Updates -Income tax, GST & Company Law 13 June 2017


Updates -Income tax, GST & Company Law
13  June 2017

Spirituality
Tani sarvani samyamya
Yukta asita mat-parah
Vase hi yasyendriyani
Tasya prajna pratisthita

(Text 61, Ch2, Contents of Gita Summarized)
                                                              
Meaning: One who restrains his senses, keeping them under full control, and fixes his consciousness upon Me (Supreme divine), is known as a man of steady intelligence.
                                                                                                                           
Refer Link http://inspireourself.blogspot.in


Income Tax

1.      Aadhaar number must for filing tax return and linking PAN; CBDT clarifies effect of SC court verdict (Ministry of Finance,PRESS RELEASE, ,10th June, 2017).

2.      Form No.60 declaration can be made either in physical form or electronically using e-verification (CBDT Notification No. 51/2017/F. No. 370142/13/2017-TPL dated 09 June 2017)

3.      Carrying out charitable activities outside India without taking CBDT approval would bar trust to get Sec. 80G relief  (1.Where assessee carried out charitable activities outside India without obtaining prior approval in terms of section 11(1)(c), its application seeking exemption under section 80G(5)(vi) was to be rejected 2. Where assessee trust was incorporated around an year back and it started its activities towards achieving charitable objectives which were not doubted, its application seeking exemption under section 80G(5)(vi) could not be rejected on ground that no significant charitable activities were carried out during relevant year) [2017] 82 taxmann.com 26 (Jaipur - Trib.)

4.      Reassessment assuming donor too had undisclosed income if recipient of donation had undisclosed income was baseless (Merely because recipient of donation had offered unaccounted money to tax would not mean that same was undisclosed income of donor that had escaped assessment when bank withdrawals substantiate donation made) [2017] 82 taxmann.com 35 (Delhi)

5.      AO rightly treated donation as anonymous as trust failed to provide record about donation made (1.Where no detail was available on record about donations made to assessee-trust, same was to be treated as anonymous donations and to be included in total income of assessee-trust for taxation, 2.Where there was no material on record to suggest that out of consolidated tuition fees collected from students for three years, assessee institution had refunded fees of other two years, impugned surplus amount was liable for taxation, 3.Fee collected by assessee-trust either in name of building fund, donation or library fund, etc. over and above fees fixed for admission of students was to be treated as capitation fee, 4.Amount collected by assessee-trust over and above fees prescribed by committee nominated by State Government, was liable for taxation)  [2017] 82 taxmann.com 28 (Chennai - Trib.)
                                 
Goods and Service Tax (GST)


1.    Investors beware: Stock markets are not prepared for GST disruption(Source - http://www.business-standard.com [12-06-2017])

2.    The Rs 35,000-cr business of making India GST-ready
(Source - http://www.business-standard.com [12-06-2017])

3.    GSTN tells Suvidha Providers to seek ISO audit for systems (Source - http://www.business-standard.com [12-06-2017])

4.    Insulin, cashews, pickles to get cheaper: GST Council reduces rates of 66 products (Source - http://www.business-standard.com [12-06-2017])

RELIEF ROUTE
Rate (%)
Item
Previous
New
Insulin
12
5
Agarbatti{mcense sticks)
12
5
Cashew nuts
12
5
Tractor parts
28
18
Children's colour books
12
NIL
Movietickets (upto f 100)
28
18
Pickles, mustard sauce
18
12


5.    GST Council increases threshold limit for composition levy

( The GST Council, in its meeting held on 11th June, 2017, has recommended increase in the aforesaid turnover limit for Composition Levy for CGST and SGST purposes from Rs.50 lakh to Rs.75 lakh in respect of all eligible registered persons)



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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