CORPORATE AND PROFESSIONAL UPDATE JAN 09, 2017

Professional Update for the Day:

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Direct Tax:-

  • Bombay High Court in the below cited case held that when the assessee’s volume of purchasing & selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless the assessee provide a sound reasoning that why transactions should not be considered as trading activity. [Pine Tree Finserve Pvt. Ltd. Vs CIT]
  • CBDT notification no. 2/2017 Report cash deposit in Bank & Post Office A/c’s between 01.04.2016 to 09.11.2016.

Indirect Tax:-

  • SC dismisses assessee’s SLP for lack of merit against HC order denying service tax refund under Notification No. 41/2007-ST absent inclusion of exported services from date of issue of Notification[TS-1-SC-2017-ST]
  • Delhi HC shows leniency to assessee, reduces penalty levied u/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount within 30 days, where assessee failed to obtain registration or file ST returns despite liability [TS-555-HC-2016(DEL)-ST]
  • CBEC notified that overseas companies providing online information and database access (‘OIDAR’) services will have to pay service tax from December 1, 2016.

MCA Update:-

  • MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up Vide Notification.

Other Update:-

  • Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS & Cashless Economy.
  • Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.

Key Dates:-

  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

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