CORPORATE AND PROFESSIONAL UPDATE May 31, 2017

 

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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