Professional Update for the Day:
Direct Tax:-
- CBDT issues circular for TDS on salary for FY 2016-17 Vide Circular No 01/2017. Circular contains rates of deduction of income-tax on income chargeable under the head “Salaries” and provide illustrations on calculation of tax liability.
- CBDT issues Press release regarding India and Kazakhstan signing Protocol to amend the Double Taxation Avoidance Convention (DTAC).
- In revised GST Model Law, business vertical has been defined in sec 2(18) itself & reference to AS-17 (Segment Reporting) has been removed.
Indirect Tax:-
- CESTAT Mumbai held that as per rule 11(1) of CENVAT Credit Rules, 2004 read with Notification 23/2004 – CE, the amount of credit earned by the manufacturer under CENVAT Credit Rules, 2002, which existed prior to 10.09.2004, can be utilized by them as per transitional rule 11 of the new CENVAT Credit Rules, 2004. [ Arbes Tools Pvt. Ltd. Vs CCE ]
- Madras High Court has held that the assessee is entitled to Service Tax Credit on catering services. M/s IP Rings Ltd v. CESTAT Chennai.
Other Update:-
- SEBI relaxes rules for angel funds to boost start-up funding .To give a fillip to start-up funding; markets regulator SEBI has relaxed its rules for investment by angel funds.
- Securities and Exchange Board of India (SEBI) has issued much awaited guidance note on board evaluation.
Key Dates:-
- Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
- Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
- Return of Non SSI assesses for December – 10.01.2017.
- Return of SSI assesses for quarter ending December – 10.01.2017.
- Return for EOUs for December – 10.01.2017.
- Due date to deposit of DVAT of December – 21.01.2017.
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Rajput Jain & AssociatesRajput 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.
