Tax Updates:
Date 12 June 2017
- CBDT notifies Transfer Pricing Tolerance Limit for Asstt Years 2017-18 and 2018-19.
- AO could enquire into unexplained credit found in books even under unamended provision of sec. 68: High Court OF CALCUTTA- Pragati Financial Management (P.) Ltd. v. CIT -II.
- In GSTR 1, club Supplies with same rate in invoice. Give HSN wise summary if turnover more than Rs 1.5 cr in last year & description for others.
- No need to give details of Advances in GST Returns if invoice issued in same tax period in which advance received.
- After considering the recommendations, the GST Council on 16th meeting has reduced the tax level in 66 out of 133 items on which representations were made by the industries.