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Due Date for Annual Return OF COMPANY

All companies registered in India must file annual return each year, irrespective of business turnover or activity. Annual return must be filed in Form MGT-7 and Form AOC-4 is also filed along with the annual return. In this article, we look at the due date for annual return for a company.

Filing Annual Return

A company’s annual return has to be filed with the MCA within 60 days from the date of Annual General Meeting. All companies are required to conduct an Annual General Meeting within 6 months of closing of financial year. Hence, the last date for conducting Annual General Meeting would be 30th September and the due date for filing annual return would be 29th November.

If a company cannot hold Annual General Meeting in any year, the annual return still has to be filed within 60 days from the date on which Annual General Meeting should have been held together with the statement specifying the reasons for not holding the Annual General Meeting. Hence, a company cannot excuse itself from filing annual return on the plea of the Annual General Meeting not having been held.

Statutory Fee for Filing Annual Return

Statutory fee for filing is based on the authorized capital of the Company as follows:

For submitting, filing, registering or recording any document Rs. by this Act required or authorised to be submitted, filed, registered or recorded Rs.
In respect of a company having a nominal share capital of up to  Rs. 1,00,000  Rs.200
In respect of a company having a nominal share capital of Rs. 1,00,000 or more but less than Rs.5,00,000.  Rs.300
In respect of a company having a nominal share capital of Rs. 5,00,000 or more but less than Rs. 25,00,000 Rs.400
In respect of a company having a nominal share capital of Rs.25,00,000 or more but less than Rs. 1 crore or more. Rs.500
In respect of a company having a nominal share capital of Rs. 1 crore or more. Rs.600

Penalty for Late Filing Annual Return

In case a company files its annual return after 60 days of date of Annual General Meeting or after 29th November, a penalty would be applicable date of the event and date of filing. Further, the Ministry of Corporate Affairs has proposed to increase the penalty for late filing of annual return multi-fold as follows from the year 2018:

Number of Days Default Current Penalty Proposed Penalty
Up to 15 days Rs.400 Upto Rs.3,000
More than 15 days and up to 30 days  Rs.800 Upto Rs.6,000
More than 30 days and up to 60 days Rs.1600 Upto Rs.12,000
More than 60 days and up to 90 days  Rs.2400 Upto Rs.18,000
More than 90 days and up to 180 days Rs.4000 Upto Rs.36,000
More than 180 days and up to 270 days  Rs.4800 Upto Rs.54,000
More than 270 days Rs.100 per day penalty Rs.200 per day penalty

Note: The above chart has been worked for a company with a capital of share capital of Rs.1,00,000. The new penalty proposed by the MCA from the year 2018 for late filing of annual return is Rs.100 per day per filing. Since, a company will have to file MGT-7 and AOC-4, the penalty for day of default would be Rs.200.

The MCA announcement about the upcoming changes to the penalty structure has been published on the website as under:

“It is proposed to amend shortly, the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond the normal date of filing) shall become payable in respect of 23AC,23ACA,23AC XBRL,23ACA XBRL,20B,21A, MGT-7, AoC-4,AoC-4 XBRL and AoC-4 CFS. Stakeholders are advised to take note and plan accordingly.”

Know more about the increase in penalty for late filing annual return.

Filing Annual Return

Rajput Jain & Associates provides an easy and online process for Entrepreneurs to file their annual return and income tax return along with financial statement and board meeting documents preparation at just Rs.19899. Talk to an Rajput Jain & Associates  Advisor to know more and file Annual Return for your company easily.

Annual Compliance Package for Private Limited Companies Starting @ just 5k

Rajput Jain & Associates offers this unique package starting at an affordable price for the Chartered Accountants who are focussed on taxation aspects rather than on secretarial compliances. This package is specifically offered to the Chartered Accountants who want to outsource the Annual Filing and other secretarial work of their clients. In today’s world it is important to form partnerships in order to expand your reach and attract more clients. Outsourcing your secretarial functions to us will help you to free up time to focus on your core professional services.

