CORPORATE AND PROFESSIONAL UPDATE MARCH 21, 2017

Professional Update For the Day:

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Direct Tax:

Bombay court held that TDS cannot be Adjusted against Tax payable under VDIS, 1997Earnest Business Services Pvt.  Ltd., Vs The Commissioner  of Income  Tax (Bombay High Court)

ITAT Delhi held that Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India Cairn U K Holdings Limited V DCIT (International Taxation) (ITAT Delhi)

CBDT has asked its field formations to concentrate on recoveries of arrears and pending tax demands in the remaining two weeks of the fiscal.

W.e.f. 01.04.2017, Cash transactions above Rs 3 lakhs to be done through banking channels only. Budget 2017.

Income tax department released a list of 29 entities owing Rs 448.02 crore in *taxes as part of its strategy to name and shame large defaulters.

CBDT has notified The Income Tax (2nd Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The Amendment has been made to provide new procedure and common application form for allotment of PAN and TAN.

The Income Tax Department has issued refunds amounting to Rs.1.42 lakh crore in the current fiscal so far, 41.5% higher than last year.

Indirect Tax:

HC finds no merit in writ petition, upholds confirmation of service tax demand against assessee thereby rejecting contention that show cause notice was issued without application of mind and in violation of law; Since the said notice had not been set aside by Court in earlier writ petition, being issued on the basis of cogent material and evidence, it was no longer open to assessee to complain about legality and validity thereof [TS-48-HC-2017(CAL)-ST]

CBEC clarified that the ‘Saree’ which has undergone further processing will be classifiable as ‘Saree’ under Chapter 50, 52 and 54 of the Central Excise Tariff Act, 1985 depending upon the material of the fabrics, and not as made-ups under Chapter 63 of the said Act Vide Circular No. 1054/03/2017-CX dated 15.03.2017. (Click here to view)

GST Update :

Cabinet approves CGST, IGST, UTGST & Compensation bills. Lok Sabha to pass them as Money Bills in Budget Session. No need for Rajya Sabha approval.

GST council is considering setting up a centralized assessment interface for service-oriented industries such as banking, telecom, insurance and information technology.

TDS to be deducted on basic amount & not on GST. Issue TDS certificate in 5 days of deposit of TDS. Late fee of 100 per day (Max 5000) (Sec 46).

DVAT Filing of online return for 3rd quarter of 2016-17 extension of period thereof up to 28-02-2017.

FAQ on GST: 

Query: Are there different valuation provisions for Goods and Services and CGST, SGST and IGST?

Answer:  No, section 15 is common for goods and services and all three taxes.

Query: Can composition scheme be availed if the taxable person effects inter state supplies?

Answer: No, composition scheme is applicable only if taxable person doesnot effects any inter state supplies.

 SEBI UPDATE :

The SEBI Board in its last meeting has taken various decisions to improve the facilities being offered to the stakeholders.

Other update :

ICAI membership last date for retrospective restoration of membership and COP removed during the year 2016-17 is 31st march, 2017.

ICAI new Fee: Annual Membership, COP and Restoration Fee. (Entrance Fee – ACA Rs.2000, FCA Rs.2500. Annual Membership Fee – ACA Rs.1500, FCA Rs.3000, COP Fee – ACA – Rs.3000, FCA Rs.4000. with effect from 1st April, 2017.).

Key Due Dates:

Important dates for 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

Return of TDS for dec quarter in DVAT 48 : 17:03:2017

E payment of DVAT & CST tax for Feb : 21:03:2017

Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto 31.03.2017 vide circular 28 dated 17.03.2017.

You must not lose faith in humanity. Humanity is like an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty.

Failure is a great learning experience. Perhaps, a nature’s way to teach us something profound. Remember, failure is the fertilizer for success.

