CORPORATE AND PROFESSIONAL UPDATE June 1, 2017

CORPORATE AND PROFESSIONAL UPDATE June 1, 2017

Direct Tax:

1. CBDT lay down the procedure for acceptance of Statement of Financial Transaction form sub-registrar office and post office (SFT) as per section 285BA of Income Tax Act, 1961 read with rule 114E of Income-Tax Rule, 1962 vide Notification No.7, dated 30th May, 2017.

2. CBDT extended the due date for furnishing Statement of Financial Transaction (SFT) to 30th June 2017 vide press release dated 31.05.2017.

3. last date to Furnish SFT-Statement of Financial Transactions for the A.Y. 2017-18 from 31.05.2017 to 30.06.2017. CBDT Order dated 31.05.2017.

4. Due date for issuance of TDS certificates -Form 16 – on or before 31st may Form 16A – on or before the 15th June Form 16B – within 15 days of furnishing of challan in Form no. 26QB.

Indirect Tax:

1. HC allows assessee’s writ, holds that Customs authorities cannot dispose of confiscated goods (i.e. broadcasting equipment) in auction during pendency of adjudication and without giving notice to assessee in terms of Circular No.711/4/2006-Cus (AS)  [TS-117-HC-2017(DEL)-CUST]

2. Under GST Sale of personal car by individual is NOT Supply as it is not in course or furtherance of business & no ITC was claimed on purchase.

3. Credit of GST paid on inward supplies of goods and services can be claimed only within 1 year from date of relevant tax invoice.

Key dates:

1.E- Payment of service tax for April by Cos: 06.06.2017

2. Payment of TDS/TCS deducted/collected in April : 07.06.2017

Other Updates:

1. Aadhaar linking with PAN made simple. Just go to www.incometaxindiaefiling.gov.in and click Link Aadhaar and follow instructions. No need to login or register.

2. Online application for assignment of Concurrent Audit for Chartered Accountant firm in Punjab & Sind Bank is invited from 26.05.2017 to 04.06.2017.

Quotes of the day

“There isn’t a way things should be. There’s just what happens, and what we do.”

 

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