Updates-Income Tax, GST & Company Law (03 June 2017)




03 June 2017

Spirituality
Karma-jam buddhi-yukta hi
Phalam tyaktva manisinah
Janma-bandha-vinirmuktah
Padam gacchanty anamayam
 (Text 51, Ch2, Contents of Gita Summarized)

Meaning: By thus engaging in devotional service to the Lord. Great sages or devotees free themselves from the results of work in the material world. In this way they become free from the cycle of birth and death and attain the state beyond all miseries [ by going back to Godhead].

Karma-jam: due to fruitive activities,  buddhi-yukta: being engaged in devotional service,  hi: certainly
Phalam: results,  tyaktva: giving up,  manisinah: great sages or devotees, Janma-bandha: from the  bondage of birth and death, vinirmuktah: liberated, Padam: position,  gacchanti: they reach,  anamayam: without miseries.
                                                                                                                               
Refer Link http://inspireourself.blogspot.in



Income Tax

1.  Limitation of relief clause can't be invoked to deny exemption on sale of debt instrument by Singaporean Co.( IT/ILT : Income earned by assessee, a Singapore based company, on sale of debt instrument was not taxable in India as per Article 13(4) of India-Singapore DTAA) [2017] 81 taxmann.com 368 (Mumbai - Trib.)

2.  ITAT allowed sec. 54F relief to trust created for sole beneficiary of individual (Assessee, a private non-discretionary trust, created for sole beneficiary, was entitled to deduction under section 54F in respect of sale of flat and said deduction could not be denied merely on ground that assessee was not an individual or HUF) Refer full judgment on link https://incometaxindia1.blogspot.in/2017/06/itat-allowed-sec-54f-relief-to-trust.html)

3.   Appeal before CIT was to be admitted on basis of original return if revised return wasn't a valid return (1.Revised return filed not in compliance with requirements of section 139(5) was non-test and same could not constitute a return contemplated in section 249(4)(a) 2. Where appeal filed by assessee was not admitted by Commissioner (Appeals) by referring to clause (a) of section 294(4) due to non-payment of tax on income declared in return, since assessee had paid tax on returned income before passing of said order by Commissioner (Appeals), impugned order refusing to admit appeal was to be set aside) [2017] 81 taxmann.com 374 (Mumbai - Trib.)


4.  New Functionalities released under NPS(National Pension System)  to provide the ease of operation for the benefit of subscribers and nodal offices. (Refer Press Information Bureau, Government of India, Ministry of Finance dated 01 June 2017)
                                 
Goods and Service Tax (GST)

1.    15th Meeting of the GST Council to be held tomorrow, 3rd June, 2017 – Approval of amendments to the draft GST Rules and related forms and Finalisation of the rates of tax and cess on the remaining commodities are on the Agenda among others for tomorrow’s meeting(Press Information Bureau, Government of India, Ministry of Finance dated 02 June 2017)

2. Industry's last chance to register for GST (Source - http://www.business-standard.com [02-06-2017]

3. Telcos to ask govt to lower GST on telecom services to 12% (Source -http://economictimes.indiatimes.com [02-06-2017])

4. Look at Existing Levy Before Seeking GST Rate Cut: Arun Jaitley (Source -http://www.news18.com [01-06-2017])

5.  West Bengal will lose tax collection power if it misses date with GST (Source - http://www.business-standard.com [02-06-2017])

6.    GST: FAQs Series 21 : Returns Process and matching of Input Tax Credit (Supported with Statutory provisions & Rules)  (Refer link http://gstindia1.blogspot.in/2017/06/gst-faqs-series-21-returns-process-and.html


Company Law

1.    NCLT admits application for insolvency resolution process as company had failed to pay its debts(Where 'Applicant Company' was facing notice under SARFAESI Act, 2002, and there was huge amount of loan payable to various creditors, its application for initiating corporate insolvency resolution process was to be admitted)  [2017] 81 taxmann.com 371 (NCLT-Chd.)

2.  Dispute between two brothers, members of co., couldn't be concluded as an act of oppression( Where quarrel between two brothers who happened to be members of company could not by any stretch of imagination be concluded as act of oppression and mismanagement; if it was not possible for a brother to continue as member of company, he could be allowed to leave company and he could sell his shares to other shareholders in company at fair value) [2017] 81 taxmann.com 392 (NCLT - Ahd.)

FEMA,FCRA

1.  Submission of Annual Information Return relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961 (RBI/2016-17/313 dated 30 May 2017)(Refer https://femanfcra.blogspot.in/2017/06/submission-of-annual-information-return.html)




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
Email : businesssosimple@gmail.com
Mob.: 9560084833

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