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Old 04-18-2017, 09:40 AM
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Shilparana Shilparana is offline
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Default Latest India Tax News 18 April 2017

1. CBDT has issued Revised Form 3CD applicable for Tax Audit cases for AY 2017-18.

2. Income tax dept has zeroed in on 60,000 persons who deposited “excessive” cash after the note ban. These include those dealing in high value property and petrol pump owners. Of the 60,000 persons, 1,300 are “high risk” ones who, along with the remaining, would be probed for possible black money generation as part of Operation Clean Money II (OCM).

3. Bogus share capital/ premium: The proviso to s. 68 (which creates an obligation on the issuing Co to explain the source of share capital & premium) has been introduced by the Finance Act 2012 with effect from 01.04.2013 and does not have retrospective effect. vsCIT. Gagandeep Infrastructure Pvt. Ltd (Bombay High Court)

4. E-Way Bills as Per New GST Rules :
i) Entire process requires participation by Supplier, Transporter and receipt.
ii) IE-Way Bill will be required for movement of all goods, whether within the state or across states.
iii) n Case of an Accident if goods would be transferred from one vehicle to another than transporter has to create a new e-way bill on the GSTN portal, before further transit.
iv) Multiple consignments are to be transported in one vehicle the transporter is required to indicate the serial number of the e-way bills generated in respect of each such consignment on the GSTN portal.
v) Validity period of the e-way bill, which is dependent upon the distance involved for transport of goods.

5. ROC has issued notices to more than 2 Lakh Companies all over India who have not commenced business within one year of their incorporation or who have not been carrying on any business or operation for a period of two immediately preceding financial years and have not made any application within such period for obtaining the status of dormant company under section 455 to to remove/strike off.

 


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