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.
Clarifications on the Income Declaration Scheme, 2016. Extension of time limit for the e- filing of appeals before Commissioners of Income Tax. Admissibility of claim of bad debt if written off as irrecoverable in books. Income Tax Computation and Disclosure Standards (ICDS) notified. Applicability of Krishi Kalyan Cess (KKS) @ 0.5% resulting in effective rate of Service Tax @ 15%
Changes in rate of service tax from 01/06/2015. Service tax refund claim can not be rejected merely on ground of mentioning wrong notification number. The Companies (Amendment) Act, 2015 received the assent of the President. Reserve Bank of India liberalises remittance scheme and rationalises current account transactions.
If the identity and other details of the share applicants are available, the share application money cannot be treated as undisclosed income in the hands of the Company. Depreciation continues to be allowed on the block of assets even if the business is discontinued. “Swachh Bharat Cess” (SBC) notified on Taxable service.
Services in relation to remittance of foreign currency from outside India to India is chargeable to service tax. Gazette Notifications of Government of India will only be e-published www.egazette.nic.in. Internal Financial Control over Financial Reporting (ICFR) is applicable for Financial Year 2015-16 onwards and it is mandatory to comply, for all the companies without any exception.
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.