAL UPDATE FOR THE DAY
Bogus purchases: In view of the Supreme Court’s order in Vijay Proteins Ltd vs. CIT whereby the verdicts of the Gujarat High Court in Sanjay Oilcake Industries vs. CIT 316 ITR 274 (Guj) and N.K. Industries Ltd vs. Dy. CIT were confirmed, the AO has to accept the law and verify whether the transaction is genuine or not on the basis of the aforesaid three judgments CIT vs. M/s Carpet Mahal (Rajasthan High Court)
ITAT Kolkata held that in absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment. A.C.I.T., Circle-2(1) Vs M/s. BNK E Solution Pvt. Ltd. (ITAT Kolkata)
SC dismisses assessee’s SLP, thereby upholds levy of service tax on commission received by automobile dealer from Maruti Finance, a unit of Maruti Udyog Ltd. (Maruti) under ‘business auxiliary service’ (BAS) u/s 65(105) of Finance Act, 1994; HC had earlier dismissed assessee’s writ petition rejecting his plea that, since Maruti had already deposited service tax amount, hence, it (i.e. assessee) cannot be asked to satisfy outstanding demand as same would amount to ‘double taxation’ [TS-127-SC-2017-ST]
FAQ on GST
Query: What is the time limit for issuance of invoice in case of supply of service stopped before completion of the service?
Answer: In situation when supply of service cease under a contract before completion of supply. The invoice would be issued to the extent of supply which has been made before such cessation.
Central Government directed Income-tax authorities under section 116 of the Income-tax Act, 1961, having headquarters at the places specified, to exercise the powers and perform the functions of the ‘Authority’ under the Prohibition of Benami Property Transactions Act, 1988.
Under GST Casual taxable person or Non-resident taxable person cannot opt for Composition scheme under GST. (Rule 3(1) (a) of Composition Rules).
GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.
RBI issued Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills / essential services up to a limit of Rs.10, 000.
Union Cabinet scrapped the 25-year-old Foreign Investment Promotion Board (FIPB), which has been overseeing foreign direct investment (FDI) proposals requiring government approval.ICAI issued Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements.
LIVE Webcast on SFT in Form 61A under Rule 114E on 26.5.17 from 3-5 PM addressed by DIT (I&CI) -organized by DTC, ICAI. Visit www.icai.org
Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017
Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017
Issue of TDS certificate to employee:31/05/2017
TDS returns for march quarter by ALL deductors:31/05/2017
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