CORPORATE AND PROFESSIONAL UPDATE AUG 5, 2016

CORPORATE AND PROFESSIONAL UPDATE AUG 5, 2016

date-extended

Professional Update For the Day:

DIRECT TAX:

  • Assessee having eligible industry and availing deduction under section 80-IB, will not be entitled for same in respect of income from DEPB and DEPB Premium.
  • Personal property of directors can’t be used to recover import duty payable by company: HC
  • Income Tax:  MAT – computation of the book profit under explanation to section 115JA – the question of increasing the net profit by the amount of lease equalization charge would not arise, the same being not in the nature of a reserve – Gujarat High Court in case of [PCIT Vadodara Vs. Sun Pharmaceutical Industries Ltd]
  • ITAT: Applies Sec. 50C to builder’s land-transfer; Cites long-term holding intention to earn appreciation [TS-415-ITAT-2016(Mum)]
  • SC: Reverses Bombay HC, restores reassessment notice absent proof of bad-debts write-off [TS-410-SC-2016]

INDIRECT TAX:

  • Constitution (122nd) Amendment Bill, 2014 enabling levy of GST by Central Govt. as well as State Govts. is finally passed by Rajya Sabha with 100% in favour of the same. Now it shall go back to Lok Sabha to approve the amendments made by Rajya Sabha. Thereafter it shall be ratified by at least 16 States before being presented to the Hon’ble President for his assent.
  • Order passed by DG allowing confidentiality of documents couldn’t be subject matter of appeal: CCI.
  • No service tax could be levied if there was a transfer of right to use goods irrespective of the fact that the transfer was non-exclusive.
  • CESTAT Bangalore in the below citied case set aside the penalty imposed, due to delay in payment of service tax, by the revisionary authority since the service tax along with interest has been paid voluntarily by the appellant.( S-Mac Security Services Pvt. Ltd. Vs. Commissioner of Service Tax)

Company Law:

  • Extension of last date of filing Form AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7 under the Companies Act, 2013.
  • MCA issues The Companies (Accounts) Amendment Rules, 2016. MCA Notification dated 27.07.2016.
  • MCA releases Companies (Incorporation) Third Amendment Rules, 2016. MCA Notification dated 27.07.2016.

OTHER UPDATE :

  • New RBI norms rule out banking licences for big corporates.
  • Result of IPCC announced is Ist group – 9.18%, IInd group – 7.06%, both group – 4.78%.Congratulations to all passed out students
Key Dates:
 ·  Filing of ITR returns by Individuals, HUF (Without Audit): 05/08/2016
·  Filing of ITR returns by Firms, AOP, BOI (Without audit): 05/08/2016
·   E-Payment of Service Tax for July by Companies: 06/08/2016
· Extension of last date of filing of Income tax  returns for the FY 2015-2016 (AY 2016-17) from31.07.2016 to 05.08.2016. For J&K assessees last date is 31.08.2016.
·  Extension to 29.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), & MGT-7. Circular No.08/2016 Dated 29.07.2016.
·  Public Servants Annual Assets Liabilities Return Filing due date extended to 31.12.2016
·  15-08-16 is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.

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