CORPORATE AND PROFESSIONAL UPDATES ON 6th December 2018

INCOME TAX Updates:

Image result for Income tax pics hd

  • The code of Direct Tax will likely be about to stable. Prime Minister Narendra Modi’s parting shot in policy making before national polls early next year the draft direct tax code is likely to be a strong message about stability and certainty in taxation rather than any structural shift.
  • In India the personal income tax is very low. Personal income is taxed in the range of 35-40% in most developed economies. Girish Vanvari, founder of advisory firm Transaction Square, said it was important to reduce tax litigation and make the corporate tax rate more competitive.
  • Corporate tax rate is coming down to 20-22%. The government has committed to lowering corporate tax rate to 25%, which is important to attract investments into India, considering that tax exemptions are being phased out, said Vanvari.

SEBI Updates:

  • The Securities and Exchange Board of India has started an inquiry into the affairs of pharma major Sun Pharmaceutical Industries on the basis of a whistle-blower complaint, said regulatory sources. The sources said the market regulator was in receipt of a 150-page letter in which the whistle-blower accused the company of committing corporate governance and tax-related lapses, besides other securities market-related violations.
  • Sun Pharma, its Managing Director Dilip Shanghvi, and nine others had settled the insider trading probe, paying Rs 1.8 million against the settlement charges in 2017. But SEBI had not disclosed details of the case, it was probably linked to the acquisition of Ranbaxy by Sun Pharma from Japanese drug maker Daiichi. The regulator are ready to settle the proposed adjudication proceedings linked to the violation of the internal code of conduct for prevention of insider trading. No enforcement action was started for the alleged defaults.
  • SEBI starts checking against Sun Pharma, to also open it again insider trading case. An allegation is raised by the whistleblower which was of serious nature. We will consider each one of them,” said a regulatory source. Sources said SEBI had also taken cognizance of another note by Australia-based brokerage Macquarie on the faulty audit process and dubious practices used while raising funds through foreign currency convertible bonds.
  • On Monday SEBI Extended the deadline for transfer of shares of listed companies in Demat from to April 1 The last date has been extended after taking into consideration representations from shareholders as the initial deadline was to end on December 5.
  • Shares in the Demat form will maintain a transparent record of shareholding at firms amid rising concerns over beneficial ownership of entities In March, SEBI’s board decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities will not be processed unless the securities are held in dematerialized form with a depository.
  • These changes will come into Effect from December 5. In view of the same, the deadline has been extended and the aforesaid requirement of transfer of securities only in demat form shall now come into force from April 1, 2019,” it said in a statement.

GST Updates:

  • Related imageAnti-profiteering body says machinery supplier didn’t pass on benefits of input credit to buyer. In crucial environment for the traders who import and sell in India, the National Anti-profiteering Authority has held a supplier of imported machinery guilty of profiteering for not passing on the benefit of input tax credit due to GST, and also ordered a proper checking into other products sold by the entity. The authority directed the Director General of Anti-Profiteering to conduct a new investigation covering all products supplied.

INPUT CREDIT AVAILABILITY

  • Crown Express Dental Lab, the applicant, submitted that a number of taxes such as the Central Sales Tax, Countervailing Duty and Special Additional Duty had been subsumed in the IGST, yet it had been charged 18% IGST. The authority held that the seller should have reduced the base price to the extent of CVD which was chargeable on the amount mentioned in the quotation. This is because in the period prior to GST, no CENVAT credit was available for the CVD paid on theimport of the goods whereas in the post GST period, no CVD was charged, instead IGST was levied on the import of goods which was available as Input Tax Credit.
  • Before the implementation of GST the prices were high after that the GST force the prices to reduce the amount of CVD paid in order to neutralize the impact of Input Tax Credit is available now. “This is an important ruling for businesses in the import and sell model as the order clearly states that credit of IGST, CVD which was not availableto set off need to pass to reduce the price for the consumers.

