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Latest India Tax News 24 January 2017

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  • Latest India Tax News 24 January 2017

    1. Govt has barred cooperative banks from accepting deposits under the Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS). There have been irregularities discovered in cooperative banks during the demonetization process that the income tax department is investigating.
    2. Notice issued u/s 147 in respect of an entity which ceases to exist by virtue of amalgamation order under section 394 of the Companies Act - would be illegal and unsustainable. - Delhi High Court in case of [BDR Builders Pvt. Ltd. Vs. The ACIT].
    3. Trade discount is deductible under VAT even if it is given subsequent to sale via credit note: Supreme Court of India.
    4. Govt notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity Funds shall with effect from 1 January, 2017 to 31 March, 2017, bear interest at 8.0% (eight per cent).
    5. The changes made in 2015 to the Arbitration Act, under which there is no automatic stay on an award being challenged, would not apply if they affect enforceability of an award in proceedings which commenced before the amendment came into effect on October 23, 2015, the Delhi High Court has said.
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