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   Continue reading

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CORPORATE AND PROFESSIONAL UPDATE MARCH 20, 2017

Professional Update For the Day:

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DIRECT TAX:

  • HC held that where a power has been conferred upon a holder of public office, such authority cannot sit over matter for time immemorial and the person who suffers on account of inaction of authority cannot be denied a benefit which would have been admissible if approval is granted, by keeping matter pending for a long time and failing to take a decision. M/S Shrikar Hotels  Pvt. Ltd. Vs CIT (Allahabad High Court)
  • No penalty when bank deposit was disclosed in revised return prior to initiation of reassessment proceedings. [2017] 79 com102 (Mumbai – Trib.)
  • TPO couldn’t reject principle of aggregation accepted in earlier years without any change in circumstances.  [2017] 79 com105 (Ahmedabad – Trib.)
  • Search was justified if certain records were not produced even after repeated directions: HC [2017] 79com111 (Orissa)
  • No TDS liability on payment to harvesting-gang-labourers and transporters on behalf of farmers who had tax exempt agricultural income for purchase of sugarcane. [2017] 79 com88 (Visakhapatnam – Trib.)
  • If the investments or deposits are made by charitable trust are in violation of section 11(5) of the Act, the benefit of exemption u/s. 11 of the Act would not be denied on the entire income of the assessee. It is only the investments or deposits made in violation of provisions of section 11(5) of the Act that would attract maximum marginal rate of tax as per the provisions of law. ito (Exemption), Vs Progressive Education Society, (ITAT Pune)
  • CBDThas clarified the new provision regarding chargeability of tax on jewellery which is being introduced through Taxation Laws (Second Amend) Bill, 2016 to enhance the tax rate from 30% to 60% plus surcharge of 25% and cess thereon.
  • The new software developed by the branch office in India and then transmitted to the head office situated outside India on arm’s length price will amount to export sale under Section 10A. DDIT vs. Virage Logic International, High Court of Delhi.
  • The public need not worry about harassment from Income Tax officials as their discretionary powers in the scrutiny of cases are limited, the cases for scrutiny will be chosen by machines and all the procedures surrounding the income tax notices will be done through machines.
  • Capital goods are goods capitalized in books of accounts of person claiming credit and used/intended to be used in course or furtherance of business.
  • Bombay HC  held that the expenditure incurred on corporate advertisement and for promotion of a corporate brand as it was in the nature to maintain the brand and/or corporate image was to be allowed as revenue expenditure. [CIT v/s Asian Paints (India) Ltd.]
  • Cash purchases of jewellery will attract 1 per cent tax collected at source from April 1 if the amount exceeds Rs. 2 lakh, against the current threshold of Rs. 5 lakh.

INDIRECT TAX:

  • CESTAT holds that activity of spot-billing of electricity meters for Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) is taxable as “business auxiliary service” under clause (vii) of Section 65(19) of Finance Act being service incidental / auxiliary to activity of sale of goods produced / provided by / belonging to client[TS-54-CESTAT-2017-ST]
  • HC dismisses writ petition, holds that area based excise duty exemption under Notification No. 50/2003-CE not extendable to National Calamity Contingent Duty (NCCD) and Cesses thereon [TS-53-HC-2017(UTT)- EXC]

MCA UPDATE:

CLT Tribunal can compound the offence even though the prosecution is pending against the applicants and prior permission is not necessary to compound the offence. NCLT Bengaluru Bench, In Re : Tejas Networks Ltd. and Ors. [2017].

FAQ ON GST: 

Query:  Whether input tax includes tax (CGST/ IGST/SGST) paid on input goods, input services and/ or capital goods?

Answer: Yes, in terms of section 2(54), 2(55) & 2(20) of the MGL respectively. It may be noted that credit of tax paid on capital goods also is permitted to be availed in one instalment.

Query:  Who will levy and administer GST ?

Answer: Centre will levy and administer CGST & IGST while respective states will levy and administer SGST.

SEBI AND OTHER UPDATE :

SEBI has permitted to Indian entities issuing rupee denominated bonds abroad also permit Multilateral and Regional Fi-nancial Institutions where India is a member country, to invest in rupee denominated bonds

SEBI issued guidelines for mutual fund advertisements, allowing use of celebrities to increase awareness of the Rs. 17.9 lakh crore industry. The regulator also tweaked the performance disclosure requirement.

