SEBI extends time Line for June Quarter results to 15, Sept 2020.

SEBI extends the timeframe for filing the financial results of April-June to 15  September 2020.

 

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www.carajput.com; SEBI

Today SEBI extended the time for filing financial reports for the year, half-year and fiscal year ended June 30, 2020, to September 15, insignificant relief to companies. The SEBI Circular reported that it had received representations seeking an extension of time for submission of financial performance for the quarter or half-year ended 30 June 2020 due to its short time gap between the extended deadline for submission of financial results for the period ended 31 March 2020 and the quarter or half-year ended 30 June 2020.

Previously, due to the effects of the coronavirus pandemic, the regulatory body extended the period for submitting financial reports by specified companies for the quarter, half-year, or fiscal year ended 31, March 2020 to 31 July 2020.

For details refer to the circular

SEBI has extended the date from 30 June to 15 Sept 2020 for the filing of financial results

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)

SUMMARIES OF SEBI RELAX & ENCOURAGED PROVISIONAL RELIEF FOR RIGHTS ISSUE

SEBI relaxed and welcomed short track rights issues generating capital on the stock market until 31 March 2021.

Steps to further promote the collection of funds from capital markets in the light of the COVID-19 disease outbreak

In the face of the threats to the Indian economy emerging from the Covid-19 pandemic and with a view to enhancing access to corporate finance through capital markets, SEBI has agreed to offer some temporary relief from regulatory obligations related to rights / public concerns to listed entities.

Right Issues

Fast Track Rights issuances

SEBI has relaxed the following requirements in order to broaden the scope of mentioned organizations for the benefit of fast track rights issues:

1) The qualification requirement for the total market capitalization of the public shareholding of INR 250 crores has been lowered to INR 100 crores.

(2) The requirement relating to the period of listing of the shares of the issuer for at least three years has been reduced to a listing of only eighteen months.

3) The provision relating to no audit credentials in the audited reports of the issuer has been replaced by the obligation to report the effect of the audit credentials on the financial statements of the issuer.

4) Some other requirements of registration with respect to the time of compliance with the terms of the listing regulations, the pending proceedings were taken by SEBI against the issuer/promoter/director, and the enforcement of the violation of the securities laws have now been relaxed.

Minimum Subscription

For order to have more consistency for collecting funds, the threshold for minimum subscription thresholds for rights issues has been reduced from the current 90 percent to 75 percent of the bid value, subject to some limitations.

The threshold for failing to apply a request for a letter of a bid to SEBI

In order to minimize the time involved in raising funds and to simplify compliance requirements, identified organizations collecting funds up to INR 25 crores in rights issues would not be required to request a draft bid paper.

The official requirement for this is INR 10 crores. Such relaxations shall extend to the correct problems which are accessed on or before 31 March 2021. It can be recalled that SEBI revised the ICDR Regulations last year in order to substantially shorten the timeline for the resolution of the T+ 55-day rights question to T+ 31 days and to implement the dematerialization and exchange of rights entitlements. Such steps will make the system for rights more functional and successful.

Flexibility on Issue size

An issuer whose offer document is awaiting receipt of SEBI observations may increase or decrease the size of the fresh issue by up to 50 per cent of the expected issue size (instead of the existing limit of 20 per cent) without allowing the Board to send a fresh draft offer document. Relaxation shall extend to all tender contracts awaiting receipt of SEBI findings by 31 December 2020.

Validity of the findings of SEBI

Having respect to the current economic scenario and on the basis of demands from different industrial bodies, It has been agreed that SEBI ‘s observations on all public issues / rights issues will be extended by six months from the date of expiry for issuers whose observations have expired / expired between 1 March 2020 and 30 September 2020.

To sum up, these steps are aimed at widening the number of listed organisations that are entitled to collect funds by fast track privileges, minimizing the time required and ensuring more flexibility in raising funds rather than relaxing regulatory conditions.

