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Professional Update For the Day:
Compensation paid to employees on closure of business couldn’t be termed as VRS package for income-tax relief. [2017] 79 298 (Madras)
Mere signing of ‘Sauda Chitthi’ wouldn’t prove that assessee had received consideration from sale of land: HC [2017] 79 237 (Gujarat)
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
Sec. 50C couldn’t be applied to determine profits where assessee was engaged in business of sale of flats: HC [2017] 79 238 (Bombay)
Cost of material reimbursed to AE without any profit was to be excluded while computing profit margin under TP study. [2017] 79 232 (Delhi – Trib.)
CBDT has issued guidelines for waiver of interest charged under section 201(1A) (i) of the Income Tax Act, 1961 via circular no. 11/2017 dated 24th march, 2017.
ITAT Mumbai held that unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14 A r/w 8D can be made. [Red Chillies entertainment pvt. Ltd. Vs Asstt. Commissioner of Income Tax]
Madras High Court held that fly ash generated during generation of electricity by burning of pulverized coal does not involve any manufacturing activity and therefore, does not fall within the purview of “excisable goods” under section 2(d) of central excise act. [TS-561-HC-2016(MAD)-EXC]
FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the iplementmation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval.
Reimbursement of expenditure not liable to service tax if gross earning are shared between parties: Delhi CESTAT. [2017] 79 218 (New Delhi – CESTAT)
Query : Is it permissible to amend the Registration Certificate?
Answer: Yes. In terms of Section 20, the proper officer may, on the basis of such information furnished either by the registrant or as ascertained by him, approve or reject amendments in the registration particulars in the manner and within such period as may be prescribed. It is to be noted that permission of the proper officer for making amendments will be required for only certain core fields of information, whereas for the other fields, the registrant can himself carry out the amendments.
More updates:IMPACTS OF GST E-INVOICING SYSTEM
More updates:Key characteristics for Auto-population of e-invoice
CGST, IGST, UTGST & Compensation bills introduced in Lok Sabha On (27.3.17). IGST & CGST Bills Not Applicable to the State of Jammu & Kashmir.
Under GST Check Migration status using PAN, Indirect Tax Registration No or Provisional ID: https://services.gst.
RBI notified that the government of India issued a circular via circular no. DPSS.CO.CHD.No./2695/03.01.03/2016-17 dated 25th march, 2017 regarding payments systems to remain open for public on all days from march 25th, 2017 to april 1st , 2017.
Profit/Loss arising out of Investment in Equity Participation is ‘Revenue’ in nature: Case Principal CIT v. Industrial Finance Corporation of India Ltd: Delhi High Court.
IASB of ICAI is organising Certificate Course on Concurrent Audit of Banks at Ghaziabad from April 29 2017. For Regn visit at , http: //resource.cdn.icai.org/44969iasbghz.pdf
Important dates for March 2017:
Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no help at all.
Difficulties are viewed differently by different people, For some, these are speed breakers & for others, these are opportunities to jump.
Behaviour is sometimes Greater than Knowledge, Because There are many Situations, Where Knowledge Fails But Behaviour can handle Everything.
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