Professional Update For the Day:
- CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
- SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on ‘part project’ [TS-659-SC-2016]
- CESTAT : Allows CENVAT credit refund; Mandap-keeper, health & fitness services ‘relate to business’ –[TS-505-CESTAT- 2016-ST]
- DVAT has issued circular regarding Communication of the provisional Identification Number and Password to dealers registered with VAT department for migration to GST from 16th December, 2016 to 31st December, 2016 Vide Circular No. No. JCTT/Policy/2016/751-769 dated 14.12.2016.
- Migrated Taxpayers not liable for registration under GST shall apply online in Form GST REG-24 for cancellation of registration.
Read our articles: E-Invoice Mechanism under the GST
- RBI issued instructions that tenders of SBNs in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.
- ESIC Rate Chang to 3% from 4.75% for employers, it’s applicable from this month onwards. It has also chang for employees from 1.75% to 1% as monthly contribution.
- Last date for compliance of CPE hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.
- 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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