corporate and professional update july 25, 2017
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CORPORATE AND PROFESSIONAL UPDATE July 25, 2017
Direct Tax:
- ITAT Delhi held that no interest in late TDS payment due to system/connectivity issues at bankers. (Asstt.Commissioner of Income Tax Vs M/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)
- Gujarat High court held that the Assessing Officer may proceed further with re-assessment proceeding beyond six years, however, no final order shall be passed without prior permission of this Court, during the pendency and final disposal of this petition. ( Raghunath Devchand Patil Vs Asst. Commissioner of income Tax (Gujarat High Court)
- CBDT lays down Standard Operating procedures to handle revenue audit objections.
- No reassessment on basis of change of opinion that income was to be taxed under the different head on income. Gujarat High Court Radhawami Salt Works Vs ACIT.
Indirect Tax:
- CBEC specified an extension of the time limit for filing intimation for composition levy under sub-rule (1) of rule 3 of the Maharashtra Goods and Services Tax Rules, 2017. Vide order no 01/2017-(MGST)
GST Update
- Invoice data upload functionality has gone live at GST Portal.
- Offline Utility for GSTR-1 for upload of invoice data/other records is available on GST Portal under the Download section. The tool is to be used to import data from the Excel template which is bundled with Offline Tool.
- Creation & saving of Outward Supplies Return (Form GSTR-1) is now available on the GST portal. Data uploaded can be viewed by the counterparty in Form GSTR-2A.
FAQ on GST
Query: Whether taxes paid on change of interiors of service apartment is eligible for the input tax credit?
Answer: Input tax credit is not available on goods or services received by a taxable person for construction of an immovable property on his own account other than plant and machinery even when used in the course or furtherance of business. The word “construction” includes reconstruction, renovation, additions or alterations or repairs to the extent of capitalization to the said immovable property. If the cost of interiors is capitalized towards the cost of an immovable property then it forms part of the cost of immovable property (Service apartment) and accordingly taxes paid on change of interiors of service apartment will not be eligible as an input tax credit.
Corporate Law:
- The Reserve Bank of India has today released the data on Outward Foreign Direct Investment (OFDI) indicating the comparative position for the month of May 2017 and June 2017 and for the month of June 2016 and June 2017 both under Automatic Route and the Approval Route, for the month of June 2017.Vide press release 223, dated 25th July 2017.
- MCA has released new version of the XBRL Validation Tool V3.0.6 and updated Business Rules. In the XBRL Validation tools, changes have been made w.r.t CSR reporting, Business Rules related to the XBRL and C & I taxonomy 2016 have been revised
Quotes of the day
“Greatness comes by beginning something that doesn’t end with you.”
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