Categories: Companies Act / ROCDirect TaxGST (Goods and Services Tax)Income TaxIndirect Tax

CORPORATE AND PROFESSIONAL UPDATE May 31, 2017

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Professional Update for the day:

Direct Tax:

ITAT Mumbai held that AO is required to specify the exact charge in the notice for which the assessee was being penalized, Failure to specify exact charge in section 274 notice makes it invalid Jehangir HC Jehangir Vs ACIT (ITAT Mumbai)
Delhi HC confirms ITAT’s deletion of notional interest adjustment on delayed AE-receivables in hands of assessee, rejects Revenue’s plea for considering “receivables” as an international transaction as per Explanation to Sec 92B [TS-412-HC-2017(DEL)-TP]
TDS on Interest Income Accrued to a Minor after Parent’s Death, shall be Deducted from Minor, not from Grand-Parents: CBDT Circular No.18/2017 dated 29/05/2017

Indirect Tax:

DVAT Department clarified that in respect of dealers who have been issued Provisional Registration pursuant to earlier Circular No. 3 of 2015-16 dt. 27.04.2015, but the signed copy of registration certificate (DVAT-06) has not yet been issued due to pending VATI verification, the Assessing Authority/Ward Incharge shall process and issue signed copy of R.C. (DVAT-06)after due verification of registration application under the ACT vide Circular No. 7/2017 dated 29.05.2017.

GST Updates:

Under GST Goods can be supplied from place of business of registered job worker or if unregistered, principal declares it as additional place of business.
The decision on revising the tax rates fixed on various goods and services has been left to the discretion of the GST Council, Central Board of Excise and Customs Chairperson Vanaja Sarna said

Other Updates:

MCA Circular No 06 /2017 DT 29.05.2017: where the period of seven years provided under sub-section (5) of section 124 has been completed or being completed during the period from 7th September, 2016 to 31st May, 2017, the due date of transfer of such shares shall be deemed to be 31st May, 2017.

Key dates:

Issue of TDS certificate to employee:31/05/2017
TDS returns for march quarter by ALL deductors:31/05/2017

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***Read more about:* *What is core Business Activity GST***

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Tags: Issue of TDS certificate to employeeTDS on Interest Income AccruedTDS on Interest Income Accrued to a Minor after Parent’s Death

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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.