NICAI Updates 9 Feb 2017

[Shilparana]

1. CBDT signed four more unilateral Advance Pricing Agreements (APAs) pertain to the manufacturing, financial and Information Technology sectors of the economy.
2. Section 50C doesn't apply to transfer of leasehold rights in land: Bombay High Court. [2017] 77 taxmann.com 308 /[2016] 389 ITR 68.
3. Under GST, in case of export of goods, refund can be applied after delivery of export manifest or export report at customs before departure of conveyance.
4. RBI issued circular that no limit on cash withdraw from saving account from 13 March and limit will be raised to Rs. 50000 per week from existing Rs. 24,000 w.e.f 20th February.
5. The Lok Sabha on Tuesday passed the Payment of Wages (Amendment) Bill, 2017 which allows for digital payment of salaries or through cheque.
6. Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2016-17.

[Shilparana]

NICAI Updates:

1. CBDT has started paperless assessment proceedings in seven metro cities of Delhi, Mumbai, Ahmedabad, Bengaluru, Chennai, Hyderabad and Kolkata. The assessment proceedings in all cases selected under scrutiny have to be conducted through email-based communications unless the taxpayer concerned desires to opt out of the paperless assessment scheme.
2. CBDT has directed the taxman to step up survey operations to check non-deduction of TDS by firms and employers, especially in cases where such payments have dropped by more than 15 per cent as compared to last time.
3. I-T dept extends response window on deposit details during demonetization. Online response for cash transactions, 2016 can be submitted by to 15.02.2017.
4. Extension to 28.02.17 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q3 of 2016-17. CIRCULAR NO. 23 of 2016-17.
5. Running a canteen at client's place held as outdoor catering services. [2017] 78 taxmann.com 34 (Mumbai - CESTAT).
6. SEBI has issued guidelines for providing dedicated debt segment in the stock exchange for trading, clearing and settlement of debt securities including trading, clearing and settlement of corporate bonds.
7. MCA has altered the Territorial Jurisdiction of National Company Law Tribunal Bench for cases pertaining to State of Haryana, shall be omitted from the Jurisdiction of NCLT New Delhi Bench and shall be a under the jurisdiction of NCLT Chandigarh Bench.
8. NIRC of ICAI is organizing two days Seminar on International Taxation on 17th and 18th February, 2017 at Hotel Lalit, Barakhamba Road, New Delhi. For Regn visit www.nircseminars.org.