Professional Update For the Day:
Bombay court held that TDS cannot be Adjusted against Tax payable under VDIS, 1997Earnest Business Services Pvt. Ltd., Vs The Commissioner of Income Tax (Bombay High Court)
ITAT Delhi held that Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India Cairn U K Holdings Limited V DCIT (International Taxation) (ITAT Delhi)
CBDT has asked its field formations to concentrate on recoveries of arrears and pending tax demands in the remaining two weeks of the fiscal.
W.e.f. 01.04.2017, Cash transactions above Rs 3 lakhs to be done through banking channels only. Budget 2017.
Income tax department released a list of 29 entities owing Rs 448.02 crore in *taxes as part of its strategy to name and shame large defaulters.
CBDT has notified The Income Tax (2nd Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The Amendment has been made to provide new procedure and common application form for allotment of PAN and TAN.
The Income Tax Department has issued refunds amounting to Rs.1.42 lakh crore in the current fiscal so far, 41.5% higher than last year.
HC finds no merit in writ petition, upholds confirmation of service tax demand against assessee thereby rejecting contention that show cause notice was issued without application of mind and in violation of law; Since the said notice had not been set aside by Court in earlier writ petition, being issued on the basis of cogent material and evidence, it was no longer open to assessee to complain about legality and validity thereof [TS-48-HC-2017(CAL)-ST]
CBEC clarified that the ‘Saree’ which has undergone further processing will be classifiable as ‘Saree’ under Chapter 50, 52 and 54 of the Central Excise Tariff Act, 1985 depending upon the material of the fabrics, and not as made-ups under Chapter 63 of the said Act Vide Circular No. 1054/03/2017-CX dated 15.03.2017. (Click here to view)
GST Update :
Cabinet approves CGST, IGST, UTGST & Compensation bills. Lok Sabha to pass them as Money Bills in Budget Session. No need for Rajya Sabha approval.
GST council is considering setting up a centralized assessment interface for service-oriented industries such as banking, telecom, insurance and information technology.
TDS to be deducted on basic amount & not on GST. Issue TDS certificate in 5 days of deposit of TDS. Late fee of 100 per day (Max 5000) (Sec 46).
DVAT Filing of online return for 3rd quarter of 2016-17 extension of period thereof up to 28-02-2017.
FAQ on GST:
Query: Are there different valuation provisions for Goods and Services and CGST, SGST and IGST?
Answer: No, section 15 is common for goods and services and all three taxes.
Query: Can composition scheme be availed if the taxable person effects inter state supplies?
Answer: No, composition scheme is applicable only if taxable person doesnot effects any inter state supplies.
SEBI UPDATE :
The SEBI Board in its last meeting has taken various decisions to improve the facilities being offered to the stakeholders.
Other update :
ICAI membership last date for retrospective restoration of membership and COP removed during the year 2016-17 is 31st march, 2017.
ICAI new Fee: Annual Membership, COP and Restoration Fee. (Entrance Fee – ACA Rs.2000, FCA Rs.2500. Annual Membership Fee – ACA Rs.1500, FCA Rs.3000, COP Fee – ACA – Rs.3000, FCA Rs.4000. with effect from 1st April, 2017.).
Key Due Dates:
Important dates for March 2017:
6 March : Service tax monthly deposit other than Ind, HUF & P.Firm
7 March : TDS/ TCS deposit
15 March : Deposit of PF
15 March : Payment of Advance Tax
20 March : Monthly UP VAT return & tax
21 March : Deposit of ESI
31 March : E-payment of service Tax by all assesses Monthly/ Quarterly
31 March : Filing of Belated Income Tax returns for the A/Y 15-16 & A/Y 16-17
Return of TDS for dec quarter in DVAT 48 : 17:03:2017
E payment of DVAT & CST tax for Feb : 21:03:2017
Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017 vide circular 28 dated 17.03.2017.
You must not lose faith in humanity. Humanity is like an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty.
Failure is a great learning experience. Perhaps, a nature’s way to teach us something profound. Remember, failure is the fertilizer for success.
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