Professional Update for the Day:

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Direct Tax:-

  • Reopening u/s 147 of the assessment is not valid if the reasons recorded are incoherent and do not indicate what the basis for reopening is – Delhi High Court in Sabharwal Properties Ind Pvt. Ltd vs. ITO.
  • Continuous payments made to transporters would be aggregated to consider TDS limit under sec. 194C Sri Shivamurthy v. Additional Commissioner of Income-tax, Shimoga Range, Shimoga [2016] (Bangalore – Trib.)
  • No benchmarking at entity level when assessee was earning more than 50% of revenue from Non-AE clients AXA Technologies Shared Services (P.) Ltd. v.Deputy Commissioner of Income-tax, Circle-11(1), Bangalore [2016] (Bangalore – Trib.)
  • HC : Reverses ITAT; Concealment penalty unsustainable on DRE-deduction claim despite earlier year disallowance [TS-650-HC-2016(BOM)]

Indirect Tax:-

  • CBEC has issued instructions dated 9th December, 2016 for the use of digital mode of payment while making financial transactions as this will disclose all financial transactions and hence enhanced turnover might get reflected in the Books of Accounts.

Companies Act  Update:-

  • Of India issued report on Companies Amendment Bill, 2016.
  • MCA has notified the Companies (Transfer of Pending Proceedings) Rules, 2016 which shall come into force w.e.f 15th December, 2016 except rule 4, which shall come into force from 1st April, 2017.

Other Update:-

  • Senior IRS officer Rajendra Kumar appointed as the new member of the CBDT, the policy making body for the Income Tax Department.

Key Dates:-

  • 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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