Tax Updates:
1. Loan from a Company wherein the Partners of the Firm are Shareholders is not ‘Deemed Dividend’, Not Taxable in the hands of Firm: Business Strategy Group v. ACIT, ITAT Delhi.
2. The Bihar Goods and Services Tax (GST) Bill, 2017, was passed by the bicameral state legislature on Monday, making Bihar the second state after Telangana to adopt the new tax reforms.
3. Under GST Specified account or records to be maintained separately for each activity including manufacturing, trading & provision of services etc.
4. CBEC has removed the precondition of GST enrolment for filing Service tax and Central Excise Return. Now taxpayers can file returns without the need of GST enrolment.
5. About 40 million subscribers of the Employees´ Provident Fund Organization (EPFO) will be able to withdraw up to 90 per cent of their accumulations in their PF account to purchase homes.
6. The government has extended the startups intellectual property protection (SIPP) scheme for a period of three years till March 2020 to help budding entrepreneurs protect their patents, trademark and designs.
7. The Ministry of Labour And Employment has notified The Rationalisation of Forms and Reports under Certain Labour Laws Rules, 2017 with effect from 28-03-2017.
8. IASB of ICAI organizing Certificate Course on Concurrent Audit of Banks at Panipat from May 27, for Reign link: http://resource. cdn.icai.org/45201iasb-panipat-299.pdf