We help you meet all the necessary compliance so that you can focus on your core professional activities without worrying about any legal and secretarial hassles. We take care of your compliances and our scope of annual filing services include:

  • Drafting secretarial documents including board report, minutes of AGM, Notices, etc.
  • Providing necessary certifications where required.
  • Filing of ROC returns i.e. AOC-4, MGT-7 and ADT-1.

What we require from your end:

  • Certified Financial Statement of the Client Company.
  • Certified Auditor Report.
  • Any other information regarding the directorship, shareholding, charges or any other material information about the company.

To know more about the scope of service you can contact us on the Email Ids and Numbers given below. We look forward to serving you.For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 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)

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CORPORATE AND PROFESSIONAL UPDATE JUNE 18, 2016

Professional Update For the Day:

8-Tips-Biz-Name

DIRECT TAX:

Income Tax : The initiation of the proceedings u/s 153C in the absence of recording of the satisfaction by the AO of the person searched was held to be invalid and accordingly the assessment framed u/s 153C of the Act is quashed – Bhawna Bhalla Vs. ACIT, CC-21, New Delhi & DCIT, CC-21, New Delhi Vs. Bhawna Bhall

Income Tax: Disallowance made under sec. 14A has to be added back to book profit to compute MAT Haldia Petrochemicals Ltd. v. Joint Commissioner of Income-tax,Range- 12, 3, Kolkata [2016] 70 taxmann.com 70 (Kolkata – Trib.)

Income Tax: TDS not deductible on web hosting and marketing services procured from US based entity. [DCIT vs. M/s Matrimony.Com Pvt. Ltd. (ITAT Chennai)].

Income Tax: TDS –  15G/15H declarations for the period from 01 OCT 2015 to 31 MAR 2016 to be submitted through e-filing portal by 30 JUN 2016 – Notification No.9/2016.

Income Tax: Interest awarded under Land Acquisition Act forms part of compensation; not liable to sec. 194A TDS Movaliya Bhikhubhai Balabhai v. Income-tax Officer-TDS-1-Surat [2016] 70 taxmann.com 45 (Gujarat)

Income Tax : Mere TP addition doesn’t justify levy of penalty if assessee had applied incorrect TP method in good faith Mitsui Prime Advanced Composites India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle- 6 (1), New Delhi [2016] 70 taxmann.com  123 (Delhi – Trib.)

Income Tax: Penalty will be levied u/s 271C for assessee’s failure to withhold TDS u/s 194A on interest paid to its sister concerns. Kerala HC opined that the only way assessee could take the benefit of Sec. 273B was by establishing that there was “reasonable cause” justifying its failure to comply with Sec. 194A. Kerala High Court

Income Tax: Penalty U/s 271(1)(c) shall not be imposed if assessing officer at the time of initiation of penalty proceedings has not specified whether penalty is initiated for the inaccurate particulars of income or concealment of income.(DCIT Vs. M/s Grass Field Farms & Resorts P. Ltd.) ITAT Jaipur

Income Tax: TDS not deductible on web hosting & marketing services procured from US based entity via {DCIT vs. M/s Matrimony.Com Pvt. Ltd. (ITAT Chennai) }

Income Tax: ITAT directs TPO to recalculate additions by considering only international transactions instead of total sales Federal Mogul Automotive Products (India) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (1), New Delhi [2016] 70 taxmann.com 121 (Delhi – Trib.)

Income Tax : Works contract services used for maintenance of office equipment are eligible input services Red Hat India (P.) Ltd. v. Principal Commissioner, Service Tax, Commissionerate, Pune [2016] 70 taxmann.com 132 (Mumbai – CESTAT)

Utility for Income Declaration Scheme, 2016 released by CBDT :  Central Government vide its notification no. 33/2016 dt. 19th May, 2016 has specified The Income Declaration Scheme Rules, 2016. Utility regarding these forms are now available on Income Tax website. Income Tax: Sec. 246A doesn’t allow filing of appeal before CIT(A) against order passed by AO under Sec. 195(2) Deputy Commissioner of Income-tax (International Taxation)-4(2), Mumbai v. Abu Dhabi Ship Building PJSC [2016] 70 taxmann.com 224 (Mumbai – Trib.)

