Professional Update for the day:
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.
Read more about: What is core Business Activity GST
Read more about: All about GST Offenses, Penalties, and Appeals
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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Rajput Jain & AssociatesRajput 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.