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Supreme court held that premium collected by the assessee on its subscribed share capital doesn’t constitute capital employed in the business of the company for computing deduction under section 35D. [TS-120-SC-2017]
Non-refundable deposits received by Club for providing facilities to its members are taxable as revenue receipt. [2017] 78 338 (Mumbai – Trib.)
The tax demand raised by the authorities under the proposed GST regime can be paid in monthly installments for up to two years, in case of financial hardship
Income Tax Department in its latest drive has started de-activating PAN of all Income Tax assesses who were allotted more than one PAN at any time in the past.
CBDT clarified that Place of Effective Management (POEM) guidelines shall not apply to company other than an Indian company having turnover or gross receipts of Rs 50 crores or less in a financial year. CIR NO.8 OF 2017 [F.NO.142/11/2015-TPL]
CBEC has launched a mobile application for Goods and Services Tax. The mobile application enables taxpayers to be well informed of the latest updates on GST.
Assessing officer being a statutory authority under the Act is bound to respect all the laws may be made by the Parliament or may be made by the State Legislature.
He has no jurisdiction to examine the constitutional validity of any Act or the statute or a subordinate legislation which creates statutory liability upon the assessee to make the payment by way of an expenditure incurred.[The Commissioner of Income Tax Vs M/s Karnataka State Beverages Corporation ltd. (Karnataka High Court)]
CBDT to honour honest taxpayers “Honest and Compliant” taxpayers from across the country who have paid their Income Tax dues diligently over the years.
The Finance Bill, 2017 passed with Changes:
CESTAT Mumbai 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. It 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.
The contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. M/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin)
DVAT has extended the last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 alongwith required annexures/enclosures to 17.03.2017Vide Circular No. 26 of 2016-17 dated 08.03.2017.
CESTAT rules that assembling various components into a computer system does not constitute ‘manufacture’, hence not liable to ‘excise duty’ [TS-43-CESTAT-2017-EXC]
Service receiver can’t change classification and categorization of services: Delhi CESTAT [2017] 79 198 (New Delhi – CESTAT)
GST set to be rolled out from July 1, states have not made many changes in the indirect tax structure in their Budgets for 2017-18, assuming that adequate compensation would be provided to them for any shortfall in revenue receipts on this count.
Delhi VAT: Denial of Input Tax Credit on the ground that the transactions were reflected in retail invoices and not tax invoices and therefore did not qualify for credit is not valid as the strict interpretation of Section 50(2) was unwarranted. Credit allowed. Revenue’s appeal dismissed. (J C Decaux Advertising I P Ltd. – Delhi High Court. January 9, 2017).
Limitation period of one year is not applicable for claiming refund of Excise taxes paid under protest. High Court of Punjab and Haryana in the case of CCEC Chandigarh-1 Vs. Ind. Swift Lands Ltd.
Extension to 08.03.17 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q3 of 2016-17.CIRCULAR NO. 25 of 2016-17.
Retired VAT Officer can be appointed as member of VAT Tribunal: Case Name: Bihar Value Added Tax Act Vs Commercial Taxes Bar Association (Patna High Court)
CBEC has notified via notification no. 10/2017 – Customs dated 28th march, 2017 to impose basic customs duty of 10% on wheat and Tur, with immediate effect.
CBEC has issued a circular via circular no. 10/2017-Cus dated 30th march, 2017 regarding export of carpets under duty drawback.
circular via circular no. 09/2017 dated 29th march, 2017 regarding Disposal of seized/confiscated cigarettes of foreign origin vis-à-vis provisions of the Cigarettes and other Tobacco products (Packaging and Labelling) Rules, 2008.
GST to be implemented from 1st July! As informed by Economic Affairs Secretary Shaktikanta Das, all the states have agreed for the GST implementation from the said date.
GST Late Returns would attract fee @ Rs.100 per day subject to maximum of Rs.5000. This fee is separate for each return i.e. GSTR-1, 2, 3 etc.
A GST law proposed for implementation of GST in Union Territories like Andaman & Nicobar Islands, Chandigarh etc. as SGST not applicable to them
Under GST Composition Scheme in 17-18 for most Manufacturers & Restaurants @ 5% & Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.
Query: Can a return once uploaded be revised or rectified?
Answer: There is no provision for revision of any return under GST Law. The return once filed and matched will become final. The transactions which need revision in any return already filed will be considered in the next month’s return. In every monthly return, there is a table for entries in respect of the earlier returns filed.
Query: What will be the implications if unregisterd dealers purchased goods?
