CORPORATE AND PROFESSIONAL UPDATE APRIL 30, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 30, 2016

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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.

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