CORPORATE AND PROFESSIONAL UPDATE DEC 22,2016

Professional Update for the Day:

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Direct Tax:-

  • ITAT Mumbai held that the surplus/savings arising on prepayment of deferred cannot be taxed u/s 28(iv) as by making prepayment of future liability at present value no monetary benefit arises to assessee as the savings it made by prepayment would get set off against the interest it loses by making prepayment. [Grindwell Norton Ltd. Vs Addl. CIT]

Indirect Tax:-

  • CESTAT Chennai held that the Domestic Tariff Area (DTA) unit having paid the service tax on reverse charge mechanism on behalf of SEZ unit of the company, the portion of such tax attributable to the SEZ is denied by the adjudicating authority to avail CENVAT credit thereof. [M/s. Carborundum Universal Ltd. Vs CCE, LTU]

GST UPDATE:-

  • Registration details of VAT, CST, Service Tax, Excise, IEC No, CIN/LLPIN, Entry tax, Entertainment Tax etc have to be given in GST Enrolment.

MCA update:-

  • MCA to withdraw eforms -INC-2 & INC-7 shortly. Stakeholders are advised to use SPICe forms- SPICe, SPICe eMoA & SPICe eAoA accordingly.

RBI Update:-

  • Reserve Bank has withdrawn its rule issued on Monday that imposed restrictions on deposits of old notes worth more than Rs.5000 before December 30 after being vilified for it.

Other Update:-

  • NIRC of ICAI is organizing a Seminar on IND AS on 24 December (Sat) at 9.45 AM at NDMC Convention Centre, CP, Delhi. Pay at www.nircseminars.org.

Key Dates:-

  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016

“Always have a successful exit than a favorable entrance because what matters is not being clapped when we arrive but being remembered when we leave.”

“Always keep the Communication regular, because what disturbs the most is not the “Noise” of the strangers but the “Silence” of dear ones.”

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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 DEC 21,2016

Professional Update For the Day:

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Direct Tax:-

  • ITAT Delhi held that the Long-term capital gain earned by the assessee non resident on off market sale of shares of listed Indian Company is taxable @ 10% under the proviso to section 112 and proviso to section 112(1) does not state that an assessee, who avails benefit of the first proviso to section 48, is not entitled to the benefit of lower rate of tax at 10%. [DDIT Vs Mitsubishi Motors Corporation]

Indirect Tax:-

  • Ministry of Finance (Department of Revenue) has notified via notification no. 53/2016dated 19thDecember, 2016 to amend Service Tax Rules, 1994 so as to allow a person located in non taxable territory providing online information and database access or retrieval services to a non-assessee online recipient to issue online invoices not authenticated by means of a digital signature for a period upto 31st January, 2017.
  • CESTAT Mumbai held that CENVAT credit of goods and services used to build an immovable property can be availed when such property has been given on rent and service tax liability is discharged on such rent received. [Nirlon Ltd. Vs Commissioner of Central Excise].

ESIC Update:-

  • ESIC: Employees & Employers Contribution rate reduced to 1% & 3%.

Other Update:-

  • PAN mandatory if credit in your account after 9/11/2016 is more than Rs 2,00,000 including cheque credit/online transfer /cash deposit or credit by any other means and your account balance is more than Rs 5,00,000 then no debit transaction shall be allowed without PAN.
  • ICAI has asked the government to put in place a more transparent process in selecting auditors in banks, saying its demand is particularly relevant in the context of high probability of frauds in the lending institutions in the aftermath of demonetisation.

Key Dates:-

  • E- Payment of DVAT & CST for Nov: 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov: 22.12.2016.

“When you are in the light, everything follows you. But when you enter into the dark, even your own shadow doesn’t follow you.”

“Success does not consist in never making mistakes but in never making the same one a second time.”

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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 DEC 20,2016

 

Professional Update For the Day:

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Direct Tax:-

  • CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.
  • SC: Dismisses Revenue’s SLP challenging grant of Sec.80IB housing deduction on ‘part project’ [TS-659-SC-2016]

Indirect Tax:-

  • CESTAT : Allows CENVAT credit refund; Mandap-keeper, health & fitness services ‘relate to business’ –[TS-505-CESTAT- 2016-ST]
  • DVAT has issued circular regarding Communication of the provisional Identification Number and Password to dealers registered with VAT department for migration to GST from 16th December, 2016 to 31st December, 2016 Vide Circular No.  No. JCTT/Policy/2016/751-769 dated 14.12.2016.

