Tax Updates
1. Under GST Records can be kept in electronic form & authenticated by Digital Signature. Backups should be taken which can be restored in reasonable time.
2. CBDT issued Circular No.17 of 2017 on the Clarification regarding Liability to income – tax in India for a non – resident seafarer receiving salary in NER (Non Resident External) account maintained with an Indian Bank.
3. Transfer pricing & advance tax requirements won't apply to Indian Cos with overseas subsidiaries are likely to get some leeway around transfer pricing, withholding tax and advance tax requirements under the place of effective management (POEM) rules.
4. CBDT has made it clear that income from letting out buildings /developed space along with other amenities in an industrial park/special economic zones (SEZs) would only be treated as “business income” and not as “income from house property”.
5. Supreme Court asked why there was no objection from lawmakers on the government’s decision to make Aadhaar mandatory for making PAN cards in Parliament w.e.f. July 1, 2017.
6. SEBI has taken the first major step towards development of the commodity derivatives market by approving introduction of options contracts since taking over the market's regulation in September 2015.