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Tax Updates - TMI e-Newsletters

Home e-Newsletters Index Year 2017 August Day 9 - Wednesday

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TMI Tax Updates - e-Newsletter
August 9, 2017

Case Laws in this Newsletter:

Income Tax Customs Corporate Laws Insolvency & Bankruptcy Service Tax Central Excise CST, VAT & Sales Tax



TMI SMS


Highlights / Catch Notes

  • GST:

    Govt extends time period for filing of details of outward supplies in FORM GSTR-1 for months of July and August - Notification

  • GST:

    Govt extends time period for filing of details of inward supplies in FORM GSTR-2 for months of July and August - Notification

  • GST:

    Govt extends time period for filing of details in FORM GSTR-3 for months of July and August - Notification

  • GST:

    Date for filing of GSTR-3B for month of July is 20.8.17 and for the month of August is 20.9.2017

  • Income Tax:

    TPA - valid comparable - the accounting period of the comparable company should be the same with that of the assessee-company.

  • Income Tax:

    TPA - RPT filter of 0% - where neither the TPO nor the assessee has made out a case of exceptional difficulty in searching the comparable companies then the normal tolerance range of 15% shall be taken as proper.

  • Income Tax:

    Eligibility for deduction u/s. 80IB - The Revenue authorities were not justified in rejecting the said return without following the procedure prescribed u/s.139(9) by merely taking a view that a revised return was afterthought and was filed only to reduce assessee’s tax liability.

  • Income Tax:

    Penalty u/s 271(1)(c) - claim of depreciation @100% instead of 15% - Temporary Wooden structures like interiors, glow signs etc. being Furniture & Fixture - Levy of penalty confirmed.

  • Income Tax:

    Revision u/s 263 - inadequate or no inquiry by AO - If there is some inquiry by the Assessing Officer in the original proceedings, even if inadequate, that cannot clothe the Commissioner with jurisdiction under section 263 merely because he can form another opinion.

  • Income Tax:

    Assessment of the bank interest - Interest on fixed deposits in providing bank Guarantee under EPCG scheme is in the nature of capital receipt and to be set off against project cost.

  • Customs:

    Benefit of Concessional rate of duty - Import of non-alloy steel wire rods (prime) - The fact that rust was present on the goods cannot be a reason to hold that the goods are of second quality for the reason that such rust can occur if the goods are exposed to moisture

  • DGFT:

    Amendment in Appendix - 2E of Foreign Trade Policy, 2015-2020 - reg. - Public Notice

  • DGFT:

    Amendment in import policy of Pigeon Peas (Cajanus Cajan)/Toor Dal under Chapter 7 of the ITC (HS)2017, Schedule- I (Import Policy) - Notification

  • State GST:

    Guidelines/ Instructions for detention/ lnspection report u/s 68 and 129 of the HGST Act/CGST Act and Section 20 of the IGST Act, 2017.


Notifications


Circulars / Instructions / Orders


News


Case Laws:

  • Income Tax

  • 2017 (8) TMI 340
  • 2017 (8) TMI 339
  • 2017 (8) TMI 338
  • 2017 (8) TMI 337
  • 2017 (8) TMI 336
  • 2017 (8) TMI 335
  • 2017 (8) TMI 334
  • 2017 (8) TMI 333
  • 2017 (8) TMI 332
  • 2017 (8) TMI 331
  • 2017 (8) TMI 330
  • 2017 (8) TMI 329
  • 2017 (8) TMI 328
  • 2017 (8) TMI 327
  • 2017 (8) TMI 326
  • 2017 (8) TMI 325
  • 2017 (8) TMI 324
  • 2017 (8) TMI 323
  • 2017 (8) TMI 322
  • 2017 (8) TMI 321
  • 2017 (8) TMI 320
  • 2017 (8) TMI 319
  • 2017 (8) TMI 318
  • 2017 (8) TMI 317
  • 2017 (8) TMI 316
  • 2017 (8) TMI 315
  • Customs

  • 2017 (8) TMI 303
  • 2017 (8) TMI 302
  • 2017 (8) TMI 301
  • 2017 (8) TMI 300
  • Corporate Laws

  • 2017 (8) TMI 297
  • Insolvency & Bankruptcy

  • 2017 (8) TMI 298
  • Service Tax

  • 2017 (8) TMI 314
  • 2017 (8) TMI 313
  • Central Excise

  • 2017 (8) TMI 312
  • 2017 (8) TMI 309
  • 2017 (8) TMI 308
  • 2017 (8) TMI 307
  • 2017 (8) TMI 306
  • 2017 (8) TMI 311
  • 2017 (8) TMI 305
  • 2017 (8) TMI 310
  • 2017 (8) TMI 304
  • CST, VAT & Sales Tax

  • 2017 (8) TMI 299
 

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