Answer: The receiver of goods would not get ITC.Further the recipients who are registerd under composition scheme would be liabale to pay tax under reverse charge.
Query: Under GST, if any person is availing Composition Scheme, can he purchase goods and services from unregistered tax payers?
Answer: A Composition supplier is required to make purchases only from registered taxpayers. In case, a composition supplier makes any purchases from an unregistered taxpayer, he would be liable to pay tax on reverse charge basis on all his purchases made from unregistered persons.
Query: We have a query regarding GST implication as in case goods are supplied on hire purchase basis, then will it be treated as supply of goods or supply of services. Kindly clarify
Answer: Supply of goods on hire purchase shall be treated as supply of goods as there is transfer of title, albeit at a future date.
| The GST Council will meet in April to thrash tax rate for upto 5,000 commodities and services under GST. Services will not be taxed more than 18 per cent under GST.Today is the last date for payment of tax for March 2017 is 31.03.17, please schedule Central Excise Duty/ Service Tax payment well in advance to avoid last minute rush. GST Network extends deadline for Migration of Registration till April 30 for firms to register as only 54 lakhs businesses, out of the estimated 80 lakhs. Date of GST Migration extended to 30th April 2017 by GST Network. (Source- Indian Express) 1. Changes in IT law wef 1-4-2017: |
(A) Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person.
(B) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST).
(C) For below Rs.2 crores turnover cases – For Non Cash Sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/Gross Receipt. For Cash Sales it’s 8%.
(D) Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, upto Rs.5 lakh, Tax Rate is 5% (earlier it was 10%).
(E) Payment of Rent – Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) – deduct TDS @ 5%.
(F) Capital Gain in respect of Land & Buildings period reduced from 3 years to 2 years and Base year shifted from 01.04.1981 to 01.04.2001.
(G) Corporate tax rate for the account year 2017-18 for companies with annual turnover upto Rs. 50 crores (in the account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.
(H) Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G.
(I) Sale of unquoted shares to be taxed at (deemed) fair value.
(J) In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.
(K) From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.
(L) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval.
RBI notified that the Government of India has issued amendments in the master direction on risk management and inter-bank dealings. Also, for providing operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risk arising out of current account transactions emanating in India, the extent hedging guidelines have been amended as per the terms and conditions in Annex I to this circular vide circular no. A.P. (DIR Series) Circular No. 41 dated 21st March 2017.
MCA has issued Companies (Indian Accounting Standards) Amendment Rules, 2017 vide notification dated 17th March, 2017.
MCA has amended the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. They shall come into force from the 28th February, 2017.
SEBI is evaluating the category of benchmarks being currently used to compare the returns of mutual fund (MF) schemes.
Govt considering allowing 100% Foreign Direct Investment (FDI) in insurance broking with a view to giving a boost to the sector at present, allows 49%.
SEBI has made various amendments to the existing norms for settlement of administrative and civil proceedings, to streamline and strengthen the settlement process.
India´s revised tax treaty with Singapore, aimed at checking round tripping of funds, has come into force. The principal clause allowing levy of capital gains tax on investments routed through Singapore will come into force from April 1.
E-Filling New TM Govt Fees Rs.4500 for individual/ startup/ Small Business. For Others Rs.9000. Physical filing Fees Rs.5000 for individual/ startup/ Small Business and for Others Rs.10000.
The head quarters of all PSU banks subject to audit, are expected to get a comprehensive list of firms for allotment from RBI from 06-03-2017. In turn banks are supposed to complete the allotment procedure by 16th March, 2017.
ICAI has submitted Post-Budget Memorandum to the Government and suggested certain amendments to the proposals contained in the Finance Bill, 2017 which would help the government to achieve the desired objectives.
ICAI ARF hereby invites proposals from eligible Chartered Accountants to be associated for handling its upcoming project of Indian Railways for conversion of its books of accounts from hybrid to accrual accounting. The firms satisfying the eligibility criteria may fill their particulars latest by 20th March, 2017.
The government will consider the demands made by foreign retailers for allowing nonfood items such as home care products under the foreign direct investment (FDI) policy, Union minister.
Govt. notifies new rules on Trade Marks to be applicable w.e.f. 06.03.2017. The govt brought down the number of forms required for filing an application from 74 to eight and almost halved the application fees.
Important dates for March 2017:
Strive not to be a success, but rather to be of value.
A strong positive self-image is the best possible preparation for success.
The best day of your life is the one on which you decide that your life is your own and you alone are responsible for the quality of it.
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