CORPORATE AND PROFESSIONAL UPDATE DEC 14, 2016
Today Update :
DIRECT TAX:-
- To refer a case to TPO, AO need not to have definite findings, Prima Facia opinion is sufficient. Sec 92CA (1) envisages that where the AO consider it ‘necessary or expedient’ to do so, he may with the approval of Commissioner refer the computation of arm’s length price in relation to the concerned international transaction to the TPO. Price Water House Et Anr. Vs Commissioner of Income Tax (Calcutta High Court).
Indirect Tax:-
- Revenue could not insist the appellant to avail a particular option under rule 6. When the appellant calculated the amount to be reversed and the compliance of conditions prescribed u/r 6(3)(ii) read with Rule 3(A) of Rule 6 is claimed, a demand under rule 6(3) for an amount equal to a percentage of the exempted goods is not sustainable. M/s Mahindra & Mahindra Limited Vs CCE (CESTAT Delhi).
Other Update:-
- CC&AG empanelment of CA Firms begins from 01st Jan’2017 to 15th Feb 2017 for the year 2017-2018 details are available at www.saiindia.gov.in.
Key Dates:-
- Payment of Advance Income Tax for all assessees (75%) : 15/12/2016
- E-Payment of PF for Nov: 15/12/2016
- Payment of DVAT TDS for Nov : 15/12/2016
- Issue of TDS certificate in case of payment/credit made in Oct for purchase of property u/s 194IA : 15/12/2016
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