Income Tax Assessee gets enduring benefit from the rights acquired in films and serials and they do not expire on the date of first telecast as contemplated by the assessee – The rights are intangible assets within the meaning of Explanation (iii) to Section 32 and do not fall within the purview of Section 37(1). The assessee is entitled to claim depreciation on same. (Eenadu Television Private Limited. Vs. ACIT, Hyderabad) ITAT Hyderabad

Income Tax: Where assessee, an Indian company, received dividend from a Brazilian company, since assessee was a resident company of India within meaning of article 23 paragraph 3 of DTAA and, Brazilian company had already paid tax on its profits in excess of rate prescribed in paragraph 2 of article 10 of DTAA before distribution of dividend income, such dividend would be exempt from tax in India – [2016] 70 taxmann.com 22 (Kolkata – Trib.)

Income Tax: Section 147 could not be availed of for purpose of correcting a mistake in assessment order; Assessing Officer could not sit in appeal over decision of his predecessor Assessing Officer, who had examined claim and allowed claim of deduction under section 54EC by taking plea that assessee was eligible for lesser amount – [2016] 70 taxmann.com 72 (Gujarat)

Income Tax : Official Assignee need not go before the CBDT for waiver of interest payable under Income-tax assessments. The Insolvency Court itself can consider the question of waiver of interest in terms of the power conferred under section 7 of the Presidency Town Insolvency Act and in the light of the provisions of the Income-tax Act – [2016] 70 taxmann.com 182 (Madras)

Utility for Income Declaration Scheme, 2016 released by CBDT :  Central Government vide its notification no. 33/2016 dt. 19th May, 2016 has specified The Income Declaration Scheme Rules, 2016. Utility regarding these forms are now available on Income Tax website.

Income Tax: Sec. 246A doesn’t allow filing of appeal before CIT(A) against order passed by AO under Sec. 195(2) Deputy Commissioner of Income-tax (International Taxation)-4(2), Mumbai v. Abu Dhabi Ship Building PJSC [2016] 70 taxmann.com 224 (Mumbai – Trib.)

Income Tax Assessee gets enduring benefit from the rights acquired in films and serials and they do not expire on the date of first telecast as contemplated by the assessee – The rights are intangible assets within the meaning of Explanation (iii) to Section 32 and do not fall within the purview of Section 37(1). The assessee is entitled to claim depreciation on same. (Eenadu Television Private Limited. Vs. ACIT, Hyderabad) ITAT Hyderabad

Income Tax: AO of searched person has to record satisfaction even if he is also the AO of other person under sec. 153C  Narsi Creations v. Deputy Commissioner of Income-tax, Central Circle-12, New Delhi
[2016] 70 taxmann.com 156 (Delhi – Trib.)

Income Tax: Revenue couldn’t treat taxpayer as BPO if same was categorized as KPO in earlier year on basis of same agreement
SNL Financial (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Cir.8, Ahmedabad [2016] 70 taxmann.com 146 (Ahmedabad – Trib.)

Income Tax :  Co. outsourcing significant part of its operations can’t be a comparable for a Co. rendering IT enabled services American Express India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 1(1), New Delhi [2016] 70 taxmann.com 82 (Delhi – Trib.)  Registration u/s 12AA cannot be denied on town Planning Activities continuing from earlier years [ITO vs. Moradabad Development Authority (ITAT Delhi)].

INDIRECT TAX:

Service tax & custom : CBEC has issued a circular for speedy disbursal of pending refund claims of exporters of service under rule 5 of the CENVAT Credit Rules, 2004 vide Circular No. 195/05/2016- Service Tax dated 15th June ,2016.This scheme is applicable only to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on the date of the issue of the circular dated 10-11-2015

CBEC has issued a single window project for simplification of procedure in SWIFT for clearance of consignment related to drugs & Cosmetics reg. vide Circular No. 28/2016- CUS- dated 14th June, 2016

Excise  : Whether there will be Eligibility of Cenvat credit of services at their retail outlets from where sales are affected. In the given case No sales are affected at the factory gate but duty is paid at the time of clearance. It was held that since the goods are not sold at the factory gate but are sold at the retail outlets, therefore, by virtue of the express provisions of Section 4(3) (c)(iii) of the Central Excise Act, 1944 the place of removal in the case of appellant will be the retail outlet. Hence cenvat credit will be eligible.( M/s Sports And Leisure Apparel Ltd. Versus Commissioner of Customs, Central Excise And Service Tax-Noida)- 2016 (6) TMI 468- CESTAT ALLAHABAD

Vat : Delhi value added tax has launched “Good Dealer Reward Scheme” Vide order instruction No. F.3 (632)/Policy/VAT/2015/PF/363- 69 dated 10.06.2016. The objective of the scheme is to acknowledge the efforts of better performing dealers so as to further encourage them to continue their efforts for better tax compliance and also to set examples for other dealers.

