Why Virtual Office is an essential address for small Indian firms.

Why Virtual Office Address is essential to Indian small businesses.

Business prospects have plenty of needs and requirements and most company owners look forward to some of the new technologies that are available ahead to assist them in the company of scale. There are tons of ways in which new business owners are trying to implement to make sure they are ready to develop their business quickly. The saddest reality is, the idea of a virtual office address is not known to a lot of businesses, especially to small companies.

Virtual Office Address for Business Registration

Most are not aware that having a virtual office address can have an immense effect on their business and can help them hit a speed not connected to the conventional environment of their offices.

What is the address of the virtual office

The aim is to get a legislator answer in a room when you are not running an efficient office when you take up a virtual job. To make it simpler, without running an office there, you will have the place’s address.

Tons of confusions emerge in the mind when the idea of virtual offices is stated. The idea is basic, all you have to learn is that virtual offices almost seem to have an address. The only difference is that you would actually just have an address and not an actual physical location. This means that you actually don’t have to have a real office, you ‘re just going to have a main place address and buy a website. It’ll help you save tons of the investment in the capital you simply allocated for equivalent with this virtual office idea.

Today, if you’re a small company, you have to consider a lot of things, like the use of virtual offices. Several benefits, particularly for small businesses, relate to having a virtual office. The following advantages will confirm that while running the company at its best, you will expand your business in a very fast phase in the short term.

Values for small businesses in India Virtual Office address

The benefits that you can actually reap as a small business will be a significant factor in the overall success of your business model, which also demonstrates that methods of your company scaling can be much quicker than traditional routes. The main advantage you ‘re going to have is that the savings you receive from a virtual office address in India.

Economical Virtual Office Address Services for GST Registration

Savings of the capital

There are countless things you just have to confirm before you start a business and one of the first goals is to have enough money to spend when your company has a dry spell. This suggests that each process you do with your company must be cost-effective, and often it’s important especially for a replacement company.

You will save 70% of your investment with a virtual office, because the bulk of your money is not invested in operating an actual office. This rise in savings in your investments will help you broaden your business strategies and also help you do a lot of complex work on other investments.

Huge presence to Small Business

We all know how important the presence of your business is as a little business owner. More and more scope you have the business, the more ready you are to build a client database. You are ready to develop your products on the path in no time by increasing the customer base and, in no time, your products will have huge market demand, so long as the product or the service you provide is of good quality. 

Adding a knowledgeable outlook

Hundreds of factors contribute to the professional identity of a small company, but the bulk of the effort comes from a place of company. This gives your company enormous credibility. A key position specifically means that all leading specialist businesses are situated in prime locations and that you have a high level of services. You have met the need to create an expert face for your company with a virtual office address at a prime location.

Prime Virtual Office Address at Cheapest Prices

Attracting more business opportunities

When you have been figured out that your company will improve drastically and in no time, if your services are equally successful, you will face tremendous demand. Your enterprise will draw more business opportunities than ever, as an organization with an honest reputation in an excellent location.

Access to items from the virtual office services at the workplace.

Different facilities like email, training rooms, conference rooms, etc. can also be accessed at extra cost with a virtual office in India. This means that you are going to do business efficiently within a short time and that massive business investment will also take place within a short period.

You simply have to try and locate a virtual office provider such as www.carajput.com and make a reservation right away. By contacting us on to www.carajput.com you will always book a virtual office and ensure a reservation now!

If you’ve got any questions please visit the website and contact our skilled support team for a detailed look.

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)

Important Updates on the reduction compliance obligation under Atmanirbhar Scheme:

Important Relevant updates on the reduction of compliance obligation under Atmanirbhar Scheme:

Covid-19 related debts shall be excluded from 'default' under IBC ...

TODAY ‘S FIFTH AND LAST TRANCH OF ANNOUNCEMENTS FOCUS ON 8 SECTORS:

1. MGNREGA Scheme 

Total budget was Rs 61,000 crores

• The extra Rs 40,000 crores allotted

2. HEALTH’s

• Setting up the public system

• Block all districts to avoid infectious diseases

• Public health laboratories to be set up at block level in all districts;

3. EDUCATION-driven technology

• PM e-Vidya multi-mode control system

• One-nation interactive school under DIKSHA for school education

• One-year Television channel for each class;

• Extensive use of radios

• Special e-content for children of Divyang

 Top 100 universities must ultimately be allowed to start online courses by 30 May 2020.