GST UPDATE:-

  • Migrated Taxpayers not liable for registration under GST shall apply online in Form GST REG-24 for cancellation of registration.

RBI update:-

  • RBI issued instructions that tenders of SBNs in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.

ESIC Update:-

  • ESIC Rate Chang to 3% from 4.75% for employers, it’s  applicable from this month onwards. It has also chang for employees from 1.75% to 1%  as monthly contribution.

Other Update:-

  • Last date for compliance of CPE hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“Ordinary people merely think how they shall spend their time; a man of talent tries to use it.

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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 DEC 17, 2016

 

Professional Update for the Day:

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Direct Tax:-

  • Delhi High Court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even on the date of search, no notice as a result of search can be issued in its name. [CIT Vs Indu Surveyors & Loss Assessors P. Ltd.].
  • 147 reopening opens a “Pandora’s box” and cannot be done in a casual manner. The reasons cannot be based on mere doubts or with a view to verify basic facts. If the AO takes the view that the income referred to in the reasons has not escaped assessment, he loses jurisdiction to assess other escaped income that comes to his notice during reassessment Torm Shipping India Pvt Ltd vs. ITO (ITAT Mumbai).

Indirect Tax:-

  • CESTAT Chennai in the below cited case held that merely because assessee has not reverse credit attributable to provision of exempted services would not disentitle it to claim credit which is otherwise available in respect of input services used in provision of taxable services. [SIFY Technologies ltd. Vs Commissioner of Service Tax, LTU Chennai].

Companies Act  Update:-

  • MCA has issued the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 which shall be come into force with effect from 15th December, 2016.

GST Update:-

  • VAT Dealers of Chandigarh, Delhi, Haryana, Himachal, J&K, Punjab, Rajasthan, Uttarakhand & UP start Enrolment at www.gst.gov.in w.e.f. 16 Dec 2016.
  • In Revised Draft GST Law, Securities has been excluded from definitions of Goods & Services. So no GST will be applicable on shares, bonds etc.

RBI Update:-

  • RBI has advised all the Regulated Entities (REs) to strictly comply with the extant instructions stipulated in the Master Direction on Know Your Customer (KYC).

Other Update:-

  • Pradhan Mantri Garib Kalyan Yojna where in 50% tax, surcharge, penalty and 25% deposit for four years is stipulated for disclosure of cash or deposit in bank, shall come into force from 17-12-2016 and shall be in force till 31-03-2017. [Notification No. 115/2016 dated 16-12-2016].
  • The Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 notified.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 12.2016
  • Issue of DVAT Certificate for Deduction made in Nov : 12.2016

“Deal with your problems before they deal with your happiness. Most important time to hold our temper is, when the other person has lost.”

“A fantastic sentence written on every Japanese bus stop: “Only buses will stop here, not your time. So keep walking towards your goal.” Time never waits; you have to run, to catch up with time.”

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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 DEC 16, 2016

Professional Update for the Day:

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Direct Tax:-

  • CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year’s undisclosed income in the earlier return.
  • ITAT Mumbai held that CIT cannot revise assessment for making a fresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. [M/s Rachana Finance & Investment Pvt. Ltd. Vs CIT]

  Indirect Tax:-

  • Supreme Court held that the power of Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period period of assessment expires.[State of Punjab & Ors. Vs M/s Shreyans Indus. Ltd. Etc.]

Companies Act  Update:-

  • MCA has revised the version of e-forms: Form INC-18, Form DIR-3 and Form MGT-14 with effect from 17th Dec’ 2016.

Other Update:-

  • Bombay High Court in Khandelwal Lab Pvt. Ltd vs. DCIT has directed the department to redeposit moneys collected illegally by attachment of assessee’s bank account during pendency of stay application u/s 220(6).
  • Legal profession is not a commercial activity – Running of office by an Advocate in a building cannot be termed as Commercial activity – Electricity rates fixed for Commercial user cannot be charged. SUPREME COURT OF INDIA before: – Arijit Pasayat & H.K. Sema, JJ.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“ Success and Excuses do not travel together, if you want excuses forget about success and if you want success don’t give excuses.”

