CORPORATE AND PROFESSIONAL UPDATE May 5, 2017

Professional Update for the day:

 

Direct Tax:

  • 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.

Indirect Tax:

  • 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]

GST Updates:

  • 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.

More read:

Blocking the E-way bill creation system if fails to file GSTR-3B

Extension of the due date of GSTR-1

E-invoice details are auto-populated in the respective GSTR-1

Key dates:

  • 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.

Other Updates

  • 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 sao2ca5@cag.gov.in 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.”

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

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: singh@carajput.com   T: 011-233-4-3333, 9-555-555-480

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.

Recent Posts

New cheque clearing process starting from Oct 4, 2025

New cheque clearing process in India starting from October 4, 2025 Existing System (Until Oct 3, 2025) : Clearing Method:… Read More

1 day ago

Overview on Tax Treatment on Gratuity in India

Overview on Tax Treatment on Gratuity in India What is Gratuity? Gratuity is a lump sum paid by an employer… Read More

1 day ago

Taxation Comparison: Gold Coin vs Gold Jewellery

Taxation Comparison: Gold Coin vs Gold Jewellery Tax Aspect Gold Coin Gold Jewellery ITR Reporting Treated as a capital asset.… Read More

4 days ago

Crypto Taxation & ITR Reporting Guide for India

Crypto Taxation & ITR Reporting Guide Tax on Profits from Crypto (Virtual Digital Assets)- Taxation U/s 115BBH Applicability on Virtual… Read More

4 days ago

Savings Account Rules for Transactions to Avoid Tax Scrutiny

Savings Account – Rules for Transactions to Avoid Income Tax Scrutiny The Income Tax Department monitors high-value transactions through banks’… Read More

4 days ago

Quick Guide on GST Marginal Scheme

Quick Guide on GST Marginal Scheme What is GST Marginal Scheme Meaning : The GST Margin Scheme is applicable primarily… Read More

4 days ago
Call Us Enquire Now