Corporate and Professional Updates 22nd April 2018
Page Contents
Direct Tax:
- ITAT Hyderabad held that Deduction u/s. 80C allowable on Principal Loan payment for residential flat irrespective of its use. It further held that they have gone through the certificate issued by the Bank of India and find that the loan is given for purchase of a flat. The nature of the said flat purchased by the assessee, is not mentioned in the certificate. It could be a residential flat also. In view of the same, they deem it fit and proper to remand this issue to the file of the assessing officer with a direction to verify the nature of the property, and if it is found to be a residential property purchased by the assessee against which the assessee has been given loan by the Bank of India, then irrespective of the use of the building, the claim of deduction under section 80C of the Act shall be allowed in respect of the repayment of the principal amount, of course subject to the maximum limit. {A. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad)}
- ITAT Delhi held that 292B cannot save Assessment order passed without Notice u/s 143(2) [Income Tax Officer Vs. Sh. Neeraj Goel (ITAT Delhi)]
- Income Tax Department warns salaried employees against filing wrong ITRs- Cautioning prosecution, employers also to be intimated.Press Trust of India.
Indirect Tax:
- CESTAT Delhi held that Since the training courses conducted by IIPM do not result in award of any certificate/ Diploma/ Degree or any other educational qualification recognized by the law being in force, the activity will fall under the category of Section 65 (105) (zzc) of the Act and is a taxable service liable to payment of Service Tax. {C.S.T. Service Tax, Delhi Vs Indian Institute of Planning & Management (CESTAT Delhi)}
- E-Way Bill system for intra-state movement of goods wef 20.4.18 in Bihar, Jharkhand, Haryana, Himachal Pradesh, Tripura & Uttarakhand.
- GST: Procedure for interception, detention, release/seizure of goods & vehicle without e-way bill. E-way bill no. on Invoice sufficient. Its printout not must. Number available on sms or otherwise also valid. Circular 41/15/2018-GST of 13.04.2018.
FAQ on E-WAY BILLS:
- Query:What has to be done, if the validity of the e-way bill expires?
- Answer: If validity of the e-way bill expires, the goods are not supposed to be moved. However, under circumstance of ‘exceptional nature’, the generator of the e-way bill can generate another e-way bill, by entering the e-way bill number and part-B. Now, the system generates the new e-way bill with part-A information of previous e-way bill and new Part-B information.
Read our articles:
- E-Invoice Mechanism under the GST
- Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN
- Reasons for the Movement of Goods under the GST
RBI updates
- RBI has issued a notification w.r.t Liberalised Remittance Scheme (LRS) for Resident Individuals and daily reporting of transactions. Currently, transactions under Liberalised Remittance Scheme (LRS) are being permitted by AD banks based on the declaration made by the remitter.
Other updates
- DGFT has launched of facility to check status of Importer Exporter Code (IEC) application made to DGFT by the stakeholders. As IEC is ready for Import/ Export of goods only after IEC details get successfully registered at DGFT and accepted by ICEGATE (Customs).