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Latest India Tax News 18 March 2017

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  • Latest India Tax News 18 March 2017

    1. Income tax penalty cannot be levied for Bonafide mistakes in making wrong claim. Case name : Wadhwa Estate & Developers India pvt. Ltd vs ACIT (ITAT Mumbai)
    2. GST council approved two crucial bills -- State and Union Territory GST -- paving the way for tabling of the GST bills in the current session of parliament and respective state assemblies and introduction of the new indirect taxation system from july.
    3. In GST law, supplier has to issue credit/ debit note, in case of incorrect amount of supplies or GST, return of goods or deficiency in supplies.
    4. MCA has issued show-cause notices to 1,018 companies for non-compliance of CSR norms even as a parliamentary panel has suggested putting in place a stricter monitoring and compliance mechanism.
    5. SEBI issued guidelines for mutual fund advertisements, allowing use of celebrities to increase awareness of the rs. 17.9 lakh crore industry. The regulator also tweaked the performance disclosure requirement.
    6. LAST DATE FOR *RETROSPECTIVE RESTORATION OF MEMBERSHIP* AND COP REMOVED DURING THE YEAR 2016-17 IS 31ST MARCH, 2017https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif
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