 4.  Significant support to distressed firms: Fresh IBC has been suspended for one year. As per the declaration of FM.

A.    IBC related – debts related to COVID 19 are out of IBC default

B.    No further insolvency lawsuits can be launched for up to a year. i.e No fresh insolvency case will be initiated for up to a year

C.   Minimum limit of IBC would be Rs. 1 Cr. i.e Total insolvency requirement lifted from Rs 1 lakh to Rs 1 crore

D.   Decriminalised all the sections. Few Non Compoundable offenses would become compoundable offenses.

E.    Compounding by ROC

F.    Direct listing in foreign destinations

G.   NCD listing would not be treated as listed companies for the purpose of Companiesct

H.   Covid-related loans should be exempt from default under IBC

I.      For MSMEs, a special insolvency framework will be notified

Fresh IBC proceedings suspended for a year; debts related to Covid ...

 5. State seeks to decriminalize losses under the Companies Act

• Bulk of compound crimes parts to be transferred to the Internal Adjudication System (IAM) and improved RD forces for compounding.

• 7 compounding crimes dropped entirely and 5 to be dealt with in an alternate system.

 6. Simplify of doing business for companies

• Clear listing of shares by Indian listed corporations within international jurisdiction. Pvt firms that issue non-convertible bonds (NCDs) on stock exchanges not to be considered as public entities.

All industries are now open to private parties

7. Fresh Public Sector Business Strategy

• The Pvt sector will be able to invest in all markets, while public sector companies will continue to play a significant role.

• a new policy that will categorize strategic sectors and others.

• The list of strategic sectors requiring the presence of PSEs in the public interest shall be notified.

A list of strategic sectors needing the participation of PSEs in the public interest will be identified.

• There will be at least one PSE in these strategic sectors, but the pvt sector will also be authorized.

• The PSEs should be privatized in other industries.

• To reduce unnecessary operating expenses, the number of firms in key markets will usually be just three or four, while others will be privatized / mixed / brought under holding companies.

 8. Policy management and services

• The Center has agreed to raise the State Borowing Limit from 3% to 5% for FY21. This will provide extra Rs 4.28 lakh crore capital to states.

A.   Part of the loan would be related to specific reforms. The relation between the reforms will be in four areas:

1. One Nation One Ration Card,

2. Ease of Doing Business,

3. Power distribution,

4. Urban local body revenues.

 B.   The Department of Spending should be told of a particular scheme

• Unconditional 0.50 percent rise

• 1% in 4 tranches of 0.25% for each tranche linked to specifically specified, tangible and feasible policy actions;

• 0.5 per cent of targets was reached in at least three of the four improvement regions.

Post by Rajput Jain & Associates

 

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)

Complete Guidance on Udyog Aadhar registration in India

Complete Guidance on Udyog Aadhar registration in India – Registration procedure, Benefits and Documents required

Udyog Aadhaar Registration – Process, Documents Required, Benefits ...

In recent times, the Government of India has launched the Udyog Aadhaar registration process in order to improve the small-scale businesses in the region. Previously, if a person wants to start a company, he/she must be registered with both the small-scale industry and the MSME.

This step has now been facilitated by the incorporation of only 2 types under the Udyog Aadhaar Registration which are Entrepreneur Memorandum I and Entrepreneur Memorandum II, whereas the former one was used to fill out 11 various types of forms which were required earlier.

The major characteristics of Udyog Aadhaar

  • Enrolment is online instead of personal registration. It’s just a button of a task.
  • UAM can be registered by self-declaration of the company’s data.
  • Details required for registration: Personal Aadhaar number, name of the industry, address, bank details and some common information.
  • You can file more than one Udyog Aadhaar with the same Aadhaar number.
  • No filing fee.
  • After the registration number has been filled in and submitted, it is obtained in the mail-id issuwed.

Udyog Aadhaar Registration is a fully online process. Companies listed under the Udyog Aadhaar are eligible to obtain incentives from a range of government schemes, such as discounts, simple loan approvals, etc.

What kind of Benefits of registration of Udyog Aadhaar :

The main advantages of registration under Udyog Aadhaar are listed below:

  1. The MSME registered enterprises get the financial support from the Government to participate in foreign expo. i.e MSME registered companies receive financial support from the Government to participate in the foreign exhibition
  2. Quick Accessibility of Collateral Free Bank loans : Once registered with MSME, the micro, small or the medium enterprise would be eligible for all government scheme benefits like without guarantee loan, easy loan, loan with low rate of interest.
  3. 50 per cent grant for patent registration
  4. Simplification of obtaining licenses, approvals and other registrations
  5. ISO Certification Reimbursement
  6. NSIC Performance and Credit Rating Subsidy:
  7. Concession of electricity bills and more
  8. The enterprise is also entitled for the Government subsidies:

Potentially Details Required of Udyog Aadhaar Registration:

The information needed at the time of registration of Udyog Aadhaar are as follows:

  1. 12 Aadhaar number given to the client. In the case of a company, corporation or any other entity, the Aadhaar number of Managing Director, Approved Partner, etc. shall be given.
  2. Name of the organization under which it carries out its business.
  3. Type of business entity such as individual, firm, company, etc.
  4. Postal Business address for communication purposes, including contact numbers and e-mail address.
  5. Date of beginning of the business.
  6. Details of the previous validation of the MSME.
  7. Banking details of the client, including the bank account number and the IFSC code.
  8. Main business areas – service or manufacturing.
  9. The number of staff in the company.
  10. Complete amount of investment by the company in terms of machinery and equipment.
  11. Social Category – The applicant may pick the Social Category (General, Scheduled Caste, Scheduled Tribe or Other Backward Castes). Evidence of belonging to SC, ST or OBC can be sought by the proper authority, if and when necessary.
  12. Physically Disabled-The Applicant may choose a Physically Disabled Entrepreneur status.

13. Plant Location-Applicant can attach multiple plant locations to one registration by clicking the Attach Plant button.

  1. Major Activity-The main activity, i.e. “Manufacturing” or “Service,” may be chosen by the company for Udyog Aadhaar. If your business involves both type of activity and if major work involves Manufacturing and a small portion of activity involves the Service sector, then select your main activity type as “Manufacturing” and if major work involves Services and a small portion of activity involves Manufacturing, then select your main activity type as “Services”
  2. National Industrial Classification Code (NIC Code)-The individual may choose various National Industrial Classification-2008 (NIC) Codes to protect all their activities. Which means that users can select multiple NICs from the Manufacturing and Service sector by clicking the “Add More” button. If you want to add Manufacturing then select the “Manufacturing” radio button and click the “Add More” button otherwise if you want to add Service then select the “Services” radio button and click the “Add More” button. The NIC codes are drawn up by the Central Statistical Organisation (CSO) under the Ministry of Statistics and System Implementation, Government of India. The applicant can use the National Industrial Classification-2008 (NIC) Scanning facility codes to escape a 3-step selection process.

Step by step procedure of Udyog Aadhaar Registration

Registration system and Process of Udyog Aadhar along with the requirement of information for Registration: Below is the legal process for the registration of Udyog Aadhaar:

1. Online visit the link of https://udyamregistration.gov.in/

2. Enter the Aadhaar number and the name of the individual who is the agent of the organization and confirm the Aadhaar number:

3. Enable the OTP

4. Upon validation, it will be redirected to Udyog Aadhaar form, which will be as follows: and Verify further Enter the following information in the field:

• Social group (e.g. SC / ST / OBC / General)

• Sex and categories

• Whether is He not physically handicapped

• Name of Enterprise

• Type of Organisation

PAN no of the relevant person

• Address of the business entity

• The contact address of the organization and the telephone or email number of the designated person;

• Date of start of business

• Past registration details of MSME, if any

• Corporate bank info like IFSC code and bank account number

• Main activity of the unit (whether engaged in production or service)

• National Industrial Classification (NIC) Operation Code (One or more activities can be added)

• Overall number of individuals working by the company

• Overall financial investment of the company

• The district where the entity is placed

• Click on the checkbox for the declaration and submit

5. After acceptance, you will obtain an OTP for submission of the form-enter OTP and click on the final submission button.

6. After submission, it will be forwarded to the Udyog Aadhaar Memorandum page.

7. Below the Udyog Aadhaar Memorandum, you can find the Udyog Aadhaar Certificate button. Click on it to generate the Udyog Aadhaar Certificate:

8. After clicking the Create Certificate button, the Udyog Aadhaar Card will be issued.

9. If you need qualified assistance for Udyog Aadhaar, please write to us at info@carajput.com or click Here to Subscribe to Online Service.

May you register Udyog Aadhaar Registration Online without an Aadhaar Number?

No Applicant or authorized signatory who is not registered for Aadhaar shall be required to apply for Aadhaar enrolment and, if he or she is entitled to receive Aadhaar in compliance with section 3 of the Aadhaar Act, he or she may visit any Aadhaar enrolment center for Aadhaar enrolment.

  •  A.   Provided that by the time Aadhaar is allocated to the person, the registration of the UAM shall be registered by the DIC or MSME-DI concerned on behalf of that undertaking, subject to the creation of the supporting following information as an alternate and feasible form of identifying.
  • If he’s registered, his Aadhaar Enrolment ID slips; Ok
  •  copy of his application for enrolment by Aadhaar
  • B.  Any of the below papers, namely: – bank photo passbook; or voter ID card; or passport; or driving license; or PAN card; or employee photo ID card issued by the Government.

