Govt has extended numerous time limits under The Direct Tax & Benami Acts.

Govt has extended numerous time limits under The Direct Tax & Benami Acts.

In consideration of the difficulties faced by taxpayers in fulfilling the legislative and regulatory enforcement requirements across sectors as a result of the outbreak of Novel Corona Virus (COVID-19), on 31 March 2020 the Government adopted the Taxation and Other Laws (Relaxation of Some Provisions) Ordinance, 2020 [the Ordinance], which expanded different time limits, among other items.

In order to provide some relief to taxpayers for creating multiple compliances, on June 24, 2020, the Government issued a Notification, the main features of which are as continues to follow:

the Government issued a Notification, are as follows:  Link

For the period from 14 May 2020 to 31 March 2021, the Finance Minister has already released a decreased TDS rate for specified non-salaried payments to residents and specified TCS rates by 25 percent. The press release dated 13th May 2020, also followed the announcement. In this regard, the appropriate legislative amendments shall be moved in due time.

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Rajput Jain & Associates

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Essential key concepts Gift Taxation: Income Tax

Essential Key concepts Taxation on gifts

Gifts up to Rs 50,000 per year are exempt from tax in India. In addition, donations from particular relatives, such as parents , spouses and siblings, are also exempt from tax. Gifts are taxable in other cases. The gift tax in India falls under the Income Tax Act as there is no specific gift tax after the Gift Tax Act of 1958 was enacted in 1998.

In India, gifts are given on a number of occasions, such as celebrations such as Diwali, Holi, or the occasion of marriage, to express love for our loved ones. Nevertheless, gifts are now also used for tax planning reasons as, in multiple given to a specific, any amount of gifts received is exempt from tax. Some people whose gifts they got in their ITR claim that they’re still gifts obtained out of love and affection.

Even so, it’s not the right way, since donations are tax-exempt only in such specific circumstances or where they are obtained by particular persons. Non-disclosure of gifts could result in penalties of between 50 and 200 percent of the tax payable on the income attempted to be avoided.

  1. Gifts received from the employer

There are occasions when employers give the employee a present on a special occasion or to boost their productivity, or because they do well. An employee shall be liable for gifts received from the employer only if the value of such gift is equal to or greater than Rs. 5,000. Gifts below Rs. 5,000 in value within the financial year shall be excluded from vat. These gifts shall be taxable as perquisites under the Head of Salary Income.

  1. Gifts received from any other person;

Section 56(2)x) of the Income Tax Act, 1961 deals with the taxability of gifts received by a person, except the employer, throughout the year. This provision shall apply regardless of the status of the resident or of the class of assessee. The donor or donor can be an individual, a partnership business, LLP, a corporation, AOP, BOI, a cooperative society, or an artificial legal body, whether resident or non-resident.

Previous gifts from a resident to a non-resident are, even then, claimed to be non-taxable in India as the recipient used to claim that income does not accrue or arise in India. In order to make sure that the receipt of gifts is also taxed in the hands of non-residents, Section 9 has been amended by the Finance Act (No. 2), 2019, to provide that income is considered to have accrued or to have arisen in India as a result of the payment of gifts (exceeding Rs. 50,000) without adequate consideration by a resident to a non-resident. It does not provide proof of the taxability of the gift of the estate as referred to in Section 56(2)(x), inter-alias, immovable property, gold, securities, etc.

Therefore, after the amendment, it may be inferred that gifts in the nature of money in the hands of non-residents provided by resident persons would be paid in their hands, even though gifts of any other manner are also beyond the control of the Income Tax Act.

2.1. Gifts received in cash form

Where even a person receives any amount of money without consideration and the total value of that sum exceeds Rs. 50,000, the total aggregate value of that sum shall be taxed on the basis of capital income from other sources. For the determination of the threshold, the aggregate amount of receipt from different sources and persons throughout the year shall be considered.

2.2. Gifts obtained in the form of real estate

Immovable property received by the assessee for the year, either without consideration or for lack of consideration, shall be deemed to have been income in his hands and to have been taxable in that year if the receipt is within a period of time.

  • If the immovable property is received without consideration as well as the stamp duty value of the property reaches Rs. 50,000, the stamp duty value of the immovable property shall be liable to tax.
  • If an immovable property is obtained for payment far less than the stamp duty value, the discrepancy between the stamp duty value and the compensation shall be taxable if the difference meets the above two limits: Rs . 50,000; or 10% of the consideration

For all cases, the cap of Rs. 50,000 shall be reviewed for each transaction and not for all transactions as a whole.

