corporate and professional update july 16, 2016

Professional Update For the Day:

DIRECT TAX:

Income Tax : Penalty levied for excess claim of unabsorbed depreciation u/s 115JB; ITAT denies theory of carry backward of losses SBI DFHI Ltd. v. Assistant Commissioner of Income-tax, Range-2 (1), Mumbai [2016] 71 taxmann.com 178 (Mumbai – Trib.)

Income Tax : Sec. 11 amendment which debars dual deduction to trust on purchase of asset doesn’t have retro-effect Commissioner of Income-tax (Exemptions), Bangalore v. Bangalore Baptist Hospital Society [2016] 71 taxmann.com 192 (Karnataka)

Income Tax: Exemption u/s 11 will be allowed on the income generated out of the auditorium which is held under trust of the society for the purpose of generating fund. ITAT Chennai held that the income generated out of the auditorium was used to the objects of the trust. [M/s The Association of Surgeons of India, C/o Shri S. Sridhar, Advocate Vs. The DDIT (Exemptions) – I, Chennai]

INDIRECT TAX:

Excise : CBEC has issued a circular on procedure regarding duty free shop vide circular no. 32/2016 dated 13.07.2016. It may be noted that the Special Warehouse (Custody & Handling of Goods) Regulations, 2016 prescribe maintenance of a computerized system for accounting.

Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed in the notification.

Service tax : No service tax on profit earned by principal as it can’t be said to be promoting business of job worker Radico Khaitan Ltd. v. Commissioner of Service Tax, Delhi [2016] 71 taxmann.com 141 (New Delhi – CESTAT)

Read more about: All about GST Offenses, Penalties & Appeals

Read more about: ITC on Marketing Expenses/Sales Promotion Scheme

 

COMPANY ACT UPDATE :

MCA21 will remain temporarily unavailable from 9:00 PM (16 July) to 9:00 AM (17 July). Stakeholder are advised to plan accordingly.

E-Form AOC-04 for filing Annual Financial Statement is likely to be amended w.r.t filing of CSR expenditure details. The revised AOC-04 E-Form is likely to be available on MCA portal by 3rd week of Jul-2016. Stakeholders are requested to note that filing CSR details are mandatory. Therefore, Annual filing may be planned as per revised AOC-04.

OTHER UPDATES:

SEBI : SEBI has made an amendment in the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide notification No. SEBI/ LAD-NRO/GN/2016-17/008 dated 08/07/2016.SEBI introduce regulation relating to “Dividend distribution Policy”.

Key dates :

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

“The search for happiness is the main reason for unhappiness. Accept life the way it comes, as a result, you will find happiness in every moment of your life.”

We look forward for your valuable comments. www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com E: singh@carajput.com T: 011-233-4-3333, 9-555-555-480

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.