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Old 05-01-2017, 09:50 AM
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Shilparana Shilparana is offline
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Join Date: Sep 2014
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Default Latest India Tax News 1 May 2017

1. 30-04-2017 (Sunday) is LAST DATE for Payment of Income Tax in Challan No. ITNS-281.

2. Where revenue urged that assesses company received share application money from bogus shareholders, it was for revenue to proceed by reopening assessment of such shareholders and assessing them to tax and not to add same to assessee's income as unexplained cash credit. Proviso to Sec 68 [2017] 80 taxmann.com 272 (Bombay HC).

3. Date of filing of DVAT Return in Form 16, 17 & 48 for Q4, 2016-17 has been extended upto 15.05.2017 vide Circular No. 2 dated 28.04.2017.

4. Under GST every registered person to keep in physical /electronic form, books of account at Principal & EVERY related place of business mentioned in his RC.

5. MCA has issued a Circular clarifying the issues relating to the Transfer of shares to IEPF Authority. The due date for transfer of shares by Companies to IEPF is May 31, 2017 .

6. Meeting of creditors could be dispensed with if maximum no. of creditors gave their consent to amalgamation scheme. [2017] 80 taxmann.com 307 (NCLT - Bang.).

7. Govt. has notified section 234 of the Companies Act, 2013 which provides for mergers and amalgamations between an Indian Company and a foreign company and vice versa. RBI has also inserted Rule 25A[2] to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

 


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