Today Update :

DIRECT TAX:-

• CBDT has issued a press release regarding “Reporting Cash Transactions under Rule 114E of Income Tax Rules,1962”.
• Punjab and Haryana High Court held that the Guarantee commission paid for the acquisition of Fixed Assets are allowed as Revenue Expenditure. [M/s Chandigarh State Road and Bridges Development Corporation Ltd Vs CIT]
• No disallowance for TDS default where payment becomes liable to TDS due to retro-amendment A. Commissioner of Income-tax -16(3), Mumbai v. D.A. Jhaveri [2016] (Mumbai – Trib.)
• DRP can entertain objection against the draft assessment order passed on directions of Tribunal Fosroc Chemicals (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Large Taxpayer Unit, Circle 1, Bangalore [2016] (Bangalore – Trib.)

Indirect Tax:-

• Bombay High Court held that Section 145A(a)(ii) has no applicability on service revenue which follows that service revenue needs to be inclusive of service tax and the service tax which has not even been claimed as a deduction cannot be disallowed by recasting the profit and loss account of the assessee. [CIT Vs Knight Frank India Pvt Ltd ]

GST Update:-

• Details of all Partners/Members of AOP/BOI have to be given in the GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)

Other Update:-

• RBI issued Procedural Guidelines for Servicing the Sovereign Gold Bonds RBI/2016-17/ 193IDMD No.1569/14.04.050/2016-17.
• Ministry of External Affairs in order to streamline, liberalize, and ease the process of issue of passport allowed Aadhar Card as a valid document as proof of date of birth.

Key Dates:-

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

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