Post by Rajput Jain & Associates

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)

CORPORATE AND PROFESSIONAL UPDATE August 26, 2017

CORPORATE AND PROFESSIONAL UPDATE August 26, 2017

Image result for corporate images hdDirect Tax:

  • Delhi ITAT upholds assessee’s Resale Price Method (RPM) over TPO’s TNMM for AYs 2003-04 to 2005-06 for benchmarking purchases of finished goods from AE for resale, holds that RPM is most appropriate method absent any value addition by assessee[TS-661-ITAT-2017(DEL) -TP]
  • The income tax department is open to lowering the withholding tax rate for foreign companies which have income in India, says CBDT chairman Sushil Chandra.
  • Supreme Court ruling the right to privacy as a fundamental right under the Constitution has triggered uncertainty over the mandatory linking of Aadhaar for stock trading brokers said they will now wait for the SC judgment that will test the validity of Aadhaar.

Indirect Tax:

  • CBEC made amendment in the Integrated Goods and Services Tax Act by way of notification no 8/2017- Integrated Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 683(E), dated the 28th June, 2017. Vide notification no 354/173/2017 –TRU, dated 22th August 2017.

GST Update

  • GST Authorities have issued clarification w.r.t selling of space for advertisement in print media on the basis of the queries being raised regarding GST applicability on the same. The rate is @ 5%.
  • IT Minister launched a GST filing and reconciliation solution product named ‘XaTTaX’. The product, developed by Sailotech, simplifies the filing of GST returns, claims for refund, raising invoices with comfort from home or workplace.

FAQ on GST

Query: What is the time limit beyond which the inputs/capital goods sent for job work shall be treated as supply?

Answer:The time limit prescribed for return of goods sent to job work under the exemption route is 1 year of being sent out (for inputs) and 3 years of being sent out (for capital goods). Therefore, if the inputs/ capital goods are returned to the principal after 1 year/ 3 years (as applicable), then such return of goods to the principal after the said period would be treated as ‘supply’. This time limit is not applicable to moulds and dies, jigs, fixtures, and tools

Corporate Law:

  • MCA made companies (Arrests in connection with Investigation by serious Fraud Investigation Office) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette.Vide notification no ur2l20r3 cL-V, dated 24th august 2017
  • MCA amend the National Company Law Appellate Tribunal Rules, 2O16. These rules may be called the National Company Law Appellate Tribunal (Amendment) Rules’ 2O17 which shall come into force on the date of their publication in the official Gazette. Vide notification no 1/30/2013-CL-V, dated 23th August 2017
  • The Cabinet has approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps.

Quotes of the day

“Plant your garden and decorate your own soul, instead of waiting for someone to bring you flowers.”

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: 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)

CORPORATE AND PROFESSIONAL UPDATE May 25, 2017

1 (2)

Direct Tax:

ITAT Delhi held that Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the date and therefore, no penalty should be levied u/s 271(1)(b) in such circumstances as the same is covered under exception of ‘reasonable cause’ as enshrined in section 273B. Sangeeta Sawhney Vs. ACIT (ITAT Delhi)

Delhi High Court held that Addition is justified for Voluntarily admitted tax liability retracted after 2 years PR. CIT (C)-2 Vs Avinash Kumar Setai (Delhi High Court)

 Indirect Tax:

  • High court held that Section 35L is being amended so as to clarify that determination of disputes relating to tax ability or excisability of goods is covered under the term ‘determination of any question having a relation to rate of duty’ and hence, appeal against Tribunal orders in such matters would lie before the Supreme Court. Commissioner Service Tax Vs DLF Golf Resorts Ltd. (Punjab & Haryana High Court)
  • MCA has revised the versions of e Forms – Form DIR-3C and Form RD – 1 (Applications made to Regional Director) are being revised w.e.f. 11th May, 2017.

Key dates:

Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017

Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

 Other Updates:

Takeaways of Final GST Rules passed by GST Council:

 

In its 14th meeting in Srinagar on 18th and 19th May,2017 the all-powerful GST council cleared seven rules pertaining to different aspects of GST. These rules relate to Registration, Input Tax Credit, Payment, Refund, Invoice, Valuation and Composition and have paved the way for the rollout of GST from July 1, 2017. The key highlights of these final GST Rules are as follows:

Registration:

1)  PAN is mandatory for taking registration under GST. PAN will be validated by CBDT. After successful validation, registration will be granted.

2)  If a person has a SEZ unit, then he is required to make separate registration application for that unit. Similarly, a separate application of registration is required for becoming Input Service Distributor.

3)  A non- resident seeking registration under Non-Resident Taxable Person has to appoint an authorized signatory who will sign the application of registration. That person must be resident of India having a valid PAN.

4)  A person registered under GST is required to display his certificate of registration at a prominent location at his principal place of business and GST Number on the name board at entry of his principal place of business.

5)  Physical verification of place of business will not be conducted to grant registration under GST. But officer can do physical verification after granting of registration, if he is satisfied that it is necessary to do the same. He must upload verification report on GST Portal within 15 working days after verification.