“Stress is the gap between our Expectation and Reality. More the gap, more the stress, so expect nothing and accept everything.”

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 15,2016

Professional Update For the Day:

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Direct Tax:-

  • CBDT has issued a prèss release dated 14th December, 2016 regarding filling of Revised Income Tax Returns by the Tax payers post de-monetisation of currency. This is done to discover any omission or any wrong statement therein.
  • ITAT Kolkatta held that deposit in bank account of supplier in compliance with govt. regulations who is wholesale dealer where genuiness of transaction is not disputed by revenue cannot be disallowed as the same is routed through banking channels making evasion of taxes difficult thus, not defeating the provisions of sec 40A(3). [Bolkunda Pachwai & (S) C.S. Shop Vs Income Tax Officer]
  • ITAT Hydrabad held that when the object of assessee’s business is to develop and let out the properties then even when it is also providing other facilities to the tenants still the assessee’s income will be assessable as business income. [DCIT Vs M/s. Alexandria Knowledge Park Pvt. Ltd.]

Indirect Tax:-

  • CESTAT Mumbai held that it is settled law that even a licence obtained by fraud or mis-representation of facts is only voidable and not void ab-initio. It is good in law until it is avoided. Therefore, no recovery can be made by the bonafide purchaser of the scrip.[Sumit Wool Processors Vs Commissioner of Customs (Imports)/ (Exports)]
  • CESTAT Delhi in the below cited case held that service tax is not payable on the notional interest accrued on the security deposit received on providing immovable property on rent. [The lake Palace Hotels and Motels P Ltd Vs Commissioner of Central Excise]

GST UPDATE:-

  • GST will be applicable on all books at applicable rates exemption only to text books & art works. GST council to decide on any other exemptions.

RBI Updates:-

  • RBI has notified Amendments to Master Direction (MD) on KYC two major changes being notified are to allow One Time Pin (OTP) based e-KYC Scheduled Commercial Banks (SCBs) shall upload the KYC data pertaining to all new individual accounts opened on or after January 1,2017.
  • RBI on a review, has decided to extend the time for deployment of Aadhaar-enabled devices till June 30, 2017.

Other Update:-

  • Finance Minister Mr. Jaitley hints at tax rate might be brought down as demonetization will increase taxation base.
  • The Board of Trustees has decided to provide financial assistance of Rs. 1500/- p.m for IPCC course and Rs. 2000/- p.m. for final in accordance with ICAI Regulation.

Key Dates:-

  • Payment of Advance Income Tax for all assessees (75%) : 15/12/2016
  • E-Payment of PF for Nov: 15/12/2016
  • Payment of DVAT TDS for Nov : 15/12/2016
  • Issue of TDS certificate in case of payment/credit made in Oct for purchase of property u/s 194IA : 15/12/2016

“Patience is a great quality. We should learn it from the sun and the moon. Both patiently wait for their turn.”

“The distance between insanity and genius is measured only by success.”

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 14,2016

Professional Update For the Day:

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Direct Tax:-

  • CBDT has advised its Assessing Officers, not to reopen past assessments merely on the ground that the current year’s turnover has increased. Mere increase in turnover, due to use of digital means, as a result of demonetization in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years.
  • To refer a case to TPO , AO need not to have definite findings, Prima Facia opinion is sufficient.  Sec 92CA (1) envisages that where the AO consider it ‘necessary or expedient’ to do so, he may with the approval of Commissioner refer the computation of arm’s length price in relation to the concerned international transaction to the TPO. Price Water House Et Anr. Vs Commissioner of Income Tax (Calcutta High Court)

Indirect Tax:-

  • Revenue could not insist the appellant to avail a particular option under rule 6. When the appellant calculated the amount to be reversed and the compliance of conditions prescribed u/r 6(3)(ii) read with Rule 3(A) of Rule 6 is claimed, a demand under rule 6(3) for an amount equal to a percentage of the exempted goods is not sustainable. M/s Mahindra & Mahindra Limited Vs CCE (CESTAT Delhi)
  • SC : Affirms taxation of ‘soil leveling’ for towship development as “site formation / excavation” service [TS-516-SC-2016-ST]

GST UPDATE:-

  • GST registration is on for DVAT Dealers from 16 December to 31st December 2016. Documents Required For GST Registration:
    1. PAN Card of business entity
    2. Proof of constitution
    3. Proof of place of business.
    4. Bank statement
    5. Authorized signatory details
    6. Photograph of the Authorized sign
    7. Copy of registration certificates

  All documents to be scanned and uploaded at www.gst.gov.in in the format.