RBI Updates:

  • The Reserve Bank of India’s monetary policy committee is about to keep policy rates hold on Wednesday, among falling crude prices, less than the expected food prices and changes in economic growth. The market by keeping rates on hold, crude oil prices have slipped below $60/bbl and retail food inflation has eased to a 13-month low of 3.31%, below the medium-term inflation target of 4% for the third straight month. On the other hand, growth has slowed to 7.1% in the September quarter and factory output measured by the index of industrial production to 4.5%, giving enough reasons for the central bank to deliver a status quo policy this time.
  • Inflation is expected to be below 3% for the November, and the next hike is expected in fiscal year 2019-20. “.” In the previous policy, MPC had lowered its inflation trajectory to 3.9-4.5% and 4.8% for the second half of the current fiscal.
  • The Reserve Bank of India nixed hopes of any special liquidity window for non-banking finance companies.
  • Fast investments and credit growth rate, which is higher than the nominal economic growth rate, are signs of strength rather than weakness that warrants bailout schemes, said deputy governor Viral Acharya.

Other Updates:

  • GDP growth for the financial year 2018-2019 in the second quarter as per the GDP data.
  • In second quarter reasonable growth of 7.1% is recorded. The H-1 2018-2019 growth of the GDP is7.6%and the H-1 GVA growth is 7.4%. The growth in second quarter is higher as compare to the first quarter.
  • The growth in manufacturing on the base of 7.1% in Q-2 2017-2018 has been 7.4% in Q-2 2018-2019. The sector of construction has grown by 7.8%. As a ratio of GDP the fixed Gross Capital Formation has increased by almost.

Key Due Dates:

  • Payment of TDS /TCS Deducted in November is 07/12/2018.
  • Submission of forms received in November to IT commissioner is 07/12/2018.
  • Return of outward supplies for November by regular & casual suppliers (turnover exceeds 1.50 Crore) is 11/12/2018.
  • Issue of TDS certificate in case of Payment /credit made in October for purchase of property u/s 194IA is 14/12/2018
  • Issue of TDS certificate for tax deducted under sec 198IB for the month of October is 14/12/2018.
  • Due Date for Payment of ESI of November is 15/12/2018.
  • E-Payment of PF for November is 15/12/2018.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

CORPORATE AND PROFESSIONAL UPDATE March 18, 2017

Professional Update For the Day:

8-Tips-Biz-Name

DIRECT TAX:

  • Entitlement for deduction U/s 80IB – amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB – these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80IA/80IB – ITAT Jaipur in case of [M/s Neel Kanth Gum & Chemicals Vs. ACIT].
  • New India Assurance to refund TDS amount to claimant as it had wrongly deducted TDS on compensation: HC[2017] 79 76 (Gujarat)
  • Expenditure incurred for re- possession of the club – capital or revenue in nature – when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure – ITAT Bangalore in case of [G.R. Developers Vs. The ACIT, Circle-3 (1) , Bangalore].
  • Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.
  • CBDT reported the direct tax collections up to February 2017 to witness steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7% more.

INDIRECT TAX:

  • CBEC has issued Master Circular providing the clarity and uniformity on the issue dealing with show cause notice, adjudication of proceedings and recovery.
  • Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017vide circular 28 dated 17.03.2017.
  • Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.
  • CBEC vide Circular No. 1053/02/2017-CX dated March 10, 2017 has issued the Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty.
  • The Income Tax Appellate Tribunal (ITAT) has ordered UK’s Cairn Energy Plc to pay Rs 10,000 crore capital gains tax on transfer of ownership from Cairn UK Holdings to Cairn India .http://economictimes.indiatimes.com/articleshow/57574668.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
  • Penalty u/s. 271(F) – non furnishing the return within the due date – There was reasonable cause for the failure of the assessee to comply with the provisions of the Act – No penalty -ITAT Mumbai in case of [Kripa Shanakar Singh Vs. ITO Cir 21 (1) (2). Mumbai]
  • AO cannot examine sec. 37 conditions on “Privilege fees” paid for renewal of liquor Licence: HC 79125 (Karnataka)
  • Where landowner sold land to various purchasers and purchasers entered into agreement with assessee for construction of building as per their plan at their own money and assessee had no share in constructed area, it was a case of mere ‘works contract’; assessee was not eligible for deduction under section 80-IB. [2017] 79 10 (Chennai – Trib.)
  • Where AA had levied upon assessee composite penalty both under section 11AC of Central Excise Act and under rule 173Q of Central Excise Rules, Tribunal was not justified in setting aside it on ground that composite levy of penalty was not permissible. [2017] 79 23 (Gujarat)
  • Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017 vide Circular No. 26 dated 08.03.2017.
  • Gold, Silver and Diamond bearing watches classifiable as Jewellery under Gujarat VAT: HC [2017] 78345 (Gujarat)