Invoice:

6)  Tax invoice in case of supply of taxable services must be issued within 30 days of date of supply of services. However, time limit for banking company, insurance company or financial institutions is 45 days.

7)  The invoice shall be in triplicate for Supply of Goods and in duplicate for Supply of Services.

8)   The serial number of invoices issued will be furnished electronically on GST Portal.

9)  On receiving advance, Receipt Voucher will be issued. If rate is not determinable, tax is to be paid at 18%. If nature of supply is not determinable, it will be treated as Inter-State Supply.

10)  If reverse charge is applicable, the recipient will issue Payment Voucher.

Payment:

11)  Electronic Liability Register shall be maintained for each person liable to pay tax on the GST Portal.

12)  Electronic Credit Ledger and Electronic Cash Ledger shall also be maintained on the GST Portal for the person eligible for input tax credit and for person liable to pay tax respectively.

13)  Tax will be paid only through internet banking, RTGS, NEFT or Debit and Credit Cards. However, over the counter payment is allowed through authorized banks for the amount up to Rs.10,000 per challan per tax period.

Refund:

14)  A separate formula is prescribed for Maximum Refund in case of inverted duty structure, i.e., GST rate is higher on Inputs than on Output Supply.

15)  Refund application shall be filed electronically on GST Portal.

16)  The grant of provisional refund shall be made if person clamming refund has not been prosecuted during any period of 5 years preceding the tax period for which refund is claimed. However, the following 2 condition mentioned in Draft Refund rules have been deleted:

a)     The assessee should have a GST compliance rating of not less than

b)     The assessee should not have any pending proceeding or appeal on any issue.

17  17)   If Commissioner wants to withhold refund, order must be issued along with reasons of withholding refund.

Valuation:

18)  The value of supply made by principal to its agent or made to any related person shall be 90% of price charged for the supply of like kind and quality to unrelated person.

19)  The value of a token, coupon or a voucher shall be equal to the money value of goods redeemable against such token or voucher or coupon.

20)  The expense incurred by a supplier as a pure agent will not form value of supply and shall be excluded. The supplier will be treated as pure agent on complying with following three conditions:

a)     He makes payment to third party on authorization by such recipient.

b)     The payment made by pure agent on behalf of recipient has been shown separately on invoice.

c)     The supplies procured from third party by pure agent on behalf of recipient are in addition to services he supplies on his own account.

Earlier, in draft rules, 8 conditions were prescribed. Now, only these three conditions have to be fulfilled.

Input Tax Credit:

21)  The person eligible to take credit in respect of input of goods held in stock after registration is required to file a declaration on GST Portal that he is eligible for input tax credit within 30 days.

22)  ITC would not be available to registered person if tax has been paid by supplier after issuing demand order on account of fraud, wilful misstatement or suppression of facts.

23)  The time limit to claim input tax credit is not applicable to re-claim credit reversed earlier due to non-payment of consideration to supplier.

Composition:

24)  Following persons will not be eligible for composition scheme:

a)     Casual taxable person or non-resident taxable person

b)     Person having goods in stock which were purchased in course of inter-State trade or from unregistered person

25)  Rates of Taxes for Composition Levy

a)     Manufacturers, other than manufacturers of such goods as may be notified by the Government – at 1%

b)     Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II – at 2%

c)     Any other supplier – at 0.5%

Quote of the Day:

“Take rest; a field that has rested gives a bountiful crop.”

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: 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)

CORPORATE AND PROFESSIONAL UPDATE March 17, 2017

Professional Update For the Day:

10600582_800697433397460_6452363275309472516_n

Direct Tax

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

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

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

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

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

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

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

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

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

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

Indirect Tax

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

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

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

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

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

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

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

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

GST Update:

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

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

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

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

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

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

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

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

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

MCA UPDATE :

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

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

SEBI UPDATE :

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

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

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

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

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

OTHER UPDATE :

LAST DATE FOR *RETROSPECTIVE RESTORATION OF MEMBERSHIP* AND COP REMOVED DURING THE YEAR 2016-17 IS 31ST MARCH, 2017

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

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

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

7 March  : TDS/ TCS deposit

15 March : Deposit of PF

15 March :Payment of Advance Tax

20 March : Monthly UP VAT return & tax

21 March : Deposit of ESI

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

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

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

E-payment of PF for Feb: 15.03.2017

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

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

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

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

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)

CORPORATE AND PROFESSIONAL UPDATE MARCH 15, 2017

Professional Update For the Day:

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

DIRECT TAX:

·        CBDT clarified that Existence of undisclosed bank deposits non-mandatory on the date of PMGKY payment.

