Professional Update For the Day:
Direct Tax:-
- 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)
Indirect Tax:-
- 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 UPDATE:-
- 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.
Read our articles:
RBI Updates:-
- RBI clarified that it has not initiated any action to cancel the banking license of Axis Bank in the wake of certain allegations.
Other Update:-
- 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.
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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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.