GST UPDATES

  • Parliament to pass CGST, IGST, UTGST & Compensation bills already approved by GST Council in Budget session. States to pass respective SGST bills.
  • GST Council cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent

RBI UPDATES

  • RBI issued clarification regarding mentioning Reference No. on Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 that needs to be quoted on Form V while uploading the same to the Income tax Authorities.

SEBI UPDATES

  • SEBI has issued circular for Redressal of complaints against Stock Brokers and Depository Participants through SEBI Complaint Redress System (SCORES).

Key Dates:  Due dates for the month of March 2017:

6 March : Service tax monthly deposit other than Ind,HUF & P.Firm

7 March  : TDS/ TCS deposit

15 March : Deposit of PF

15 March :Payment of Advance Tax

20 March : Monthly UP VAT return & tax

21 March : Deposit of ESI

31 March : E-payment of service Tax by all assesses Monthly/ Quarterly

31 March :Filing of Belated Income.Tax returns for the A/Y 15-16 & A/Y 16-17

Payment of Advance Income Tax by all assesses (100%): 15.03.2017

E-payment of PF for Feb: 15.03.2017

The difference between a successful person and others is not lack of strength, not lack of knowledge, rather it is a lack of will.

If you are perfect and right, complaints are like strokes that check your patience and integrity. They will then confirm your perfection.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-23343333 / 9555555480

We look forward for your valuable comments. www.carajput.com

Facebooktwittergoogle_plusredditpinterestlinkedinmail

CORPORATE AND PROFESSIONAL UPDATE March 16, 2017

Professional Update For the Day:

12742418_685376608232570_407065997594926807_nDirect Tax

Non-refundable deposits received by Club for providing facilities to its members taxable as revenue receipt. [2017] 78 338 (Mumbai – Trib.)

The tax demand raised by the authorities under the proposed GST regime can be paid in monthly installments for up to two years, in case of financial hardship

Income Tax Department in its latest drive has started de-activating PAN of all Income Tax assesses who were allotted more than one PAN at anytime in the past.

CBDT clarified that Place of Effective Management (POEM) guidelines shall not apply to company other than an Indian company having turnover or gross receipts of Rs 50 crores or less in a financial year. CIR NO.8 OF 2017 [F.NO.142/11/2015-TPL]

CBEC has launched a mobile application for Goods and Services Tax. The mobile application enables taxpayers to be well informed of the latest updates on GST.

Indirect Tax

Delhi VAT: Denial of Input Tax Credit on the ground that the transactions were reflected in retail invoices and not tax invoices and therefore did not qualify for credit is not valid as the strict interpretation of Section 50(2) was unwarranted. Credit allowed. Revenue’s appeal dismissed. (J C Decaux Advertising I P Ltd. – Delhi High Court. January 9, 2017).

Limitation period of one year is not applicable for claiming refund of Excise taxes paid under protest. High Court of Punjab and Haryana in the case of CCEC Chandigarh-1 Vs. Ind. Swift Lands Ltd.

Extension to 08.03.17 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q3 of 2016-17.CIRCULAR NO. 25 of 2016-17.

