Thursday, 4 May 2017

Some recent updates that you would not like to miss – 04.05.2017

1.  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.

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

3.  Loan from a Company wherein the Partners of the Firm are Shareholders is not ‘Deemed Dividend’, Not Taxable in the hands of Firm: Business Strategy Group v. ACIT, ITAT Delhi.

4.  The Bihar Goods and Services Tax (GST) Bill, 2017, was passed by the bicameral state legislature on Monday, making Bihar the second state after Telangana to adopt the new tax reforms.

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

6.  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.

7.  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.

8.  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.

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

10. MCA's push to ease of doing business can help you incorporate your company within a day with DIN/ name Reservation/ Incorporation/ PAN/ TAN also reduction of fee from Rs 2000/- to Rs 500/-

Have a great day ahead!

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