corporate and professional update may 17, 2017

 

Professional Update for the day:

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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