·        CBDT has asked Taxmen to Fast track cases against shell firms also to file prosecution cases against those companies which claimed bogus long-term capital gains. While the SFIO has filed cases against 49 shell companies, Rs 3,900 crore is believed to have been laundered by 559 persons with the help of 54 professionals. Also, Rs 1,238 crore cash has been deposited in shell co’s, post demonetization.

·        Penalty can’t be imposed u/s 271(1)(c) of the Income Tax Act, 1961, where substantial question of law had been admitted by the High Court in respect of quantum proceedings. CIT Vs. Advaita Estate Dev. Pvt. Ltd., High Court of Bombay.

·        ITAT Ahmedabad held that forfeiture of share application money which has been duly received by the appellant in terms of prospect and credited to capital reserve account was a capital receipt and is not taxable. DCIT(OSD) Vs Mahalaxmi Rubtech Ltd. (ITAT Ahmedabad).

·        Sec. 271(1)(c): If the quantum appeal is admitted by the High Court, it means that the issue is debatable and penalty cannot be levied. Argument of the Dept that Nayan Builders 368 ITR 722 (Bom) does not lay down this proposition is not correct. CIT Vs Advaita Estate Development Pvt. Ltd (Bombay High Court)

·        Entitlement for deduction U/s 80IB – amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB – these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I/80IA/80IB – ITAT Jaipur in case of [M/s Neel Kanth Gum & Chemicals Vs. ACIT].

·        New India Assurance to refund TDS amount to claimant as it had wrongly deducted TDS on compensation: HC[2017] 79 taxmann.com 76 (Gujarat)

·        Expenditure incurred for re- possession of the club – capital or revenue in nature – when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure – ITAT Bangalore in case of [G.R. Developers Vs. The ACIT, Circle-3 (1) , Bangalore].

·        Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.

·        CBDT reported the direct tax collections up to February 2017 to witness steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7% more.

INDIRECT TAX:

·        Excise: CBEC issued Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty vide Circular No. 1053/02/2017-CX dated March 10, 2017. CESTAT allows assessee’s appeal, remands issue for determination whether Food Processor accessories are assessable at MRP u/s 4A or at the transaction value u/s 4 of Central Excise Act, when same not cleared as part of package containing Food Processor [TS-47-CESTAT-2017-EXC]

·        Service Tax: In the absence of a statutory provision which prescribes that registration is mandatory and that if such a registration is not made the assessee is not entitled to the benefit of refund, the committed a serious error in rejecting the claim for refund on the ground which is not existence in law. Commissioner, Service Tax Vs M/S Pangea 3 Legal Database Systems Pvt. Ltd. (Allahabad High Court)

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

·        CBEC vide Circular No. 1053/02/2017-CX dated March 10, 2017 has issued the Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty.

·        In the absence of a statutory provision which prescribes that registration is mandatory and that if such a registration is not made the assessee is not entitled to the benefit of refund, the committed a serious error in rejecting the claim for refund on the ground which is not existence in law.Commissioner, Service Tax Vs M/S Pangea 3 Legal Database Systems Pvt. Ltd. (Allahabad High Court)

·        CESTAT allows assessee’s appeal, remands issue for determination whether Food Processor accessories are assessable at MRP u/s 4A or at the transaction value u/s 4 of Central Excise Act, when same not cleared as part of package containing Food Processor [TS-47-CESTAT-2017-EXC]

 OTHER UPDATES

·        RBI has cancelled the certificate of registration of some NBFC in of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

·        RBI issued notification that Section 269SS and 269T of the Income Tax Act, 1961 would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold is Rs 20,000 Vide Notification No. DNBR (PD) CC.No.086/03.10.001/2016-17 dated 09.03.2017.

·        RBI notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Fourth Amendment) Regulations, 2017 which shall come into force from the date of their publication in the Official Gazette. Vide Notification No. FEMA.387/2017-RB dated 09.03.2017.

Key Dates:

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

E-payment of PF for Feb: 15.03.2017

“Our hopes & dreams should be like hair & nail. No matter how many times they are cut, but they never stop growing.”

Life shrinks or expands in proportion to one’s courage.

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

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

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)

CORPORATE AND PROFESSIONAL UPDATE JULY 15, 2016

Professional Update For the Day:

Untitled18A

DIRECT TAX:

Income Tax : No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71 taxmann.com 135 (Chandigarh – Trib.)

Income Tax : Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software (P.) Ltd. v. commissioner of Customs, Central Excise and Service Tax, Hyderabad-II [2016] 71 taxmann.com 94 (Hyderabad – CESTAT)

Income Tax:   Amount set-aside for Debenture Redemption Reserve is to be added back for computing book profits Assistant Commissioner of Income-tax, Circle-4, Ahmedabad v. Genus Electrotech Ltd. [2016] 71 taxmann.com 101 (Ahmedabad – Trib.)