2.3. Gifts received in the form of Movable Goods

Movable property as described in the Act shall include any property in the form of shares and stocks, jewels, historical artifacts, sketches, portraits, sculptures, any work of art, or bullion. In which the transaction includes any other movable property, such as car furniture, the excess consideration for the fair market value shall not be taxed. In this case, the deemed income shall be calculated as follows given way :

If any property is obtained without regard and the total fair market value of it reaches Rs. 50,000, the entire fair market value of such property shall be paid.

3. Gifts Exempt

I Upon the occurrence of a specified incident
  • On the occasion of marriage of an individual
  • By will or by means of inheritance
  • Considering the death of the payer or of the donor.
II Due to the status of the Doner
  • The gift is to be accepted from any specified relative;
  • Gifts obtained by any local authority;
  • Gifts earned from any fund or foundation or university or other educational institution or hospital or medical institution or from any trust or institution referred to in Section 10(23C);
  • Gift received from any trust or institution registered under section 12A/12AA/12AB[2];
  • Gift obtained by an person from a trust formed or established exclusively for the benefit of the relative of the recipient.
III. Owing to the position of the Donee
  • Gifts shall be handled by any trust or institution registered under section 12A/12AA/12AB2;
  • a certain fund or trust or institution, or any university or other educational institution, or any hospital or medical institution referred to in Section 10(23C)(iv)/(v)/(vi)/(via).
IV Due to transactions not considered to be a transfer
  • Any distribution of capital assets to the full or partial division of the HUF[Section 47(i)]
  • the transfer of capital assets by an Indian parent company to its subsidiary company;
  • Transfer of a capital asset to a merger, demerger or company reorganization scheme such that the requirements laid down in Section 47(vi) to Section 47(vii) are fulfilled.
V Other class of persons who have been notified
  • Immovable property acquired by a citizen of an illegitimate colony in the NCT of Delhi, pursuant to the requirement that such transaction must be regularized by the Central Government on the basis of the most current power of attorney, the selling document, the will, etc.
  1. The first and only manner to save the tax via a gift

The alternative tax can be saved is by offering gifts to your parents or legitimate guardians or to a kid who is a major. Nonetheless, when you contribute the sum, your taxable income stays the same. However, the interest they earn from other products by continuing to invest these funds becomes their own income. So, presuming that their income is lower, you can rest in peace knowing that the money is not going to be taxed.

Previously, so when long-term capital gains (LTCG) tax was effective, gift money can also be invested in a mutual fund or stock for 1 year and used as tax-free income. However, it is not feasible now as the LTCG tax has been reintroduced with effect from 1 April 2018.

  1. Are gifts, both in cash and kind, taxable?

Actually, all sorts of donations, including dollars, jewelry, real estate, paintings, or some other valuables, are taxable. However, if the amount of cash or the value of the gift in kind is less than Rs 50,000, the same amount would not be taxable.

New Revise TDS / TCS return filing due date & Payment due date for 2020

New Revise TDS / TCS return filing due date & Payment due date for 2020 as per the Taxation and Other Regulations (Relaxation of Some Provisions) Order, 2020.

The deadlines for specific GST and Income Tax legislation have been expanded by the Minister of Finance. Pandemic COVID-19 has forced a lockout in India. There are many challenges for business and professionals during this period, including different compliances under tax legislation.

Various reliefs are provided with respect to the submission of the TDS / TCS declaration and the issue of the certificate in the “Taxation and Other Laws (Relaxation of Other Provisions) Order 2020” for the quarter ended 31.03.2020.

Complete Coverage of Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

calendar year 2020 has begun with many challenges, with the revised due dates for various TDS related return filings and tax payments following.

Complete Chart of TDS

Attributable Due Date for TDS E-filing Returns for Fy 2019-20.

Quarter Quarter Period Last Date of Filing
1st Quarter 1st April to 30th June 31st July 2019
2nd Quarter 1st July to 30th September 31st Oct 2019
3rd Quarter 1st October to 31st December 31st Jan 2020
4rd Quarter 1st January to 31st March 30th June 2020 Read Rescript 2020

Changes in interest rate for delay in the deposit of TDS / TCS in time as provided for in the Taxes and Other Laws (Relaxation of Other Provisions) Legislation, 2020.

TDS / TCS Changes to Covid19 by Ministry of Finance

  • “Government to infuse Rs 50,000 crores of liquidity by reducing the rate of TDS, the rate of non-salaried specified payments made to residents, and the rate of Source Tax Collection for specified receipts by 25% of the current rate”
  • “Among other steps, the due date of all income tax returns for the fiscal year 2019-20 will be extended from 31 July 2020 and 31 October 2020 to 30 November 2020 and the tax audit from 30 September 2020 to 31 October 2020”
  • “The period of the Vivad se Vishwas scheme for making payment without an additional amount will be extended to 31 December 2020”
  • Advanced tax, self-assessment tax, standard tax, TDS, TCS, equalization fee, STT, CTT late payments made between 20 March 2020 and 30 June 2020, the lower interest rate at 9% instead of 12%/18 percent per year (i.e. 0.75 percent per month instead of 1/1.5 percent a month) will apply. There is no late fee / penalty available.
  • The government extended the scope of the lower or nil TCS, TDS credential until 30 June 2020 due to a coronavirus pandemic.

