CORPORATE AND PROFESSIONAL UPDATE DEC 26, 2016

 

Professional Update for the Day:

Direct Tax:-

• The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities under Rule 114E of Income Tax Rules, 1962.
• Supreme Court of India held that where receipt is by way of salary, TDS u/s 192 has to be made and no question of payment of advance tax can arise in cases of receipt by way of ‘salary’ and also s.234B & 234C which levy interest for deferment of advance tax have no application.[Ian Peter Morris Vs ACIT(Supreme Court)]
• No penalty on sec. 80-IB disallowance when there was excess built-up area resulting from joining of flats after sale Commissioner of Income-tax, Central-1 v. Acme Associates [2016] (Bombay)
  No AE deemed merely due to existence of common directors: Bangalore ITAT Obulapuram Mining Co. (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore [2016](Bangalore – Trib.)
• CBDT issued Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 Circular No. 42 of 2016 F.No.142/11/2016.

Indirect Tax:-

• Bombay High Court held that Section 145A(a)(ii) has no applicability on service revenue which follows that service revenue needs to be inclusive of service tax and the service tax which has not even been claimed as deduction cannot be disallowed by recasting the profit and loss account of the assessee. [CIT Vs Knight Frank India Pvt Ltd ]

GST Update:-

• Details of all Partners/Members of AOP/BOI have to be given in GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)

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

RBI Update:-

• RBI issued Procedural Guidelines for Servicing the Sovereign Gold Bonds RBI/2016-17/ 193IDMD No.1569/14.04.050/2016-17.

Other Update:-

• New passport rule: Aadhaar can now be used as date of birth proof. The government on Friday announced that Aadhaar and e-Aadhaar card could be used as proof of date of birth (DOB) while applying for passports.

Key Dates:-

• Payment of TDS for purchase of property for Nov: 12.2016 .

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