RBI Updates:-

  • RBI clarified that it has not initiated any action to cancel the banking license of Axis Bank in the wake of certain allegations.

Other Update:-

  • Govt to notify scheme for black money disclosure this weekas the scheme giving tax dodgers another chance to come clean by paying 50 per cent of tax.
  • From 13.12.2016 Avail 0.75% Discount for Cashless refueling at petrol pumps run by state oil companies.

Key Dates:-

  • Payment of Advance Income Tax for all assessees (75%) : 15/12/2016
  • E-Payment of PF for Nov: 15/12/2016
  • Payment of DVAT TDS for Nov : 15/12/2016
  • Issue of TDS certificate in case of payment/credit made in Oct for purchase of property u/s 194IA : 15/12/2016

“The purpose of relation is not to have someone who may be with you completely, but to have someone with whom you can share your incompleteness completely.”

“Mistakes, Failures, Insult, Frustration and Rejections are part of progress and growth. Nobody ever achieved anything worthwhile without facing these five things.”

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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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ESSENTIALS OF GST REGISTRATION & GST PROCESS IN INDIA

PROCESS FOR NEW BUSINESS REGISTRATIONS & DOCUMENTS REQUIREMENT FOR GST REGISTRATION IN DELHI/INDIA.

Image result for GST registration

WHO ARE LIABLE TO BE REGISTERED?

Following categories of suppliers shall mandatory required to get registered under this Act irrespective of the threshold limit:*

  • Persons making any inter-State taxable supply.
  • Casual taxable persons.
  • Persons who are required to pay tax under reverse charge.
  • Persons registered to pay existing taxes that will be subsumed under GST
  • Voluntary Registration below threshold
  • Unique-id for specific class of persons
  • Non-resident taxable persons.
  • Persons who are required to deduct tax under section 37.
  • Persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise.
  • Input service distributor.

Persons who supply goods and/or services, other than branded services, through electronic commerce operator.

  • Every electronic commerce operator.
  • An aggregator who supplies services under his brand name or his trade name.
  • Such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.

LIABILITY FOR REGISTRATION IN GST

Region Aggregate Turnover
North East India + Sikkim, J&K, Himachal Pradesh and Uttarakhand Rs 10 Lakhs
Rest of India Rs 20 Lakhs

GST REGISTRATION FORMS FOR OTHER STAKEHOLDERS

Form No. Form Type
Form GST REG-07 Application for Registration as Tax Deductor or Tax Collector at Source
Form GST REG-08 Order of Cancellation of Application for Registration as Tax Deductor or Tax Collector at Source
Form GST REG-09 Application for Allotment of Unique ID to UN Bodies/Embassies
Form GST REG-10 Application for Registration for Non Resident Taxable Person

GST REGISTRATION PROCESS IN INDIA

Capture

GST REGISTRATION IN DELHI: GST registration is on for DVAT Dealers from 16 December to 31st December 2016. Documents Required For GST Registration:

  1. PAN Card of business entity
  2. Proof of constitution
    3. Proof of place of business.
    4. Bank statement
    5. Authorized signatory details
    6. Photograph of the Authorized sign
    7. Copy of registration certificates

All documents to be scanned and uploaded at www.gst.gov.in in the format.

