CORPORATE AND PROFESSIONAL UPDATE May 15, 2017

Professional Update for the day:

22

Direct Tax:

  • CBDT Request stakeholders to comments on Draft Income Computation and Disclosure Standards (ICDS) on Real Estate Transactions to be applicable from assessment year 2017-18.
  • Delhi High Court refused to stay the income tax proceedings against Young Indian Ltd in the case of alleged misappropriation of assets of National Herald newspaper involving Congress leaders Sonia Gandhi and Rahul Gandhi.
  • Government of India mandates Aadhar Card for Atal Pension Yojana (APY).
  • The CA firms should be on RBI panel and be a partnership concern. CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.
  • The CA firms should be on RBI panel and be a partnership concern. CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.
  • Interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ITAT Hyderabad: DRS Warehousing (South) v. ITO.

 Indirect Tax:

  • Registration for GST enrolment to reopen on June 1 for 15 days as 6.05 million entities have enrolled them with the GSTN system.
  • IGST to be deposited again if CGST & SGST/ UTGST paid by mistake instead of IGST but no interest to be paid. Use excess payment for relevant GST.

Key dates:

  • 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:

  • RBI has introduced additional settlements in the NEFT system at half-hour intervals to enhance the efficiency of the system and add to customer convenience.
  • Vijaya Bank invites online application for empanellement of concurrent auditors from the CA firms which are on RBI panel. Last date 20.05.2017.
  • SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India.
  • NOC from Advocate to appoint new advocate not required as litigant has the absolute right to appoint an advocate of his choice and to terminate his services any time and for whatever reason. Karnataka Power Transmission Corp Ltd vs. M. Rajashekar (Karnataka High Court)

Quote of the Day:

“Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.”

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This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

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