CORPORATE AND PROFESSIONAL UPDATE JAN 03, 2017
Table of Contents
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.
“Failing is the process of learning, it helps to grow and know who you are. Rise every fall. This process that boost confidence gradually, over the course of your lifetime.”
We look forward for your valuable comments. www.caindelhiindia.com
FOR FURTHER QUERIES CONTACT US:
W: www.caindelhiindia.com E: info@caindelhiindia.com T: 011-233-4-3333, 9-555-555-480
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.