2. Lok Sabha passed a Bill that would ensure continuance of levy of excise on petroleum products and abolition of cess on some other items following GST rollout from July 1
3. Share premium received by the company on is subscribed share capital would not constitute part of the capital employed in the business of the company within the meaning of Sec 35D of the Income Tax Act, 1961 for calculating eligible amount of deduction therein. Berger Paints India Ltd. Vs. CIT, Supreme Court of India.
4. MCA on 5th April 2016 announced E-form STK-2 for Removal of Companies name form ROC pursuant to sub section (2) of Section 248 of the Companies Act, 2013, which talk about ‘voluntary removal of name of Companies form Registrar of Companies.
5. Bogus Share Capital cannot be assessed as Company’s Share Capital as Amendment to Sec 68 has no Retrospective Effect: Bombay High Court. In CIT v. M/s. Gagandeep Infrastructure Pvt Ltd.
6. Capital Gain Tax would not attract if the Previous Transaction which the assesses acquired the Property was not taxable: Bombay High Court in case of Mr. Nusli Wadia.
7. Capital gains: An amount received from a wholly-owned subsidiary in consideration of transfer of shares of the WOS to a group of shareholders is not taxable as capital gains. The Department cannot subject a transaction under the Gift-tax Act and also levy tax under the Income-tax Act. CIT Vs M/s Annamalaiar Mills (P) Ltd Vs CIT (Supreme Court)
8. CBDT clarifies on cash curb, Aadhaar to the small taxpayers under the presumptive taxation scheme are exempt from maintenance of Books of A/c.
9. Humble President has given his assent to the four key Goods and Services Tax (“GST”) Bills, after they were passed by the Parliament. The four GST Bills which are now enacted can be accessed as under:
· The Central Goods and Services Tax Act, 2017
· The Integrated Goods and Services Tax Act, 2017
· The Goods and Services Tax (Compensation to States) Act, 2017
· The Union Territory Goods and Services Tax Act, 2017
10. In GSTR-1 give Summary of supplies to Unregistered persons, Rate wise for Local supplies & Rate & State wise for Inter-state ones up to 2.50 Lacs.
Have a great day ahead!