Income Tax: NCLT can’t deal with an asset whose property rights are in dispute before a Civil Court Vinod Muktinath Sharma v. Sharma Realty (P.) Ltd. [2016] 71 taxmann.com 144 (NCLT-New Delhi )

Income Tax: The Government of India has given Relaxation of time schedule for making payments under the Scheme the Income Declaration Scheme 2016:  (I) a minimum 25% of the tax, paid by 30.11.2016; (ii) further 25% by 31.3.2017; and balance on or before 30.9.2017.

In a bid to end taxpayers harassment, the CBDT has prescribed revised format for Scrutiny Notice u/s 143(2) of the Income Tax Act’1961 in “three new formats” that will clearly stipulate if the inquiry against them is “limited, complete or manual”. All scrutiny notices, shall henceforth, be issued in these revised formats. Further, Taxpayers residing in cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai can opt for paperless/E-Assessment (if their case falls under scrutiny) as part of a new pilot project that the CBDT is running in this regard.

INDIRECT TAX :

HC allows Revenue appeal, sets aside CESTAT order which allowed CENVAT credit on entire Captive Power Plant without examining eligibility of individual components used therein as “inputs” or “capital goods”. Revenue also raised substantial question whether credit could be availed on items such as angles, beams, channels, ladder trays, joists supporting structures, steel structures, which are neither “inputs” nor “capital goods” as per definitions under CENVAT Credit Rules 2004. Madras High Court

Excise : CBEC has issued a circular on procedure regarding duty free shop vide circular no. 32/2016 dated 13.07.2016. It may be noted that the Special Warehouse (Custody & Handling of Goods) Regulations, 2016 prescribe maintenance of a computerized system for accounting. Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed in the notification.

Service tax : Service-tax paid wrongly under reverse charge is refundable without bar of unjust enrichment ICOMM Tele Ltd. v. Commissioner of Customs, Central Excise & Service Tax, Hyderabad III [2016] 71 taxmann.com 95 (Hyderabad – CESTAT)

OTHER UPDATES:

SEBI : SEBI has notified the amended the Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) (Second Amendment) Regulations, 2016 to introduce regulation  relating to ‘Dividend Distribution Policy’.

Forms FC-2, FC-4, MGT-10, MR-1, SH-7 and Refund Form are likely to be revised on MCA21 Company Forms Download page w.e.f 13th July 2016. Stakeholders are advised to check the latest version before filing.

E-Form AOC-04 for filing Annual Financial Statement is likely to be amended w.r.t filing of CSR expenditure details. The revised AOC-04 E-Form is likely to be available on MCA portal by 3rd week of Jul-2016. Stakeholders are requested to note that filing CSR details are mandatory. Therefore, Annual filing may be planned as per revised AOC-04.

Key dates :

TCS Return by all deductors: 15.07.2016

E-Payment of PF for the month of June: 15.07.2016

E-filing of form 15G/H for June Quarter: 15.07.2016

“Thinking should become your capital asset, no matter whatever ups and downs you come across in your life.”

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

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com  E: info@carajput.com  T: 011-233-4-3333, 9-555-555-480

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

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)

CORPORATE AND PROFESSIONAL UPDATE JULY 11, 2016

Professional Update For the Day:

Untitled18A

DIRECT TAX:

Income Tax : Where assessee trust was carrying on micro finance business in a commercial manner so as to earn profit and there was no iota of charity carried on by assessee, exemption under section 11 could not have been granted to assessee .( Assistant Commissioner of Income-tax v. Grama Vidiyal Trust)

Income Tax : Mesne profits (amount received from a person in wrongful possession of property) is a capital receipt and not chargeable to tax either as income or as “book profits” u/s 115JB. As the department has implicitly accepted Narang Overseas vs. ACIT 100 ITD (Mum) (SB), it cannot file an appeal on the issue in the case of other assessees. (CIT Vs. Goodwill Theaters Pvt. Ltd. (Bombay High Court)

Income Tax:   Slot hire facility is an integral part of contract for carriage of goods by sea and, thus, such an activity is also entitled to treaty protection under article 8 from source taxation of income arising from transportation of goods by operation of ships in international traffic, irrespective of whether or not such ships were owned or chartered by assessee – [2016] 70 taxmann 402 (Ahmedabad – Trib.)

