Sunday, 27 November 2016

Tax Notices

In case you are in receipt of any tax notices and you are looking for professional assistance please contact us for the same via e mail at

Few Important Points on Revised GST Model Law.

Right from the beginning of talks relating to GST, we all were hoping that with the introduction of GST, there will be “One Nation, one Tax” or at least “One Nation, Few Rates”. But the actual scenario is quite different. GST Council has already decided that there will be 4 rate slab i.e. 5%, 12%, 18%, and 28%. In addition to this there will be a new cess with the name “GST Compensation Cess” for first 5 years on some specified items. Now since government has come out with relevant draft law on this 26th day of November, 2016, let’s understand this new levy of cess.

CBEC releases revised version of GST Model Law and new draft of State Compensation law

The Draft GST model law was released on June 14, 2016.On Nov. 26, 2016 the CBEC has released the revised version of draft GST model law after considering the suggestions of the stakeholders. It has also released the draft law for compensating the States. The Central Govt. would compensate the States for the revenue loss in the first five years of GST implementation.  

Three Imp Verdicts On Transfer Pricing, Taxability Of Software As Royalty And S. 50C Capital Gains

Shell Global Solutions International BV vs. DDIT (ITAT Ahmedabad)

Interplay between Article 9 of the DTAA and Transfer Pricing law in the Act explained. While Article 9 is an enabling provision, the TP mechanism under the domestic law is the machinery provision. There is no occasion to read Article 9 as confined to enabling ALP adjustment in respect of only domestic entities. The mere fact that the OECD Commentary etc give examples related to economic double taxation situations does not imply that the Article 9 (1) cannot be applied to other situations

Saturday, 26 November 2016

Important Case Laws Relating To Taxability Of Black Money (Demonetisation) & Levy Of Penalty Thereon

1. S. 4: Income – Chargeable as – Assessee’s books actually showing a cash balance of above Rs.38,000 as on the day immediately preceding the date of demonetisation. – In the absence of material before the Tribunal, it could not have held that only 22 out of 28 high denomination notes  

Maharashtra Govt. releases 2013-14 Computerized Desk Audit reports; No Mate's receipt for containerized


Maharashtra Govt. releases Computerized Desk Audit (CDA) reports for the period 2013-14 after analyzing electronic data pertaining to e-Returns, audit reports in Form e-704 and annexures thereof uploaded by all dealers; Dealers can submit compliance electronically; Audit parameters, related tax liability and facility for entering interest payments have been made available to the dealer; Compliance should be made on or before December 20, 2016

Tax Due Date Reminder - December 2016

Sr No
Due Date
Related to
Compliance to be made
Service Tax
Payment of Service Tax for the Month of November 2016
(Income Tax)
· Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of November 2016.
· Deposit TDS from Salaries deducted during the month of November 2016
• Deposit TCS for collections made under section 206C including sale of scrap during the month of November 2016, if any
• Deliver a copy of Form 15G/15H, if any to CCIT or CIT for declarations received in the month of November 2016, if any
Payment of VAT & filing of monthly return for the month of November 2016 ( TN, KAR & TEL).
Income tax
Payment of Advance tax for the Corporate and Non Corporate assesses –Amount not less than 75% and 60% of advance tax respectively.

IBBI Notifies Insolvency Professionals Regulations 2016

I am pleased to share that the Insolvency and Bankruptcy Board of India has notified the following regulations on 23/11/2016: The same shall come into force from 29/11/2016. 

Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 

The above regulations also consists of stipulations pertaining to Registration of Insolvency Professionals (Members of ICAI/ICSI/ICMA/Bar Council etc) and Insolvency Examinations.

For viewing and downloading the complete set of notifications pertaining to the Insolvency and Bankruptcy Code, 2016 till date, one may use the following link: