Wednesday, 31 May 2017

Some recent updates that you would not like to miss – 31.05.2017

1.    The postal department has allotted the pin code to the CPC to ensure that letters and mails sent by taxpayers are not lost and reach the centre without delay.

2.    IT department launches Operation Clean Money Portal to track tax evaders and to increase awareness about tax compliance. CBDT press release dated 16.05.2017.

3.    Aadhaar linking with PAN made simple. Just go to and click link Aadhaar and follow instructions, no need to login or register.

4.    Under GST challan wise breakup of inputs/ capitals goods sent for job work and subsequent return, to be given in return of outward supplies GSTR-1.

Have a great day ahead!

Monday, 29 May 2017

Some recent updates that you would not like to miss – 29.05.2017

1.   There are multiple returns under the GST regime. The most common used return will be GSTR 1, 2, 3, 4 & 9. GSTR 1, GSTR 2 & GSTR 3 will be submitted by all businesses on a monthly basis. GSTR 4 is submitted on a quarterly basis and GSTR 9 on an Annual Basis.

2.   Cabinet approves signing of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting by India.

3.   CIT couldn’t deny revision application filed by assessee merely on ground that no order was passed by A.O.: HC

4.   CBDT launches operation clean money portal to increase awareness about tax compliance.

Have a great day ahead!

Saturday, 27 May 2017

Some recent updates that you would not like to miss – 27.05.2017

1.   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.

2.   Federation of Indian Export Organizations (FIEO) Allow exporters to pay GST on transaction through e-currency.

3.   Interest liability arising due to order of court was allowable expense, though order was stayed by divisional bench.

4.   Reduced price charged from Hawkers to supply newspaper couldn’t be treated as commission, No TDS liability u/s 194H.

Have a great day ahead!

Thursday, 25 May 2017

Some recent updates that you would not like to miss – 25.05.2017

1.   CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.

2.   Finance Ministry has exempted nonresident, non citizens, a person who is of the age of eighty years or more at any time during the year from Mandatory Quoting of Aadhaar for filing ITR and for allotment of PAN.

3.   Interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ITAT Hyderabad: DRS Warehousing (South) v. ITO.

4.  Registration for GST enrolment to reopen on June 1 for 15 days as 6.05 million entities have enrolled them with the GSTN system.

5.  IGST to be deposited again if CGST & SGST/ UTGST paid by mistake instead of IGST but no interest to be paid. Use excess payment for relevant GST.

Have a great day ahead!

Tuesday, 23 May 2017

Some recent updates that you would not like to miss – 23.05.2017

1.   Income-tax dept has begun a multi-city crackdown against owners of benami assets who parked their ill-gotten wealth in the name of other individuals. It has identified over 300 cases which could face action under the Benami Transactions Act.

2.   Income Tax Dept launched a new e-facility in their e-filing website to link PAN with Aadhaar. Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of ITR.

3.   Cenvat credit couldn't be rejected on ground that assessee was not registered during said period of claim: HC [2017] 80 382 (Allahabad).

4.   SEBI has issued Circular and has directed all the Mutual Fund Companies to provide Instant Access Facility and e-wallet facility for investment in Mutual Funds. 

5.   Due Date for E-payment of PF for April: 15.05.2017, Deposit of DVAT TDS for April : 15.05.2017, TCS returns by all collectors : 15.05.2017, Return of DVAT TDS for quarter ending march : 15.05.2017 and Return of DVAT for quarter ending march : 15.05.2017. 

6.   Allahabad High Court confirmed punishment of a CA for presenting forged copies of Challans on behalf of the assessee to the Income Tax dept. The Court enhanced the punishment to Five years against two years suggested by the DC of ICAI.

Have a great day ahead!

Monday, 22 May 2017

Some recent updates that you would not like to miss – 22.05.2017

1.   Prime Minister has asked the revenue department to scale up e-assessment facilities to cover 25 cities, take corrupt officers to task and promote a regime friendly to taxpayers. He also asked the department to train guns on benami properties and focus on broadening the tax net.

2.   High Court permits Service of Summons via SMS, WhatsApp & Email - Tata Sons ltd & Ors Vs John Doe(s) & Ors (Delhi High Court).

3.   Govt notified changes to the Banking Regulation Act, giving the RBI broad powers to deal with specific bad-loan cases as it tries to speed up resolution of Rs 9.64 trillion of stressed assets clogging the Indian banking system.

4.   CBDT is developing a dedicated portal for the investigation of those identified to have made deposits or large purchases not in line with declared income as a follow-up to Operation Clean Money, which was launched in the wake of demonetization to crack down on black money.

5.   Govt's proposed land bill is coming back in the reckoning after being in cold storage for more than a year. The parliamentary joint panel reviewing the legislation will meet on May 22 to debate its social impact.

6.   IRDA has notified the IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017 which shall come into force from the date of their publication in the Official Gazette.

Have a great day ahead!

Saturday, 20 May 2017

Some recent updates that you would not like to miss – 20.05.2017

1.   RBI has said banks cannot refuse to accept faded notes or those with scribbles. Such banknotes had to be treated as “soiled notes“ and dealt with according to the RBI's “clean note policy“.

2.   CBDT has entered into 2 unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime.

3.   CBDT cannot insist on pre-deposit compounding fee without considering application for compounding: [2017] 80 371 (Delhi HC).

4.   Assesses was entitled to full exemption u/s. 54 when the full amount was invested by the assessee even though the property was purchased in the joint names of the assessee and his brother. Shri Jitendra V Faria Vs. ITO (ITAT Mumbai)

5.   Place of arbitration determines the law that will apply to the arbitration and related matters like challenge to the award, etc. IMAX CORPORATION Vs E-CITY ENTERTAINMENT (I) (P.) LTD. SUPREME COURT OF INDIA.

6.   RBI has decided to fix the minimum Net Owned Fund (NOF) requirement for ARCs Companies at ₹ 100 crore on an ongoing basis with effect from 28-04-2017.

7.   VAT  filing date in haryana state extended till 15th of may, 2017.

8.   Finance ministry has extended the time limit for providing Permanent Account Number (PAN) or Form No. 60 by bank account holders who have not given it at the time of account opening or later to June 30, 2017.

9.   All Banks will remain closed, every Saturday from 1st June onwards. The RBI has approved  5 days Working for Banks. Now Timings will be 9:30 am to 5:30 pm.

10.  Payment of interest on loans taken for setting up industry could be claimed as revenue expenditure: SC [2017] 80 375 (SC).

Have a great day ahead!