Professional Update For the Day:
SAFEMA : It is only when link or nexus of properties with convict/detenue or to income from such illegal activity is established, properties standing even in name of a relative can be forfeited Competent Authority v. M. Khader Moideen 72 taxmann.com 283 (Madras)
IT: Eligibility of exemption u/s 54F(4) – the entire amount which was subject to capital gain tax had not been utilized for the purpose of construction of new house nor were the unutilized amounts deposited in the notified Bank Accounts – No exemption – Humayun Suleman Merchant Vs The CCIT-XVII, Mumbai and Anr. (2016 (9) TMI 70 – Bombay High Court)
IT: Without using the services of the directors the key decisions of the business cannot be taken. Therefore it is essential to give remuneration as per Rules and Regulations of the company. In view of this expenditure is allowable as business expenditure – Rangoli Projects Pvt. Ltd. Vs ITO, Ward-15 (2), New Delhi (2016 (9) TMI 67 – ITAT Delhi)
University not wholly or substantially financed by government is not eligible for exemption u/s 10(23)(iiiab). [Visvesvaraya Technological University vs. ACIT (Supreme Court of India)].
Refund will be allowed where the contract is for a fixed amount and it has been categorically recorded in the impugned order that no excise duty incidence has been passed on by the respondent to NHAI. NHAI also categorically certified to that effect. (CCE, Raipur Versus M/s Ircon International Ltd.)- 2016 (8) TMI 1022 – CESTAT NEW DELHI – Central Excise
where on account of delay in delivery of manufactured goods is liable to pay a lesser amount that the generically agreed price as a result of a clause (in the agreement), stipulating variation in the price, on account the liablility to “liquidated damages”, irrespective of whether the clause is titled “penalty” or “liquidated damages”, the resultant price would be the “transaction value.( M/s Kalpana Chemicals Versus CCE, C & ST, Hyderabad – III) – 2016 (8) TMI 1024 – CESTAT HYDERABAD – Central Excise
ST: CENVAT credit – an assessee cannot be denied the benefit of Cenvat Credit of duty on the ground that no manufacturing activity was involved when the assessee has admittedly cleared its final product on payment of duty – M/s. Hindustan Unilever Ltd. Versus C.E. & S.T. Jabalpur (2016 (9) TMI 96 – CESTAT New Delhi)
Full receipt of Singaporean sub-contractor to develop ‘T3 Terminal’, Delhi Airport is taxable AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI MERO Asia Pacific (P.) Ltd., In re 73 taxmann.com 17 (AAR – New Delhi)
GST exemption for traders having turnover up to 25 lakhs: Revenue Secretary Source: www.businesstoday.in
RBI on Thursday directed credit information companies (CIC) to provide free credit reports in full to individuals whose credit score is maintained with the agency, effective January 1.
RBI has issued a master circular – Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 vide Master Direction No. DNBR.PD.007/03.10.119/2016-17 dated 01/09/2016.
RBI has issued a master circular – Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and deposit taking company (Reserve Bank) Directions, 2016vide Master Direction No. DNBR.PD.008/03.10.119/2016-17 dated 01/09/2016.
Ministry of Corporate Affairs vide General Circular No. 8/2016 dated 29.07.2016, has extended the date to file financial Statements or Annual Returns on or before 29.10.2016, where due date for holding of AGM is on or after 1st April, 2016, without payment of additional fees.
E-Payment of Service Tax for August by Companies: 06/09/2016
E-Payment of TDS/TCS deduced/collected for the month of August: 07/09/2016
Submission of Form No. 27C (TCS) received in August to IT Commissioner:- 07/09/2016
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