No
|
|
Due Date
|
Related to
|
Compliance to be made
|
1
|
|
05.2.2017
|
Service Tax
|
Payment of Service Tax for the
Month of January 2017
|
2
|
|
07.2.2017
|
TDS/TCS
(Income Tax)
|
·
Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent,
Professional fee, payment to Contractors, etc. during the month of January 2017.
·
Deposit TDS from Salaries deducted during the month of January 2017
• Deposit TCS for
collections made under section 206C including sale of scrap during the month
of January 2017, if any
• Deliver a copy
of Form 15G/15H, if any to CCIT or CIT for declarations received in the month
of January 2017, if any
|
3
|
|
20.2.2017
|
VAT
|
Payment of VAT & filing of
monthly return for the month of January 2017
|
4
|
|
20.2.2017
|
STPI
|
Filing of Softex Form for the month
ended January 2017
|
Saturday, 28 January 2017
India Taxes- Due Date Alert for the month February 2017
Whether additions can be made on account of investment merely on basis of statement of original owners, in absence of evidences to show transfer of sale consideration - NO: HC
THE ISSUE IS - Whether an addition can be made on account of investment in property, merely on basis of statement of the original owners, when there is no evidence to show transfer of any sale consideration. NO is the verdict.
Thursday, 26 January 2017
How to Reduce E TDS Demand
In case you are received notices from Income tax department
in respect of TDS demand, then please
contact us for the immediate solution. Our contact email id is taxbymanish@yahoo.com and contact
number is 8970769696.
Sachin Tendulkar wins capital gains case; ITAT rules merely because he availed services of Portfolio Manager, gains from share transactions do not become business income
THE issue before the Bench is - Whether the mere fact that assessee has availed services of a Portfolio Manager, is sufficient to consider gains arising out of transactions entered into by him as business income. NO is the answer.
Facts of the case
The assessee, an Individual, had shown in his return long term capital gains and loss on sale of shares. Further, short term capital gains and short term capital loss were also shown in the return filed. The AO noted that assessee had been disclosing capital gain from sale of shares every year in past and that purchase/sale of shares and units of mutual funds was managed by Portfolio Managers. It had also noted that assessee had engaged the services of Portfolio Managers to carry out the transactions of sale-purchase of shares for which huge amount of PMS charges were paid. According to AO, it was not an ordinary thing for a normal investor. Thus, AO issued show cause notice to assessee asking him to explain as to why profits on sale of shares/ unit should not be treated as 'business income’ as against the
Saturday, 21 January 2017
SC : Loose paper-sheets "irrelevant, inadmissible" evidence; Rejects investigation plea in Sahara/Birla case
SC dismisses petition filed
by Shanti Bhushan & Prashant Bhushan, seeking constitution of Special
Investigation Team, directing investigation of the allegedly incriminating
material seized in CBI/tax department raids conducted on Birla & Sahara
group of companies; Mr. Bhushan argued that during the raids, e-mails and excel
sheets were found that showed payment of cash to several important 'public'
figures; Apex Court cites ratio in V.C. Shukla/Jain Hawala diaries case,
wherein the court held that entires in loose papers/sheets are irrelevant and
not admissible under Sec. 34 of Evidence Act and only where entries are in
books of accounts/regularly kept, those are admissible; Further cites V.C.
