STM & ASSOCIATES

14/06/2017

* Period For Which Books of Accounts required to be retained under GST as Per Section 36*

1) *Normal Circumstance* For a Period of 72 Months From the Last Date of Filling of Annual Return of that Year
*Example*:- If the Annual Return is filled on 25th September 2016 than records are required to be maintained Upto 25th September 2022.

2) *If appeal or revision or any other proceeding is pending before any Appellate Authority or Tribunal or Court* For a period of one year after final disposal of such appeal or revision or proceeding, or for the period of 72 Months from Last date of Filing of Annual Return of that year, *whichever is later*.

*Example*
a) Date of Filing of Annual Return is 20-08-2016 for FY 2015-16, Date of final disposal of appeal with Tribunal is 15-04-2022.
In this case book to be retained Upto 15-04-2023

b) Date of Filing of Annual Return is 20-08-2016 for FY 2015-16, Date of final disposal of appeal with Tribunal is 10-05-2020.
In this case book to be retained Upto 20-08-2022

31/03/2017

Current Updates:
1. Changes in IT law wef 1-4-2017:

(A) Limit for payment of expenses by cash (both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person.

(B) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST).

(C) For below Rs.2 crores turnover cases - For Non Cash Sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover/Gross Receipt. For Cash Sales it's 8%.

(D) Tax Exemption limit is Rs.2,50,000/- (same as earlier) After that, upto Rs.5 lakh, Tax Rate is 5% (earlier it was 10%).

(E) Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirements) - deduct TDS @ 5%.

(F) Capital Gain in respect of Land & Buildings period reduced from 3 years to 2 years and Base year shifted from 01.04.1981 to 01.04.2001.

(G) Corporate tax rate for the account year 2017-18 for companies with annual turnover upto Rs. 50 crores (in the account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.

(H) Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G.

(I) Sale of unquoted shares to be taxed at (deemed) fair value.

(J) In absence of PAN of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.

(K) From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.

(L) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval.

2. The GST Council will meet in April to thrash tax rate for upto 5,000 commodities and services under GST. Services will not be taxed more than 18 per cent under GST.

3. Today is the last date for payment of tax for March 2017 is 31.03.17, please schedule Central Excise Duty/ Service Tax payment well in advance to avoid last minute rush.

4. GST Network extends deadline for Migration of Registration till April 30 for firms to register as only 54 lakhs businesses, out of the estimated 80 lakhs.

14/01/2017

Recent Updates:

1. Ministry of Finance had issued a press release on signing of a Protocol to amend the Double Taxation Avoidance Convention (DTAC) between India and Kazakhstan.

2. The ministry of labour & employment has extended the deadline by three months for companies and other commercial organizations to get registered.

3. Order u/s 143(3) read with section 153A Void if AO erred in assuming jurisdiction u/s 153A Shri Fazal Sarang Vs DCIT (ITAT Mumbai).

4. CBEC rationalizes abatement for tour operator services Notification No. 4/2017-Service Tax.

5. BCAS has made a Representation to Central Board of Direct Taxes (CBDT) regarding error in stating the due date for Filing of Quarterly TDS Statements for Financial Year 2016-2017 in Circular 1/2017.

14/01/2017

Wish You All A Very Happy Makar Sakranti

09/09/2015

Updates
IT : Where valuation of property inherited by assessee by registered valuer was on higher side, there was no occasion for Assessing Officer to refer matter to valuation officer under section 55A

IT : Where property was purchased by predecessor in 1958, in terms of section 55(2)(1), cost inflation index was to be applied with effect from 1-4-1981 instead of year 1999-2000, in which assessee inherited property

IT : Where land belonging to husband was merged into common stock of joint property of husband and wife and building was constructed with common fund, income derived from letting out of such property, would be taxed in hand of assessee as income from house property and not 'income from other sources'. Commissioner of Income-tax, Kolkata-X, Kolkata
v. Smt. Mina Deogun

05/09/2015

Happy Janamashtmi to all!!!!

07/06/2015

Recent Update:

20 Co. audit limit will exclude Pvt Ltd Co. & exemptions to pvt ltd co notified today

Following Exemptions introduced Today (05/06/2015).

