CORPORATE AND PROFESSIONAL UPDATE June 12, 2017
Direct Tax:
- CBDT notifies Transfer Pricing Tolerance Limit for Asstt Years 2017-18 and 2018-19.
- Bombay HC dismisses assessee-individual’s (engaged in business of developing properties) writ, upholds attachment and sale of residential bungalow, allows special civil application by the intervener (auction-purchaser, who participated in the public auction and purchased assessee’s property and accordingly has vital interest in the writ petition) [TS-214-HC-2017(BOM)]
- ITAT Mumbai held that Income from Assignment of patent for exploiting it commercially is Capital Gain Bharat Serums & Vaccines Ltd. Vs. ACIT (ITAT Mumbai)
Indirect Tax:
- Delhi HC refuses to declare imposition of 4% Special Additional Duty (SAD) on import of ‘sulphur’ and ‘rock phosphate’ during th
- e period 2002-03 owing to market conditions, which were otherwise subjected to Nil rate, as ‘arbitrary’ or ‘irrational’ [TS-140-HC-2017(DEL)-CUST]
GST Update
- In GSTR 1, club Supplies with same rate in invoice. Give HSN wise summary if turnover more than Rs 1.5 cr in last year & description for others.
- No need to give details of Advances in GST Returns if invoice issued in same tax period in which advance received.
- After considering the recommendations, the GST Council on 16th meeting has reduced the tax level in 66 out of 133 items on which representations were made by the industries.
Read more about: What is core Business Activity GST
Read more about: All about GST Offenses, Penalties, and Appeals
FAQ on GST
Query: Whether a supplier of services is eligible to pay tax under composition scheme?
Answer: No. A supplier of services is not eligible to opt for composition scheme. However, a supplier supplying composite supply involving supply of service or goods being food or any other article for human consumption or any drink (other than alcoholic liquor for human consumption) is eligible to opt for payment of taxes under composition scheme.
Corporate Law:
- AO could enquire into unexplained credit found in books even under unamended provision of sec. 68: High Court OF CALCUTTA- Pragati Financial Management (P.) Ltd. v. CIT -II.
Key Dates:
- Issue of TDS certificate to parties:06.2017
- Issue of TDS certificate to employee: 06.2017
- E-Payment of PF for may: 06.2017
- Payment of DVAT TDS for may:06.2017
Quotes of the day
“Every day may not be good but there is always some good in everyday”
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Rajput Jain & AssociatesRajput 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.