Professional Update For the Day:

DIRECT TAX:

• Entitlement for deduction U/s 80IB – amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB – these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80IA/80IB – ITAT Jaipur in case of [M/s Neel Kanth Gum & Chemicals Vs. ACIT].
• New India Assurance to refund TDS amount to claimant as it had wrongly deducted TDS on compensation: HC[2017] 79 76 (Gujarat)
• Expenditure incurred for re- possession of the club – capital or revenue in nature – when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure – ITAT Bangalore in case of [G.R. Developers Vs. The ACIT, Circle-3 (1) , Bangalore].
• Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.
• CBDT reported the direct tax collections up to February 2017 to witness steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7% more.

INDIRECT TAX:

• CBEC has issued Master Circular providing the clarity and uniformity on the issue dealing with show cause notice, adjudication of proceedings and recovery.
• Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017vide circular 28 dated 17.03.2017.
• Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.
• CBEC vide Circular No. 1053/02/2017-CX dated March 10, 2017 has issued the Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty.
• The Income Tax Appellate Tribunal (ITAT) has ordered UK’s Cairn Energy Plc to pay Rs 10,000 crore capital gains tax on transfer of ownership from Cairn UK Holdings to Cairn India .https://economictimes.indiatimes.com/articleshow/57574668.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
• Penalty u/s. 271(F) – non furnishing the return within the due date – There was reasonable cause for the failure of the assessee to comply with the provisions of the Act – No penalty -ITAT Mumbai in case of [Kripa Shanakar Singh Vs. ITO Cir 21 (1) (2). Mumbai]
• AO cannot examine sec. 37 conditions on “Privilege fees” paid for renewal of liquor Licence: HC 79125 (Karnataka)
• Where landowner sold land to various purchasers and purchasers entered into agreement with assessee for construction of building as per their plan at their own money and assessee had no share in constructed area, it was a case of mere ‘works contract’; assessee was not eligible for deduction under section 80-IB. [2017] 79 10 (Chennai – Trib.)
• Where AA had levied upon assessee composite penalty both under section 11AC of Central Excise Act and under rule 173Q of Central Excise Rules, Tribunal was not justified in setting aside it on ground that composite levy of penalty was not permissible. [2017] 79 23 (Gujarat)
• Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.
• Gold, Silver and Diamond bearing watches classifiable as Jewellery under Gujarat VAT: HC [2017] 78345 (Gujarat)

GST UPDATES

• Parliament to pass CGST, IGST, UTGST & Compensation bills already approved by GST Council in Budget session. States to pass respective SGST bills.
• GST Council cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent

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 UPDATES

• RBI issued clarification regarding mentioning Reference No. on Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 that needs to be quoted on Form V while uploading the same to the Income tax Authorities.

SEBI UPDATES

• SEBI has issued circular for Redressal of complaints against Stock Brokers and Depository Participants through SEBI Complaint Redress System (SCORES).

Key Dates:  Due dates for the month of March 2017:

6 March : Service tax monthly deposit other than Ind,HUF & P.Firm

7 March  : TDS/ TCS deposit

15 March : Deposit of PF

15 March :Payment of Advance Tax

20 March : Monthly UP VAT return & tax

21 March : Deposit of ESI

31 March : E-payment of service Tax by all assesses Monthly/ Quarterly

31 March :Filing of Belated Income Tax returns for the A/Y 15-16 & A/Y 16-17

Payment of Advance Income Tax by all assesses (100%): 15.03.2017

E-payment of PF for Feb: 15.03.2017

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