Retired VAT Officer can be appointed as member of VAT Tribunal: Case Name: Bihar Value Added Tax Act Vs Commercial Taxes Bar Association (Patna High Court)

GST Update:

GST to be implemented from 1st July! As informed by Economic Affairs Secretary Shaktikanta Das, all the states have agreed for the GST implementation from the said date.

GST Late Returns would attract fee @ Rs.100 per day subject to maximum of Rs.5000. This fee is separate for each return i.e. GSTR-1, 2, 3 etc.

UGST law proposed for implementation of GST in Union Territories like Andaman & Nicobar Islands, Chandigarh etc. as SGST not applicable to them

Under GST Composition Scheme in 17-18 for most Manufacturers & Restaurants @ 5% & Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.

MCA UPDATE:

MCA has amended the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. They shall come into force from the 28th February, 2017.

SEBI UPDATE:

SEBI has made various amendments to the existing norms for settlement of administrative and civil proceedings, to streamline and strengthen the settlement process.

OTHER UPDATE

India´s revised tax treaty with Singapore, aimed at checking round tripping of funds, has come into force. The principal clause allowing levy of capital gains tax on investments routed through Singapore will come into force from April 1.

E-Filling New TM Govt Fees Rs.4500 for individual/ startup/ Small Business. For Others Rs.9000. Physical filing Fees Rs.5000 for individual/ startup/ Small Business and for Others Rs.10000.

The head quarters of all PSU banks subject to audit, are expected to get a comprehensive list of firms for allotment from RBI from 06-03-2017. In turn banks are supposed to complete the allotment procedure by 16th March, 2017.

ICAI has submitted Post-Budget Memorandum to the Government and suggested certain amendments to the proposals contained in the Finance Bill, 2017 which would help the government to achieve the desired objectives.

ICAI ARF hereby invites proposals from eligible Chartered Accountants to be associated for handling its upcoming project of Indian Railways for conversion of its books of accounts from hybrid to accrual accounting. The firms satisfying the eligibility criteria may fill their particulars latest by 20th March, 2017.

The government will consider the demands made by foreign retailers for allowing nonfood items such as home care products under the foreign direct investment (FDI) policy, Union minister.

Govt. notifies new rules on Trade Marks to be applicable w.e.f. 06.03.2017. The govt brought down the number of forms required for filing an application from 74 to eight and almost halved the application fees.

Key Dates:  Due dates for the month of March 2017:

6 March : Service tax monthly deposit other than Ind,HUF & P.Firm

7 March  : TDS/ TCS deposit

15 March : Deposit of PF

15 March :Payment of Advance Tax

20 March : Monthly UP VAT return & tax

21 March : Deposit of ESI

31 March : E-payment of service Tax by all assesses Monthly/ Quarterly

31 March :Filing of Belated Income.Tax returns for the A/Y 15-16 & A/Y 16-17

Payment of Advance Income Tax by all assesses (100%): 15.03.2017

E-payment of PF for Feb: 15.03.2017

Love doesn’t mean to win someone, but it means to lose yourself for someone. It is not done by the excellence of mind, but done by the purity of heart.

Only two types of persons are happy in this world. First is Mad and second is Child. Be Mad to achieve what you desire & be a Child to enjoy what you have achieved.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 011-23343333 / 9555555480

We look forward for your valuable comments. www.carajput.com

Facebooktwittergoogle_plusredditpinterestlinkedinmail

CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016

Image result for CORPORATE AND PROFESSIONAL UPDATE

Direct Tax:-

Income escaping reassessment void if reasons not supplied. Bombay High Court. The Assessing Officer (AO) is bound to furnish reasons within a reasonable time and bound to dispose of the same by passing a speaking order.

Electoral trusts will not be able to accept foreign funds or contributions from public sector companies, according to new rules notified.