Circulars released by SEBI in respect of the measure referred to above are accessible on the SEBI website at http:/www.sebi.gov.in under the category-‘Legal-Circulars’. Mumbai 21 April 2020

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 Updates on 12th July 2019

RBI Updates:

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  • The Reserve Bank (RBI) slashed by half its US dollar purchases in May from the month before to just about dollar 2.5 billion as the inflows slowed amid uncertainty over US interest rates and elections The central bank bought dollar 5.1 billion and sold dollar 2.6 billion in May, taking net spot dollar purchases to dollar 2.5 billion, according to the latest figures released by the RBI. This is almost half the level of net dollar purchases in April this year when the central bank bought a net of dollar 4.9 billion from the spot market. The central bank was a net seller in May 2018, during which it sold dollar 5.8 billion.
  • The central bank has remained a very passive participant in the forward markets as well. It bought dollar 224 million in the forward markets in May, RBI data showed. Foreign portfolio investors were cautious during the month bringing in a little less than dollar 1 billion during the month. Also, foreign direct investments slowed during the month. The rupee weakened by about 0.1% during the month to end at dollar 69.65 by the end of May. But after the general elections, there has been an improvement in foreign portfolio investments. The rupee has also gained against the dollar indicating strong inflows through a variety of sources.
  • After the union budget, there has been some slowdown in portfolio flows in the secondary markets. But the proposal to raise dollar funds by the government to part-finance its expenses is expected to increase dollar flows, which would require the central bank to purchase these dollars to release rupee funds. The government is working on a sovereign benchmark for external borrowing that will be finalized in September this year, after which there could be some pickup in dollar flows.

SEBI Updates:

  • The government has sought information from the Securities and Exchange Board of India about the origins of those foreign portfolio investors that use the trust structure and the assets that they manage, said a person familiar with the development. It also asked for data on the tax liability of each of the structures employed by FPIs — trusts, companies, and limited liability partnerships.
  • A large number of FPIs in India will be impacted as they are structured either as trusts or AoPs. In the meantime, the Asia Securities Industry and Financial Markets Association, an FPI lobby group, met senior Sebi officials to share their concerns on the budget proposal to increase the tax surcharge on the super-rich. As per data provided to the government, 40% of the FPIs use the trust structure, while 60% of them prefer to use the corporate structure.

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for the assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF returns filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in the month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover up to Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishment taxes.
  • 31-07-2019- Form 67 Due date for claiming Foreign Tax Credit, upload statement of Foreign income offered for tax for the previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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 Updates on 1st June 2019

Direct Tax Updates:

Image result for hd pics on direct tax
  • Delhi High Court restrained the Income Tax Department from taking any action against VVIP chopper deal scam accused Gautam Khaitan against whom a black money case has been lodged. Court said Khaitan, an advocate by profession, has made out a “good prima facie” case for grant of interim relief and grave prejudice would be caused to him if the authorities are not restrained at this stage from proceeding further. 
  • CBDT do not want to let go the Revenue Dues owed by Shell Companies that have been deregistered by the MCA. But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the CBDT. The CBDT has been holding talks with the MCA over this.

Indirect Tax Updates:

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  • The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.
  • Different high courts in the country have given stay orders on several fiats of the National Anti-profiteering Authority (NAA) for the GST, casting doubts on the legal tenability of the way the nearly one-and-half-a-year-old set-up operates and passes orders on alleged cases of profiteering by businesses.A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore. 

RBI Updates:

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  • Government is open to providing more powers to the RBI to direct lenders to take action on stressed assets. There is a growing view in the government that there has to be some regulatory supervision over debt resolution by the RBI.
  • RBI has asked NBFCs with asset size of more than Rs.5,000 crore to appoint a chief risk officer (CRO) with clearly specified role and responsibilities, in view of the increasing role in direct credit intermediation of these companies. The RBI directive comes in the backdrop of the IL&FS imbroglio and its ripple impact on NBFCs.
  • RBI wants NBFCs with assets of more than 5,000 Crore must appoint a Chief Risk Officer (CRO). It said that with the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to Augment Risk Management Practices.
  • RBI Appointed Committee headed by Aadhaar architect Nandan Nilekani submits its suggestions on Promoting Digital Payments to RBI Governor Shaktikanta Das. The 5-member team was formed in January this year to consult with various stakeholders of the payments ecosystem and deliberate on solutions to further strengthen the industry

Other Updates:

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP.
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran
  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
  • ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
  • NBFC crisis to top agenda of new govt.
  • Jet employee group offers to invest $700 million
  • AgMA Energy plans to launch India-specific agri products
  • No interest in taking control of IndiGo: Rakesh Gangwal
  • Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
  • ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
  • TCS eyes double-digit growth in FY20, says COO Subramaniam
  • Dr Reddy’s Laboratories serves a bitter medicine in March quarter
  • RBI’s vision document on payment systems to spur digital economy: Fintech firms
  • Life insurance industry to focus on millennials, digital-human interface
  • IMFA posts loss of Rs 74 cr in January-March qtr
  • Power producers seek removal of double taxation on imported coal
  • RBI to boost card payments with 34% increase in PoS terminals by end of 2021
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • FPIs withdraw Rs 6,399 crore in May so far
  • AstraZeneca moves US court against Aurobindo
  • RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

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  OCT 1, 2016

Professional Update For the Day:

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DIRECT TAX:-

Gujarat HC confirms ITAT order, holds ONGC (‘assessee’) in default u/s 201(1)/(1A) for not deducting TDS on payment of ‘uniform allowance’ to its employees for AY 2010-11.It Rejected assessee’s stand that the dress code at work place would qualify as uniform and hence exemption u/s Sec 10(14)(i) r.w. Rule 2BB with respect to uniform allowance was allowable. [TS-525-HC-2016(GUJ)]

IT: Deposit of amount of the firm in the bank a/c of partner- may be a violation of Indian Partnership Act but not of Income Tax Act – ITO, W-30 (1), New Delhi Vs Vinod Chadha and Vica-Versa (2016 (9) TMI 1069 – ITAT Delhi)

Delhi ITAT allows depreciation on ‘discarded assets’ which formed part of block, but were not used for the purpose of business during AY 2010-11. [TS-522-ITAT-2016(DEL)]

CBDT extended working hours on 30th September ,2016 for IDS Declaration vide press release dated 27/09/2016.Accordingly, the counters for receiving declarations under the Income Declaration Scheme – 2016 shall be functional till 12:00 midnight on 30th September, 2016.

ITAT Jaipur in the below citied case held that when declared income is more than the estimated income applying 8% of the works contract, no addition can be made while computing of net profit.( M/s Zuberi Engineering Co. Vs. D.C.I.T., Circle-2, Jaipur And A.C.I.T., Circle-2, Jaipur Vs.M/s Zuberi Engineering Co.)

INDIRECT TAX:-

The service tax paid on the renewal of the software by the service provider is eligible to be claimed as refund by the appellant.( Emerson Export Engineering Centre Versus Commissioner of Central Excise)-2016 (9) TMI 1134 – CESTAT MUMBAI – Service Tax

Dumpers and parts thereof are to be treated as used in or in relation to the manufacture of final products and thus qualifies as an input.( M/s. Aditya Cement Versus CCE, Jaipur-II)- 2016 (9) TMI 1127 – CESTAT NEW DELHI – Central Excise

CBEC has issued a notification  regarding Non-levy of service tax on the services by way of advancement of Yoga vide notification No. 42/2016 dated 26/09/2016. Central Govt. directs that service tax u/s 66B of Finance Act on the service by way of ‘advancement of Yoga’ provided by entities registered u/s 12AA of Income Tax from July 1, 2012 to October 20, 2015 shall not be required to be paid .

Since the services of renovation and modernization were provided by the service provider in the form of works contract which is excluded from the definition of input service Cenvat credit was rightly denied.(JDSU India Pvt. Ltd. Versus Commissioner of Service Tax, Pune)  2016 (9) TMI 1059 – CESTAT MUMBAI – Service Tax

GST UPDATES:-

CBEC has issued a presentation on IGST model

CBEC has issued Draft Rules and Formats for return and refund

FAQ as Issued by CBECRegistration

Q 1. What is advantage of taking registration in GST?

Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:

Legally recognized as supplier of goods or services.

Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.

Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

Q 2. Can a person without GST registration claim ITC and collect tax?

Ans. No. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.

Q 3. What will be the effective date of registration?

Ans. Where the application for registration has been submitted within thirty days from the date on which the person becomes liable to registration, the effective date of registration shall be date of his liability for registration.

Where an application for registration has been submitted by the applicant after thirty days from the date of his becoming liable to registration, the effective date of registration shall be the date of grant of registration.

In case of suomoto registration, i.e. taking registration voluntarily while being within the threshold exemption limit for paying tax, the effective date of registration shall be the date of order of registration.

Q 4. Who are the persons liable to take a Registration under the Model GST Law?

Ans. Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit as prescribed in a year is liable to get himself registered. However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold.

An agriculturist shall not be considered as a taxable person and shall not be liable to take registration. (As per section 9 (1))

Q 6. Which are the cases in which registration is compulsory?

Ans. As per paragraph 5 in Schedule III of MGL, the following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:

  1. a)  persons making any inter-State taxable supply;
  2. b)  casual taxable persons;
  3. c)  persons who are required to pay tax under reverse charge;
  4. d)  non-resident taxable persons;
  5. e)  persons who are required to deduct tax under section 37;
  6. f)  persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise;
  7. g)  input service distributor;
  8. h)  persons who supply goods and/or services, other than branded services, through electronic commerce operator;
  9. i)  every electronic commerce operator;
  10. j)  an aggregator who supplies services under his brand name or his trade name; and
  11. k)  such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.

FAQ on Company Law:

Query: Loan from directors are exempted from the definition of deposits but if in case the directors and shareholders are same, what will be the position when company has to take funds from them. Will they be included in the purview of Deposits?

Answer: Rule 2(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014 exempts any amount received from a person who, at the time of the receipt of the amount, was a director of the company. In case same person are directors and shareholders of a Company, in that case also, any amount of loan taken from such persons shall not be included in the purview of Deposits.

Query: Can you please tell the procedure to strike off LLP and which form is required to be filed for striking off the name of LLP?

Answer: You shall be required to file eForm 24 along with Copy of detailed application, Copy of authority to make the application, Copy of consent of all partners, Copy of consent of all creditors, Copy of the undertaking/ indemnity bond for striking off name, Copy of statement of assets and liabilities duly certified as true and correct by auditor/Chartered Accountant in practice and Copy of acknowledgement of latest Income tax.

Key Dates:

Excise payment for Non SSI for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Service tax payment for company for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Service tax payment for Individuals/Proprietory/ Partnership Firms for the quarter ended by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Payment of TDS/TCS challan No. 281-07/10/2016

In three words I can sum up everything I’ve learned about life: it goes on.  -Robert Frost

” If you genuinely want something, don’t wait for it–teach yourself to be impatient .”

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, 9-555-555-460

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 SEPT 26, 2016

Professional Update For the Day:

tax

Direct Tax:-

IT: Penalty u/s 271B – assessee firm could not get the accounts audited within time limit prescribed u/s 44AB – there is no mala fide reason for not obtaining the accounts audited in time and penalty u/s 271B should not be imposed – M/s. Gemorium Vs ITO Ward-5(1), Jaipur (2016 (9) TMI 962 – ITAT Jaipur)

CBDT has issued office memorandum regarding withdrawal of notifications granting approval  u/s 35(1)(ii) of the Income-tax Act, 1961 in some cases.{ notification.No.203/09/2015/ITA.II  dated 21/09/2016}

IT: Late filing fee u/s 234E – late filing of TDS return prior to 01 JUN 2015 – demand notices u/s 200A for intimation for payment of fee u/s 234E can be said as without any authority of law and the same are quashed and set aside to that extent – Sri Fatheraj Singhvi & Others Vs Union of India & Others (2016 (9) TMI 964 – Karnataka High Court)

IT: Adjustment in respect of levy of fees U/s 234E was indeed beyond the scope of permissible adjustments contemplated U/s 200A – Little Servants of Divine Providence Charitable Trust Vs ITO (TDS), Alappuzha (2016 (9) TMI 960 – ITAT Cochin)

IT: Penalty u/s 271B – assessee firm could not get the accounts audited within time limit prescribed u/s 44AB – there is no mala fide reason for not obtaining the accounts audited in time and penalty u/s 271B should not be imposed – M/s. Gemorium Vs ITO Ward-5(1), Jaipur (2016 (9) TMI 962 – ITAT Jaipur)

IT: Assessee has directly deposited cash in the supplier’s account and has produced the bills, no evasion of tax by claiming the bogus expenditure in cash – Arun Kumar Mondal Vs ITO, W-2(2), Burdwan (2016 (9) TMI 995 – ITAT Kolkata)

INDIRECT TAX:-

ST: Reimbursable expenses cannot be added in the assessable value of the C&F, ST tax is payable only on the commission and not on the reimbursable expenses  – CCE, Indore Vs Virmani Enterprises (2016 (9) TMI 1025 – CESTAT New Delhi)

VAT & ST: Sale of apartment – petitioner doesn’t become works contractor unless it had already entered into a contract with potential purchasers – Oceanus Dwellings Pvt. Ltd. Vs C.T.O. & Ors (2016 (9) TMI 971 – Kerala High Court)

VAT & ST: Sale of apartment – petitioner doesn’t become works contractor unless it had already entered into a contract with potential purchasers – Oceanus Dwellings Pvt. Ltd. Vs C.T.O. & Ors (2016 (9) TMI 971 – Kerala High Court)

GST Updates:-

Under GST compounding dealer can switch to normal dealer during the year but he can’t change again to compounding dealer during same year.

GST: CBEC released Frequently Asked Questions (FAQ) on GST on 21.09.2016. Link athttp://www.cbec.gov.in/resources//htdocs-cbec/deptt_offcr/faq-on-gst.pdf

GST CBEC issues FAQ’S on Registration, Valuation, ITC, Assessment, Audit, Refund, Demand & Recovery, Appeals, Advance Ruling, Offence & Penalties etc.

SEBI Updates:-

 SEBI has issued circular in respect of Permission for trading in futures contracts and modification in contract specifications at exchange level.

SEBI has issued a clarification that ‘Income from Operations’ may be disclosed inclusive of excise duty, instead of net of excise duty, as specified in the Companies Act, 2013.

FAQ on Company Law:

Query:  Can a Pvt. Ltd. Company pay remuneration to its Ordinary Director (other than M.D/WTD) on Monthly, Quarterly or yearly basis apart from 1% or 3% of Net Profit as provided under Section 197 of The Companies Act, 2013?

Answer: Private Company can pay remuneration to director (other than M.D/WTD) without any limit subject to provisions contained in the Articles of Association of the Company. However by passing a board resolution you can fix/revise the remuneration of the directors in private company. 

MCA Update :

MCA released Companies (Management and Administration) Amendment Rules, 2016 vide Notification dated 23.09.2016.  : The Ministry of Corporate Affairs (MCA) has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.

Amendment is made to clarify the provision of Section 93 of the Companies Act, 2013 under which every listed company is required to file with the Registrar, a return in Form No. MGT.10, with respect to changes in the shareholding position of promoters and top ten shareholders of the company, in each case, representing increase or decrease by two per cent or more of the paid-up share capital of the company, within fifteen days of such change.

Further, Form MGT-6 which is Return to the Registrar in respect of declaration of beneficial interest in shares under section 89 by the company has also been revised.

OTHER UPDATES:-

The Union Cabinet has approved today the proposal of the merging of Union Finance Budget and Railway Budget. Now a Consolidated Budget shall be presented on February 1 every year instead of the last day of the month of February.

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes – See more at: http://taxguru.in/income-tax/cabinet-approves-agreement-samoa-tax-info-exchange.html#sthash.njfis8w1.dpuf

Cabinet approves extension of the validity of Central Orders dated 28.09.2015 in respect of edible oils and edible oilseeds and Central Order No. S.O. No. 2857(E) dated 18.10.2015 in respect of pulses from01.10.2016 to 30.09.2017.

Today is last date for e-payment of ESI, and for DVAT & CST pertaining to august, 2016.

ICAI Updates:-

ICAI: Please pay your Membership and COP fee for 2016-17 before 30 SEP 2016.

Key Dates:

Advance information in BE_2  Formf or 1st fortnight of Oct of functions with booking cost more than rs 1 lakh in Banquet Halls, hotels etc. in Delhi for DVAT -27/09/2016

Time, power, money & body may not cooperate every time in life but Good nature, good understanding, spiritual path & true spirit will always cooperate in life.

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.

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

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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)

CORPORATE AND PROFESSIONAL UPDATE SEPT 5, 2016

Professional Update For the Day:

Untitled7

DIRECT TAX:

SAFEMA : It is only when link or nexus of properties with convict/detenue or to income from such illegal activity is established, properties standing even in name of a relative can be forfeited Competent Authority v. M. Khader Moideen[2016] 72 taxmann.com 283 (Madras)

IT: Eligibility of exemption u/s 54F(4) – the entire amount which was subject to capital gain tax had not been utilized for the purpose of construction of new house nor were the unutilized amounts deposited in the notified Bank Accounts – No exemption – Humayun Suleman Merchant Vs The CCIT-XVII, Mumbai and Anr. (2016 (9) TMI 70 – Bombay High Court)

IT: Without using the services of the directors the key decisions of the business cannot be taken. Therefore it is essential to give remuneration as per Rules and Regulations of the company. In view of this expenditure is allowable as business expenditure – Rangoli Projects Pvt. Ltd. Vs ITO, Ward-15 (2), New Delhi (2016 (9) TMI 67 – ITAT Delhi)

University not wholly or substantially financed by government is not eligible for exemption u/s 10(23)(iiiab). [Visvesvaraya Technological University vs. ACIT (Supreme Court of India)].

INDIRECT TAX:

Refund will be allowed where the contract is for a fixed amount and it has been categorically recorded in the impugned order that no excise duty incidence has been passed on by the respondent to NHAI. NHAI also categorically certified to that effect. (CCE, Raipur Versus M/s Ircon International Ltd.)- 2016 (8) TMI 1022 – CESTAT NEW DELHI – Central Excise

where on account of delay in delivery of manufactured goods is liable to pay a lesser amount that the generically agreed price as a result of a clause (in the agreement), stipulating variation in the price, on account the liablility to “liquidated damages”, irrespective of whether the clause is titled “penalty” or “liquidated damages”, the resultant price would be the “transaction value.( M/s Kalpana Chemicals Versus CCE, C & ST, Hyderabad – III) – 2016 (8) TMI 1024 – CESTAT HYDERABAD – Central Excise

ST: CENVAT credit – an assessee cannot be denied the benefit of Cenvat Credit of duty on the ground that no manufacturing activity was involved when the assessee has admittedly cleared its final product on payment of duty – M/s. Hindustan Unilever Ltd. Versus C.E. & S.T. Jabalpur (2016 (9) TMI 96 – CESTAT New Delhi)

Full receipt of Singaporean sub-contractor to develop ‘T3 Terminal’, Delhi Airport is taxable AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI MERO Asia Pacific (P.) Ltd., In re[2016] 73 taxmann.com 17 (AAR – New Delhi)

GST UPDATE

GST exemption for traders having turnover up to 25 lakhs: Revenue Secretary Source: www.businesstoday.in

RBI UPDATES:-

RBI on Thursday directed credit information companies (CIC) to provide free credit reports in full to individuals whose credit score is maintained with the agency, effective January 1.

RBI has issued a master circular – Non-Banking Financial Company –Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 vide Master Direction No.  DNBR.PD.007/03.10.119/2016-17 dated 01/09/2016.

RBI has issued a master circular – Non-Banking Financial Company-Systemically Important Non-Deposit taking Company and deposit taking company (Reserve Bank) Directions, 2016vide Master Direction No.  DNBR.PD.008/03.10.119/2016-17 dated 01/09/2016.

MCA UPDATE:

Ministry of Corporate Affairs vide General Circular No. 8/2016 dated 29.07.2016, has extended the date to file financial Statements or Annual Returns on or before 29.10.2016, where due date for holding of AGM is on or after 1st April, 2016, without payment of additional fees.

KEY DATES:

E-Payment of Service Tax for August by Companies: 06/09/2016

E-Payment of TDS/TCS deduced/collected for the month of August: 07/09/2016

Submission of Form No. 27C (TCS) received in August to IT Commissioner:- 07/09/2016

Intelligence is the ability to adapt to change.       -Stephen Hawking

We make a living by what we get, but we make a life by what we give.

Discipline is the bridge between goals and accomplishment.        -Jim Rohn

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: 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 SEPT 2,2016

Professional Update For the Day:

Untitled21A

DIRECT TAX:

No tax on income from offshore supplies as supplier had no agency PE in India.

No cancellation of trust’s registration just because its main income was from interest and miscellaneous receipt.

CBDT Extends due date for quarterly furnishing of Form 15G/155H

Income Tax Authorities must mention official e-mail Ids & phone/fax no in all notices/letters issued to taxpayers. F No 225/214/2016/ITA.II of 30-8-2016.

No tax on income from offshore supplies as supplier had no agency PE in India.

The CBDT vide Circular no. 30/2016 dated. 26 Aug. 2016 has streamlined the process for ‘Port Clearance/ No Objection Certificates and Voyage Return/ Assessment’ in the case of foreign shipping companies

No cancellation of trust’s registration just because its main income was from interest and miscellaneous receipt.

Extension of due dates of Form 15G/H received during 1.10.2015- 31.3.2016 & for Q1 of 2016-17, to31.10.2016; & for Q2 of 2016-17, to 31.12.2016. CBDT notification no 10/2016.

SC dismisses review petition against its earlier order dated April 22, 2016 denying exemption u/s 10(23C)(iiiab) to Visvesvaraya Technological University (‘VTU’ ) on the ground that it doesn’t satisfy the condition of being an institution ‘wholly or substantially financed by the Govt.’ for AYs 2004-05 to 2009-10. It Rejected VTU’s contention that ‘fees of all kinds collected’ must be regarded as receipts from Govt.[TS-465-SC-2016]

ITAT pune in the below citied case held that The payments made by assessee to Gensler-USA were merely for project specific drawings & designs without transfer of technology or know-how or even title in drawing & designs and not in the nature of “Royalty” or “Fee for Technical Services u/s 195.[Gera Developments Pvt. Ltd. Vs. DCIT, (Int. Tax), Pune]

INDIRECT TAX:

Recovery of CENVAT credit imposition of interest and penalty machine tool accessories, tips and Inserts CHA service for export of goods Held that – the ownership of the goods and the risk related thereto remains with the appellant up to the loading of the goods on the ship at the port of shipment. Further, Section 4 of the Central Excise Act, 1944, inter alia, states that the place of removal is any other place from where the excisable goods are to be sold after the clearance from the factory. ( Kennametal India Ltd. Versus Commissioner of Central Excise, Large Taxpayers Unit) – 2016 (8) TMI 1031 – CESTAT BANGALORE – Service Tax

Cenvat credit – manpower supply services – availed the input service in their manufacturing activity – whether 75% of service tax payable by the respondent should be considered as ineligible for credit when the provider of service was to pay only 25% of service tax having been paid 100 of the service tax – Held that – 75% of the service tax, which is sought to be denied is admittedly paid to the Government by the provider of service instead of recipient of service.( M/s. Prime Ispat Ltd. Versus CC and CE, Raipur) – 2016 (8) TMI 1026 – CESTAT NEW DELHI – Central Excise

The state of Jammu & Kashmir CBDT further extends the ‘due-date’ for filing Return of Income from 31st August, 2016 to 30th September, 2016.

COM VAT issued the notification:

  • Order dt.31/8/16 enhancing DVAT Refunds jurisdiction of AO’s, Addl. Com/JC’s & Spl.Com.
  • No.658 dated 24/8/16 reg. Withdrawal of mandatory requirement of filing DVAT return with Digital Signatures.
  • Circular No.13 dated.31/08/2016 extending the Q1 2016-17 DVAT returns up to 10/09/2016.

DVAT Last date extended for filing the return for Q1 2016-17 by 10 days and also to find out the ways to improve the system STBA.

GST UPDATE

GST: The Central Govt. is planning to advance the winter session of parliament to pass GST Bill as the ratification of the GST Constitutional Amendment Bill by at least 50% States is expected to be completed by 10th Sep’ 2016. Eight States have already ratified the same. The State of West Bengal has put on HOLD the ratification indefinitely.

GST: With Odisha has become the 16th States to ratify the GST Constitutional Amendment Bill on 01.09.2016, the Central Govt. may seek President’s assent on it. The complete list of States are: 1. Assam; 2. Bihar; 3. Jharkhand; 4. Himachal Pradesh; 5. Chhattisgarh; 6. Gujarat; 7. Madhya Pradesh; 8. Delhi; 9. Nagaland: 10. Maharashtra; and 11. Haryana; 12. Telengana; 13. Mizoram; 14. Sikkim; 15. Goa; and 16. Odisha.

Under GST; TDS @ 1% will be applicable on notified supplies for contracts exceeding Rs. 10 lacs in value. TDS deposit by 10th of next month.

Under GST, refund of ITC allowed at end of Tax Period for exports & where ITC accumulated due to input tax rate higher than output tax rate.

GST will make consumer goods cheaper, boost jobs: CBEC Spelling out benefits of the Goods and Services Tax (GST), the revenue department on Monday said it will make consumer goods cheaper, increase consumption and generate more employment by enhancing economic activity.

FAQ on Company Law:

Query:  One of our client company has appointed Additional Director during the year subject to vacation of office upto ensuing annual general meeting of the company. AGM of the company was scheduled to be called on 15th Sept, but due to unforeseen reasons, company was not able to conduct AGM till 30th September. Our query is whether such Additional Director may hold office afterwards as well as AGM has not been held?

Answer:  As per the provision of Section 161 of Companies Act 2013, the articles of a company may confer on its Board of directors the power to appoint, other than person who fails to get appointed as a director in general meeting, as an Additional Director at any time who shall hold office upto the date of next annual general meeting or the last date on which Annual general meeting should have been held, whichever is earlier.

Here, in this case, AGM was not held upto due date of AGM, i.e 30th September but as per provisions, he may hold office upto the date of AGM or the day on which AGM should have been held , whichever is earlier. Therefore, he shall not hold office afterwards.

Query:  We have a query as whether a company is required to consolidate the financials of LLP, which is its subsidiary, along with its financials?

Answer:   As per Rule 6 of Companies (Accounts) Rules, 2014, it is provided that consolidation of financial statements of a company shall be done in accordance with the provisions of Schedule III to the Companies Act, 2013 and the applicable Accounting Standards.

As per the definition of subsidiary as defined under Accounting Standard (AS) 21, an enterprise controlled by the parent is required to be consolidated. The term ‘enterprise’ includes a company and any enterprise other than a company. Therefore, under AS also, LLPs and partnership firms are required to be consolidated.

Query:  Whether Form DIR-11 is required to be filed in case of vacation of director under Se3ction 167 of Companies Act 2013?

Answer: No, as per  Section 168 (1) of the Companies Act, 2013 read with Rule 16 of Companies (Appointment and Qualification of Directors) Rules, 2014,  Form DIR-11 is required to be filed in case of resignation of director from his office within a period of thirty days from the date of resignation.

RBI UPDATE

RBI has issued Master Directions for NBFC Cos on six subjects. The subjects on which Master Directions have been issued are Exemptions from the provisions of RBI Act, 1934.

ICAI Update

Last date for MEF 2016-17 is 10/09/16. Members are requested to apply at www.meficai.org.

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

FOR FURTHER QUERIES CONTACT US:

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Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. 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”

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

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 APRIL 30, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 30, 2016

34

Direct Tax:

Income Tax has issued a circular on Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies dated 28/04/2016.

 Levy of entertainment tax – Water sport activities offered by Polo Amusement – Polo amusement contended that levy of ET under the ET Act is conditional upon the activity being amusement where people are given admission to an entertainment as defined under Section 2(a) – Held that – the charging provision, Section 6 (1) enacts that tax is to be levied and paid on all payments for admission to any entertainment. Section 2 (m)(iv).( Commissioner of Excise Entertainment, Polo Amusement Park Ltd. Versus M/s Polo Amusement Park Ltd. & Others, Govt of NCT of Delhi And Another).- 2016 (4) TMI 1059 – DELHI HIGH COURT

INDIRECT TAX:

Department of Trade & taxes has issued a notification that returns in Form CR-II for the financial year 2015-16 are required to be filed by 16-May-2016 vide Notification no. .F.3(628)/Policy/VAT/2016/113- 125 dated 28/04/2016

DVAT has extend the period of Filling of online return for fourth quarter of 2015-16 vide circular No. 02 of 2016-17

MCA UPDATES

MCA clarifies that the companies (AS) amendment rules, 2016 dated 30.03.16, to be applicable from F.Y.2016-17. Circular no. 04/2016.

FEMA Updates:

RBI has issued a circular on Foreign Exchange Management (Remittance of Assets) Regulations, 2016 vide circular No. 64/2015-16 [(1)/13(R)] dated 28/04/2016

Key Dates:

  • Deposit of TDS deducted during during March (Other than u/s 194IA in case of purchase of property) through Challan No. ITNS-281- 30/04/2016
  • Excise Return ER-5 for FY 2014-15 by units paying duty > 1 Crore (CENVAT + PLA) in Form ER-5-30/04/2016
  • Excise Return ER-7 for FY 2014-15 by other excise units- 30/04/2016
  • E-Filling of information of declarations in Form 60 received upto 31st March in Form 61-30/04/2016
  • Filling of option to avail composition scheme in DVAT-01- 30/04/2016
  • Filling of withdrawal from composition Scheme in DVAT-03 – 30/04/2016

Plain paper has no value but if you write on it, it becomes document. Life is same, you have to decide which kind of document you want to make of it.

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)