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.”

We look forward for your valuable comment www.carajput.com

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Rajput Jain & Associates

Rajput 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.

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