Central Excise: SSI Exemption – use of Brand/Trade mark or others – as long as assignment stands the assessee using the brand name is eligible for the benefit of SSI exemption notification – Tri

Excise  : CBEC has amend the notification No. 214/86 – central excise dated 25.03.1986 vide notification No. 24/2016 dated 14.06.2016 and further it amends the notification No. 67-95- Central Excise – dated 16.03.1995 vide Notification No. 25/2016 dated 14.06.2016.In this notification they have substituted the word “ Free Trade Zone” with “Special Economic Zone”

Central Excise: Levy of excise duty on readymade garments and made articles of textiles bearing a brand name or sold under a brand name and having a retail sale price of Rs. 1000 or more – reg. Circular No. 1031/19/2016-CX Dated 14th of June, 2016 F. No. 332/5/2016-TRU Dated 14th of June, 2016

Service tax : No interest can be demanded on time-barred payment of service tax  commissioner of Central Excise, Bhopal v. Western Coal Fields Ltd.[2016] 70  taxmann.com 133 (New Delhi – CESTAT)

Service tax : CESTAT grants refund of excess service tax paid on ‘brokerage’ towards stock-broker services, pursuant to subsequent downward adjustment thereof through credit notes to clients. It Rejected the Revenue’s stand that principle of unjust enrichment applicable to present case since issuance of credit notes not sufficient to establish that tax burden had not been passed onto recipients of service. CESTAT Mumbai

Custom : Seeks to extend the levy of anti-dumping duty on imports of Pentaerythritol, originating in, or exported from the People’s Republic of China, for a period of one year

Service tax & custom : CBEC has issued a circular for speedy disbursal of pending refund claims of exporters of service under rule 5 of the CENVAT Credit Rules, 2004 vide Circular No. 195/05/2016- Service Tax dated 15th June ,2016.This scheme is applicable only to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the CENVAT Credit Rules, 2004, which have been filed on or before 31-3-2015, and which have not been disposed of as on the date of the issue of the circular dated 10-11-2015

CBEC has issued a single window project for simplification of procedure in SWIFT for clearance of consignment related to drugs & Cosmetics reg. vide Circular No. 28/2016- CUS- dated 14th June, 2016

OTHER UPDATES

Changes in form 2, 3, 4 & 11 vide Limited Liability Partnership (Second Amendment) Rules 2016

ICAI: 30 SEP 2016 is the last date for payment of Membership & Certificate of Practice (CoP) Fee for FY 2016-17.

Threshold limit of PF withdrawal for deduction of tax, raised to Rs. 50,000 from Rs. 30.000 with effect from 1st June, 2016 vide Finance Act, 2016.

Net realizable of stock to be taken as value it would fetch on actual sale in future. [ITO vs. M/s. Mahendra Traders (ITAT Kolkata)].

A month after India redrew its tax agreement with Mauritius, the government has constituted a working group to examine the “consequential issues” arising out of the changes. Sebi : The Securities and Exchange Board of India (Sebi) has issued a consultation paper on financial disclosures to be made by the newly-introduced Infrastructure Investment Trusts (InvITs). Comments have been invited by June 28. It has proposed that annual disclosure to stock exchanges be on a quarterly basis, not half-yearly as suggested earlier.

RBI : The country has a lot of “unmet demands” for bank loans and a lot of gap is still to be filled in the banking space, Reserve Bank of India Deputy Governor Harun Rashid Khan has said. “We have a lot of unmet demands (for bank loans still a lot of gaps to be filled,” Khan said in reply to a question on the central bank’s plan to issue more licences for setting up new banks.

