Professional Update For the Day:
- CBDT has advised its Assessing Officers, not to reopen past assessments merely on the ground that the current year’s turnover has increased. Mere increase in turnover, due to use of digital means, as a result of demonetization in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years.
- To refer a case to TPO , AO need not to have definite findings, Prima Facia opinion is sufficient. Sec 92CA (1) envisages that where the AO consider it ‘necessary or expedient’ to do so, he may with the approval of Commissioner refer the computation of arm’s length price in relation to the concerned international transaction to the TPO. Price Water House Et Anr. Vs Commissioner of Income Tax (Calcutta High Court)
- Revenue could not insist the appellant to avail a particular option under rule 6. When the appellant calculated the amount to be reversed and the compliance of conditions prescribed u/r 6(3)(ii) read with Rule 3(A) of Rule 6 is claimed, a demand under rule 6(3) for an amount equal to a percentage of the exempted goods is not sustainable. M/s Mahindra & Mahindra Limited Vs CCE (CESTAT Delhi)
- SC : Affirms taxation of ‘soil leveling’ for towship development as “site formation / excavation” service [TS-516-SC-2016-ST]
- GST registration is on for DVAT Dealers from 16 December to 31st December 2016. Documents Required For GST Registration:
- PAN Card of business entity
- Proof of constitution
- Proof of place of business.
- Bank statement
- Authorized signatory details
- Photograph of the Authorized sign
- Copy of registration certificates
All documents to be scanned and uploaded at www.gst.gov.in in the format.
- RBI clarified that it has not initiated any action to cancel the banking license of Axis Bank in the wake of certain allegations.
- Govt to notify scheme for black money disclosure this weekas the scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax.
- From 13.12.2016 Avail 0.75% Discount for Cashless refueling at petrol pumps run by state oil companies.
- Payment of Advance Income Tax for all assessees (75%) : 15/12/2016
- E-Payment of PF for Nov: 15/12/2016
- Payment of DVAT TDS for Nov : 15/12/2016
- Issue of TDS certificate in case of payment/credit made in Oct for purchase of property u/s 194IA : 15/12/2016
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