CORPORATE AND PROFESSIONAL UPDATE May 17, 2017

Professional Update for the day:

tax

Direct Tax:

  • Delhi HC upholds charity exemption u/s. 11 to Vishwa Hindu Parishad (assessee, ‘VHP’) for AY 1993-94 despite assessee’s failure to comply with mandatory condition u/s. 12A(b) of filing of audit report [TS-184-HC-2017(DEL)]
  • Delhi HC held that deprecation cannot be claimed in respect of Written Off / unusable Assets. Commissioner of Income Tax Vs Brawn Pharmaceuticals Ltd. (Delhi High Court)
  • Interest liability arising due to order of court was allowable expense, though order was stayed by divisional bench.
  • Reduced price charged from Hawkers to supply newspaper couldn’t be treated as commission, No TDS liability u/s 194H

 Indirect Tax:

  • DVAT has extended the last date of filing of online/hard copy of fourth quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures upto 30.05.2017 Vide Circular No. 5 of 2017-18 dated 15.05.2017.
  • HC upholds levy of excise duty along with interest and penalty on removal of mercury, upon closure of Mercury Cell Processing Plant where Caustic Soda was being manufactured; Rejects assessee’s reliance on Indian Organic Chemicals Ltd. decision and contention that since Mercury acts only as a cathode in process of electrolysis without being consumed, no tax is payable on Mercury recovered / retrieved pursuant to closure of plant [TS-109-HC-2017(KER)-EXC]

GST Updates:

  • Federation of Indian Export Organizations (FIEO) Allow exporters to pay GST on transaction through e-currency.

Key dates:

  • E-payment of DVAT & CST for April: 21.05.2017
  • Payment of ESI of April: 21.05.2017
  • Issue of DVAT certificates for deduction made in April: 22.05.2017

Other Updates:

  • The Ministry of Home Affairs has offered a one-time exemption to Non-Government Organizations to file ‘missing’ returns as mandated by the Foreign Contribution (Regulation) Act without being levied any fine.
  • Vijaya Bank invites applications for empanel as concurrent Auditors for the year 2017-18, by 20.05.2017.

Quote of the Day:

“It’s always seem to be impossible until it’s done.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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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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