FSSAI: Food Safety and Standards Authority of India has notified the Final Food Safety and Standards (Food Product Standards and Food Additives) *Amendment Regulation, 2017 in the official gazette of India w.r.t oils, fats, oats and pasta applicable from 1st July, 2017.

Key Dates:

  • Important dates for 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

E payment of DVAT & CST tax for Feb : 21:03:2017

Payment of ESI of Feb : 21:03:2017

Success is like a train having several compartments like Hard work, Focus, Luck, Commitment etc. led by the engine of Confidence.

Success has only one amazing formula, stop thinking in terms of limitations, and start thinking in terms of possibilities.

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

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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

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CORPORATE AND PROFESSIONAL UPDATE March 17, 2017

Professional Update For the Day:

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Direct Tax

CBDT has signed 10 more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

Income tax penalty cannot be levied for Bonafide mistakes in making wrong claim. Case name : Wadhwa Estate & Developers India pvt. Ltd vs ACIT (ITAT Mumbai)

The Income Tax Department has issued as many as 4,000 notices to firms over unusual surge in cash deposits in their bank accounts to the tune of 1.2 lakh crore during the demonetization drive.

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.

Capital gain u/s 45 arises in the year of execution of deed and not when the same was registered with the office of the Sub-Registrar. Reopening of assessment is invalid – Rajendra Kantilal Patel Vs ITO (2017(3)TMI268- Gujarat High Court)

CBDT has signed 10 more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.

CBDT to make separate wing to probe Benami, black money and issued warning against those who undertake Benami transactions as this would invite Rigorous Imprisonment (RI) of up to seven years under the normal I-T Act.

Income Tax Department will issue statutory notices u/s 133(6) to all those who have failed to respond to its SMS and e-mail queries seeking explanation on bank deposits made after demonetization.

Amount received as forfeiture of share application money for issue of share warrants is capital receipt, not taxable: ITAT Ahmedabad.

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]

Indirect Tax

Date of filing of DVAT Return in Form 16, 17 & 48 for Q-3, 2016-17 has been extended up to 17.03.2017vide Circular No. 26 dated 08.03.2017.

CENVAT credit – input services used for setting up modernization renovation of a factory will be allowed even if not directly related – Sankei Giken (India) Pvt. Ltd. Vs CCE, Delhi (2017 (3) TMI 300 – CESTAT Chandigarh)

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)

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.

Ministry of Finance has withdrawn Service Tax Exemption to Education Institutions other than an institution providing services by way of pre-school education and education up to higher secondary school or equivalent. The new amendment will be applicable from 1st day of April, 2017.

CBEC chairman said pinning hopes on global Trade Facilitation Agreement (TFA) in goods to boost India’s trade flows implementing the deal would not be a problem for India.

Delhi High Court Judgment: Property in the consumables chemicals used in the process of cleaning does not transfer to the contractee and therefore the said goods are not eligible to tax.

GST Update:

GST Council clears final draft of CGST & IGST law. UTGST & SGST bills to be finalised at next meeting of Council on 16 March 2017.

GST Council decided on a 5% Levy on dhabas and small restaurant under GST. They also approved the CGST and IGST Law. The Government will now seek Parliamentary approval once the budget session resumes on March 9.

GST council approved two crucial bills — State and Union Territory GST — paving the way for tabling of the GST bills in the current session of parliament and respective state assemblies and introduction of the new indirect taxation system from july.

In GST law, supplier has to issue credit/ debit note, in case of incorrect amount of supplies or GST, return of goods or deficiency in supplies.

Under GST Purchaser to inform in GSTR-2, amount of ineligible input tax credit on inward non-taxable supplies or those for non business purposes.

GST council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations.

The proposed GST Legislation appears to deny tax credit in relation to input services for which payments are made after three months of the date of the invoice of the supplier.