Arrival Due date for TDS & TCS Payment Deposit for Government & Non-Government Companies

  • The due date for the submission of the TCS deposit is the 7th of the next month.

TDS Deposit Due Date as follows:

  • For non-governmental entities-7th of the next month (with the exception of March where the due date is scheduled for April 30th)
  • Government departments
  • If you pay via Challan-7th of next month
  • If paid via book-entry, the same day on which the TDS is deducted.

Interest in late payment and late deduction of TDS

As per section 201(1A) Interest at the rate of 1 % per month or part of the month on the amount of TDS deductible from the date of tax until the date of tax actually deducted shall be charged for the late deduction.

Also, interest for late payment at a rate of 1.5 percent per month or part of the month on the amount of the payment.

Interest in late payment of TDS: amendments made pursuant to Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 dated 24th March 2020:

For late payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between 20 March 2020 and 30 June 2020, the interest rate will be reduced by 9 percent instead of 12 per cent/18 percent per year (i.e. 0.75 percent per month instead of 1/1.5 percent per month). No late fee/penalty shall be paid for any delay in respect of that time.

Interest in late payment of TCS or failure to collect TCS:

In the event that the collector responsible for collecting the tax at source does not raise it or refuses to pay it to the Government, he shall be liable to pay basic interest at a rate of 1% a month or part thereof on the balance of that tax from the date on which the tax was collected to the date on which the tax was actually charged and that interest shall be paid until furnish.

Punishment

You will have to pay a fine equal to the amount deducted/collected under the provisions of the Income Tax Act.

Prosecution (Sec 276B)

As per the prosecution (Sec 276B), if a person refuses to pay the payment to the Central Government, the TDS deducted by him under the provisions of Chapter XVII-B shall be entitled to obtain a strict penalty of at least three months, which may be expanded to seven years. The fine depends on the conditions or inquiry conducted by the appointed tax authority/assessment officer.

Penalty (Section 234E)

The deductee of the TDS shall be liable to pay a fine of INR 200/-per day before the full sum of the TDS is paid. However, the penalty shall not exceed the actual amount of the TDS.

Late Filing Fees :

For the delayed fee of TDS after deduction under Section 201(1A), you have to pay interest at a rate of 1.5 percent per month from the date of the deduction to the actual date of the deposit. It should also be remembered that interest is measured on a monthly basis rather than on a number of days. Half of a month will also be regarded as a whole month.

What is important to remember here is that

The estimation of interest on the balance of the TDS owed starts on the day from which the TDS was withheld rather than the day from which it was due.

PENALTIES (Section 271H)

Pursuant to this rule, the Assessing Officer may direct a person who has not filed a TDS payment on time with a minimum of INR 10,000, which may even be extended to INR 1,000,000.

If the following conditions are met, no penalty will be levied (under section 271H) for late payment of TDS / TCS returns:

  • The tax deducted at source must be paid to the credit of the government.
  • No penalty will be levied if interest and late filing fees are paid to the Government’s credit.
  • Before the one-year period expires, the TDS / TCS return has been filed from the due date.

TDS for the purchase of immovable property

For the purchase of immovable property on which TDS applies, the return, together with the payment of TDS, must be made before the 30th of the following month. For example, TDS for property purchased in May must be deposited by 30 June.