CBDT has issued a circular regarding applicability of TDS provisions of section 194-I of the Income Tax Act , 1961 on lump sum lease premium paid for acquisition of long term lease. No TDS liability u/s 194-I on lump sum lease premium or one-time upfront lease charges which are not adjustable against periodic rent paid or payable for acquisition of long-term leasehold rights over land (Click here to view)

ITAT  Mumbai in the below citied case  held that merely because doctors are subject to the payment of PF or other retirement benefit TDS u/s 194J is not deductible. Neither the AO nor the ld CIT (A) gave their finding that any of the condition contained in the contract of the Doctors mandate that there was employee-employer relationship between the assessee and them, which specifically may brings the doctors in the category of employee. ( Sir Hurkisondas Nurrotumdas Hospital and Research Centre Versus The DCIT, (TDS) -3 (2) , Mumbai. – 2016 (10) TMI 432

Indirect Tax:-

Supreme Court in the below citied case held that in case of levy of security servive tax after choosing one particular remedy the plaintiff cannot avail the other remedy as well in respect of the same relief founded on same cause of action. – SC – Service Tax-( State of Rajasthan Versus Union of India And Others) – 2016 (10) TMI 462

CESTAT Mumbai in the below citied case held that no penalty can be levied on late payment of service tax as appellant has collected the service tax but not depositied the same it in time but deposited before issuance of show cause notice.(M/s. Kalbhor Construction Co. Versus Commissioner of Central Excise, Pune – 2016 (10) TMI 458 )

The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.

FAQ on Company Law:

Query:  We have a query that in case a person is a director of a private Company and holds 50% shareholding in that company and at the same time also hold 25% shareholding in another company of which he is not a director. Then, the two companies shall be Related Parties or not. If yes, kindly provide me the provision in Companies Act 2013 as well.

Answer: As per Section 2(76)(iv) of the Companies Act 2013, Related Party with reference to a company means & includes – a private company in which a director or manager is a member or director.

Thus, Both the Companies shall be Related Parties as per the provisions of Companies Act 2013.

 

 

MCA UPDATE :

MCA has notified that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1 .11. 2016.

The Ministry of Corporate Affairs has released the new forms relevant to costing rules prior to companies (cost records and audit) FORM 23C, FORM 23D.

GST UPDATE :

Under GST returns GSRT-1A & 2A introduced in draft rules for additions, corrections, deletions of outward/inward supplies by the recipient /supplier.

Under GST normal & compounding taxpayer to file annual return. Not to be filed by casual / Non-resident taxpayers, ISDs & persons liable to deduct TDS.

SEBI UPDATE:

The special investigation team (SIT) on black money has asked the SEBI to furnish the details of P-Note data for black money investigation.

SEBI in it’s circular stated that exclusively listed co (ELCs) will be required either raise capital for listing or exit from the dissemination board.

RBI UPDATE:

The Reserve Bank of India has allowed banks to classify government securities borrowed from the central bank as SLR.

State Bank of India request for proposal (RFP) for engagement of auditor for special audit of 5 associate banks namely (SBH) ii) (SBP) iii) (SBT) iv) (SBBJ) v) (SBM) and Bhartiya Mahila Bank Ltd.

Bank of Baroda, invites proposal (RFPs) for appointment of concurrent auditors for branches for south Gujarat zone (Baroda) Last Date : 07.11.2016.

Key Dates:

Payment of DVAT TDS for the month of September-15/10/2016

Form 27EQ (TCS return) by all deductor-15/10/2016

Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016

Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016

E-Payment of PF for the month of September-15/10/2016

  • Mistakes, failures, Insult, frustration and rejections are part of progress and growth. Nobody ever achieved anything worthwhile without facing these five Things.
  • Pain makes you stronger, tears make you braver, and heartbreaks make you wiser, so thank the past for a better future.
  • if you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much 

    We look forward for your valuable comments. www.carajput.com

    FOR FURTHER QUERIES CONTACT US: W: www.carajput.com  E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

    Disclaimer:
    All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016

1 (2)

Direct Tax:-

High Court in the below citied case held that Statement of 22-year-old partner should be considered in search if he is actively involved in business of firm.( Classy the Antique Disigned Furniture v. Deputy Commissioner of Income-tax, Central Circle-2, Kozhikade.)