SEBI : The Securities and Exchange Board of India (Sebi) has issued a consultation paper on financial disclosures to be made by the newly-introduced Infrastructure Investment Trusts (InvITs). Comments have been invited by June 28. It has proposed that annual disclosure to stock exchanges be on a quarterly basis, not half-yearly as suggested earlier.

KEY DATES

Payment of ESI for the month of May- 16-06-2016

E-Payment of DVAT & CST tax for the month of May -16-06-2016

Payment of ESI for the month of May- 21-06-2016

E-Payment of DVAT & CST tax for the month of May -21-06-2016

“Great minds discuss ideas; average minds discuss events; small minds discuss people.”

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 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)

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CORPORATE AND PROFESSIONAL UPDATE MAY 13, 2016

Professional Update For the Day:

Untitled7Direct Tax:

CBDT has issued a circular regarding Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns vide circular No. 13/2016 dated 09.05.2016.

Gujarat HC allows assessee’s writ, holds that interest on enhanced compensation doesn’t fall within the ambit of the expression “interest” as envisaged u/s 145A (which provides that interest received on compensation/ enhanced compensation shall be taxable in the year of receipt); Revenue had rejected assessee’s NIL TDS certificate application made u/s 197(1) on the ground that interest on enhanced compensation (received u/s 28 of the Land Acquisition Act) is taxable as income from other sources in terms of Sec 145A- Gujrat High Court

Only consistent loss making co. should be excluded from the list of comparables: ITAT

IT: Interest income accrued on time deposits – AO has only taken into account the Journal entries credited in the account. The AO has not taken into account the corresponding Journal entries debited – No additions –DLF Hilton Hotels Vs. CIT, Delhi (2016 (5) TMI 492 – Delhi High Court)

IT: Refund of TDS wrongly deducted – Deduction for TDS on Compensation u/s 28 of Land acquisition Act – ITO (TDS) directed to forthwith deposit such amount with the Reference Court which shall thereafter disburse such amount to the petitioner herein – Movaliya Bhikhubhai Balabhai Vs. ITO, Surat (2016 (5) TMI 488 – Gujarat High Court)

Indirect Tax:

HC reverses CESTAT decision, disallows MODVAT credit under Rule 57G of Central Excise Rules on the basis of invoices endorsed by consignee; Said Rule amended w.e.f. April 1, 1994 by which invoices issued by manufacturers and dealers in prescribed form were considered valid duty paying documents, thus eliminating endorsement thereof; Further, in terms of Notifications dated March 30, 1994 and July 4, 1994, invoices issued by specified category of persons viz. wholesale distributors, dealers & importers, enabled input credit availment; HC finds that CESTAT has ignored LB ruling in Balmer Lawrie & Co. Ltd. where it was held that after the issuance of Notification dated July 4, 1994, invoices can be issued only by a registered dealer and only then MODVAT credit can be claimed on strength thereof; Hence, by virtue of changes in procedure, manufacturer could avail MODVAT credit only upon invoices being issued under Rule 52A, holds HC thereby allowing Revenue appeal  : Gujarat HC

HC dismisses Revenue appeal, upholds availment of CENVAT credit by company HO i.r.o. input services rendered to various units, absent restriction of proportionate distribution in terms of Rule 7(d) of CENVAT Credit Rules; Rule 7 at relevant time, permitted input service distributor (ISD) to distribute CENVAT credit of input services to its manufacturing units or units providing output services subject to conditions that (a) credit distributed does not exceed service tax amount, and (b) credit of service tax attributable to service used by one or more units exclusively engaged in manufacture of exempted goods or providing exempted services shall not be distributed.- Rajsthan High Court

Company Law:

MCA has notified new versions of e-forms PAS-3, CHG-1, DIR-12, SH-11 and FTE.

Word of Wisdom:

Life is ten percent what happens to you and ninety percent how you respond to it.    -Lou Holtz

Life’s most persistent and urgent question is, ‘What are you doing for others?’     -Martin Luther King, Jr.