CORPORATE AND PROFESSIONAL UPDATE NOV 1, 2016

CORPORATE AND PROFESSIONAL UPDATE NOV 1, 2016

34Direct Tax:-

  • CBDT has issued a  clarification regarding taxability of the compensation received by the land owner for the land acquired under the right to fair compensation and transpereancy in land acquisition , rehabilitation and resettlement act, 2013 vide Circular No. 36/2016 dated 25/10/2016.Compulsory acquisition of non-agricultural land is also tax-free under new Land Acquisition Act.
  • CBDT has issued prohibition of Banami Property Transaction Rules,2016 vide Notification No. 99/2016 dated 25/10/2016.They shall come into force on the 1st day of November, 2016. (Click here to view)
  • Computerized machines not eligible for depreciation@ 60%, [T.C.A.No.624 of 2016, Decided on 02.09.2016].
  • Sale consideration received by the assessee is entitled to benefit under Section 54 of income tax act 1961, even though the transaction for purchase of new property was not completed and possession was also not handed over to the assessee within 2 years. ( CIT Vs Mrs. Shakuntala Devi (Karnataka High Court)).
  • 10B relief allowable even if assessee had substantial unabsorbed losses for set-off against EOU; SLP dismissed Commissioner of Income-tax v. BEHR India Ltd. [2016] 74 taxmann.com 171 (SC)
  • No penalty due to delay in filing TDS return as it was first year of introduction of e-TDS return Nav Maharashtra Vidyalaya v. Additional Commissioner of Income-tax (TDS), Range, Pune [2016] 74 taxmann.com 240 (Pune – Trib.)
  • HC allows retrenchment compensation paid to employees of transferee-co. under transfer agreement Wallace Flour Mills Co. Ltd. v. Commissioner of Income-tax, Central circle-I [2016] 74 taxmann.com 174 (Bombay)
  • Pune ITAT deletes penalty levied u/s 272A(2)(k) for belated filing of TDS returns/statements for AY 2011-12, grants immunity u/s 273B as ‘reasonable cause’ established. [TS-571-ITAT-2016(PUN)]

Indirect Tax:-

  • Mumbai CESTAT restores Custom House Agent’s license, states that even though clearance of imported consignments was violative of declaratory provisions of Customs Act, there is no evidence on record to show that such agent was aware of the intent / modus adopted by client / customer to evade customs duty. [TS-426-CESTAT-2016-CUST]
  • Refund claim – claim filed after about 10 years from the relevant date – unutilized Modvat credit in Modvat account which could not be used for payment of duty as the final product has become exempted – claim of refund rejected – Tri – Central Excise. M/s M.P. State Co-operative Oilseed Grower’s Federation Limited Versus CCE, Bhopal – 2016 (9) TMI 840 – CESTAT NEW DELHI

RBI Update

  • RBIpermits Startup Enterprises to access loans under ECB framework – P. (DIR Series) Circular No.13, dt.27.10.2016.
  • RBI has issued a circular allowing 100% FDI through the automatic route to NBFC Cos other than banks or insurance companies.
  • RBI to support financing for start-ups, issued rules permitting these to raise external commercial borrowings (ECB).

SEBI Update

  • SEBI has issued circular on detailed requirements and guidelines for disclosure of financial information in offer document/ placement memorandum for InvITs.
  • SEBI has issued a circular freezing of promoter group demat accounts for non compliance with certain provisions of SEBI.

MCA Update

  • MCA extends last dates for filing of Annual Filing Forms without payment of additional fee of filing of e-Forms AOC-4, AOC-4 XBRL, AOC – 4 CFS and MGT-7 under the Companies Act, 2013 upto 29th November, 2016.
  • NCLT allows compounding of offence for delay in appointment of women director
    Jalpower Corporation Ltd. v.Registrar of Companies [2016] 74 taxmann.com 201 (NCLT – Hyd.)

GST Update

  • Under GST value and taxable value have to be given in GST returns as they may be different. Taxable value is to be given even if there is no consideration.
  • GST paid on reverse charge will also be eligible for Input tax credit if goods or services are used or intended to be used for business.
  • Under GST Co, LLP etc to use DSC to sign application for enrolment of exisiting assessees in GST REG-20. others with valid aadhar can use e-signature also.

GST UPDATE :

Returns Process and matching of Input Tax Credit

  • What is the purpose of returns?
  • a)  Mode for transfer of information to tax administration;
  • b)  Compliance verification program of tax administration;
  • c)  Finalization of the tax liabilities of the taxpayer within stipulated period of limitation; to declare tax liability for a given period;
  • d)  Providing necessary inputs for taking policy decision;
  • e)  Management of audit and anti-evasion programs of tax administration.
  • Who needs to file Return in GST regime?
  • Every registered taxable person – who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the aggregate turnover crosses Rs. nine lacs but he become taxable person ONLY when he crosses Rs. ten lacs. So he will be required to file returns when he crosses the threshold limit of Rs. ten lacs. There are some other class of persons who need to be registered and therefore will have to file returns like interstate suppliers, TDS deductors, e-commerce operators, suppliers supplying goods through e-commerce operators etc (reference Schedule-III and Question 6 of the Registration Chapter).
  • What type of outward supply details are to be filed in the return?
  • A normal registered taxpayer has to file the outward supply details in GSTR-1 in relation to various types of supplies made in a month, namely outward supplies to registered persons, outward supplies to unregistered persons (consumers), details of Credit/Debit Notes, zero rated, exempted and non-GST supplies, exports, and advances received in relation to future supply.
  • Is the scanned copy of invoices to be uploaded along with GSTR-1?
  • No, scanned copy of invoices is to be uploaded. Only certain prescribed fields of information from invoices need to be uploaded.
  • Whether all invoices will have to be uploaded?
  • No. It depends on whether B2B or B2C plus whether Intra-state or Inter-state supplies.
  • For B2B supplies, all invoices, whether Intra-state or Inter- state supplies, will have to be uploaded. Why So? Because ITC will be taken by the recipients, invoice matching is required to be done.
  • In B2C supplies, uploading in general may not be required as the buyer will not be taking ITC. However still in order to implement the destination based principle, invoices of value more than Rs.2.5 lacs in inter-state B2B supplies will have to be uploaded. For intra-state invoices below Rs. 2.5 lacs and all intra-state invoices, state wise summary will be sufficient.