Bombay High Court in the below citied case held that Income Escaping Reassessment will be void Void if Reasons are not supplied to the assessee- (CIT (Large Tax Payer Unit), Mumbai IDBI Ltd.)

IT: TDS u/s 192 or 194J – merely because doctors are subject to the payment of PF or other retirement benefit TDS u/s 194J is not deductible – Sir Hurkisondas Nurrotumdas Hospital & Research Centre Vs DCIT (TDS)-3 (2), Mumbai (2016 (10) TMI 432 – ITAT Mumbai)

IT: No TDS liability u/s 194-I on lump sum lease premium or one-time upfront lease charges which are not adjustable against periodic rent paid or payable for acquisition of long-term leasehold rights over land – CBDT Circular No. 35 of 2016, dt.13 OCT 2016.

CBDT restricts acceptance of contributions by electoral trust by amending Rule 17C to provide that   (a)  from an individual who is not a citizen of India (b) from any electoral trust registered u/s 25 of the Co Act.

Indirect Tax:-

CESTAT denies CENVAT Credit on capital goods received in FY when final product (asbestos cement sheet) was chargeable to Nil rate of excise duty; Notes that assessee claimed credit i.r.o. capital goods and services upon obtaining Central Excise Registration consequent to final product becoming exigible to 18% duty. [TS-409-CESTAT-2016-EXC]

The government has doubled the limit of excise duty evasion for arrest and prosecution of accused to Rs 2 crore and also asked officials not to resort to penal provision in cases of technical nature.

ST: Levy of service tax – security services – sovereign functions – After choosing one particular remedy the plaintiff cannot avail the other remedy as well in respect of the same relief founded on same cause of action – State of Rajasthan Vs Union of India & Others (2016 (10) TMI 462 – Supreme Court)

Indirect Tax collections up to September, 2016 show an increase of 25.9% over the net Indirect Tax collections for the corresponding period last year(2015-16)

Bombay HC grants interest on delayed CENVAT Credit refunds u/s 11BB of Central Excise Act; Notes that original refund application was initially rejected by Revenue on merits and not on basis of incomplete application. [TS-410-HC-2016(BOM)-EXC]

GST Updates:

GST: Portal of GST Registration would be open for the existing taxpayer from Nov’ 2016 – GSTN Chairman

GST law to be passed in winter session of parliament commencing from 16 Nov 16 and ending on 16 Dec 16.

Under GST amount paid by assessee is used first for self assessment tax and interest of earlier periods, then current period & then other amounts e.g. demand.

Under GST normal & compounding taxpayer to file annual return. Not to be filed by casual / Non-resident taxpayers, ISDs & persons liable to deduct TDS.

MCA Updates:

The e-Form INC-29 (Integrated Incorporation Form) will no longer be available on the Ministry’s portal and stakeholders will not be able to file any previously downloaded versions from 1st November, 2016. The e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1st November, 2016.

Only Forms INC-32 i.e. SPICE (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) are applicable for incorporation of Company.

MCA has notified that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1 .11. 2016.

MCA revised Forms 23AC XBRL,23ACA XBRL & AOC-4 XBRL,w.e.f. 5.10.16,& Forms MGT-15, FC-3, INC-4, MGT-14, 23C,23D,A-XBRL,I-XBRL w.e.f. 8.10.16.

SEBI Update :

SEBI in it’s circular stated that exclusively listed co (ELCs) will be required either raise capital for listing or exit from the dissemination board.

The special investigation team (SIT) on black money has asked the SEBI to furnish the details of P-Note data for black money investigation.

OTHER UPDATE :

Bank of Baroda, invites proposal (RFPs) for appointment of concurrent auditors for branches for south Gujarat zone (Baroda) Last Date : 07.11.2016.

Ministry of labour and employment invites comments on increasing limit for ESI coverage from INR 15,000 to INR 21,000.