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 -33333 ,  9-555-555-480 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)

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CORPORATE AND PROFESSIONAL UPDATE MAY 5, 2016

Professional Update For the Day:

Untitled24A

DIRECT TAX:

IT: Waiver of levy of interest u/s 234B – Application made u/s 119(2)(a) before CCIT – Chief Commissioners of Income Tax cannot exercise that power except in accordance with directions which are issued by the CBDT – Arun Sunny Vs. CCIT & DCIT (2016 (5) TMI 74 – Kerala High Court)

IT: Deemed dividend addition u/s.2(22) – trade advance in relation to business transaction cannot be treated as deemed dividend – M/s Penguin Apparels Pvt. Ltd. Vs. ACIT (2016 (5) TMI 71 – ITAT Chennai)

CBDT has extended due date for payment of TDS on Transfer of Immovable Property u/s 194IA from the existing 7 days to 30 days – Notification No.30/2016, dt.29.04.2016

CBDT has issued Income Tax (10th Amendment) Rules, 2016. The Board has made submission of report in relation to the approval of in-house research and development facility in Part A of Form 3CL and quantifying the expenditure incurred on in-house research and development facility by the company during the previous year and eligible for weighted deduction in Part B of Form No.3CL, electronic. It has also introduced a new Form 3CLA to be submitted electronically to the Secretary, Department of Scientific and Industrial Research on or before the due date specified in Explanation 2 to sub-section (1) of section 139 of the Act for furnishing the return of income, for each succeeding year. 

INDIRECT TAX:

ST: Test of input being used in or in relation to manufacture is to be applied to consider allowance of CENVAT credit of the service tax paid on the input utilized and having relevance to the output manufactured –M/s ITC Ltd. Vs. CCE, Salem (2016 (5) TMI 89 – CESTAT Chennai)

VAT & ST: A quasi judicial authority should discharge the statutory discretionary powers independently and not under the dictation of superior officers – Kumagai Skanska Hcc Itochu Group Vs. CVAT (2016 (5) TMI 77 – Delhi High Court)

Delhi Com Vat in a meeting informed that the Notification dated 12/4/16 relating to ITEM / ITEM Code being issued by finance deptt. after partial modification from relevant deptt. to come up soon. Further, assured DVAT systems will be ready with the option of accepting Q4 returns on old pattern or new pattern by 8/5/16. Furthermore, vide Notification no. 157 dated: 3/5/16 use of DSC for Q4 made optional for all dealers. TEAM STBA

OTHER UPDATE

IASB,ICAI org. certificate course on concurrent audit at hamirpur from may 7, for regn call: 09418026466, or mail at  info@himachalicai.org

Registration opens for ICAI certificate course on service tax starting @ Delhi from 4 June 16, contact- 120-3045954,  visit www.idtc.icai.org

ICAI invites innovative suggestions for govt. on policy matters. Link: https://goo.gl/2OymKi  Email: neac@icai.in

Dena Bank invites applications by CA firms for empanelment as Concurrent Auditors for the period July 2016-June 2017 to be submitted by 10.05.16.

KEY DATES:

Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06/05/2016

It should be noted that – Last date of filing TDS returns for F.Y 2015-16 shall be 15thMay 2016.

WORD OF WISDOM:

One today is worth two tomorrows. -Benjamin Franklin

“Keep your eyes on the stars and your feet on the ground.”

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

FOR  FURTHER  QUERIES  CONTACT US:

www.carajput.com

E: info@carajput.com

T:011-233 -4 -33333 ,  9-555-555-480 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)

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CORPORATE AND PROFESSIONAL UPDATE MAY 2, 2016

Professional Update For the Day: 

Untitled5

DIRECT TAX:

Disallowance of the deduction claimed u/s 54 – two flats situated on different storey – Held that:- There is nothing in these sections, which require the residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for commercial use.We do not think that the fact that the residential house consists of several independent units can be permitted to act as an impediment to the allowance of the deduction under section 54/54F.(Surendra Sharma Versus Income Tax Officer, Ward 6 (3) , Jaipur).- 2016 (4) TMI 1098 – ITAT JAIPUR

IT: Period of Limitation for passing the Block Assessment Order – benefit of exclusion of the period during which there was a stay order against the order of special audit is available to Revenue – VLS Finance Ltd. & Anr Vs. CIT & Anr – 2016 (4) TMI 1133 – Supreme Court