Other Update :

  • Central government hereby appoints the 1st day of November, 2016 as the date on which provisions of Benami transaction (Prohibition) Amendment Act, 2016 shall come into force

Key Dates:

  • Benami Transaction Amendment Act would be effective from Nov. 1, 2016
    NOTIFICATION NO. SO 3289(E) [NO.98/2016 (F.NO.149/144/2015-TPL (PART-II)], DATED 25-10-2016.
  • MCA has revised Form AOC-4 with effect from 27th October 2016.

We wish you and your family a very happy and prosperous Dhanteras. May lord bless you with happiness and peace of mind.

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CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016

8-Tips-Biz-Name

Direct Tax:-

  • Sum paid to brothers for vacating house held as cost of improvement of house
    Nanubhai Keshavlal Chokshi HUF v. Income-tax Officer, Ward- 6 (2), Ahmedabad
    [2016] 74 taxmann.com 113 (Ahmedabad – Trib.)
  • Discrepancies in docs under penultimate sales would also lead to denial of export exemption
    Commissioner of Commercial Tax v. Shakti Containers[2016] 74 taxmann.com 39 (Gujarat)
  • ITAT denies set-off of speculative loss when assessee misstated that it was connected with brokerage business commissioner of Income-tax, Kol-II v. Eureka Stock & Share Broking Services Ltd.[2016] 74 taxmann.com 114 (Calcutta)
  • IT: Notice u/s 148 for reopening assessment by the very same officer who executed the scrutiny assessment and granted exemption U/s 11- It is a case of change of opinion – Notice quashed – Gujarat State Board of School Textbooks Vs ACIT (2016 (10) TMI 775 – Gujarat High Court)
  • Attachment order had be lifted when ITAT deleted all tax demand and revenue didn’t apply for stayShangkalpam Industries (P.) Ltd. v. Income Tax Officer, Company ward VI(1), Chennai
    [2016] 74 taxmann.com 102 (Chennai – Trib.)
  • The Delhi High Court in Pr CIT vs. Samcor Glass Ltdhas warned the department not to harass taxpayers by reopening assessments u/s 147/148 in a mechanical and casual manner. Pr CIT directed to issue instructions to AOs to strictly adhere to the law explained in various decisions and make it mandatory for them to ensure that an order for reopening of an assessment clearly records compliance with each of the legal requirements. AOs also directed to strictly comply with the law laid down in GKN Driveshafts 259 ITR 19 (SC) as regards disposal of objections to reopening assessment.
  • The Karnataka High Court inColumbia Sportswear Company vs. DIT has held that a liaison office of a foreign co which identifies a manufacturer in India, negotiates the price, helps in choosing raw material to be used, ensures compliance with quality and gets material tested is not a ‘permanent establishment’ under Article 5 of India-USA DTAA.
  • CBDT vide Notification No. 95/2016 notified director, vigilance and anti-corruption bureau, Kerala U/s. 138(1)(a)(ii) to whom in public interest disclosure of information respecting assessees can be made by income tax Department.

