CORPORATE AND PROFESSIONAL UPDATE April 29, 2017

Untitled213

Direct Tax:

30-04-2017 (Sunday) is LAST DATE for Payment of Income Tax in Challan No. ITNS-281. 

Indirect Tax:

 Date of filing of DVAT Return in Form 16, 17 & 48 for Q4, 2016-17 has been extended upto 15.05.2017 vide Circular No. 2 dated 28.04.2017.

GST Update

Under GST every registered person to keep in physical /electronic form, books of account at Principal & EVERY related place of business mentioned in his RC.

FAQ on GST

 Question: How will imports be taxed under GST?

Answer: The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India. Unlike in the present regime, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.

 Corporate Law: 

  1. Where revenue urged that assesses company received share application money from bogus shareholders, it was for revenue to proceed by reopening assessment of such shareholders and assessing them to tax and not to add same to assessee’s income as unexplained cash credit. Proviso to Sec 68  [2017] 80  272 (Bombay HC).
  2. MCA has issued a Circular clarifying the issues relating to the Transfer of shares to IEPF Authority. The due date for transfer of shares by Companies to IEPF is May 31, 2017 .
  3. Meeting of creditors could be dispensed with if maximum no. of creditors gave their consent to amalgamation scheme. [2017] 80 taxmann.com 307 (NCLT – Bang.).
  4. Govt. has notified section 234 of the Companies Act, 2013 which provides for mergers and amalgamations between an Indian Company and a foreign company and vice versa. RBI has also inserted Rule 25A[2] to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

 

Quotes of the Day:

Only I can change my life, nobody can do it for me.

We look forward for your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com    E: info@carajput.com   T: 011-233-4-3333 , 9-555-555-480

Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.