Professional Update For the Day:
Direct Tax:-
- Section 50C does not apply to transfer of land and building, being leasehold property the issue before the tribunal was whether section 50C of the act would be applicable to transfer of leasehold rights in land and buildings. CIT vs. Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court).
- CBDT clarified that mere increase in turnover, because of use of digital means of payment or otherwise, in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years. Hence, Assessing Officers are advised not to reopen past assessments in cases merely on the ground that the current year’s turnover has increased Vide Circular No. 40/2016 dated 09.12.2016.
- Rate of royalty approved by RBI couldn’t be considered to determine ALP Sara Lee TTK Ltd. v. Deputy Commissioner of Income-tax, Range-10(2), Mumbai [2016] 76 taxmann.com 74 (Mumbai – Trib).
- AO should adopt report of Valuation Officer even if its valuation is lesser than that adopted by Stamp Authority Principal Commissioner of Income-tax-3 v.Ravjibhai Nagjibhai Thesia [2016] (Gujarat).
Indirect Tax:-
- Allahabad High Court in the below cited case held that the attachment of property and bank accounts can only be done by the revenue authorities after giving proper notice to the assessee and reasonable opportunity of being heard. The attachments need to be only after following the prescribed procedures provided in the rules. [M/s kunj Power Project Pvt. Ltd. Vs Union of India].
GST UPDATE:-
- GST Registration Amendment, cancellation & Every person whom schedule III is applicable is liable to register within 30 days. The registration is to be taken for every state, no centralized registration is available.
Read our articles:
RBI Updates:-
- RBI issued security and risk mitigation measure – technical audit of prepaid payment instrument issuers. RBI/2016-17/178 DPSS.CO.OSD.No.1485 /06.08.005/ 2016-17 December 09, 2016.
Other Update:-
- Allahabad High Court in the below cited case held that the attachment of property and bank accounts can only be done by the revenue authorities after giving proper notice to the assessee and reasonable opportunity of being heard. The attachments need to be only after following the prescribed procedures provided in the rules. [M/s kunj Power Project Pvt. Ltd. Vs Union of India].
- SEBI streamlining the process for acquisition of shares pursuant to tender offer made for takeover, buy back and delisting of securities. CIRCULAR CFD/DCR2/CIR/P/ 2016/131 Dec 09, 2016.
- ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017.
Key Dates:-
- Advance information of 2nd fortnight of Dec functions with booking cost > RS 1 lakh in Banquet Hall, hotels etc in Delhi: 12/12/2016
- Payment of Advance Income Tax for all assessee’s (75%): 15/12/2016
- E-Payment of PF for Nov: 15/12/2016
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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.