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

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.

MCA UPDATE :

MCA has issued show-cause notices to 1,018 companies for non-compliance of CSR norms even as a parliamentary panel has suggested putting in place a stricter monitoring and compliance mechanism.

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 issued guidelines for mutual fund advertisements, allowing use of celebrities to increase awareness of the rs. 17.9 lakh crore industry. The regulator also tweaked the performance disclosure requirement.

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.

SEBI has permitted Foreign Portfolio Investors to invest in corporate debt securities and notified the SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2017.

The government has asked all banks to provide mobile banking facility to all customers by March 31 in a bid to push digital transactions.

SEBI has amended various regulations to enable the market participants to make payments to it through digital mode as well, the regulator said in a notification dated March 6.

OTHER UPDATE :

LAST DATE FOR *RETROSPECTIVE RESTORATION OF MEMBERSHIP* AND COP REMOVED DURING THE YEAR 2016-17 IS 31ST 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.

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

When you talk, you are only repeating what you already know. But if you listen, you may learn something new.

When you have to make a decision, it’s like holding your breath..But once made, you can Breath again. Don’t fear the outcome. Doors will open & tide will turn. Believe the best is yet to come.

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

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CORPORATE AND PROFESSIONAL UPDATE JAN 09, 2017

Professional Update for the Day:

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Direct Tax:-

  • Bombay High Court in the below cited case held that when the assessee’s volume of purchasing & selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless the assessee provide a sound reasoning that why transactions should not be considered as trading activity. [Pine Tree Finserve Pvt. Ltd. Vs CIT]
  • CBDT notification no. 2/2017 Report cash deposit in Bank & Post Office A/c’s between 01.04.2016 to 09.11.2016.

Indirect Tax:-

  • SC dismisses assessee’s SLP for lack of merit against HC order denying service tax refund under Notification No. 41/2007-ST absent inclusion of exported services from date of issue of Notification[TS-1-SC-2017-ST]
  • Delhi HC shows leniency to assessee, reduces penalty levied u/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount within 30 days, where assessee failed to obtain registration or file ST returns despite liability [TS-555-HC-2016(DEL)-ST]
  • CBEC notified that overseas companies providing online information and database access (‘OIDAR’) services will have to pay service tax from December 1, 2016.

MCA Update:-

  • MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up Vide Notification.

Other Update:-

  • Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS & Cashless Economy.
  • Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.

Key Dates:-

  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Nothing is interesting if you are not interested.”

“Expectation is a gift, not a burden. When people expect something from you, it means you have given them reasons to believe in you.”

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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.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE JAN 06, 2017

Professional Update for the Day:

Company-name-approval-in-india-venture-care-750x422

Direct Tax:-

  • CBDT has issued press circular regarding signing of three more Advance Pricing Agreements (APAs). These agreements pertain to the Engineering goods & Shipping sectors of the economy. The international transactions covered in these agreements include Intra-group services & support services.
  • Punjab & Haryana Court in the below cited case held that deduction under section 80IB is allowable over the period of 6 years which follows that conditions for claiming deduction must remain fulfilled in all years for which deduction being claimed.
  • Supreme Court in Gopal and Sons(HUF) vs. CIT Kolkata-XI has held that even if a HUF itself is not a registered shareholder, the provisions of deemed dividend are attracted once the payment is received by the HUF, and shareholder is a member of the said HUF and has substantial interest in it.

Indirect Tax:-

  • CBEC has issued a circular via circular no. 1/2017- Customs regarding extending the Single Window Interface for Facilitation of Trade (SWIFT) to Exports.
  • Supreme court in the below cited case held that in case the goods are purchased from other states or are imported from outside the country for the purpose of only using in the works contract, then the transaction would be covered under the Central Sales Tax Act and not liable to tax under local VAT act. [Commissioner, Delhi Value Added Tax Vs M/s. ABB ltd.]

GST Update:-

  • GST aggregate turnover includes exports, exempt (including non-taxable) & inter-state supplies calculated PAN wise on all India basis.

