Tax Updates:
Dated May 10,2017
1. Refund claim of service tax paid by mistake couldn't be rejected on ground of expiry of time period. [2017] 80 taxmann.com 380 (New Delhi - CESTAT)
2. Central Board of Direct Taxes appears to have broken a record in transfer pricing by signing 88 advance pricing agreements (APAs) during financial year 2016-17.
3. Dividend income to attract Sec. 14A disallowance even if Dividend Distribution Tax is paid on it, rules Apex Court. [2017] 81 taxmann.com 111 (Supreme Court)
4. When there was a controversy amongst the High Court’s on the opinion, then the judgment of the jurisdictional High Court is binding on the assessee. DCIT vs. M/s. Raghuvir Synthetics Ltd., Supreme Court of India.
5. Income Tax department activated the e-filing facility for all categories of Income Tax Returns (ITRs) for the assessment year 2017-18. The new ITRs have been made available for filing on the e-portal.
6. SEBI said Promoters and directors of a listed company are required to disclose details about shares received by way of gift and through off-market transactions.
7. The labour ministry has amended the Employees' Provident Fund Organization (EPFO) to enable it to make all payments, pension, provident fund and insurance to members electronically.