• Cretificate for lower TDS 'Person specific and not income specific
• Cretificate for lower TDS ‘Person specific’ and not ‘Income specific’
• Shri G.D Aggarwal appointed as President of ITAT
• Interest earned by Mauritius Bamk from Indian securities is exempt in India
• No section for 54F relief if newly aquired house is instantly demolished
• RBI allows NRIs to invest in exchange-traded currency derivatives
• Furnishiung of Aadhar is mandatory for final settlement of Pension calimes

• Migrations to GST-Approach and guidelines for migration
• Draft Law-Model GST law, IGST law and GST compensation law
• Draft Rules-Rules related to registeration, returns, payment, refund and invoice
• Frequently Asked Questions (FAQs) on GST
• Various resources on GST such as videos, articles etc.
• Related website links

• Any process amounting to manufacture or production of goods excluding alcoholic liquor for human consumption; or 
• Any intermediate production process as job work not amounting to manufacture or production in relation to specified cases 
• Process amounting to manufacture or production of goods" means a process on which duties of excise are leviable.

Rajasthan

• Industrial Disputes Act, 1947 Relaxes hire-andfire policy
• Factories Act,1948 increases threshold limit for firms, from 20 workers to 40
• Contract Labour (Regulation & Abolition) Act, 1970 industries will be able to hire more temporary
• workers

Maharashtra

• Contract Labour (Regulation & Abolition) Act,
• 1970 increases threshold limit of applicable factories, from 20 workers to 50
• Factories Act,1948 reduces units under the law

Madhya Pradesh

• Madhya Pradesh Labour Laws (Amendment) Act, 2015 allows easier retrenchment policy and
• night shifts for women

Gujarat

• Labour Laws ( Gujarat Amendment) Bill, 2015 introduces compromise as a dispute mechanism.
• Allows prohibition of strike in public utility services

Gupshup Technology India (P.) Ltd. v. Deputy Commissioner of Income-tax (TDS)-1(1), Mumbai*
[2017] 78 taxmann.com 11 (Mumbai - Trib.) 

PCIT v. SBHBL * [2017] 77 taxmann.com 269 (Punjab & Haryana)

Commissioner of Income-tax, Chennai v. C. Subba Reddy* [2017] 77 taxmann.com 320 (Madras)

The High Court of Allahabad held that Assessee deposited contributions towards provident fund
and ESI before due date of filing of return, deductions allowable.
Sagun Foundry (P.) Ltd. v. Commissioner of Income-tax, Kanpur* [2017] 78 taxmann.com 47 (Allahabad)

• The following clarifications have been issued by CBDT:
• No junior officer has power to conduct a search on his own
• Proper procedure including permission from principal director general has been laid out for search
• There will be no arbitrary searches, no additional powers given for searches or seizure
• Satisfaction note prepared for the search is shown in the court and it is provided to the court whenever it seeks it in a sealed cover
• The note provides the justification for the search, including evidence to support the conclusions

• After trying to tighten the rules against shell companies through its Budget proposals, the
• government has decided to follow with "harsh punitive" action that will include freezing of bank
• accounts and striking off the names of dormant companies
• Shell companies' investments in real estate could also come under the scanner
• The government has also decided to invoke the Benami Transactions (Prohibition) Amendment Act
• A task force has been set up to monitor actions against deviant shell companies by various enforcement agencies. The basic approach is to prevent money laundering and tax evasion. The government will use technology to identify shell companies, a database on these companies and their directors would be built by pulling information from various agencies

The tax department said the POEM rules that require foreign firms to pay taxes in India if the
effective control is within the country will not apply to companies with a turnover of Rs 50 crore or less in a financial year. These norms come into effect from April 1, 2017.

In order to provide more choices of investors to Indian entities issuing Rupee denominated bonds
abroad, it has been decided to also permit Multilateral and Regional Financial Institutions where India is a member country, to invest in these Rupee denominated bonds.

Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts.

To achieve the ambitious disinvestment target of Rs 70,000 crore for 2017-18, the government will prepare a list of central public sector enterprises (CPSEs) which would be listed on stock exchanges within a month of finalising their audited accounts for 2016-17.

The government proposes to bring a Bill to slash the number of tribunals from the present 36 to 18, as it feels that most of them are performing identical functions. But the process of reducing the number of tribunals by either merging them or abolishing them will be carried out in phases.

