CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 21 2017
- Delhi ITAT allows deduction for provision regarding year-end circuit accruals (i.e. infrastructure cost and last mile charges paid to other operators for provision of telecom connectivity services) in the year of creation to assessee company (engaged in telecom business) for AY 2009-10, holds that provision was made on scientific basis and in compliance with Accounting Standards.[TS-407-ITAT-2017(DEL)]
- Gujarat HC dismisses assessee’s writ, upholds reopening for AY 2009-10 (beyond 4 years period) based on fresh material unearthed by the IT Department through the investigation wing indicating that purchase made by assessee from one supplier were bogus.[TS-406-HC-2017(GUJ)]
INDIRECT TAX UPDATE:
- CBDT issued draft notification to Companies and taxpayers getting their accounts audited will be required to submit income estimates and tax liabilities for six months of the financial year to the income tax dept by Nov 15, in a move aimed at keeping a close check on flow of revenue.
- ICAI has also released E-Income Tax Book. Get the Income Tax book for free from this link: income tax book.
GST Updates:
- CBEC has granted extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 till 31st October, 2017
- ICAI has also released GST Book: E-Book can be downloaded free from this link: GST E-Book
- CBEC has granted extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 till 31st October, 2017.
FAQ on GST:
Query: After filing of Form GSTR-1, the recipient has modified/deleted/added the details. What is the procedure to be followed by the supplier?
Answer: Where the recipient has modified/deleted/added any details in his Form GSTR-2, the supplier will receive a communication in Form GSTR-1A. The supplier can accept or reject such modifications/deletions/ addition before 17th of the succeeding period. If the supplier accepts the modifications/deletions/ addition, the details furnished by him in Form GSTR-1 will be amended automatically
MCA UPDATES:
- MCA filing of Annual Accounts/ financial statements of the Company for the financial year ended March 31, 2017 is approaching i.e. October 29, 2017.
RBI UPDATE:
- RBI has assured banks that they can classify priority loans extended to defaulting companies in the bankruptcy process as standard debt in a move aimed at ensuring that entities which can be revived are able to raise resources, said people with knowledge of the matter.
OTHER UPDATE:
- ICAI has released the complete book of Companies Act 2013 in its official website. The book can be used for both Examination and professional purposes. Get the book from this link: Companies Act Book.
KEY DATES:
- Return of input service distributer for Sept: 21.09.2017
Word of Wisdom:
- Each moment of life is only as precious as is our ability to attend to it.”
- Smile to solve the problems and silence to avoid the problems.
Wish you and your family a very happy Navratras. May Maa bless all of us with Happiness, Peace of Mind and satisfaction of Life. Jai Mata Di.
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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.