Professional Update for the day:
- Delhi HC upholds charity exemption u/s. 11 to Vishwa Hindu Parishad (assessee, ‘VHP’) for AY 1993-94 despite assessee’s failure to comply with mandatory condition u/s. 12A(b) of filing of audit report [TS-184-HC-2017(DEL)]
- Delhi HC held that deprecation cannot be claimed in respect of Written Off / unusable Assets. Commissioner of Income Tax Vs Brawn Pharmaceuticals Ltd. (Delhi High Court)
- Interest liability arising due to order of court was allowable expense, though order was stayed by divisional bench.
- Reduced price charged from Hawkers to supply newspaper couldn’t be treated as commission, No TDS liability u/s 194H
- DVAT has extended the last date of filing of online/hard copy of fourth quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures upto 30.05.2017 Vide Circular No. 5 of 2017-18 dated 15.05.2017.
- HC upholds levy of excise duty along with interest and penalty on removal of mercury, upon closure of Mercury Cell Processing Plant where Caustic Soda was being manufactured; Rejects assessee’s reliance on Indian Organic Chemicals Ltd. decision and contention that since Mercury acts only as a cathode in process of electrolysis without being consumed, no tax is payable on Mercury recovered / retrieved pursuant to closure of plant [TS-109-HC-2017(KER)-EXC]
- Federation of Indian Export Organizations (FIEO) Allow exporters to pay GST on transaction through e-currency.
- E-payment of DVAT & CST for April: 21.05.2017
- Payment of ESI of April: 21.05.2017
- Issue of DVAT certificates for deduction made in April: 22.05.2017
- The Ministry of Home Affairs has offered a one-time exemption to Non-Government Organizations to file ‘missing’ returns as mandated by the Foreign Contribution (Regulation) Act without being levied any fine.
- Vijaya Bank invites applications for empanel as concurrent Auditors for the year 2017-18, by 20.05.2017.
Quote of the Day:
“It’s always seem to be impossible until it’s done.”
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