Professional Update for the day:
Direct Tax:
- Uncertainty to the applicability of Section [271(1)(c) of the Act or section 271AAA] is a reflection of non application of mind by the AO, and, therefore, the notice issued by the AO under section 274 r.w.s. 271(1)(c) of the Act is untenable and consequently, the penalty imposed by the AO under section 271(1)(c) of the Act of the Act is to be deleted. [Siddhi Home Makers Vs ITO (ITAT Mumbai)]
- Income-tax dept has begun a multi-city crackdown against owners of benami assets who parked their ill-gotten wealth in the name of other individuals. It has identified over 300 cases which could face action under the Benami Transactions Act.
- Income Tax Dept launched a new e-facility in their e-filing website to link PAN with Aadhaar. Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of ITR.
Indirect Tax:
- Bombay HC finds challenge to Circular dated January 20, 2015 under apprehension of service tax demand on activity involving transfer of title in goods / immovable property by way of sale, as premature; Reiterates prerequisite of show cause notice containing specific allegations based on applicability of law to assessees’ activities, before confirmation of demand [TS-85-HC-2017(BOM)-ST]
- Cenvat credit couldn’t be rejected on ground that assessee was not registered during said period of claim: HC [2017] 80 taxmann.com 382 (Allahabad).
Read more about: What is core Business Activity GST
Read more about: All about GST Offenses, Penalties, and Appeals
Company Law:
- MCA has revised the versions of e Forms – Form DIR-3C and Form RD – 1 (Applications made to Regional Director) are being revised w.e.f. 11th May, 2017.
Key dates:
- Advance information for 2nd fortnight of may of functions with booking cost > Rs 1 lakh in banquet halls, hotels, etc. in delhi : 12.05.2017
- E-payment of PF for April : 15.05.2017
- Deposit of DVAT TDS for April : 15.05.2017
- TCS returns by all collectors : 15.05.2017
- Return of DVAT TDS for quarter ending march : 15.05.2017
Other Updates:
- Allahabad High Court confirmed punishment of a CA for presenting forged copies of Challans on behalf of the assessee to the Income Tax dept. The Court enhanced the punishment to Five years against two years suggested by the DC of ICAI.
- Vijaya Bank invites online application for empanellement of concurrent auditors from the CA firms which are on RBI panel. Last date 20.05.2017.
Quote of the Day:
“Change I Can’t into I can and you will soon say I did.”
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Rajput Jain & AssociatesRajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders.
Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields.
We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.