If you are a regular dealer or a composite tax payer, you need to do the following for GST registration:

  • Fill Part-A of Form GST REG-01. Provide your PAN, mobile number, and E-mail ID, and submit the form.
  • The PAN is verified on the GST Portal. Mobile number, and E-mail ID are verified with a one-time password (OTP).
  • You will receive an application reference number on your mobile and via E-mail.
  • Fill Part- B of Form GST REG-01 and specify the application reference number you received. Attach other required documents and submit the form.  Following is the list of documents to be uploaded –
  • Photographs: Photographs of proprietor, partners, managing trustee, committee etc. and authorized signatory
  • Constitution of taxpayer : Partnership deed, registration certificate or other proof of constitution
  • Proof of principal / additional place of business :
  • For own premises – Any document in support of the ownership of the premises like latest property tax receipt or Municipal Khata copy or copy of electricity bill.
  • For rented or leased premises – copy of rent / lease agreement along with owner’s (landlord) documents like latest property tax receipt or Municipal Khata copy or copy of electricity bill.
  • Bank account related proof : Scanned copy of the first page of bank pass book or bank statement
  • Authorization forms: For each authorized signatory, upload authorization copy or a copy of resolution of managing committee or board of directors in the prescribed format.
  • If additional information is required, Form GST REG-03 will be issued to you. You need to respond in Form GST REG-04 with required information within 7 working days from the date of receipt of Form GST REG-03.
  • If you have provided all required information via Form GST REG-01 or Form GST REG-04, a certificate of registration in Form GST REG-06 will be issued within 3 days from date of receipt of Form GST REG-01 or Form GST REG-04.

If the details submitted are not satisfactory, the registration application is rejected using Form GST REG-05.

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

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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 NOV 11, 2016

Professional Update For the Day:

8-Tips-Biz-Name

Direct Tax:-

  • CBDT issued clarification regarding Chapter VI-A deduction on enanced profits vide Circular No. 37/2016 dated 02/11/2016.(Click here to view)
  • Kerala High Court in the below citied case held that the assessment proceedings generated by the issuance of a notice u/s 153A (1)(a) can be concluded against the interest of the assessee including making additions even without any incriminating material being available against the assessee in the search u/s 132 –  [E.N. Gopakumar Vs. CIT (Central)]
  • HC allows withdrawal of oppression petition as other shareholders approached CLB on similar issue Karnataka Theaters Ltd. v. Ratnavarma Padival [2016] 74 taxmann.com 230 (Karnataka)
  • CBDT:Deduction under Chapter VI-A is admissible on the Enhanced profits  by the disallowance made under sections 32, 40(a)(ia), 40A(3), 43B, etc. –  Circular # 37, dt.02.11.2016.
  • IT:Expenditure related to exempted income – Provisions of Sec.14A are clearly applicable to the investment made in a EOU covered under u/s 10B – Riviera Home Furnishings Pvt. Ltd. Vs ACIT, Range-15, New Delhi (Vice Versa) (2016 (11) TMI 256 – ITAT Delhi)
  • IT:Disallowance of expenditure on advertisement on television – the corporate advertisement expenditure facilitates the business having a direct impact on sales and profitability of the Assessee – CIT, Mumbai Vs Asian Paints (India) Ltd. (2016 (11) TMI 258 – Bombay High Court)
  • Validity of reopening of assessment – Since this is a case of original non-scrutiny assessment, the concept of change of opinion cannot be applied – Gujarat High Court in case of [Gujarat State Board of School Textbooks Vs. ACIT Gandhinagar Circle].
  • Capital gain tax will be paid by the partners of the dissolved partnership firm on the sale of its assets.{Vatsala Shenoy Vs. JCIT, Supreme Court of India}..
  • Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u/s 153A of the Act – ITAT KOLKATA in case of [M/s. Ujjal Transport Agency Vs.  CIT, Kolkata].
  • Mere default in furnishing Form 15G/15H doesn’t call for sec. 40(a)(ia) disallowance. Assistant Commissioner of Income-tax, Circle 1(1), Tirupati v. Chittoor Dist. Co-operative Central Bank Ltd. [2016] 74 taxmann.com 202 (Hyderabad – Trib.).
  • ITAT kolkata in the below citied case held that Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u/s 153A of the Act [M/s. Ujjal Transport Agency Vs.  CIT, Kolkata].