Society having 2 PAN cards asks to surrender duplicate one[2016] 68 taxmann.com 297 (Delhi) Sri Ram Chandra Mission v. Commissioner of Income-tax

IT: Assessment against non-existing companies to be held as void ab initio – Orbit Corporation Ltd. Vs. DCIT, Central Circle-47, Mumbai – 2016 (4) TMI 1130 – ITAT Mumbai

Disallowance of interest paid by the appellant to the bank as well as to the other parties – Held that – The assessee was able to establish that he had incurred the expenditure wholly and exclusively for the purpose of business and therefore there is no justification for the revenue to disallowance the interest component. The revenue cannot claim to put itself in the armchair of the businessman and decide how much is reasonable expenditure. (M/s. Lakhani Shoe Co. Pvt. Ltd. Versus The ACIT, Circle-2, Alwar)-  2016 (4) TMI 1127 – ITAT JAIPUR

A transaction couldn’t be deemed as transaction of agency just because word ‘agency’ was written in agreement
IT : Where assessee-logistic company did not deduct TDS on payment made to overseas organizations for availing their logistic services, since transaction was on principal to principal basis and merely word ‘agency’ was used in agreement did not mean that there existed relationship of agency, TDS was not required to be deducted[2016] 68 taxmann.com 384 (Kolkata – Trib.) Balmer Lawrie & Co. Ltd. v. Income-tax Officer

Transactions having contingent impact on profit/ losses are not international transactions. [ Siro Clinpharm Pvt. ltd. vs. DCIT (ITAT Mumbai)].

CBDT notifies new form 35 for e-filing of appeal with CIT (A). IT notification no. 11/2016.

INDIRECT TAX:

In terms of the provisions authorization has to be specifically from the foreign service provider and cannot be fastened upon the Indian Service recipient by the Revenue – In absence of such authorization no liability would fall upon appellant.(Escorts Ltd. Versus CCE, Jaipur And Vice-Versa)- 2016 (4) TMI 1077 – CESTAT NEW DELHI

Seeking cross-examination of certain witnesses – Petitioner submitted that show cause notice is based on several statements of witnesses including those of the experts and any reliance on such statements without offering such witnesses for cross examination would be opposed to the principles of natural justice. Held that:- the reasons cited by the adjudicating authority are completely baseless. Merely because, the concerned witnesses have not retracted their statements would not be a ground to deny cross examination. .(M/s Mulchand M. Zaveri & 1 Versus Union of India & 1)- 2016 (4) TMI 1074 – GUJRAT HIGH COURT

Additional Commissioner of Delhi VAT can’t reject application filed under Amnesty Scheme [2016] 68taxmann.com 385 (Delhi)Jaycon Infrastructure Ltd. v. Commissioner of Trade & Taxes

CST & VAT: Delhi VAT – Where assessee, a bank, made advances to customers for purchase of cars and said cars were hypothecated to bank as security and upon default in repaying loan bank had right to repossess car and brought it to sale, disposal of repossessed cars by bank constituted ‘sale'[2016] 68 taxmann.com 296 (Delhi) Citi Bank v. Commissioner of Sales Tax

Amount received by bank from sale of hypothecated goods is liable to sales tax under Delhi VAT

Company Law:

MCA clarifies that the Companies (Accounting Standards) Amendment Rules, 2016, dt.30.03.2016 is applicable from F.Y.2016-17. Cir.No.04/2016.

Government increases interest rates on employee provident fund (EPF) contributions from 8.7% to 8.8% for 2015-16.

Taxis that run on petrol or diesel will not be allowed to ply in NCR from May 1.

Key Dates:

Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06/05/2016

Income Tax Updates:-

The facility to upload online quarterly TDS/TCS statements in the E-Filling portal shall be available with effect from 1st May 2016. (Click here to see the procedure)

Bulk upload of form 15CA, Form 15CB and Form 15CC are available for E-Filling.

No teacher, no professor nor a mentor can teach the important lessons in life better than a hungry stomach and an empty pocket.

The things that we love tell us what we are. -Thomas Aquinas

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