INDIRECT TAX:

Excise : Exporter can claim credit of duty paid to job-worker even if he performs only testing and packing of goods Commissioner of Central Excise, Chennai III Commissionerate v. Braked India Ltd. [2016] 71 taxmann.com 103 (Madras)

Service tax : Services received from agents carrying out ‘sales promotion’ as well as ‘sale’ of products manufactured by assessee, are eligible for input service credit.- [2016]- 71 taxman 12 ( Banglore CESTAT)

Vat : Haryana Govt. specifies 15 days deadline to clear application for amendment in VAT certificate NOTIFICATION NO.15/ST-1/H.A. 6/2003/S.60/2016, DATED 25-5-2016

Excise : Where assessee was engaged in manufacturing of powder at its factory and it cleared said powder from factory in bulk without putting any brand name thereon and sent same to its godown, where it was repacked in containers of 200 gms and labelled with brand name and cleared therefrom, powder cleared from factory would be covered under Chapter Heading 2108.91- (2016) 71 taxman 5 (New Delhi) CESTAT

Custom : Where Customs Department directed bank to keep amounts frozen in current account of assessee, then, in absence of valid directions from assessee to transfer said amount in Fixed Deposit, bank cannot be expected to transfer same in Fixed Deposit; hence, assessee cannot claim ‘unearned interest’ on frozen amounts -[2016] 71 taxmann 9 (Bombay)

OTHER UPDATES:

SEBI : The Securities and Exchange Board of India has issued Consultation paper for Disclosure of financial information in offer document/ placement memorandum and for Valuation in respect of SEBI (Infrastructure investment trusts) Regulations, 2014. The SEBI (Infrastructure investment trusts) Regulations, 2014 (InvIT Regulations) were notified on September 26, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The regulations, inter alia, prescribe conditions for making a public offer and private placement and broad guidelines for making initial and continuous disclosures including disclosures of financials of the InvIT.

HC held that when assessee participated in reassessment proceedings by furnishing the required documents and challenges the reopening subsequently before the high court by filing a writ petition then it would be not be appropriate for the high court to exercise its exclusive jurisdiction because the assessee has already chosen AO to exercise jurisdiction in the matter and to challenge his order before the appropriate appellate forum provided under the Act.

“Quality is never an accident. It is always the result of high intention, sincere effort, intelligent direction, and skillful execution. It represents the wise choice of many alternatives”

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.

Continue reading

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)

CORPORATE AND PROFESSIONAL UPDATE JULY 9, 2016

Professional Update For the Day:

Untitled15A

DIRECT TAX:

Income Tax : Cash deposits in bank can’t be held as undisclosed income without verifying source of deposits Gurpal Singh v. Income-tax Officer, Ward-1, Kapurthala Income-tax Officer, Ward-1, Kapurthala

Income Tax : Chennai ITAT denies Sec 11 exemption to assessee ,an educational trust  with respect to income earned from renting of ‘auditorium hall’ during AY 2010-11.It observed that exemption u/s 11(4) is available on income derived from business held under trust and the words ‘property held under trust’ includes business undertaking held under trust. [TS-364-ITAT-2016(CHNY)]

Income Tax:  Hyderabad ITAT rules that compensation received by assessee ,an India based publication house,in terms of settlement  agreement for not using the trademark obtained from a London based company – Longman Communications Ltd.  which was taken over by Pearson Group, UK,  is a non-taxable capital receipt for AY 2008-09. [TS-363-ITAT-2016(HYD)]

INDIRECT TAX:

Service tax :   Calcutta high court in the case of Saurav Ganguly held that there is no service tax for writing artlcles, anchoring TV shows, playing IPL matches & Brand Endorsement.( Sourav Ganguly -Vs.- Union of India & Ors.)  

    Service tax : Consultancy service availed to procure finance for business is eligible input service Commissioner of Central Excise Bangalore II Commissionerate v. Sanmar Speciality Chemicals Ltd.[2016] 71 taxmann.com 10 (Karnataka)

Excise : Supreme Court in the judgment of the given case held that Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt & not taxable as income. Alternatively, such receipts are “derived” from the industrial undertaking and are deductible u/s 80-IB.( CIT Vs. Shree Balaji Alloys)

Custom : Karnataka HC upholds Tribunal order denying exemption u/s 5(2) of CST Act on lease transactions effected by Hewlett Packard (assessee) with local customers on ground that same did not constitute ‘sale in course of import. [TS-268-HC-2016(KAR)-VAT]

OTHER UPDATES:

Banks need not report details about invocation of bank guarantee for service imports RBI/2016-17/8  A.P. (DIR Series) Circular No. 1 Dated July 07, 2016

Time period u/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.

Where appellant holding merely eight shares objected to scheme of amalgamation which had been approved by all shareholders, secured and unsecured creditor, objection of appellant was malicious and mala fide as he was disqualified from continuing as statutory auditor of company – [2016] 70 taxmann 394 (Delhi)

KEY DATES :

Excise return in Form ER-1 for non SSI assessee for the month of June: 10/07/2016

Excise Return in Form ER-2 for EOUs for the month of June: 10/07/2016

Submission of Excise Return in ER-3 by SSI unit for June quarter: 10/07/2016

“No masterpiece was ever created by a lazy artist”

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.

Continue reading

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)