Professional Update for the Day:
- CBDT has issued a press release regarding signing of Third Protocol between India and Singapore for amending the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation & prevention of fiscal evasion with respect to taxes on income.
- Gujarat High Court held that a reference to the Transfer Pricing Officer(TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. In this case, the reference was made without passing such a speaking order, the reference so made was invalid. [M/s Alpha Nipon Innovatives Ltd. Vs CIT]
- Income from vacant house property – income would not be assessed under Section 23(1)(c) but under Section 23(1)(a) – Punjab And Haryana High Court in case of [Susham Singla Vs. The CIT, Patiala].
- Whether the provisions of Section 36 and Section 43-B are mutually exclusive and the Assessee is legally entitled to claim deduction of employees’ contribution to provident fund and ESI u/s 43-B as amended vide FA, 2003, even if the said deduction was not admissible u/s 36(1)(va) – Held Yes – Allahabad High Court in case of [Sagun Foundry Private Limited Vs. CIT, Kanpur].
- Punjab & Haryana High Court has held that Input Tax Credit cannot be disallowed merely for a technical defect in the VAT Invoice such as not mentioning of words “ Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005. [M/s Avdesh Tracks Pvt. Ltd. Vs State of Punjab & another]
- Service tax dept. pulled up for unfair arrest of Make My Trip top officials; HC ordered tax refund. Makemytrip (India) (P.) Ltd. v. Union of India  (Delhi).
- MCA has notified the Companies (lncorporation) Fiffh Amendment Rules, 2016 which shall be applicable with effect from 1st Day of January, 2017.
- ESI applicability salary limit increased from Rs 15,000 PM to Rs 21,000 PM.
- RBI has issued clarification on Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17.
- In exercise of the powers conferred by Subsection (c) of Section 199B of the Finance Act, 2016 (28 of 2016),the Central Government in consultation with the Reserve Bank of India notified the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGK), 2016.
- NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.
- E-Payment of Service Tax for the month of December – 06.01.2017.
- Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
- Due date to deposit of DVAT of December – 21.01.2017.
“In my experience, there is only one motivation, and that is desire. No reasons or principle contain it or stand against it.”
“Speaking lips can reduce many problems. Closed lips can avoid some problems. But smiling lips can solve all problems.”
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