corporate and professional update dec 21,2016


Professional Update For the Day:

Direct Tax:-

  • ITAT Delhi held that the Long-term capital gain earned by the assessee non-resident on off-market sale of shares of listed Indian Company is taxable @ 10% under the proviso to section 112 and proviso to section 112(1) does not state that an assessee, who avails the benefit of the first proviso to section 48, is not entitled to the benefit of a lower rate of tax at 10%. [DDIT Vs Mitsubishi Motors Corporation]

Indirect Tax:-

  • Ministry of Finance (Department of Revenue) has notified via notification no. 53/2016dated 19th December 2016 to amend Service Tax Rules, 1994 so as to allow a person located in non-taxable territory providing online information and database access or retrieval services to a non-assessee online recipient to issue online invoices not authenticated by means of a digital signature for a period up to 31st January 2017.
  • CESTAT Mumbai held that CENVAT credit of goods and services used to build an immovable property can be availed when such property has been given on rent and service tax liability is discharged on such rent received. [Nirlon Ltd. Vs Commissioner of Central Excise].

ESIC Update:-

  • ESIC: Employees & Employers Contribution rate reduced to 1% & 3%.

Other Update:-

  • PAN mandatory if credit in your account after 9/11/2016 is more than Rs 2,00,000 including cheque credit/online transfer /cash deposit or credit by any other means and your account balance is more than Rs 5,00,000 then no debit transaction shall be allowed without PAN.
  • ICAI has asked the government to put in place a more transparent process in selecting auditors in banks, saying its demand is particularly relevant in the context of high probability of frauds in the lending institutions in the aftermath of demonetisation.

Key Dates:-

  • E- Payment of DVAT & CST for Nov: 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov: 22.12.2016.

“When you are in the light, everything follows you. But when you enter into the dark, even your own shadow doesn’t follow you.”

“Success does not consist in never making mistakes but in never making the same one a second time.”

We look forward for your valuable comment


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Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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