CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 30, 2016

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 30, 2016

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DIRECT TAX

  • Income Tax: Where assessee claimed deduction of secret commission paid to employees of different companies who had given business to assessee, since assessee had not kept any accounts as to where and to whom such commission was paid, Tribunal was justified in allowing assessee’s claim to extent of one per cent of total sales – [2016] 67 taxmann 257 (Gujarat)
  • Income Tax: TDS on sale of property u/s 194IA : CPC-TDS has enabled functionality for online correction in form 26QB (challan / statement) with effect from 29/02/2016.

INDIRECT TAX

  • SERVICE TAX : Where assessee is engaged in promoting brand of foreign holding company and receives consideration from foreign holding company, then : (a) since services are provided on principal-to-principal basis, such services cannot be regarded intermediary services; (b) their Place of Provision would be location of service recipient, viz., outside India; and (c) same would amount to export of service and not liable to service tax – [2016] 67 taxmann 324 (AAR – New Delhi)
  • DELHI VAT : Deputy Chief Minister Manish Sisodia presented a ‘zero tax budget’ Monday aimed at rationalizing Delhi’s Value Added Tax (VAT) structure. The budget implies cheaper sweets, namkeen, watches, readymade garments, shoes and school bags, even as the government continues to focus on education, health and transport sectors.
  • DELHI VAT : Education, health, and transport sectors are likely get a major allocation of funds in the Delhi Budget, which will be tabled in the assembly Monday by Deputy Chief Minister Manish Sisodia. Sisodia, who holds the finance and education portfolios, is likely to allocate 25 per cent of the total budget to the education sector
  • EXCISE : Refund claim – pre-deposit – As soon as the order appropriating such fine was set aside they became eligible to refund of the deposits made during the investigations – refund allowed with Interest- (M/s Shoreline Hotel Pvt. Ltd. Versus Commissioner of Central Excise, Mumbai-I And Vice-Versa – 2016 (3) TMI 806 – CESTAT MUMBAI)

MCA  UPDATES 

  • COMPANY LAW : Where appellants did not impugn either allotment of Rights Issue or their removal from Board of Directors at relevant time and raised such grievances only when company’s economic difficulties were over and it was on path of substantial progress, appellant’s interest in company was limited to their initial shareholding and nothing more – [2016] 67 taxmann 263 (Delhi)
  • COMPANY LAW : Where Single Judge dismissed earlier winding up petition filed by appellant with a liberty to bring fresh action in accordance with law and respondent was not prepared to deposit sum due, second winding up petition filed by appellant was not barred by res judicata and same was to be admitted – [2016] 67 taxmann 262 (Calcutta)

Key Dates

  • E-Payment of Service Tax for the month/quarter ended March: 31/03/ 2016
  • E-Payment of Excise duty for the month/quarter ended March: 31/03/ 2016
  • Last date of filing of ITR for A.Y. 2015-16 without penalty & A.Y. 2014-15 with penalty of Rs. 5000: 31/03/2016
  • Last date for filing Wealth Tax return for A.Y. 2014-15: 31/03/2016
  • Payment of balance advance income tax by all: 31/03/2016
  • Reconciliation return of statutory forms for the year 2014-15: 31/03/2016
  • 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 9555555480

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Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

FINANCE & MONEY MARKETS UPDATE NOVEMBER 16, 2015

FINANCIAL MANAGEMENT   FINANCE & MONEY MARKETS

Untitled7AHighest premium paid by FPIs to get G-Sec limits falls to 62 bps from 82 bps last month
Nov 03, 2015
Foreign investors’ appetite to acquire limits for Indian government securities seems to have gone down somewhat with the highest bid on Monday’s auction coming in at 62 bps against the 82 bps seen on October 12.Against an available limit of Rs 852 crore that was put up for auction on Monday, FPIs put in bids worth Rs 1,678 crore — almost twice the notified amount. On October 12, however, foreign investors had put in bids worth Rs 17,266 crore to acquire limits on a notified amount of Rs 5,600 crore — three times the notified amount.

CORPORATE & OTHER LAWS  SEBI

SEBI to keep a close tab on price cartels in commexes

Nov 03, 2015
Price cartels, which enjoyed a more or less free run in the commodity futures market till recently, will soon be on watch. The Securities and Exchange Board of India (SEBI), which only a month ago undertook regulation of the decade-old commodity futures market, will modify its state-of-the-art integrated market surveillance system (IMSS) used in the equity market, to track unusual price spikes and trading patterns in farm futures on bourses like NCDEX and MCX.

FINANCIAL MANAGEMENT  COMMODITIES

Coal India production rises 10% in October

Nov 03, 2015
The state-run coal miner Coal India (CIL) reported a production growth of over 10% to 44.37 million tonne (mt) for October, which helped the company post an production increase of 9.2% for April-October period of the current fiscal to 273.91 mt, compared to the corresponding period of the last fiscal. The company also improved evacuation of coal to consumers by 9.9%. For the first seven month of this fiscal, CIL managed to raise its off-take by 9.2% to 295.80 mt.

MISC.  BANKING

Indian Bank net profit up 18%

Nov 03, 2015
Indian Bank has posted an 18 per cent growth in net profit at Rs 369 crore during the September 2015 quarter, compared to Rs 314 crore in the year-ago period. The bank’s total income increased to Rs 4,579 crore during the quarter under review from Rs 4,340 crore a year ago.“The operational profit has increased sequentially. Depreciation retrieval is around Rs 100 crore. The provision on slippages came down even though the provision coverage ratio was increased as part of prudent banking activities,” said Mahesh Kumar Jain, managing director and CEO (additional charge), Indian Bank.

 FINANCIAL MANAGEMENT  CORPORATE WATCH

Bharti Airtel will have revenue growth of 8-10%: Moody’s

Nov 03, 2015
Country’s largest telecom operator Bharti Airtel will have a revenue growth of 8-10 per cent over the next 12-18 months on strong demand for data services and affordable smart phones, Moody’s Investors Service said on Monday. The aggregate average revenue of telecom operators in Asia Pacific will increase 3-4 per cent over the next 12-18 months, similar to 2014 growth rate of 3.8 per cent and trending in line with forecast average GDP growth for the region and its outlook for the industry is stable, it said.

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 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)