corporate and professional update dec 10, 2016

Professional Update For the Day:

Direct Tax:-

• TPO has to give reasons why one particular TP method is chosen over others Honda Motorcycle & Scooters India (P.) Ltd. v.Assistant Commissioner of Income-tax, Circle-2, Gurgaon [2016] 76 taxmann.com 75 (Punjab & Haryana)
• License fee to use a software not liable to TDS as it wasn’t taxable as royalty in AY 2009-10 Shinha Bank v. Deputy Director of Income-tax (International Taxation)-2 (1), Mumbai [2016] 76 taxmann.com 42 (Mumbai – Trib.)
• Transactions with residents not International Transaction JM (India) Infrastructure Ltd. v. Additional Commissioner of Income-tax, Range-2, Hyderabad [2016] 76 taxmann.com 45 (Hyderabad – Trib.)
• Press Release has been issued dated 8th december, 2016 that CBDT has detected and exhumed Innovative methods of Laundering and Transportation of cash at Mumbai, Nagpur and Ahemdabad
• CBDT has notified vide Notification No. 12/2016 dated 8th December, 2016 the procedures for the purposes of furnishing and verification of form 27BA for removing of default of short collection and / or Non Collection of Tax at Source.
• Assessing Officers advised by CBDT not to reopen past assessments merely on the ground that the current year’s turnover has increased, due to use of digital means, as a result of Demonetization. Because reason to believe and not the reason to suspect is the premise behind S.147-Circular no. 40/2016 dated 09-12-2016.
• Direct Tax Collections for November, 2016 show growth of 15.12 %. This collection is 48.67% of the total budget estimates of Direct Tax.

Indirect Tax:-

• Ministry of Finance(Department of Revenue) has notified vide Notification No. 60/2016 – Customsdated 8th December, 2016 to further amend the notification no. 12/2012 – customs, so as to reduce import duty on wheat from 25% to Nil without an end date.
• Ministry of Finance(Department of Revenue) has notified to exempt services by an acquiring bank, to any person in relation to settlement of an amount upto two thousand rupees in a single transaction transacted through credit card, debit card, charge card or other payment card service. The principle notification was published vide Notification No. 52/2016 dated 8th December, 2016.
• The Government will waive service tax on debit and credit card transactions of up to Rs. 2,000 to promote digital transactions amid cash crunch following the withdrawal of Old Rs. 500 and 1,000 banknotes.

ESIC Update:-

The Employees’ State Insurance Corporation (ESIC) Raised The Monthly Wage Threshold Limit from Rs 15000 To Rs 21,000 wef October 1.

GST UPDATE:

• GST Migration for Punjab VAT dealers to start from 16.12.2016. As (GST) is likely to be implemented with effect from April 1, 2017.

RBI Updates:

• RBI Allows Banks to Open Account with OTPs. The Reserve Bank of India has amended customer authentication rules to allow banks to open new accounts using one-time pins.

Other Update

• SEBI had issued Circular regarding streamlining the process for acquisition of shares pursuant to tender officer made for takeover, Buy Back and Delisting of Securities CIRCULAR CFD/DCR2/ CIR/P/2016/131 December 09, 2016.

Key Dates:

• Excise Return for Non SSI assesses for November – 10.12.2016
• Excise Return for EOUs for November – 10.12.2016
• A Excise Return by units paying duty > 1 crore (CENVAT + PLA) for November – 10.12.2016

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