CORPORATE AND PROFESSIONAL UPDATE DEC 19,2016

Professional Update For the Day:

Direct Tax:-

• CBDT warns of penal action if I-T returns are ‘drastically’ changed against misusing the provision of revised tax returns in a bid to legalize their unaccounted income following the demonetization of high-value old currency notes.
• Form 1 (PMGKY, 2016) is available for e-Filing. A declaration of income in the form of cash or deposit in an account maintained with a specified entity and the amount deposited in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
• HC : Revenue not debarred from making Sec.14A disallowance absent express recording of dissatisfaction  [TS-643-HC- 2016(DEL)].

Indirect Tax:-

• Indirect tax assessments not to be reopened if turnover rises in a circular to excise and service tax chief commissioners, the Central Board of Excise and Customs (CBEC) said.
• CESTAT : Personal security provided by the State Police department cannot be considered to be in nature of security agency services. Held that Business is not an activity undertaken with the intent of earning profit and the charges recovered by the assessee who is a state police department, are in the nature of cost recovery for the additional police force deployed on request for maintaining security and law and order. Thus, activities undertaken by assessee cannot be held to be in the nature of business activity.  [TS-500-CESTAT- 2016-ST].

GST UPDATE:-

• GSThttps://carajput.com/gst/gst-consultancy.php Enrolment, give principal & additional places of business  for state for which migration is done & not those in other states.

Read our articles:

• E-Invoice Mechanism under the GST
• Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN
• Reasons for the Movement of Goods under the GST

Other Update:-

• India and Switzerland signed the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) on 22.11.2016;
• Securities Exchange Board of India (SEBI) lays down principles of financial market infra for commodity exchanges.

Key Dates:-

• E- Payment of DVAT & CST for Nov : 21.12.2016.
• Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

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