Professional Update for the day:


Direct Tax:

  • CBDT issued a press release dated 5th May, 2017 requesting the stakeholder’s to comment on draft rules relating to valuation of unquoted equity share for the purposes of section 56 and section 50CA of the Income-tax Act, 1961
  • Gujarat High court held that clause-4 of the modified instruction dated 29th February 2016 only provides that the AO may/shall grant stay of demand till disposal of first appeal on payment of 15% of the disputed demand, unless assessee’s case falls in the category mentioned in para 4 [B] therein which covers both the situations i.e. required payment (for grant of stay) is either less than 15% or more than 15%. [TS-171-HC-2017]
  • CBDT is developing a dedicated portal for the investigation of those identified to have made deposits or large purchases not in line with declared income as a follow-up to Operation Clean Money, which was launched in the wake of demonetization to crack down on black money.

 Indirect Tax:

  • CBEC issued a notification vide notification no. 17/2017 – Service tax dated 4th May, 2017 regarding amendment in notification No. 25/2012-ST dated 20.06.2012 so as to exempt life insurance services under ‘Pradhan Mantri Vaya Vandana Yojana’.
  • Bombay High court held that refusal to accept notice sent by post is deemed service of notice.[Commissioner of Sales Tax vs. Sunil Haribhau Pote (Bombay High Court)]


What are the major features of the proposed payment procedures under GST?

Answer: The major features of the proposed payments procedures under GST are as follows:

  • Electronic payment process- no generation of paper at any stage
  • Single point interface for challan generation- GSTN
  • Ease of payment – payment can be made through online banking, Credit Card/Debit Card, NEFT/RTGS and through cheque/cash at the bank
  • Common challan form with auto-population features
  • Use of single challan and single payment instrument
  • Common set of authorized banks
  • Common Accounting Codes

Corporate Laws:

  • MCA has updated all the master data by adding defaulting status. If any co. is in default for annual filing for the year 2015-16 than mca mark it as a defaulting.

Other Updates

  • ICAI has asked its members to ensure that companies have made adequate disclosures about transactions involving cancelled notes post demonetization till December 30, 2016.
  • Govt’s proposed land bill is coming back in the reckoning after being in cold storage for more than a year. The parliamentary joint panel reviewing the legislation will meet on May 22 to debate its social impact.
  • IRDA has notified the IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017 which shall come into force from the date of their publication in the Official Gazette.
  • ICAI has asked its members to ensure that companies have made adequate disclosures about transactions involving cancelled notes post demonetization till December 30, 2016.

Key dates:

  • Return of non – SSI assesses for april : 10.05.2017
  • Return by units paying duty > 1 crore (CENVAT + PLA) for April : 10.05.2017
  • Advance information for 2nd fortnight of may of functions with booking cost > Rs 1 lakh in banquet halls, hotels, etc. in delhi : 12.05.2017
  • E-payment of PF for April : 15.05.2017
  • Deposit of DVAT TDS for April : 15.05.2017
  • TCS returns by all collectors : 15.05.2017
  • Return of DVAT TDS for quarter ending march : 15.05.2017

Quote of the Day:

“If you want to go fast, go alone, if you want to go far, go together.”

We look forward for your valuable comment


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