CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2017

Professional Update For the Day:

Direct Tax:

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]

Indirect 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)

FAQ ON GST:

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

GST UPDATE

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 Updates:

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.

Other Update :

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

Key Due Dates:

Important dates for 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
• Return of TDS for dec quarter in DVAT 48 : 17:03:2017
• E payment of DVAT & CST tax for Feb : 21:03:2017
• Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017 vide circular 28 dated 17.03.2017.
• E payment of service tax for quarter ended march : 31:03:2017
• E payment of excise duty for quarter ended : 31:03:2017
• Filing of ITR for AY 2016-17 without penalty & AY 2015-16 with penalty of 5000 : 31:03:2017
• Payment of balance Advanve income tax by ALL (sec 234B&234C) : 31:03:2017
• Issue of DVAT certificate for deduction made in feb : 22.03.2017

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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 011-23343333 / 9555555480

We look forward for your valuable comments. www.carajput.com