CORPORATE AND PROFESSIONAL UPDATE May 6, 2017

Professional Update for the day:

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Direct Tax:

  • CBDT issued notification regarding issue of Income tax (9th Amendment) Rules, 2017. These are the amendments in Income tax Rules, 1962 – prescribing form & manner of exercise of option by the domestic company for the purposes of section 115 BA of the Income tax Act, 1961 vide notification no. 36/2017/F. No. 370142/7/2017-TPL dated 2nd may, 2017
  • CBDT’s instruction dated of demand by the 29.02.2016 on stay of demand by the AO does not require the assessee to make a pre-deposit of 15% of the disputed demand. As per the Instruction, if the AO requires the assessee to pay less, or more, than 15% of the demand, the sanction of the Pr. CIT is required. If the AO demands 15% to be paid, the assessee is entitled to approach the Pr CIT for review of the AO’s decision. [Jagdish Gandabhai Shah Vs Pr CIT (Gujrat High Court)]
  • CBDT proposes norms for tax benefits for genuine equity deals  specifying certain eligible transactions for tax exemption on which STT was not paid To check tax evasion through “sham transactions” in stock market and protect genuine one.

Indirect Tax:

VAT  filing date in haryana state extended till 15th of may, 2017.

 FAQ on GST

 Whether GST will be payable on goods which are removed for purpose other than supply?

Answer:  Goods are said to be removed when they are given to transporter for taking those goods to recipient or when goods are collected by recipient personally or through an agent. Any other movement of goods will not be considered removal for the purpose of GST.

Other Updates

  • Finance ministry has extended the time limit for providing Permanent Account Number (PAN) or Form No. 60 by bank account holders who have not given it at the time of account opening or later to June 30, 2017.
  • The Insolvency and Bankruptcy Board of India has constituted a Technical Committee in accordance with Regulation 14 of the IBBI (Information Utilities) Regulations, 2017.
  • All Banks will remain closed, every Saturday from 1st June onwards. The RBI has approved  5 days Working for Banks. Now Timings will be 9:30 am to 5:30 pm.

Key dates:

  • E- Payment of service tax for April by Cos : 05.2017
  • Submission of forms received in April to IT Commissioner : 05.2017
  • Payment of TDS/TCS deducted/collected in April : 05.2017
  • Return of non – SSI assesses for April : 05.2017
  • Return by units paying duty > 1 crore (CENVAT + PLA) for April : 05.2017

Quote of the Day:

“Don’t let people pull them into their storm, pull them into your peace.”

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The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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