corporate and professional update september 22nd 2017

CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 2017

DIRECT TAX UPDATES:

• ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with supporting. Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)
• ITAT Bangalore held that TDS not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)
• A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the goods and services tax (GST) regime. However, some of them said that the notification is aimed at bringing abo.

INDIRECT TAX UPDATE:

• CBEC implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August, 2017. Vide notification no 450/08/2015, dated 20th September 2017
• The income tax department’s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The income tax department’s e-filing website remained inaccessible to users for about two hours on Wednesdayamid growing concern ab.
• Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From: 22-09-2017– To: 22-09-2017 POU Name: GURGAON BRANCH OF NIRC Event Venue
• Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20/09/2017 For more information

GST UPDATE:

• Tax officials have asked about 5,000 companies, including some big manufacturers that figure in
• The BSE 500 list, to provide explanation on transition credit they claimed in July under GST.
• The government today ruled out any further extension of deadline after December for filing GSTR-3B tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the roll out of the goods and services tax from July . “We have already extended the period for GSTR-3B… People ha..
• The Kerala GST department has notified that registrations for entities mandated to collect and deduct tax at source (TDS) have been made compulsory from last Monday.
• (September 18). The notification said that government or semi-government institutions, societies and public sector organisations are expected to complete the registration forma.
• Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before commencement of such movement. When to submit: If the consignment value of such goods exceeds ₹ 50,000/
• The government today said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.

FAQ on GST:

Query: Since some customers may not bear the taxes if shown separately, can a single consolidated price inclusive of all taxes be shown along with such a declaration?

Answer: The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.

RBI UPDATE:

• RBI came up with a discussion paper on peer-to-peer lending (P2P), seeking to regulate the fast emerging crowd funding platforms as the new financing model has assumed importance too significant to be ignored
• RBI/2017-18/57A. P. (DIR Series) Circular No. 04 September 15, 2017 ToAll Category – I Authorised Dealer Banks Madam / Sir Export Data Processing and Monitoring System (EDPMS)Issuance of Electronic Bank Realisation Certificate (eBRC) Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the provisions contained in the&n
• All peer-to-peer lending (P2P) platforms will be regulated by the Reserve Bank of India (RBI), according to a government of India notification released on Wednesday. The gazette notification stated that all the P2P loan platforms will be treated as non-banking financial companies (NBFCs) and will be brought under the ambit of the banking regulator..

OTHER UPDATE:

• E-File TRAN-1 by 10.2017. Option to revise it once till 31-10-17. Notification 3/2017 CT of 21 Sep 2017.
• The government´s move to debar directors of companies that have not filled annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.
• SEBI proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisting on a 50:50 equity-to-debt mix for new scheme approvals.

KEY DATES:

• Return of input service distributer for August: 22/09/2017

WORD OF WISDOM:

• Never be bullied into silence. Never allow yourself to be made a victim; accept no ones definition of your life.

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