Professional Update For the Day:


Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016.

Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70 389 (RAIPUR-TRIB)

Income Tax: TP provisions can be invoked even for 100% EOU enjoying tax holiday under sec. 10A Transcend MT Services (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 16(1), New Delhi [2016] 70 388 (Delhi – Trib.)

CBDT issued 3rd clarification in the form of FAQs on the Income Declaration Scheme, 2016 Vide Circular No. 25 of 2016 dated 30.06.2016

No denial of sec. 54F relief due to two houses if taxpayer had partial interest in one of the houses V.R. Usha v. Income-tax Officer, Business Ward-XV(1), Chennai[2016] 70 340 (Chennai – Trib.)


Excise : The liability for payment of Central excise duty will be with effect from 01.03.2016. The payment for excise duty for the month of March, April , May , June  is also extended to 31.07.2016.

Excise: The time limit for taking Central excise registration of an establishment by a jeweller  is being extended up to 31.07.2016.

Custom : Clearance of bunker fuels to Indian ship/vessel carrying containerized cargo—reg. vide Circular No. 1034/22/2016-CX dated 1st July, 2016.

Excise: CBEC has extended the time limit for taking central excise registration of an establishment by jeweler to31.07.2016. The liability for payment of central excise will be from 1st March, 2016. However the assessee jewelers may make the payment of excise duty for the months from March 2016 to June 2016 also extended upto31.07.2016. Vide Circular No. 1033/21/2016 – CX dated 01.07.2016.

Excise: Refund of tax paid on non-taxable services is also governed by time limit of section 11B Giriraj Construction v. Commissioner of Central Excise & Customs, Service Tax, Nasik [2016] 70 303 (Mumbai – CESTAT)

Excise: Extension of time-limit for refund claim would also be applicable on time-barred claims Nobel Art & Craft House v. Commissioner of Central Excise, Jaipur-II [2016] 70 315 (New Delhi – CESTAT


RBI: The Reserve Bank of India has released the Financial Stability Report (FSR) June 2016The FSR reflects the overall assessment on the stability of India’s financial system and its resilience to risks emanating from global and domestic factors. Besides, the Report also discusses issues relating to development and regulation of the financial sector.

Companies  (Removal of difficulties) Third Order, 2016 released by MCA. MCA order dated 30.06.2016.


E- Payment of service tax for June: 06/07/2016

Payment of TDS for the month of June: 07/07/2016

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