Professional Update for the day:
- SC reverses Gujarat HC judgment ruling in favour of Revenue for AY 1994-95, approves AO’s ‘prima facie adjustment’ u/s 143(1)(a) with respect to share issue expenses disallowance as these expenses are capital in nature. [TS-168-SC-2017]
- ITAT Cochin held that “On Money” received by an assessee for sale of agricultural land has to be treated as “agricultural income” and exempted from tax if the facts show that the assessee has no other source for the receipt. [ITO Vs Abraham Varghese Charuvil]
- CBDT releases New Rules for Sec 115BA(4) & Form 10-IB for Startups to Opt for Lower Tax Rate.
- Income Tax Dept had been asking people to link their PAN no. with Aadhar before 31 July and many were finding it difficult as their names did not match in both. Just go to www.incometaxindiaefiling.gov.in and login. Then go to Profile settings and choose Aadhar linking. Then enter Aadhar no. and ENTER NAME AS GIVEN IN AADHAR CARD.
- Supreme Court ends the paid vs. Payable. Held that Disallowance u/s Section 40(a)(ia) for TDS default not to be restricted to amounts payable but also when it is paid. Dated 03-05-2017 in Palma Gas Service.
- Madras High Court Held that the absence of a statutory provision, prescribing that, registration of the premises was mandatory for availing input service tax credit, the Assessee could not be denied refund of unutilized cenvat credit on input services. [Commissioner of Service Tax-III Vs Customs, Excise & Service Tax Appellate Tribunal]
- Madhya Pradesh Legislative Assembly on Wednesday unanimously passed the Madhya Pradesh Goods and Services Tax (GST)
- Also this states in switching over to the January December fiscal year from April to March.
- E- Payment of service tax for April by Cos : 06.05.2017
- Submission of forms received in April to IT Commissioner : 07.05.2017
- Payment of TDS/TCS deducted/collected in April : 07.05.2017
- Return of non – SSI assesses for April : 10.05.2017
- Return by units paying duty > 1 crore (CENVAT + PLA) for April : 10.05.2017
FAQ on GST
What are the benefits of GST for consumers?
Answer: For the consumer
- Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.
- Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.
- NCLT Order against the Corporate Debtor, Magna Opus Hospitality Pvt. Ltd for the Corporate Insolvency Resolution Process and the order for Moratorium of 180 days starting from 12th April, 2017.
- Provisional Empanelment status with O/o C&AG is available at CAG website up to 05May. Representation, if any, may be sent firstname.lastname@example.org by 5th May.
Quote of the Day:
“If you focus on results you will never change but if you focus on changes you will definitely change your results.”
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