Indirect Tax:-

  • HC dismisses writ petition, denies assessee cross examination of Chemical Examiner of Central Revenue Control Laboratory who gave sample testing report of imported goods; Person whom assessee seeks to cross examine is an officer / Govt. servant who was discharging statutory duty and therefore, not a witness to the proceedings. [TS-415-HC-2016(MAD)-CUST]
  • HC dismisses writ petitions, refuses to interfere with order of Settlement Commission that directed payment of excise duty liability against removal of leather goods by assessee by indulging in manipulation of records of sister concerns and job-workers to avail SSI exemption. [TS-414-HC-2016(MAD)-EXC]
  • ST: Activity of toll collection on commission basis would not fall under the category of business auxiliary services so as to make the same liable to service tax – service not liable to tax –Prakash Asphal Ting & Toll Highways (India) Ltd. Vs CCE, Jaipur-II (2016 (10) TMI 746 – CESTAT New Delhi)
  • VAT: Taxability of a Car Stereo System – electronic goods falling under Entry 75 or motor vehicle falling under Entry 18 – It cannot be gainsaid that a car stereo does add to the comfort for the use of a motor vehicle – car stereo held as accessory – to be taxed accordingly – Sony India Pvt. Ltd. Vs CIT & Anr. (2016 (10) TMI 720 – Allahabad High Court)
  • Quarterly returns under DVAT Act and CST Act for dealers registered in Delhi for the 2nd quarter of 2016 ended on 30.09.2016 is due to be filed on or before 28.10.2016.
  • Body building of buses on job-work basis should be valued under rule 10A of Excise
    HMM Infra Ltd. v. Commissioner of Central Excise, Panchkula[2016] 74 taxmann.com 86 (SC)
  • Discrepancies in docs under penultimate sales would also lead to denial of export exemption
    Commissioner of Commercial Tax v. Shakti Containers[2016] 74 taxmann.com 39 (Gujarat)

RBI UPDATE :

  • The Reserve Bank of India decided to allow foreign investment up to 100 per cent under the automatic route in ‘other financial services’.
  • RBI issued operational guidelines for sovereign gold bonds 2016-17 series III vide notification No.RBI/ 2016-17/ 99I DMD. CDD.No.894 /14.04.050/2016-17 October 20, 2016.

 

MCA UPDATE :

  • MCA has recently revised Forms CHG-8, AOC-4 and 20-B. Stakeholders are advised to check the latest version before filing.
  • MCA:MGT-07/20B filed but the same has not been taken on records due to non-submission/non-uploading of CD are requested to upload the data in excel sheet by 07th November 2016.

GST UPDATE :

  • Under GST proposed GST Rates. Food items-Exempt, Gold, Silver-4%, Essential items-6%, Luxury items, FMCG, cigarettes-26%+cess, most items-18%, Others-12%.
  • Under GST w.e.f.  8/11/16, existing 80 lac assessees will be able to access their data migrated to GSTN, make necessary corrections & upload relevant documents.
  • GSTCouncil to meet on 3-4 Nov to consent on Rates, Draft Bill, Etc.

Key Dates:

  • Issue of DVAT Certificate for deduction made in the month of September-22/10/2016
  • E-return of DVAT for the quarter ended September(Form 61 and CST-1)-25/10/2016
  • Filling of half yearly service tax return-25/10/2016

Everyone has two eyes. But no one has the same view. So always try to prove that you are right but never attempt to prove that others are wrong.

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CORPORATE AND PROFESSIONAL UPDATE OCT 21, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 21, 2016

Untitled8

Direct Tax:-

IT: Repayment of loan – violation u/s 269SS – journal entries – there was no payment in cash either by the assessee or on its behalf. No penalty – CIT-II, Kanpur Vs Apex Finlease Ltd. C/O M/s M.L. Puri & Co. (2016 (10) TMI 636 – Allahabad High Court)

IT: When the property was shown as stock in trade it should not be considered for the purpose of exemption u/s 54F – CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 – Karnataka High Court)

CBDT extended the ‘due date’ for filing ITR and Tax Audit Reports for AY 2016-2017 for all categories of taxpayers in the state of J&K to 31. 12. 2016.

Bompaby High Court in the below citied case held that AO cannot rely on Instruction No.1/2015 dated 13.01.2015 to withhold refunds as the same has been struck down by the Delhi High Court in Tata Teleservices & the same is binding on all AOs across the Country. Action of the AO in not giving reasons for not processing the refund application is “most disturbing” and stating that he will wait till the last date is “preposterous”. Action of the AO suggests that it is not enough that the deity (Act) is pleased but the priest (AO) must also be pleased.(Group M. MediaIndia Pvt. Ltd. Vs. UOI)

Bangalore ITAT allows exemption u/s 11 to assessee-trust for AYs 2004-05 to 2007-08 despite Sec 12A registration granted only w.e.f. April 1, 2008, holds first proviso to Sec 12A(2) inserted vide Finance Act, 2014 (which provides for roll-back of registration for earlier years) as retrospective in nature. [TS-561-ITAT-2016(Bang)]

CBDT issues the income-tax (28th Amendment), rules, 2016, effective from 01.06.2016. Final rules on buy-back of shares notified. CBDT notification of 17.10.2016.

CBDT issued Circular No.35 of 2016 dated 13.10.2016 on 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-regarding.

Section 14A cannot be invoked, where no regular activities were undertaken by the assessee in respect of the investments to earn exempt income and no change in the investments during the year.[M/s Power Grid Corp of India Ltd. vs. DCIT, ITAT – Delhi].

