Today Update :

DIRECT TAX:-

• Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M/s Alpha Nipon Innovative Ltd. Vs CIT.
• The validity of reopening of assessment – notice to a dead person – even if Section 159 is attracted, in that case also, the notice was required to be issued against and in the name of the heirs of the deceased assessee – Gujarat High Court in case of [Rasid Lala Vs. ITO].
• Since the assessment year, 1999-2000 and 2000-2001 became final prior to 30th September 2004, i.e. the introduction of the amended Section 142A, the respondent No.1/ITO could not have reopened the issue in February, 2005 – Calcutta High Court in case of [Smt. Jharna Dey Vs. ITO, Ward-I, Bankura & Others].
• Entitlement to deduction u/s 10B – assessee is engaged in the business of manufacture of Injection Blow Molding Machines – whether exemption u/s 10B has to be allowed from the total income before set off of brought forward losses and depreciation? – Held Yes – ITAT Mumbai in case of [A.C.I.T. – Circle 1, Kalyan Vs. M/s ASB International Pvt. Ltd].

Indirect Tax:-

• Input Tax Credit cannot be disallowed merely for a technical defect in the VAT Invoice such as not mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005. M/s Avdesh Tracks Pvt. Ltd. Vs State of Punjab & another.

MCA Update:-

• MCA has notified the Companies (lncorporation) Fiffh Amendment Rules, 2016 which shall be applicable with effect from 1st Day of January, 2017.

ESIC Update:-

• ESI applicability salary limit increased from Rs 15,000 PM to Rs 21,000 PM.

RBI Update:-

• RBI has issued clarification on Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17.

Other Update:-

• NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.

Key Dates:-

• E-Payment of Service Tax for the month of December – 06.01.2017.
• Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
• Due date to deposit of DVAT of December – 21.01.2017.

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