Shukla ratio to drive home the point that entires in books of account alone
shall not constitute sufficient evidence to implicate a person since the same
is only "corroborative" evidence; SC observes that the judiciary
ought to be cautious while ordering investigation against any important
constitutional functionary/officers in the absence of "prima facie
reliable/legally cognizable material" which are not supported by 'other
circumstances'; Holds that "..... In case we do so, the investigation can
be ordered as against any person whosoever high in integrity on the basis of
irrelevant or inadmissible entry falsely made, by any unscrupulous person or
business house that too not kept in regular books of accounts but on random
papers at any given point of time."; As for Sahara raids, SC refers
to Settlement Commission order dated November 11, 2016 wherein the Commission
recorded a finding that transactions noted in the documents were not genuine
and did not attach any evidentiary value to the pen drive, hard disk, computer
loose papers, computer printouts; SC concludes " ... it would not be
legally justified, safe, just and proper to direct investigation, keeping in
view principles laid down in the cases of Bhajan Lal and V.C. Shukla.":SC
CBEC proposes Master Circular on SCN, Adjudication & Recovery; Invites comments by Feb 15
CBEC proposes Master
Circular on Show Cause Notice, Adjudication and Recovery, consolidating 85
Circulars of Central Excise; Said Master Circular intends to compile relevant
legal and statutory provisions on the subject, and seeks comments / suggestions
by February 15; Draft Master Circular is divided into 4 parts wherein Part I
deals with Show Cause Notice related issues, Part II deals with issues related
to Adjudication proceedings, Part III deals with closure of proceedings and
recovery of duty, while Part IV deals with miscellaneous issues (such as
service of decisions, orders, summons, de novo adjudication, and refund of
pre-deposit); Master Circular lays down inter alia structure of Show Cause
Notice – (a) introduction of the case, (b) legal frame work, (c) factual
statement & appreciation of evidences, (d) discussion, facts and legal
framework, (e) discussion on limitation, (f) calculation of duty and other
amounts due, (g) statement of charges, and (h) authority to adjudicate, and
reiterates that once the amount is paid, no coercive action shall be taken for
recovery of balance amount during pendency of appeal proceedings before
appellate authorities; Circular also states that refund of pre-deposit need not
be subjected to process of duty refund u/s 11B of Central Excise Act, and same
shall be paid with interest irrespective of whether the appellate order is
proposed to be challenged by Dept. or not; Lists down the 82 Circulars which
shall stand rescinded and 3 Circulars that would remain operative : CBEC
HC : ‘Swad’ candy manufactured using prescribed formulae, taxable as ayurvedic medicine, not confectionery
HC
holds ‘Swad’ candy as an ayurvedic medicine and not confectionary, thereby
taxable at 6% under Rajasthan Sales Tax Act; Rejects Revenue contention that
since ‘Swad’ candy is freely available at shops other that medical stores, it
cannot be said to be a medicine and hence, taxable at 10%; States that any drug
for prevention of disease or disorder in human beings or animals, and
manufactured exclusively in accordance with the formulae prescribed in
authoritative books, can be said to fall within the definition of a “drug”;
Applying common parlance test and taking note of the ingredients, HC states
that ‘Swad’ cannot be said to be a toffee, as one takes the same in case of a
stomach disorder or for digestion purposes; States that “merely because it is
available in a tea stall or a betel shop or other various places where
confectionery items are sold, does not change the character of an item”, while
noting that no evidence or authoritative material has been put on record by
Revenue so that it can be said to be a confectionery item and not a drug :
Rajasthan HC
IMP ITAT Judgements
ACIT vs. Veer Gems (ITAT Ahmedabad)
S. 92A Transfer
Pricing: Important law explained on meaning of expression "associated
enterprise". The mere fact that an enterprise has de facto participation
in the capital, management or control over the other enterprise does not make
the two enterprises "associated enterprises" so as to subject their
transactions to the rigors of transfer pricing lawHC : MODVAT credit reversible when final product cleared under purchaser's duty remission claim
HC
directs reversal of input credit against clearance of aluminium castings under
claim of duty remission by buyer for use in specific industrial process, in
terms of Chapter X r/w Rule 57C of Central Excise Rules 1944; Notes
Adjudicating Authority’s finding that assessee was reversing credit initially
but resorted to jugglery subsequently, and since goods cleared under Chapter X
procedure had not suffered any duty payment, MODVAT credit was reversible;
Rejects assessee’s contention that choice of buyer to either claim MODVAT
credit of duty paid or claim remission doesn’t make the goods exempt or
chargeable to nil rate of duty; Relies on Kirloskar Oil Engines decision
wherein it was held that MODVAT Credit in respect of inputs, which have been
used in manufacture of final product that is fully exempted from whole of
excise duty, is not available; States that since assessee had cleared goods
without payment of duty, the case was covered by aforesaid decision, thus
credit taken on aluminium ingots (inputs) was incorrect : Bombay HC
HC: Upholds deletion of unexplained income u/s 68 absent intensive investigation by AO
Monday, 9 January 2017
CBEC prescribes registration & online tax payment procedure for non-taxable OIDAR service providers
CBEC prescribes procedure
for registration & online payment of service tax in respect of online
information & database access or retrieval services rendered by non-taxable
territory assessees; Such assessees are required to fill and submit Form ST-1A,
whereupon Registration Certificate in Form ST-2A shall be generated
automatically; For payment purposes, taxpayer / assessee must have internet
banking account in one of 7 prescribed foreign banks which include BNP Paribas,
HSBC, Standard Chartered and Bank of America; Payment shall be routed through replica
of EASIEST e-Payment portal, where assessee needs to select following
Accounting Codes – 0153 for service tax on OIDAR, 0154 for interest and 1333
for penalties thereon, 1509 for payment of KKC, 1510 and 1512 for interest and
penalties thereon respectively, and 1493 for SBC, 1494 for interest and 1496
for penalties thereon; Using the EASIEST web portal, assessee can view /
download GAR-7 challan evidencing payment of service taxes : CBEC
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