Taxability- compulsory acquisition of capital asset

More than one business & filing of tax audit report with return

Indirect Tax:-

SC allows Revenue appeal, sets aside CESTAT order to the extent penalty levied u/s 11AC of Central Excise Act was reduced as against confirmed duty demand. [TS-418-SC-2016-EXC]

CESTAT holds that financial advisory services in respect of energy, banking, transport & urban infrastructure shall be taxable as “Banking and Other Financial Services” (BoFS) w.e.f. August 2002, cannot be classified as “Management Consultancy Services” (MCS) for prior period . [TS-416-CESTAT-2016-ST]

ST/ED: CENVAT credit – capital goods – installation of bulk milk coolers & DG sets at milk collection centres to store milk – Credit allowed – Glaxo Smithkline Consumer Health Ltd. Vs CCE, Chandigarh-II (2016 (10) TMI 649 – CESTAT Chandigarh)

CBEC issued instructions for rationalization of procedures regarding handling exporters obligations under EPCG authorizations.

CBEC mission zero has been launched there with the objective of sharply reducing the pendency of adjudications, refunds, rebates and drawback in a time bound manner.

FAQ ON GST

Concept of Input Service Distributor in GST

Q 8. Whether SGST credit can be distributed as IGST credit by an ISD to units located in different States?

Ans. Yes, an ISD can distribute SGST credit as IGST for the units located in different States.(Section 17(2)

Q 9. Whether the ISD can distribute the CGST and IGST Credit as CGST credit?

Ans. Yes, CGST and IGST credit can be distributed as CGST credit by an ISD for the units located in same State.

Q 10. Whether the SGST and IGST Credit can be distributed as SGST credit?

Ans. Yes, ISD can distribute SGST and IGST credit for the units located in same State.

Q 11. What are the documents through which the credit can be distributed by an ISD?

Ans. The document under which the credit can be distributed is yet to be prescribed. The Act provides that the credit can be distributed only through prescribed document.

Q 12. How to distribute common credit among all the units of an ISD?

Ans. The common credit used by all the units can be distributed by ISD on pro rata basis i.e. based on the turnover of each unit to the aggregate turnover of all the units to which credit is distributed.

GST UPDATES

GST Council meet ended in New Delhi after the States failed to come to a consensus on the rates, will meet again in the first week of  Nov’ 2016.

Under GST large taxpayer units to be shut down under GST at all locations i.e. Bengaluru, Chennai, Delhi, Kolkata & Mumbai, due to their failure.

Under GST every advance receipt against supplies shall get a transaction id which is to be mentioned against invoice issued later in GSTR-1.

Under GST Summary of invoices issued to be given in GSTR-1(including invoices issued for inward supplies from Unregistered Persons liable to Reverse Charge).

Central Govt proposes 26% peak rate for GST as Four-tier structure may be proposed at GST Council meet started; almost 20-25% of all taxable goods may come under the maximum rate.

FAQ on Company Law:

Query: Can a foreign resident form an OPC in India with Indian resident as his nominee?

Answer: As per Rule 3(1) of the Companies (Incorporation) Rules 2014, only a natural person who is an Indian citizen and resident in India shall be eligible to incorporate OPC .

No Body Corporate and Foreign Citizen resident in India is allowed to form OPC.

MCA UPDATES

MCA is likely to update LLP Forms, LLP 3 & LLP 4 w.e.f. TODAY (20 Oct  2016)

E-forms- (SPICe) Simplified Proforma for Incorporating Companies Electronically and electronic AOA (SPICe AOA) revised on MCA portal w.e.f. 18.10.2016.

MCA is expected to revise the version of e-Forms: Form CHG-8, Form AOC-4 and Form 20-B  w.e.f. 22.10.2016.

ICAI UPDATES

ICAI

has issued Guidance Note on audit of Consolidated Financial Statements (Revised 2016).

ICAI issued guidance note on audit of consolidated financial statements (Revised 2016). For details visit www.icai.org

NCLT has designated its members in different branches of the tribunal to hear appeal against order of registrar or such other officer officiating as the registrar of the Bench

OTHER UPDATE

SEBI has issued a circular easing rules on bullion as collateral now keep a higher quantum of up to 30 per cent of their total liquid assets bullion as commodities collateral.