1) Exemptions to Section 8 (Non-Profit) under section 462 of CA 2013

2) Exemptions to Private Companies under section 462 of CA 2013

3) Exemptions to Nidhis under section 462 of CA 2013

4) Exemptions to Government Companies under section 462 of CA 2013,

visit. http://www.mca.gov.in/MinistryV2/companiesact.html

The Companies Act, 2013 passed by the Parliament has received the assent of the President of India on 29th August, 2013. This an Act to consolidate and amend the law relating to companies. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013 but the provisions of th…

14/01/2015

Recent Updates:

1. Mere invoking section 50C not amounts to concealment or furnishing inaccurate particulars of income. [ACIT vs. Sunland Metal Recycling (ITAT Mumbai)].

2. CBEC vide circular no. 01/2015 dated 12th January 2015, clarified that there shall not be any requirement of separate packing list in case commercial invoice cm packing list.

3. MCA has authorized officers in the office of Regional Director (Northern) for the purposes of filing complaint under section 159 of the Companies Act, 2013 in respect of offences under section 155 to obtain or possess more than one DIN by any person.

4. ITOs / Commissioners to request for exchange of information in cases getting time barred on 31.03.2015 to CBDT FT and TR division latest by 15.02.2015. [CBDT Comm of 06.01.2015].

5. DGFT has mandated to submit IEC applications online with effect from 01.01.2015. However, due to some technical problems existing system prior to 01.01.2015 will be continued.

6. ICAI is organising Swachch Bharat Abhiyan on Sunday 18.01.2015 at 10 AM at HO New Delhi and all the Branches, as our honorable PM has nominated us for this. Request you to assemble and be part of this noble cause.

12/01/2015

Recent Updates:

1. IT department not to disclose information about taxpayers to media. Any breach to be viewed seriously by CBDT and necessary action to be taken. CBDT Comm. of 01-01-2015.

2. CBDT comes out with draft of 12 Income Computation and Disclosure Standards. Post/ e-mail comments/ suggestions at [email protected] or [email protected] by 08-02-2015.

3. TDS u/s 194C not applicable on Hotel Booking. [Ratnagiri Impex Pvt Ltd. vs. DCIT -ITAT Bangalore].

4. BCCI to pay service tax for recording IPL cricket matches – [BCCI vs. CST]. Supreme Court held that the activity of producing audio-visual coverage of IPL matches held in India by non -resident service providers would be liable to tax under reverse charge mechanism.

5. Officers of the DVAT Department shall present a Demonstration regarding e-filing of Form 9 on 12.01.2015 at 12 noon in conference hall at 13th floor, Delhi.

09/01/2015

Recent Updates:

1. 15-01-2015 is last day to file TDS/TCS returns for Q3 of 2014-2015.Use FVU 4.5. Fee of Rs.200 per day with return from 16-01-2015. (Government Returns by 31-01-2015).

2. 15-01-2015 is last date to contribute Rs 3 per employee as on 31-12-2014 to Delhi Labour Welfare Fund. (Applicable if 5 or more employees).

3. Last date for filing Form 9 under Delhi VAT has been extended to 05.02.2015.

4. DVAT dealers approach Ward Objection Hearing Authority on 9th and 10th January to settle objections relating to mismatch of 2A and 2B for 2012-2013.

5. 15-01-2015 is last date to E-file MVAT audit report in Form 704. File physical documents by 27-01-2015. [MVAT Trade Circular 21T of 20-12-2014].

6. The form for Empanelment of Chartered Accountant firms/LLPs for the year 2015-2016 with C&AG has been hosted and the last date for online submission is 15th February, 2015. For details, you may contact the concerned C&AG officials at 011 - 23509223, E-mail: [email protected]

7. Professional Development Committee of ICAI has sent the final MEF panel for Bank Branch Auditors to RBI with the covering letter, which will soon be available at www.meficai.org.

Members can fill up the application form directly on the site itself and it. However after submission of the application form members will not be able to edit the application.

09/01/2015

Comptroller and Auditor General of India on Administration of Prosecution and Penalties in Central Excise and Service Tax vide Report No. 29 of 2014 (Performance Audit). ( See more at the link below)

https://docs.google.com/document/d/1_q0JXnbNXXr8UvWUuYOMFc6hQxVBkMSMkZc7Eb7CEHE/edit?usp=sharing

09/01/2015

A south Mumbai housing society has won an appeal in a tax dispute relating to taxation of non-occupancy charges and transfer fees received by it from its members. The Income-Tax appellate tribunal (ITAT) which heard this case, held that these receipts would not be taxable in the hands of the housing society. (See more at link below:)

https://docs.google.com/document/d/1Ptf1KiX5GPUcGIBtJP9bbBezFW4ZuykDOiRL0sr61vM/edit?usp=sharing