Updates:

1. Under GST late returns would attract fee @ 100 per day subject to maximum of Rs 5,000/- maximum fee in case of annual return is 0.25% of aggregate turnover.
2. Direct cash deposit in supplier’s bank a/c not attracts disallowance u/s 40A (3) [Bolkunda Pachwai & (S) C.S. Shop vs. Income-tax Officer (ITAT Kolkata)].
3. CBDT clarifies due date extension also applicable to Accounts audited under Sec 44AB vide notification no 225/195/2016-ITA II.
4. The CBDT on monday said assessees taking advantage of direct tax dispute resolution scheme, 2016 will be required to pay taxes within the stipulated period to avail the relief under the scheme.