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Latest India Tax News 15 February 2017

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  • Latest India Tax News 15 February 2017

    1. CBDT has notified The Income Tax (2nd Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The Amendment has been made to provide new procedure and common application form for allotment of PAN and TAN.
    2. The Income Tax Department has issued refunds amounting to Rs.1.42 lakh crore in the current fiscal so far, 41.5% higher than last year.
    3. TDS to be deducted on basic amount & not on GST. Issue TDS certificate in 5 days of deposit of TDS. Late fee of 100 per day (Max 5000) (Sec 46).
    4. DVAT Filing of online return for 3rd quarter of 2016-17 extension of period thereof up to 28-02-2017.
    5. The SEBI Board in its last meeting has taken various decisions to improve the facilities being offered to the stakeholders.
    6. ICAI new Fee: Annual Membership, COP and Restoration Fee. (Entrance Fee - ACA Rs.2000, FCA Rs.2500. Annual Membership Fee - ACA Rs.1500, FCA Rs.3000, COP Fee - ACA - Rs.3000, FCA Rs.4000. with effect from 1st April, 2017.).

  • #2
    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.

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