Tax Updates:
Dated May 13, 2017
1.Registration for GST enrolment to reopen on June 1 for 15 days as 6.05 million entities have enrolled them with the GSTN system.
2. CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.
2. CBDT has issued draft rules for stakeholder comment providing the manner of valuation of an unquoted equity share for the purposes of section 56(2)(x) and section 50CA of the Income-tax Act, 1961.
3. Finance Ministry has exempted nonresident, non citizens, a person who is of the age of eighty years or more at any time during the year from Mandatory Quoting of Aadhaar for filing ITR and for allotment of PAN.
4. Interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ITAT Hyderabad: DRS Warehousing (South) v. ITO.
5. Registration for GST enrolment to reopen on June 1 for 15 days as 6.05 million entities have enrolled them with the GSTN system.
6. IGST to be deposited again if CGST & SGST/ UTGST paid by mistake instead of IGST but no interest to be paid. Use excess payment for relevant GST.
7. SAT impose penalty on Rajasthan Royals (IPL TEAM) for violation of section 3 of FEMA, 1999 as payments had been made by non-residents and there was no general or special approval of Reserve Bank of India.
Copyright@2017 NRC Advisory
Copyright@2017 NRC Advisory