Saturday, 29 April 2017

Some recent updates that you would not like to miss – 29.04.2017

1.  Govt. is set to slash safe-harbor margins in transfer pricing within a few weeks. The margins are used to determine the prices of goods and services rendered by multinationals to their subsidiaries in India.

2.  Bogus Share Capital cannot be assessed as Company’s Share Capital as Amendment to Sec 68 has no Retrospective Effect: Bombay High Court. In CIT v. M/s. Gagandeep Infrastructure Pvt Ltd.  

3.  Capital Gain Tax would not attract if the Previous Transaction which the assesses acquired the Property was not taxable: Bombay High Court in case of Mr. Nusli Wadia. 

4.  Capital gains: An amount received from a wholly-owned subsidiary in consideration of transfer of shares of the WOS to a group of shareholders is not taxable as capital gains. The Department cannot subject a transaction under the Gift-tax Act and also levy tax under the Income-tax Act.  CIT Vs  M/s Annamalaiar Mills (P) Ltd Vs CIT (Supreme Court)

5.  CBDT clarifies on cash curb, Aadhaar to the small taxpayers under the presumptive taxation scheme are exempt from maintenance of Books of A/c.

6.  Humble President has given his assent to the four key Goods and Services Tax (“GST”) Bills, after they were passed by the Parliament. The four GST Bills which are now enacted can be accessed as under:

The Central Goods and Services Tax Act, 2017

The Integrated Goods and Services Tax Act, 2017

 The Goods and Services Tax (Compensation to States) Act, 2017

 The Union Territory Goods and Services Tax Act, 2017

7.   In GSTR-1 give Summary of supplies to Unregistered persons, Rate wise for Local supplies & Rate & State wise for Inter-state ones up to 2.50 Lacs.

8.   In GSTR-2, Purchaser to specify inward supplies for which he is not eligible for ITC fully or partly whether at invoice level or otherwise.

9.   CBDT has issued Revised Form 3CD applicable for Tax Audit cases for AY 2017-18.

10.   Income tax dept has zeroed in on 60,000 persons who deposited “excessive” cash after the note ban. These include those dealing in high value property and petrol pump owners. Of the 60,000 persons, 1,300 are “high risk” ones who, along with the remaining, would be probed for possible black money generation as part of Operation Clean Money II (OCM). 

Have a great day ahead!

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