corporate and professional update dec 15,2016

Professional Update For the Day:

Direct Tax:-

• CBDT has issued a prèss release dated 14th December 2016 regarding filling of Revised Income Tax Returns by the Taxpayers post-de-monetization of currency. This is done to discover any omission or any wrong statement therein.
• ITAT Kolkatta held that deposit in the bank account of the supplier in compliance with govt. regulations who are wholesale dealers where the genuineness of transaction is not disputed by revenue cannot be disallowed as the same is routed through banking channels making evasion of taxes difficult thus, not defeating the provisions of sec 40A(3). [Bolkunda Pachwai & (S) C.S. Shop Vs Income Tax Officer]
• ITAT Hyderabad held that when the object of the assessee’s business is to develop and let out the properties then even when it is also providing other facilities to the tenants still the assessee’s income will be assessable as business income. [DCIT Vs M/s. Alexandria Knowledge Park Pvt. Ltd.]

Indirect Tax:-

• CESTAT Mumbai held that it is settled law that even a licence obtained by fraud or misrepresentation of facts is only voidable and not void ab-initio. It is good in law until it is avoided. Therefore, no recovery can be made by the bonafide purchaser of the scrip.[Sumit Wool Processors Vs Commissioner of Customs (Imports)/ (Exports)]
• CESTAT Delhi in the below cited case held that service tax is not payable on the notional interest accrued on the security deposit received on providing immovable property on rent. [The lake Palace Hotels and Motels P Ltd Vs Commissioner of Central Excise]

GST UPDATE:-

• GST will be applicable on all books at applicable rates exemption only to text books & art works. GST council to decide on any other exemptions.

RBI Updates:-

• RBI has notified Amendments to Master Direction (MD) on KYC two major changes being notified are to allow One Time Pin (OTP) based e-KYC Scheduled Commercial Banks (SCBs) shall upload the KYC data pertaining to all new individual accounts opened on or after January 1,2017.
• RBI on a review, has decided to extend the time for deployment of Aadhaar-enabled devices till June 30, 2017.

Other Update:-

• Finance Minister Mr. Jaitley hints at tax rate might be brought down as demonetization will increase taxation base.
• The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m for IPCC course and Rs. 2000/- p.m. for final in accordance with ICAI Regulation.

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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