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 taxmann.com 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!

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