Tuesday, 16 May 2017

Some recent updates that you would not like to miss – 16.05.2017

1.  ICAI issues Frequently Asked Questions on The Insolvency and Bankruptcy Code 2016 and Companies Act 2013.

2.  CBDT has decided that if due tax under PMGKY, has been received by 31st March, 2017, and deposit in the Bond Deposit has been received by 30th April, 2017, the declaration in Form No.1 can be filed by 10th May, 2017. Circular No.14 of 2017, dated: 21st April, 2017.

3.  Under GST Supplier MUST maintain Stock records of raw materials, finished goods, scrap etc (including gifts, goods lost). Composition supplier exempt.

4.  Under GST Specified account or records to be maintained separately for each activity including manufacturing, trading & provision of services etc.

5.  About 40 million subscribers of the Employees´ Provident Fund Organization (EPFO) will be able to withdraw up to 90 per cent of their accumulations in their PF account to purchase homes.

6.  The government has extended the startups intellectual property protection (SIPP) scheme for a period of three years till March 2020 to help budding entrepreneurs protect their patents, trademark and designs.

7.  When the assesses has satisfactorily explained the delay in filing the return, he cannot be denied the claim for carry forward of loss without giving an opportunity of being heard. Region Infra & Services Pvt. Ltd. V. CBDT. High Court -MADRAS.

8.  Under GST Every Registered person including a Composition Supplier, to keep & maintain separate account of Advances Received, Paid & adjustments made.

9.  CBDT has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property”.

10.  CBDT issued Circular No.17 of 2017 on the Clarification regarding Liability to income – tax in India for a non – resident seafarer receiving salary in NER (Non Resident External) account maintained with an Indian Bank.

Have a great day ahead!

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