Other Update:-

  • Finance Minister expressed confidence that direct and indirect tax mop-up will surpass budget estimate of Rs.16.3 lakh crore by March-end.
  • SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC).
  • ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Infuse your life with action. Don’t wait for it to happen. Make it happen. Make your own future. Make your own hope.”

“There is nothing called “Darkness”, It’s just absence of light.similarly,  there is nothing called “Problem”. It’s just Absence of an idea to find solution.”

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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.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE JAN 2, 2017

Professional Update for the Day:

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Direct Tax:-

  • SC dismisses Revenue’s SLP challenging Bombay HC order quashing CIT’s order u/s 263 (revision proceedings) for AYs 2007-08 and 2008-09; CIT (A) had set aside assessment orders due to lack of sufficient enquiries by the AO in respect of the genuineness of the gifts received by the assessee (individual) while directing the AO to invoke Sec. 68 in case gifts are found to be non-genuine [TS-686-SC-2016]
  • Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi)

Indirect Tax:-

  • Delhi High Court declared Rule 5A(2) of the Servcie Tax Rules, as amended, to the extent that it authorizes the officers of the Serviec Tax Department, the audit party deputed by a Comissioner  or the CAG to seek production of the documents mentioned therein on demand, as ultra virus the Finance Act and therefore, struck it down to that extent. Union of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)
  • Service tax dept. pulled up for unfair arrest of Make My Trip top officials; HC ordered tax refund Makemytrip (India) (P.) Ltd. v. Union of India [2016] (Delhi)

MCA Update:-

  • MCA vide Notification has issued an amended rules for Incorporation to make compulsory using of SPICE procedure for Incorporation of Companies wef 1.1.2017.

Other Update:-

Salient Points of Hon. PM’s speech:

  • Two new housing schemes for poor.
  1. Lower interest rates for urban housing Loans of less than 12lakhs.
  2. Lower interest rates for rural house development loans up to 2lakhs.
  • Farmers get 2 months of interest waiver on select crops.
  • 6000/- to be given to every pregnant woman.
  • FD interest to be min 8% for senior citizens for deposits up to 7.5lakhs.
  • Please use BHIM app.
  • Loan up to 2 CR with govt guarantee. No 3rd party guarantee required.
  • Only 6% of total revenue collected digitally will be assumed to be income as compared to present 8%.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017

“The winner is the chef who takes the same ingredients as everyone else and produces the best results.”

“Positive attitude and self motivation are two significant traits to achieve excellence.”

We look forward for your valuable comment 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.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 27, 2016

Professional Update for the Day:

90201605264146

Direct Tax:-

  • ITAT Bench Jaipur in the below cited case held that if the assessee has treated the securities as investment and not as stock in trade earlier years, the revenue is not permitted to take a contrary view in the present years to claim that the security is stock in trade. [The DCIT Circle-2 Vs Shri Mahender Kumar Bader]
  • CBDT has issued an Office Memorandum stating that it has set up a committee of high-ranking officials to provide advice on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system.

Indirect Tax:-

  • CESTAT Ahemdabad held that the requirement under Rule 6(4A) and 6(4B) of the service tax rules, 1994 to intimate the department regarding adjustment of excess service tax paid is only procedural in nature and such infringement of the procedure is not serious enough to deny the benefit of suo motto adjustment of excess service tax paid. [M/s. L&T Sargent & Lundy Ltd Vs Commissioner of Central Excise & S.T, Vadodara]

GST Update:-

  • In GST Enrollment, Aadhar No of primary Authorized Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.

Other Update:-

  • SEBI has issued circular regarding filing of forms PAS-4 and PAS-5 in case of issuance of Debt Securities on private placement basis.
  • Cheque bounce is a bailable offence under the current law, which enables defaulters to stay away from jail as long as the trial is on, the government could make the law a non-bailable offence.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Self confidence is a small lamp in a dark tunnel. It does not show everything at once, but gives enough light for the next step.”

