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CBDT issues clarifications on Income Computation and Disclosure Standard (ICDS) u/s 145(2) of the Income Tax Act, 1961 on 23 March, 2017.
CBDT notifies Third Protocol amending India-Singapore DTAA on 23 March 2017 effective from 27 February 2017.
Bombay High Court decision: No summons u/s 131(1) of the Income Tax Act can be issued, if no proceeding are pending. Jamnadas Madhavji And Co. And vs J.B. Panchal, Income-Tax Officer.
Income tax department has launched criminal prosecution in 570 cases till January in the current financial year, about a threefold jump from 196 in the previous fiscal.
Capital gains deposited by the assessee in the specified bank account in accordance with Capital Gain Account Scheme, after the due date of filing of Return of Income u/s 139(1) but before the due date of filing the Revised Return u/s 139(5) would be eligible for exemption u/s 54G. DCIT vs. M/s. Kilburn Engineering Ltd., ITAT – Kolkata.
CBEC has been the biggest litigant in the last three years, filing twice as many appeals in the Supreme Court than private co’s, a study by the govt. official auditor showed.
CBDT issued guidelines to ITOs that in case of individual not having business income, no further verification is required to be made in cash deposit is up to Rs 2.5 lacs and in case above 70 years of age, the limit is Rs 5 lacs.
The I-T department is likely to launch the second phase of ‘Operation Clean Money’ next month to close in on unaccounted money into banks but may ignore standalone deposits below Rs. 5 lakh for now.
Every person who has bank account but has not furnished his PAN number to the bank at the time of opening of bank account or subsequently is required to furnish PAN before 28.02.2017.
High Court held that opinion that such a huge tax evasion cannot be so lightly permitted on account of any hyper-technicality. The concept of lift or piercing of corporate veil, as sometimes referred to as cracking the corporate shell, is applied by the Courts sparingly. [Ajay Surendra Patel Vs DCIT (Gujarat High Court)]
CBEC has issued a circular clarifying the Applicability of service tax on the services by way of transportation of goods by a vessel from a place outside India to the customs station in India w.r.t. goods intended for transshipment to any country outside India.
CESTAT Delhi rejects valuation adopted by Deputy Commissioner, Special valuation branch by way of backward calculation of related party imports, viz. making deductions from RSP/MRP of CVDs/DVDs so imported. It also holds that valuation mechanism adopted by Revenue is strictly not in accordance with Rule 7 of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. [TS-55-CESTAT-2017-CUST]
Query: Will composition scheme be optional or compulsory?
Answer: Optional
Query: If an individual buys a car for personal use and after a year sells it to a car dealer. Whether this transaction will be a supply in terms of MGL?
Answer: No, this transaction is not be a supply because supply is not made by the individual in the course or furtherance of business. Further, no input tax credit was admissible on such car at the time of its acquisition as it was meant for non-business use.
The last GST Council meeting (the eleventh since the Council’s inception), though scheduled for two days, got concluded in a day as the revised CGST and IGST Laws were approved by the Council.
Under GST No threshold for persons responsible for deduction or collection of tax at source under existing GSTIN or separately registered for TDS/TCS.
Under GST No refund shall be granted to deductor if TDS amount has been credited to Electronic Cash Ledger of the deductee.
RBI notified that The Government of India has prescribed the Master Directions on Issuance and Operation of Prepaid Payment Instruments in India. These Master Directions have been prepared to facilitate the Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers to have all the extant instructions on the subject at one place; vide notification no. DPSS.CO.PD. No. /02.14.006/2016-17 dated 20th march,2017. (click here to view)
RBI has issued a Notification regarding Reimbursement of Merchant Discount Rate (MDR). The Govt of India has decided to absorb the Merchant Discount Rate charges in respect of debit card transactions while making payments to the Govt.
Foreign institutional investors (FPIs) issuing participatory notes (P-notes) have decided to impose a 7.5 per cent tax on those who want to use these off-shore derivative instruments to bet on India’s equity market.
MCA has empowered the Regional Director to prepare and maintain the Mediation and Conciliation Panel of eligible experts in pursuance of Rule 3(1) of Section 442 of the Companies Act, 2013 who are willing to be appointed as mediator or conciliator.
MCA has revised the versions of eForms – Form AOC-4, Form AOC-4 XBRL, Form GNL-2 w.e.f 17th February, 2017.
Companies being controlled and managed by same set of shareholders to be treated as AE. [2017] 78 57 (Bangalore – Trib.)
Indirect tax collections increase by 16.9 per cent in January and the government is on track to achieve its revised tax target for the current fiscal.
The Cabinet on Wednesday approved the proposed merger of State Bank of India (SBI) and five subsidiaries SBBJ, SBH, SBM, SBP and SBT — a combination that will create the first Indian lender to rank among the world’s top 50.
The Lok Sabha passed the Payment of Wages (Amendment) Bill, 2017 which allows for digital payment of salaries or through cheque.
Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2016-17
Important dates for March 2017:
Waves are inspiring, not because they rise and fall but because they never fail to rise again.
Be soft as a flower when it comes to kindness. But tough as thunder when it comes to principles.
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