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NICAI Updates 25 Feb 2017

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  • NICAI Updates 25 Feb 2017

    1. CBDT issued guidelines to ITOs that in case of individual not having business income, no further verification is required to be made in cash deposit is up to Rs 2.5 lacs and in case above 70 years of age, the limit is Rs 5 lacs.
    2. Society running an educational institute to impart education to youth is entitled to sec. 12A registration. [2017] 78 taxmann.com 179 (Chandigarh - Trib.)
    3. For B2C supplies, invoice wise details in GSTR-1 for interstate sales of more than 2.50 lacs & State wise total for sales up to 2.50 lacs.
    4. Under GST separate invoice to be issued for reverse charge and forward charge goods & services. Both cannot be clubbed together in single invoice.
    5. Supreme Court directed all industrial units situated in severely polluted areas across the country to install primary effluent treatment plants (PETP) within three months, failing which they will be shut down.
    6. SEBI increased the investment ceiling of debt mutual funds in housing finance cos from 10 per cent to 15 per cent," Under the current guidelines, the sectoral exposure for debt mutual fund schemes is 25 per cent.
    7. Labour Ministry has doubled the Gratuaty amount to Rs 20 Lacs for the employees of Private Companies.
    8. All Banks are closed from 24th to 27th Feb for the following reasons: 24th Shivratri, 25th 4th Saturday, 26th Sunday and 27thBank Strike.
    9. We are organising a Dubai Educational Tour from 15th to 19th April, 2017 4N/5D in 4* Hotel Stay, daily Breakfast, Lunch and Dinner, Return Tickets, Dubai city tour, Desert safari with BBQ Dinner, Marina Dhow cruise with Dinner, Visa Fees, All taxes @ 49000/- PP.
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