Categories: Corporate and Professional UpdatesDirect TaxGST (Goods and Services Tax)Income TaxIndirect Tax

CORPORATE AND PROFESSIONAL UPDATE June 1, 2017

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CORPORATE AND PROFESSIONAL UPDATE June 1, 2017

Direct Tax:

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.

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

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.

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:

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]

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.

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

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

Other Updates:

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.

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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Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.