Updates: Income Tax, GST & Company Law (21 June 2017)

Happy Yoga Day 21 June 2017

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.

(Bhavavad Gita)

Yoga:

-Yoga

-is merger

-is unification of Atman with Brahman

-is one who has integarated himself with the Totality

-is the one who has achieved the highest  purpose of life

-is the one who is merged with the Lord. He is óne with the Lord

-is one who has reached the highest state of consciousness, the real Self

-knows everything ‘As it is’-that everything is only an extension of himself as  Brahman

-is the one who has reached the Summit (the highest level or degree attainable; the highest stage of development)

(Ashtavakra Gita)

Income Tax

1. Bail couldn't be granted to abettor who had invested illegitimate cash of main accused: HC([2017] 82 taxmann.com 175 (Delhi)

Goods and Service Tax (GST)

1. Provisional ID will work as GSTIN during initial months: (Traders and dealers who have not completed their registration process can continue to do their business under the GST regime from July 1 using the provisional ID. The 15-digit provisional ID would work as the Goods and Services Taxpayer Identification Number (GSTIN) for the first initial few months, Revenue Secretary Hasmukh Adhia said. Source - http://www.business-standard.com [19-06-2017]

2. Operations to take 3 months to normalise post GST, say durables companies (Source - http://www.business-standard.com [19-06-2017])

Company Law

1. NCLT allows conversion of public co. into private co. as it had not prejudicial to stakeholders (Where conversion of a public company into private company with a view to comply efficiently with provisions of Companies Act was not prejudicial either to its members or to creditors and provisions of section 14, read with rule 68 of NCLT Rules were complied with, said conversion was to be allowed) [2017] 82 taxmann.com 147 (NCLT - Mum.)