 

Indirect Tax:-

  • CBEC issued a Defferd payment of Import duty Rules vide Notification No. 134/2016 dated on02/11/2016.(Click here to view)
  • Valuation – inclusion of royalty in the value of imports – Running royalties are condition of sale for the transaction value and thus needs to be added in the value for the purpose of payment of Customs duty. – Tri – Customs. Commissioner of Central Excise, Mumbai Versus Herbalife International India Pvt. Ltd. – 2016 (9) TMI 830 – CESTAT MUMBAI
  • VAT:Nothing prevents a constitutional court from granting interest on refund in extraordinary circumstances where the money has been withheld by the State for a long period of time without any authority in law – Indian Farmers Fertiliser Co.Op. Ltd. Vs State of Guj. (2016 (11) TMI 215 – Gujarat HC).
  • VAT:4% or 12.50% – tissue paper napkin, toilet paper rolls etc. retain the essential characteristics of paper – to be taxed at 4% – S. R. Foils & Tissue Ltd. Vs The State of Haryana & Anr (2016 (11) TMI 216 – Punjab & Haryana High Court)
  • Import of cosmetics and exporting the same after reassembling tantamounts to manufacturing
  • Commissioner of Customs v. Baccarose Perfumes & Beauty Products Ltd. [2016] 4 taxmann.com 222 (SC)
  • Penalty could be levied under omitted provision which was validated retrospectively Bharat Steel Rolling Mills v. Commissioner of Central Excise [2016] 74 taxmann.com 259 (SC)

GST UPDATE

  • GST Registration started from today (08.11.2016) at www.gst.gov.in. Assessees with verified PAN are allowed to fill details and submit proofs.
  • Under  GST GSTIN generated in phased manner. Already done for 20 lac VAT assessees in 8 states. Others to get later. ST Assessees to get in Jan’17.

OTHER UPDATE

  • HC rejects PIL for scrapping of notification on demonetization.)
  • Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) to remain open on Saturday, November 12 and Sunday, November 13, 2016
  • No cash refund for Rail ticket cancellation of Rs.10,000­ & above
  • Updated Point of Taxation Rules, 2011 {Notification No. 18/2011-S.T., dated 1-3-2011)
  • PNB invites applications from CA /Advocates for empanelment as (i) Tax Retainer; and (ii) Tax Consultants.
  • PNB invites applications from practicing ‘Partnership firms of CA in India’  to have their Firms empanelled as Revenue Auditors of branches.

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

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CORPORATE AND PROFESSIONAL UPDATE NOV 5, 2016

-Professional Update For the Day:

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Direct Tax:-

CBDT has issued Circular on 2nd Nov 2016 on Chapter VI-A deduction on enhanced profits, by virtue of which expenditure disallowed if related to the business activity against which the Chapter VI-A deduction has been claimed, the deduction needs to be allowed on the enhanced profits.

Capital gain tax will be paid by the partners of the dissolved partnership firm on the sale of its assets.{Vatsala Shenoy Vs. JCIT, Supreme Court of India}. High Court disallows travel exp. of wife who went with director on business tour Commissioner of Income-tax (Central), Ludhiana v.Hero Cycles Ltd.
[2016] 74 taxmann.com 254 (Punjab & Haryana)

Sec. 80P relief available if society provides credit to its members alone and it doesn’t receive deposits from public Commissioner of Income-tax, Circle-I, Vellore v.Kalpadi Co-operative Township Ltd. [2016] 74 taxmann.com 226 (Madras)

Application for sec. 10(23C) relief can be made even prior to April 1 of AY for which exemption is sought Shri Guru Ram Dass Ji Educational Trust v. Chief Commissioner of Income-tax, Amritsar [2016] 74 taxmann.com 220 (Punjab & Haryana)

Delhi High Court in the below citied case held that even if the claim for s. 80-IA deduction is contrary to Pandian Chemicals 262 ITR 278 (SC) and Liberty India 317 ITR 218 (SC), the assessment cannot be reopened (beyond 4 years) in the absence of tangible material. The reasons recorded for the reopening cannot be improved or supplemented later.(Woodword governer (India) Ltd. Vs. ACIT)

In valuing the shares of a privately held co, the “enterprise valuation” has to be taken by valuing even the assets held by subsidiaries of the Company. It is common for the sellers to charge a “controlling premium” for the sale of the shares. Such transfers to enable restructuring and re-aligning the shareholding pattern are genuine and bona fide. The alleged excess consideration for the sale of the shares cannot be treated as “unexplained income”.(Amritlal T Shah Vs. ITO Mumbai)