ICAI request members to improve annual ROC filing compliance to promote high standard of integrity and professionalism it is an essential part of the professional duty of the Chartered Accountants.

Key Dates:

Payment of DVAT TDS for the month of September-15/10/2016

Form 27EQ (TCS return) by all deductor-15/10/2016

Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016

Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016

E-Payment of PF for the month of September-15/10/2016

Your mind is a magnet, thoughts attract. If you always think of blessings, you attract more blessings. If you always think of problems, you attract more problems.

Your problem isn’t the problem. Your reaction is the problem.

We look forward for your valuable comments. www.carajput.com

FOR FURTHER QUERIES CONTACT US: W: www.carajput.com  E: info@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage. Continue reading

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Other News: PROFESSIONAL UPDATES FOR THE 3RD WEEK OF JUNE 2014, BY RAJPUT JAIN & ASSOCIATES TEAM

Untitled297

  • Exporters with 3 year track record can get bank advance up to 10 years for long term export contracts, subject to conditions[RBI Circular 132 of 21-05-2014].
  • SEBI hikes regulatory fees for market intermediaries vide Notification No. LAD-NRO/GN/2014-15/03/1089, Dated 23-5-2014.
  • RBI further simplifies KYC norms for opening of bank accounts vide circular number RBI/2013-2014/634 dated 09-June-2014 regarding one documentary proof of address.
  • Dis-allowance of input tax credit by assessing officer of VAT on the ground that seller is bogus or cancelled dealer.
  • Resident Director of Foreign Companies to submit PAN at the time of incorporation. General Circular No. 16/2014, Dated: 10.06.2014.IMPORTANT DATES
  • Deposit of DVAT TDS for April : 15.05.2014
  • Filling of TDS/TCS for March Quarter by all Deductors including Govt : 15.05.2014
  • E -Payment of PF for April : 15.05.2014 o Deposit of VAT/CST for April : 21.05.2014
  • Deposit of Advance Tax: 15.06.2014
  • Deposit of DVAT TDS for May: 15.06.2014
  • Deposit of Advance Tax – Companies (15%) : 15.06.2014
  • Deposit of DVAT TDS for May: 15.06.2014

Further, If you are looking professional assistance on Corporate Law, Direct, Indirect tax law or any other related matter, mail us at: -info@carajput.com or call at 011-43520194, We will try to get it resolved as early as possible. Please mention your mobile no. & address so as to serve you better. OUR SERVICE’s AREA:

  • BUSINESS SETUP SERVICES IN INDIA
    • Business Registration services
    • Legal Compliances
    • Labor Law Compliances & its licenses.
  • AUDIT & ASSURANCE SERVICES
    • Internal audit
    • Statutory audit
    • Management Audit
    • Due diligence audit
    • Tax Audit
    • Information system audit
  • FINANCIAL  SERVICES
    • Book-keeping, Financial Accounting & Reporting Services
    • Accounting and payroll Outsourcing Services
    • Project Financing Services
  • SECRETARIAL SERVICES
    • Company & LLP Formation
    • Secretarial Compliances
    • RBI & FEMA Compliances
  • TAX & COMPLIANCE
    • Transfer Pricing
    • International taxation Planning & compliance both corporate & individual
    • Income tax Compliances
    • Service tax Compliances
    • Income tax Compliances
    • TDS Compliances
    • Central Excise Compliances
    • Value added Tax (VAT) Services
  • OTHER SERVICES
    • SSI Registration Services
    • Unit in SEZ/STPI Services
    • Virtual office facility Services
    • Restructuring, Business Valuation, Merger & Acquisitions
    • Intellectual Property & Copyright Services
    • Environmental law Compliances
    • Business Closing Services
    • Legal Document Agreement drafting
    • Legal compliance & procedure Services

Know more about information:new company registration and ca in Delhi

Call at 011-43520194 or mail at info@carajput.com where a team of proficient and highly skilled attorneys will revert back while resolving your trademark query with best solution.

Facebooktwittergoogle_plusredditpinterestlinkedinmail