“Being happy doesn’t mean that everything is perfect. It means that you’ve decided to look beyond the imperfections.”

We look forward for your valuable comment 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.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 26, 2016

 

Professional Update for the Day:

annual-compliance-of-a-private-limited-company

Direct Tax:-

  • The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities under Rule 114E of Income Tax Rules, 1962.
  • Supreme Court of India held that where receipt is by way of salary, TDS u/s 192 has to be made and no question of payment of advance tax can arise in cases of receipt by way of ‘salary’ and also s.234B & 234C which levy interest for deferment of advance tax have no application.[Ian Peter Morris Vs ACIT(Supreme Court)]
  • No penalty on sec. 80-IB disallowance when there was excess built-up area resulting from joining of flats after sale Commissioner of Income-tax, Central-1 v. Acme Associates [2016] (Bombay)
    No AE deemed merely due to existence of common directors: Bangalore ITAT Obulapuram Mining Co. (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore [2016](Bangalore – Trib.)
  • CBDT issued Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 Circular No. 42 of 2016 F.No.142/11/2016.

Indirect Tax:-

  • Bombay High Court held that Section 145A(a)(ii) has no applicability on service revenue which follows that service revenue needs to be inclusive of service tax and the service tax which has not even been claimed as deduction cannot be disallowed by recasting the profit and loss account of the assessee. [CIT Vs Knight Frank India Pvt Ltd ]

GST Update:-

  • Details of all Partners/Members of AOP/BOI have to be given in GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)

RBI Update:-

  • RBI issued Procedural Guidelines for Servicing the Sovereign Gold Bonds RBI/2016-17/ 193IDMD No.1569/14.04.050/2016-17.

Other Update:-

  • New passport rule: Aadhaar can now be used as date of birth proof. The government on Friday announced that Aadhaar and e-Aadhaar card could be used as proof of date of birth (DOB) while applying for passports.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Success is nothing more than a few simple disciplines, practiced every day. Don’t speak unless you can improve the silence.”

“You win not by defeating others but by performing better than before.”

We look forward for your valuable comment 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.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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CORPORATE AND PROFESSIONAL UPDATE DEC 24, 2016

Professional Update for the Day:

12063638_638617379575160_6969933422362888076_n

Direct Tax:-

  • Dolarrai Hemani vs. ITO (ITAT Kolkata) Penny Stocks: The fact that the stock is thinly traded and there is unusually high gain is not sufficient to treat the long-term capital gains as bogus when all the paper work is in order. The revenue has to bring material on record to support its finding that there has been collusion/connivance between the broker and the assessee for the introduction of its unaccounted money.
  • Calendar year to be considered instead of previous year to reckon exp. of amalgamating co. under sec. 72A Deputy Commissioner of Income-tax, Circle-8, Kolkata v. Unique International (P.) Ltd. [2016](Kolkata – Trib.)
  • Central Board of Direct Taxes identifies 67.54 lakh income tax non-filers for the Financial Year 2015 who carried out high value transactions in 2014-15 but did not file return of income.

Indirect Tax:-

  • CESTAT Delhi held that the definition of clearing & forwarding agent nowhere requires the clearing to be effected from the factory and even if the assessee is not clearing the goods from the factory and engaged in activities that are of the nature of clearing & forwarding agent, service tax is required to be levied under the category of Clearing & forwarding Agent. [Somani Agencies Vs CCE & ST, Indore]

MCA Update:-

  • MCA has revised the version of e-forms: Form IEPF-5, Form CG-1, Form PAS-3, Form MSC-1, Form MGT-14 and Form AOC-4.

Other Update:-

  • SEBI advises caution to customers in the matter of PACL- the Committee constituted by the SEBI under Chairmanship of Justice (Retd.) R. M.Lodha.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Patience is a great quality. We should learn it from the sun and the moon.  Both patiently wait for their turn and each one gets its chance to shine fully.”

“There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul.”

We look forward for your valuable comment 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.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

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