Updates -Income tax, GST & Company Law (07th June 2017)
Updates
-Income tax, GST & Company Law
07 June 2017
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Spirituality
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Meaning: The Supreme
Personality of Godhead said: O Partha, when a man gives up all varieties of
desire for sense gratification, when arise from mental concoction, and when
his mind, thus purified, finds satisfaction in the self alone, then he is
said to be in pure transcendental consciousness.
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Income Tax
1.
FDI,ESOPs and off-market transactions approved
by RBI, Sebi, a high court or Supreme Court and NCLAT will not face capital
gains tax (Refer link https://incometaxindia1.blogspot.in/2017/06/foreign-direct-investment-employee.html supported with updated Section 10(38)
& CBDT notification dated 05 June 2017)
2.
No sec. 40A(3)
disallowance if lands were purchased as investments and later on converted to
stock-in-trade (Where lands were
genuinely acquired as an investment, even though same were converted into
stock-in-trade in business during same year, section 40A(3) could not be
invoked to disallow cash payments made for purchase of land) [2017] 81 taxmann.com 421 (Visakhapatnam - Trib.)
3.
No sec. 263
revision on ground that AO allowed CSR exp. without mentioning about it in
assessment order(Where Assessing
Officer allowed corporate social responsibility expenditure along with some
other claims without specifically mentioning about corporate social
responsibility expenditure in assessment order, Commissioner could not invoke
revisional jurisdiction holding that order was passed without making any
enquiry in respect of allowability of claim of corporate social responsibility)
[2017] 81
taxmann.com 420 (Bombay)
4.
Deadline
to furnish Form 16 to employees extended till June 15, 2017 (Refer CBDT
notification dated 02 June 2017 amending Rule 31 of Income Tax Rules)
Goods and Service Tax (GST)
1.
GST to put
severe pressure on margins of fertiliser companies (The sale of fertiliser at present is subject to
6 per cent overall duty, including 1 per cent excise duty and 6 per cent
value-added tax(VAT). Under the Goods and Services Tax (GST), however, the
totaltax incidence will come to 12 per cent. This means fertiliser firms would
require compensation for an additional 6 per cent duty in the form of a
proportionate increase in subsidy -- a self-created problem for the government)
Source - http://www.business-standard.com [06-06-2017]
2.
GST impact:
Footwear manufacturers rue high tax, dual rates (The proposed tax structure for footwear under
the goods and services tax (GST) has left manufacturers high and dry. While the
18 per cent tax bracket for footwear priced over Rs 500 may lead to an increase
in product prices, the 'dual taxation' structure will add to their woes as
pricing will get more complex) (Source - http://www.business-standard.com [06-06-2017]
3.
Revenue
secretary’s office on top: GST Council clears 3-tier ‘project management (With
the Goods and Services Tax (GST) set to be rolled out from July 1, the GST
Council has approved constitution of a three-tier structure for 'project
management' of GST, consisting of the office of revenue secretary Hasmukh Adhia
at the top, followed by a Project Management Team called GST Implementation
Committee and eight standing committees. In addition to these, there will be 18
sectoral groups to look into the specific issues of sectors such as telecom,
banking, mining and pharmaceuticals sectors, officials said.) Source - http://indianexpress.com [06-06-2017]
FEMA,FCRA
1.
FAQs on Liaison / Branch / Project Offices of
foreign entities in India (Updated 2017)
(Refer link: https://femanfcra.blogspot.in/2017/06/faqs-on-liaison-branch-project-offices.html)
Company Law
1.
MCA issues
clarification on transmission of security by operation of law (Refer
MCA General Circular 07/2017 dated 05th June 2017)
2.
NCLT allows
application for convening meeting of shareholders for approving scheme of
arrangement(Where a company sought directions to convene meeting
of its equity shareholders for approving a scheme of arrangement in nature of
demerger of pharma undertaking of company-CI into applicant resulting company,
same was to be convened) [2017] 81 taxmann.com 413 (NCLT - Ahd.)
3.
Name of heirs of
deceased members to be added in register of members on submission of succession
certificate: NCLT(Where inspite of
submission of succession certificate, names of heirs of deceased shareholder
were wrongly removed from list of members, company was to be directed to enter
their names in register of members of company) [2017] 81 taxmann.com 415 (NCLT - Ahd.)
Refer Link for
regulatory updates on Income tax, GST, Company Law, FEMA:
Bipul Kumar
Business Consultant
Mob.: 9560084833
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