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Professional Update For the Day:
Provision made by the assessee for payment of any gratuity, that has become payable during the year is allowable. In fact the CBDT has also clarified the introduction of section 40A(7) that the provision made for payment of gratuity that has become payable during previous year is allowable. Therefore the liability accrued on account of the gratuity which became payable during the year on account of the employees who retired during the year itself is allowable [DCIT Vs M/s. Reliance Jute Mills International Ltd (ITAT Kolkata) ]
CBDT Stipulates Guidelines For Waiver Of Interest Charged U/s 201(1A)(i) Of The Income-Tax Act, 1961 For TDS Default. Circular No. 11/2017 dated 24.03.2017.
Insurance & Travelling Expenses incurred in Foreign Currency needs to be Excluded from both Export and Total Turnover for the purpose of section 10A Calculations. [M/s. Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore)]
CESTAT holds that exemption accorded to small scale industries under Notification No. 8/2001-CE cannot be denied because brand name used by assessee is registered with another person; CESTAT observes that such denial would constrain the exemption Notification and would be perilous for any small unit to use a brand unless registered in own name [TS-57-CESTAT-2017-EXC]
Finance ministry on Saturday approved the re-organisation of the indirect tax wing renaming the Central Board of Excise and Customs (CBEC) as the Central Board of Indirect Taxes and Customs (CBIC).
Query: If taxable person affects inter state supplies, can he availed composition scheme?
Answer: If taxable person does not affects inter state supplies,then he cannot avail composition scheme.
GST Provisional IDs not used till 31.3.17 may be cancelled as not needed. All existing indirect tax assessees migrate to GST by 31st March, 2017.
The CBIC will have 21 zones, 101 GST tax payer services commissionerates comprising 15 sub-commissionerates, 768 divisions, 3,969 ranges, 49 audit comm and 50 appeals Commissionerates.
RBI issued notification that All Agency Banks to remain open for public on all days from March 25, 2017 to April 1, 2017.
ICAI invites applications for suitable positions at various levels for Financial Reporting Domain of its Technical Directorate on full time / contractual basis for its Mumbai location. www.icai.org
The Ministry of Labour and Employment has notified the draft Contract Labour (Regulation and Abolition) Central Amendment Rules, 2017. It provides employers to pay wages to its employees through cheque or e-payment.
The Comptroller and Auditor General of India (CAG) plans to audit the impact of note ban and the affect it has had on government tax revenues, said CAG Shashi Kant Sharma.
Key Due Dates:
Important dates for March 2017:
There is a thin line dividing self-confidence and overconfidence. Hence, be careful.
Self-confidence is key to success. It’s four components are: Feel Good, Take Responsibility, Be Accountable and Develop Skills.
Life isn’t about getting and having, it’s about giving and being.
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