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 Enrolment, give principal & additional places of business  for state for which migration is done & not those in other states.

Read our articles:

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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Rajput Jain & Associates

Rajput 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.

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