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)]
FAQ on GST
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
Read more about: What is core Business Activity GST
Read more about: All about GST Offenses, Penalties, and Appeals
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.”
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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.