Electric bikes assembled from parts procured from China held as manufacturing for sec. 80-IC relief Assistant Commissioner of Income-tax, Circle Palanpur v. Accura Bikes (P.) Ltd. [2016] 74 taxmann.com 200 (Ahmedabad – Trib.)
Mere default in furnishing Form 15G/15H doesn’t call for sec. 40(a)(ia) disallowance Assistant Commissioner of Income-tax, Circle 1(1), Tirupati v. Chittoor Dist. Co-operative Central Bank Ltd. [2016] 74 taxmann.com 202 (Hyderabad – Trib.)

HC allows withdrawal of oppression petition as other shareholders approached CLB on similar issue Karnataka Theaters Ltd. v. Ratnavarma Padival [2016] 74 taxmann.com 230 (Karnataka)

SC to decide whether ‘Ansal Housing’ is liable to pay tax on flats lying unsold; SLP admitted Ansal Housing & Construction Ltd. v. Commissioner of Income-tax-1 [2016] 74 taxmann.com 245 (SC)

Indirect Tax:-

CESTAT upholds transaction value declared by assessee during import of electric motors of assorted KW from China, absent evidence of any additional flow back of money to foreign supplier. [TS-436-CESTAT-2016-CUST]

CESTAT grants refund of 4% SAD paid during import of Set Top Boxes (STBs) by DTH service provider despite subsequent sale to distributors in packaged form as ‘antenna system & accessories. [TS-437-CESTAT-2016-CUST]

Dept. can initiate recovery proceeding even after declaring return as invalid due to short-payment of tax: HC Shakti Bhog Foods Ltd. v. Deputy Commissioner of Income-tax [2016] 74 taxmann.com 204 (Delhi)

Mumbai CESTAT grants partial respite to assessee, holds no excise duty payable on debit notes raised on purchaser towards excess amount of material used during manufacture of electrical transmission towers, during the period April 1999 to June 2000; Perusing the provisions of old Section 4 of Central Excise Act, CESTAT holds that contracted value between the parties would constitute ‘normal price’ u/s 4(1)(b) and hence, no addition would be required even if debit note was issued for excess material consumed. [TS-429-CESTAT-2016-EXC]

FAQ on Company Law:

Query : One of our client company is a foreign company based in Japan. Now it has passed resolution which is in Japanese language. Now our query is that is it valid or we could only file resolution in English language?

Answer: As per Rule 10 of the Companies (Registration of Foreign Companies) Rules 2014, all the documents required to be filed with the Registrar by foreign company shall be in English language and where any such document is not in English language, there shall be attached a translation thereof in English language duly certified to be correct in the manner given in the rules.

GST UPDATE :

Under GST Upto 10 bank accounts can be added during enrolment. Proof of Bank A/c No,  Branch, Address of A/c holder & few transaction details required.

Under GST no physical documents for enrolment. Soft copy in jpeg or pdf format, upto 1 mb acceptable. Photos can be in jpeg format, upto 100 kb.

MCA UPDATE :

MCA has notified that revised Form MGT – 7 and Form GNL-4 are likely to be revised on MCA21 w.e.f 3rd November, 2016.

RBI UPDATE :

RBI allowed banks to issue rupee-denominated bonds or Masala bonds in the overseas market to shore up their capital base as well as for financing infrastructure and affordable housing.

RBI has directed banks to put entire banking areas under the CCTV surveillance and keep all the recordings.

ICAI Updates:-

ICAI Has issued a guidance note on Report u/s 92E of the Income Tax Act (Transfere Pricing) dated on 02-11-2016

Key Dates:

E-payment of service tax for the month of October by companies-06-11-2016

Payment of TDS/TCS deducted and collected in the month of October-07-11-2016

Submission of form No. 27C(TCS)  received in October to IT Commissioner-07-11-2016

Courage is resistance to fear, mastery of fear–not absence of fear.

Strive not to be a success, but rather to be of value. -Albert Einstein

The starting point of all achievement is desire.  -Napoleon Hill

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 011-233 433 33

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