Professional Update for the Day:
Direct Tax:
- 271(1)(c): ‘Furnishing of inaccurate particulars of income’ and ‘concealment of particulars of income‘ have different connotations. The failure by the AO to specify in the s. 274 notice which of the two charges is applicable reflects non-application of mind and is in breach of natural justice as it deprives the assessee of an opportunity to contest. The penalty proceedings have to be quashed Jehangir HC Jehangir vs. ACIT (ITAT Mumbai)
- Allahabad High Court held that Rejection of Books of Accounts is Pre-Requisite As Per Section 145(3) For Making an Assessment Under Section 144 CIT vs. Pashupati Nath Agro Food Products Pvt. Ltd (Allahbad High Court)
Indirect Tax:
- HC allows assessee’s appeal, sets aside CESTAT order which denied SSI exemption on ground that turnover of manufactured electric furnace and heating elements exceeded turnover limit prescribed under Notification No. 1/93 [TS-131-HC-2017(MAD)-EXC]
Other Updates:
- GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.
- RBI issued Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills / essential services up to a limit of Rs.10, 000.
Read more about: What is core Business Activity GST
Read more about: Important decisions made at the 43rd GST Council meeting
Key dates:
Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017
Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017
Issue of TDS certificate to employee:31/05/2017
TDS returns for march quarter by ALL deductors:31/05/2017
Quote of the Day:
You can get assent to almost any proposition so long as you are not going to do anything about it.
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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.