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1. The Income Tax Department has issued as many as 4,000 notices to firms over unusual surge in cash deposits in their bank accounts to the tune of 1.2 lakh crore during the demonetization drive.
2. Last date for Advance Tax @100%: 15th March 2017; please rush due to Holi.
3. Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.
4. Under GST Purchaser to inform in GSTR-2, amount of ineligible input tax credit on inward non-taxable supplies or those for non business purposes.
5. Capital gain u/s 45 arises in the year of execution of deed and not when the same was registered with the office of the Sub-Registrar. Reopening of assessment is invalid - Rajendra Kantilal Patel Vs ITO (2017(3)TMI268- Gujarat High Court)
6. CENVAT credit - input services used for setting up modernization renovation of a factory will be allowed even if not directly related - Sankei Giken (India) Pvt. Ltd. Vs CCE, Delhi (2017 (3) TMI 300 - CESTAT Chandigarh)
2. Last date for Advance Tax @100%: 15th March 2017; please rush due to Holi.
3. Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.
4. Under GST Purchaser to inform in GSTR-2, amount of ineligible input tax credit on inward non-taxable supplies or those for non business purposes.
5. Capital gain u/s 45 arises in the year of execution of deed and not when the same was registered with the office of the Sub-Registrar. Reopening of assessment is invalid - Rajendra Kantilal Patel Vs ITO (2017(3)TMI268- Gujarat High Court)
6. CENVAT credit - input services used for setting up modernization renovation of a factory will be allowed even if not directly related - Sankei Giken (India) Pvt. Ltd. Vs CCE, Delhi (2017 (3) TMI 300 - CESTAT Chandigarh)