Tuesday, 9 May 2017

Some recent updates that you would not like to miss – 09.05.2017

1.  Adhaar card and Pan linking option now activated on income tax website whereby now, name as per  Adhaar card also to be given. Both get linked even if there is difference in name.

2.  About 900,000 registered companies do not file annual returns and are potential sources of money laundering. Govt. pitched for the country’s top anti-financial crime agency to be used “expeditiously” against tax cheats.

3.  GST Migration for existing taxpayers has been temporarily discontinued by GSTN w.e.f. 1st May 2017.

4.  No need for Traders dealing only in petrol, diesel & other exempt or zero-rated goods to register under GST. Register if deal in other goods also.

5.  Income Tax Dept had been asking people to link their PAN no. with Aadhar before 31 July and many were finding it difficult as their names did not match in both. Just go to www.incometaxindiaefiling.gov.in and login. Then go to Profile settings and choose Aadhar linking. Then enter Aadhar no. and ENTER NAME AS GIVEN IN AADHAR CARD.

6.  Madhya Pradesh Legislative Assembly on Wednesday unanimously passed the Madhya Pradesh Goods and Services Tax (GST)

7.  CBDT has decided that the restriction on cash transaction u/s 269ST shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank.

8.  Lease deed, power bill etc may be needed for claiming HRA rebate as producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden.

9.  Under GST SEZ Unit or Developer to take separate registration even if another unit of entity outside SEZ already has separate registration in same state.

10.  Supreme Court has ruled that the circulars issued by the Securities and Exchange Board of India (SEBI) cannot be challenged before the Securities and Appellate Tribunal (SAT).

Have a great day ahead!

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