Updates-Income Tax, GST & Company Law (31 May 2017)





31 May 2017

Spirituality
Yoga-sthah Kuru Karmani
Sangam tyaktva dhananjaya
Siddy-asiddyoh samo bhutva
Samatvam yoga ucyate (Text 48, Ch2, Contents of Gita Summarized)
                                  
Meaning: Perform your duty equipoised,  O Arjuna, abandoning all attachment to success or failure, such equanimity is called yoga.

(Yoga-sthah : equipoised, Kuru: Perform, Karmani: Your duties,  Sangam: attachment,  tyaktva: Giving up,  dhananjaya : O Arjuna, Siddy-asiddyoh: in success and failure, samoh: equipoised, bhutva: becoming,  Samatvam: equanimity, yogah: Yoga(to concentrate the mind upon the Supreme by controlling the ever –disturbing senses), ucyate: is called.)

Refer Link http://inspireourself.blogspot.in

Income Tax
  • Black money in third party bank account can be subject to search and seizure: Delhi HC [2017] 81 taxmann.com 408 (Delhi)
  • No reassessment to disallow scientific research exp. if full & true disclosure was made during original assessment [2017] 81 taxmann.com 316 (Allahabad)
  • Sec. 69A additions upheld as assessee was unable to show nexus between cash deposited with cash withdrawn from bank [2017] 81 taxmann.com 317 (Punjab & Haryana)
  • Provisions of sec. 44BB are applicable to sub-contractor engaged in oil exploration [2017] 81 taxmann.com 311 (Delhi - Trib.)
  • SC remanded matter as HC overturned findings of authorities an basic of new evidence brought on record [2017] 81 taxmann.com 299 (SC)
  • Conditions given u/s 36(2) for claiming deduction of bad debts aren’t applicable to NBFCs: HC [2017] 81 taxmann.com 304 (Madras)
  • Requirement of tax deduction at source in case of entities whose income exempted u/s 10 of the Income-tax Act, 1961 (Refer Circular no. 18/2017, 29th May 2017)
  • TDS and filing of ITR in case both the parents are dead of minor(Refer Notification no. 05/2017, 29th May 2017)
Goods & Service Tax
  • 'GST will give a major boost to Make in India initiative' (Source - http://timesofindia.indiatimes.com [29-05-2017])
  • There is no room for revising Goods and Services Tax (GST) rates fixed on various goods and services," said Vanaja Sarna, Chairperson, Central Board of Excise and Customs (CBEC) (Source  http://www.thehindubusinessline.com [29-05-2017]
  •   Delhi Deputy Chief Minister Manish Sisodia raised concerns over real estate and liquor industry being left out of the the GST ambit and suggested it was done because they were being run by "influential people ("Source - http://www.moneycontrol.com)
  •  The Centre expects to mop up as much as Rs 55,000 crore by levy of cess, including a big chunk from demerit and luxury goods Source - http://www.business-standard.com [29-05-2017]
  • Department of Revenue, Ministry of Finance, Government of India launches a new Twitter Handle @askGST_GoI to invite queries from all taxpayers and other stakeholders on GST (PIB, GOI, Min. of Finance.28/05/2017) Source - http://www.business-standard.com [28-05-2017]
  • Classification of different items under various tax slabs of GST has created an environment of anxiety and concern among the trading community across the country, Confederation of All India Traders Source - http://www.business-standard.com [28-05-2017]
  • Aerated drinks and consumer durables like TV, AC, washing machines and refrigerators will cost more, while smartphones, small cars and daily use items will turn cheaper when the GST is implemented from July. Source -http://www.business-standard.com [28-05-2017]

Company Law

  • Name of company was to be restored as ROC had failed to issue notice before striking out name from register: NCLT [2017] 81 taxmann.com 295 (NCLT - New Delhi) (SB)
  • Appointment of new directors without consent of petitioner-shareholders tantamount to oppression: NCLT(Where respondents increased authorised share capital of company, appointed additional directors and transferred shares to non-members without notifying petitioner shareholders, such conduct of respondents was oppressive and their actions were to be reversed) [2017] 81 taxmann.com 310 (NCLT – Kolkata)

Refer Link for regulatory updates on Income tax, GST, Company Law, FEMA:  

1. https://incometaxindia1.blogspot.in  
2.  http://gstindia1.blogspot.in
3. http://secretarialandcorporatelaws.blogspot.in
4. https://femanfcra.blogspot.in



Bipul Kumar
Business Consultant
Mob.: 9560084833
H-9, Hauz Khas,

New Delhi-110016

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