ESIC Hikes wage ceiling from Rs.15000 to Rs.21000 w.e.f 1st Oct 2016

Key Dates:

Payment of ESI for the month of September :-21/10/2016

E-Payment of DVAT & CST tax for the month ended September- 21/10/2016

Issue of DVAT Certificate for deduction made in the month of September-22/10/2016

  • Silence is the strong fence around wisdom, if your foot slips, you can re-gain your balance, but if your tongue slips, you can never re-build your image again.
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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 Continue reading

CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 17, 2016

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

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CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016

CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016

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Direct Tax:-

Telecommunication expenses, insurance charges, personnel expenses, professional expenses, branch office expenses and other expenses incurred in foreign exchange – exclusion from the export turnover for the purpose of computing deduction under Section 10B – Held that – In the instant case, the order for software and hardware are placed separately, though in the same order sale of hardware cannot be a part of software exported by the assessee -.sale of hardware cannot be a part of export turnover(M/s. Subex Limited Versus The Deputy Commissioner of Income Tax, Circle 12 (3) , Bangalore)

Senior citizens do not have to pay advance tax on salary and interest income.

CBDT has instructed the income tax department to expedite cases of TDS mismatch and reduce taxpayers grievances in this regard.

Return of income filed in response to notice u/s 148 – that levy of interest u/s 234C is an automatic and the interpretation of charging of interest u/s.234C cannot be restricted to the tax due on Returned income as referred u/s 139(1) – Tri – Income Tax(Sree Meenakshi Reltors Versus The Income Tax Officer, Ward II (3) , Coimbatore)

 

IT: Transaction of shares – nature of income – business income or capital gain – magnitude of transactions carried out by the assessee in our view should not be very material in coming to the conclusion that income in question is income from business – Shree Padmasagar Exports Pvt. Ltd. Vs CIT, Cir-5, Kol (2016 (10) TMI 320 – ITAT Kolkata)

IT: Validity of reopening of assessment – Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes -Ratnakar M. Pujari Vs ITO, W-25(3)(3), Mumbai (2016 (10) TMI 316 – ITAT Mumbai)

 

Indirect Tax:-

Delhi high court seeks Delhi Govt and centre to reply on restaurants charging excess VAT, service tax as they are charging entire amount of the bill.

ST: Suo motu adjustment of excess payment of service tax made in October 2008 with subsequent service liability – procedural violation – demand of service tax of the said amount is not sustainable – ONGC Ltd. Vs CCEC&ST, Surat-II (2016 (10) TMI 307 – CESTAT Ahmedabad)

High Court in the below case held that no VAT liability can be imposed on providing cleaning services where The use of pesticides and chemicals was wholly incidental. There was no intention of sale of goods from the assessee to the company – NO transfer of property in goods involved.( State of Gujarat Versus Bharat Pest Control)

 

No tax can be levied on entry of goods into local areas in terms of the impugned provisions over the transactions made on e-commerce portals for personal use or consumption of individual consumer. – HC – VAT and Sales Tax.(Instakart Services Private Limited, WS Retail Services Private Limited Versus The State of Bihar, The Commissioner-cum-Principal Secretary, Commercial Taxes Department, The Deputy Commissioner of Commercial Taxes)

FAQ on Company Law:

Query: Whether pension advisor is exempted from obtaining registration under IA Regulations?

Answer: The PFRDA Act envisages registration of pension Advisors by PFRDA. Such Pension Advisors will be registered and regulated by PFRDA. If such advisors advice on other financial products, then they may be subjected to regulation under IA Regulations for their conduct relating to advice of financial products other than pension products.

Query: Whether insurance agent or insurance broker is exempted from obtaining registration under Investment Adviser Regulations?

Answer: Insurance Agents or Insurance Brokers registered with IRDA who provide advice in various insurance products across manufacturers shall be regulated by IRDA only. If such Insurance Agents or Insurance Brokers expand their activities to include investment advice on other financial products, then they may be registered and regulated under IA Regulations for such other financial products other than insurance products.


ICAI Updates:-

ICAI has made an announcement regarding clarification in respect of MFE-2016-17 dated on 06/10/2016.(Click here to view)

Delhi high court held that a Chartered Accountant while doing concurrent audit is expected to check the transactions falling within the scope of audit in depth. He is liable to face the charge of professional misconduct under clause 7 of the first schedule of the CA Act, 1949.

GST update

The Commerce Ministry has suggested to its finance counterpart that the exemptions given to exporters should continue under the new GST Law.

Key Dates:

Advance information for 2nd fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet halls, hotels etc. in Delhi-12/010/2016

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

Today (15.10.2016) is the due date to file TCS returns by all collectors for Sep quarter & for e-payment of PF for the month of Sep, 2016.

Monday (17.10.2016) is the due date to file income tax return of companies /firms etc.  where audit is required for the F.Y.  2015-16.

A lot of people are afraid to say what they want. That’s why they don’t get what they want.

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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. Continue reading

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.

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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. Continue reading