To help banks and financial institutions, which have lent about 12 lakh crore to micro, small and
medium enterprises (MSMEs), evaluate their credit decisions better, credit information company TransUnion CIBIL has introduced a credit risk rank for these firms. Called the CIBIL MSME rank (CMR), algorithms based on the credit history, data are used to forecast the chances of an MSME loan going bad in the next 12 months.

Polluting industrial units across the country would be shut down if they do not have functional
primary effluent treatment plants (PETPs) to stop the release of untreated waste in water bodies
within three months after notice, the Supreme Court ruled.

The Indian chartered accountant firms have taken a big leap in last 10 years and are facing now one of the most happening and challenging era full of opportunities. The Indian Chartered Accountants
(CA) firms have been witnessing growth of professional accounting in India and have qualitatively handled large number of audits, tax matters and consulting assignments based on their knowledge and expertise in infrastructure and professional competence.
Indian CA firms managed in terms of Indian culture and Ethos are highly ethical and ensure that financial statements once certified or audited by them are free from fraud and error
The Indian CA firms have wide geographical presence in India and overseas and are competing with international CA firms not only for large assignments but also for mid size clients. Indian chartered accounting firms have been following highest level of standards and professional competence and have made significant efforts to improve Brand India.
All major borrowers of corporate sector and banks in India, where frauds were discovered were not subject to audit by an Indian CA firm
The Indian CA firms are also being supported by a large number of corporate professionals, government officials, bankers and highly placed persons due to the effective and efficient professional services being provided by these Indian CA firms. Even a large number of international
collaborators, venture capitalists, foreign investors mandate appointment of Indian firms as auditors and for several other important assignments.
Indian CA firms guarantee and ensure that money and resources are neither wasted nor diverted or siphoned off 
The Indian CA firms have been vigorously working to gain strength to meet challenges and reap new
opportunities. A large number of Indian CA firms have also established themselves at several Indian and International locations and are expanding geographically in size and in view of their commitment towards growth and prosperity of their clients. These firms have also added to their strength, number of their professional partners and other experts.
Once an Indian CA reviews financial statements or accounts, all material or potential frauds and errors are brought to light
The advent of liberalisation and now a concrete visionary action of the new government to bring in
transparency and to eradicate corruption and black money have brought the role of Indian CA firms to centre stage.
The Prime Minister Narendra Modi have called upon the nation to take a pledge to achieve major milestone and targets so as to make significant growth in next 5 years and take India to new heights by 2022, when India will be completing 75 years of independence. There are large number of new opportunities and challenges for Indian Chartered Accountants to shape India's future in the right direction including:To increase tax compliance and educate more and more Indians to be fully compliant with the tax laws.

• To implement biggest tax reforms "Goods and Service tax" in a fair and effective manner by their clients, businesses and all the stakeholders.
• Demonetisation has also brought several enquires, investigations, surveys, searches and raids. It is important to grant real justice in all these cases. Professionalism of highest order of Indian CA firm will be of biggest help and support to distinguish genuine cases.
• Benami Property prohibition law is being administered by the tax department which will severely impact spurious transactions. Already hundred of show cause notices and confiscation of properties have been initiated. 
• Capital market is getting activated and is on unprecedented growth path. Merchant banking, brokerages, mutual funds, private equity funds, infrastructure fund & all latest financial products, financial structuring, corporate structuring will need CA's for their active professional hand holding support.
• Banking sector suffering from large scale nonperforming assets have brought a new challenge to manage the corporate and businesses effectively and efficiently and to bring in financial modes of sustained growth. The financial management, control, discipline and devoted austelity measures by cutting cost and improving performance are real challenging targets to be met by Indian CAs.

• AO couldn't make re-assessment for unexplained investment merely on basis of roving enquiry
• Payment made for supply of Software embedded in mobile phones couldn't be taxed as royalty
• Assessee has option to choose initial assessment year for Sec 80IA relief
• Fraud related issues couldn't be decided by NCLT in a petition filed for rectification of register
• Stakeholders have to compulsory file Form 3 within 30 days of incorporation for initial agreement and changes with regard to LLP , before filing of Form 8 and Form 11

• A merged entity should have at least 25% public shareholding
• Must be listed on NSE,BSE, or an exchange with nationwide terminals
• SEBI pricing formula will apply
• Compulsory e-voting if a substantial part of listed firms gets transferred into unlisted
• Compulsory e-voting if shares of unlisted firms are being acquired by promoters