Tax Updates
Dated May 11, 2017
1. Under GST Inter-state supplies to Consumers up to Rs. 2.50 lacs made directly & through e-commerce portal to be shown separately in GSTR-1.
2. Time limitation for “initiation” of penalty proceedings under section 275(1)(c) of the Income Tax Act, starts from the date on which the AO wrote a letter recommending the issuance of the Show Cause Notice, and not from the date mentioned in the Show Cause Notice. Delhi High Court CIT v. Mahesh Wood Products Pvt. Ltd.
3. Generating profits out of publishing and selling of school text books can be treated as “Charitable purpose” and therefore, exemption under sections 11 and 12 of the Income Tax Act cannot be denied to the assesses-society. Delhi Bureau Of Text Books v. DIT(E), Delhi High Court.
4. The present Chairman of the CBDT Mr. Sushil Chandra got a one-year extension to continue in his post. He had taken over as chief of the Board on November 1 last year.
5. Goa Goods and Service Tax (GST) Bill 2017 will come into force from July onwards. The bill was unanimously passed in the Goa assembly amid projections of an increase in revenue between Rs 600 to Rs 1,000 crore.
6. Excise & Custom: Commissioner (Appeals) cannot entertain an appeal, namely, hear and decide it unless pre-deposit is made, he cannot insist upon payment of pre-deposit as a condition precedent for filing an appeal. [2017] 81 taxmann.com 37 (Gujarat)
Copyright@2017 NRC Advisory