Professional Update for the Day:
Direct Tax:-
- SC dismisses Revenue’s SLP challenging Bombay HC order quashing CIT’s order u/s 263 (revision proceedings) for AYs 2007-08 and 2008-09; CIT (A) had set aside assessment orders due to lack of sufficient enquiries by the AO in respect of the genuineness of the gifts received by the assessee (individual) while directing the AO to invoke Sec. 68 in case gifts are found to be non-genuine [TS-686-SC-2016]
- Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi)
Indirect Tax:-
- Delhi High Court declared Rule 5A(2) of the Service Tax Rules, as amended, to the extent that it authorizes the officers of the Serviec Tax Department, the audit party deputed by a Comissioner or the CAG to seek production of the documents mentioned therein on demand, as ultra virus the Finance Act and therefore, struck it down to that extent. Union of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)
- 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 [2016] (Delhi)
Read our articles:
MCA Update:-
- MCA vide Notification has issued an amended rules for Incorporation to make compulsory using of SPICE procedure for Incorporation of Companies wef 1.1.2017.
Other Update:-
Salient Points of Hon. PM’s speech:
- Two new housing schemes for poor.
- Lower interest rates for urban housing Loans of less than 12lakhs.
- Lower interest rates for rural house development loans up to 2lakhs.
- Farmers get 2 months of interest waiver on select crops.
- 6000/- to be given to every pregnant woman.
- FD interest to be min 8% for senior citizens for deposits up to 7.5lakhs.
- Please use BHIM app.
- Loan up to 2 CR with govt guarantee. No 3rd party guarantee required.
- Only 6% of total revenue collected digitally will be assumed to be income as compared to present 8%.
Key Dates:-
- 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
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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.
