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GST will be made applicable from 1st July’2017.ESIC wage limit raised from Rs. 15,000 to Rs. 21,000 w.e.f. 1st January’2017.India & Singapore sign a Third Protocol for amending the DTAA.No advance tax to be paid in case the income is from the head’salary’.
ICAI’s FAQ on the presentation of Dividend Distribution Tax as per Ind AS. Disallowance by AO is justified even without formally recording his dissatisfaction with assessed’s working. Service Tax on cross-border B2C Online services. Revised Model GST Law released. India-Japan amended treaty comes into force.
Provisional registration process for Goods & Service Tax (GST) has already been kicked off by GSTN on it’s portal (www.gst.gov.in).
In this backdrop, we have researched and compiled this whitepaper to walk you through with complete registration process under the GST regime based on the material issued by the GST Council.
Section 14A cannot be invoked if there is no regular activity in respect of Investment. Addition for mere appearing of TDS credit in form 26AS not justified. Allowance of Chapter VI-A Deduction on enhanced Profits. Judgment of Delhi high court quashing rule 5A(2) of service tax rules, 1994 and holding service tax audits as invalid, has been stayed by Supreme Court. GST Rates Decided, 4 Slabs Ranging From 5 To 28%. Existing 80 Lakhs Assessees To Transfer on GSTN w.e.f 8th November 2016
Seven districts in Andra Pradesh notified for availing Tax incentives. Service Tax Return to be filed in Amended Form ST 3 by 25th October, 2016. Apex Indirect tax body ‘CBEC’ to be renamed as ‘Central Board of Indirect Taxes’(CBIT). Ratification of GST bill by another Congress- ruled State. RBI gives thumbs up to 18 per cent GST rate
Salary of employees pursuant to a secondment agreement is not subject to TDS in the assessed’s hands. Transactions to be entered at an Arm Length’s Price irrespective of the profit or loss yielded. Updates on GST. Service-tax billed on rendering of services is not includible as trading receipts
The 122nd Constitution Amendment Bill which will enable the introduction of Goods and Services Tax(GST) has been passed in Rajya Sabha as well. Benami Transactions Prohibition Bill, 2016 passed by Lok Sabha. Revised formats for Financial Results & Ind-AS implementation by listed companies.
Assessee is not obliged to deduct TDS in respect of voluntary amount paid (tips) by Customers to it’s employees for the services provided to them. No penalty for non- deduction of tax based on CA certificate. Clarification regarding applicability of amended Accounting Standards. Vehicles sales conclude at a place where the registration takes place.