Tax Updates:
1. PMGKY Circular 14/2017 dated 21-04-2017, date of making deposit in bonds had been extended to 30th April 2017 vide Note dated 19-04-2017, in cases where tax, surcharge and penalty has been paid up to 31st March 2017. In such cases, declaration under PMGKY can be filed up to 10th May 2017.
2. Under GST to carry forward input tax credit under existing laws and on stock, assesses to file GST TRAN-1 on www.gst.gov.in in 60 days from appointed date.
3. RBI has allowed Banks to participate in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) within the overall ceiling of 20% of their net worth permitted for direct investments in shares, convertible bonds/ debentures, units of equity-oriented mutual funds and exposures to Venture Capital Funds (VCFs).
4. Implementation Guide on Auditor's Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 issued by AASB of ICAI. http:// resource.cdn.icai.org/45120icaiaasbigar.pdf
5. Withdrawal from the provident fund to facilitate housing needs of workers ‑ Gazette Notification on amendment in EPF Scheme, 1952. Notification No. G.S.R. 351(E) dated 12th April, 2017.
6. ICAI Request to give comments/ suggestions on the Exposure Draft of the Guidance Note on Division II- Ind AS Schedule III to the Companies Act 2013 by 30th April, 2017 at the Email id- clcgc@icai.in