Today Update :

 DIRECT TAX:-

• CBDT has issued a press release regarding payments towards Tax, Penalty, Surcharge under the PMGKY is to be made through challan ITNS- 287 & deposits are to be made in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016  which can be made in old demonetized currency.
• CBDT issued a press release to notify that the Income-tax department identifies 67.54 lakh Potential non- filers who have carried out high-value transactions in the F.Y 2014-15 but did not file a return of income for the relevant A.Y 2015-16.
• Supreme Court held that whether the Income from letting out of the property is a business income or not depends upon the facts & circumstances of each case. In the below-cited case, the business of the appellant company was to lease its property & to earn rent therefrom. Thus the income so earned should be treated as the business income of the appellant company. [M/s Rayala Corporation Pvt. Ltd. Vs Assistant Commissioner of Income Tax]

Indirect Tax:-

• CESTAT Delhi held that the definition of clearing & forwarding agent nowhere requires the clearing to be effected from the factory and even if the assessee is not clearing the goods from the factory and engaged in activities that are of the nature of clearing & forwarding agent, service tax is required to be levied under the category of Clearing & forwarding Agent. [Somani Agencies Vs CCE & ST, Indore]

MCA Update:-

• No denial of permission to hold board meeting just because the ex-director had challenged the appointment of the new director- Sanjiv Gupta v. Getit Infoservices (P.) Ltd. [2016]  (NCLT – New Delhi)

Other Update:-

• SEBI advises caution to customers in the matter of PACL- the Committee constituted by the SEBI under Chairmanship of Justice (Retd.) R. M.Lodha.

Key Dates:-

• Payment of TDS for purchase of property for Nov: 30.12.2016.

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