CORPORATE AND PROFESSIONAL UPDATE JULY 18, 2016

Professional Update For the Day:

DIRECT TAX:

Income Tax : No denial of Sec. 54F relief if taxpayer is unable to get possession of flat due to builder’s fault
Rajeev B. Shah v. Income-tax Officer, Ward-19 (2) (1), Mumbai
[2016] 71 taxmann.com 198 (Mumbai – Trib.)

Income Tax: The Government of India has given Relaxation of time schedule for making payments under the Scheme the Income Declaration Scheme 2016: (I) a minimum 25% of the tax, paid by 30.11.2016; (ii) further 25% by 31.3.2017; and balance on or before 30.9.2017.

Income tax : In a bid to end taxpayers harassment, the CBDT has prescribed revised format for Scrutiny Notice u/s 143(2) of the Income Tax Act’1961 in “three new formats” that will clearly stipulate if the inquiry against them is “limited, complete or manual”.

All scrutiny notices, shall henceforth, be issued in these revised formats. Further, Taxpayers residing in cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai can opt for paperless/E-Assessment (if their case falls under scrutiny) as part of a new pilot project that the CBDT is running in this regard.

Income tax : Where activities of assessee-society in organising seminars/conferences and Auto Expo were performed with prior object of promotion of growth of automobile industry in India which is an object of general public utility, such activities would not come within ambit of proviso to section 2(15) even if some income was generated from such activities – [2016] 71 taxmann.com 138 (Delhi – Trib.)

Read more on Basic Concept of Bitcoin Taxation in India

INDIRECT TAX:

Service tax : While dismissing appeal as time-barred, appellate authority cannot go into merits; hence, if appellate authority, while dismissing appeal as time barred, has entered into merits of case and dismissed same, on merits, then, such an act of appellate authority would be an illegality, which can be set aside in writ – [2016] 71 taxmann.com 113 (Madras)

Vat & sales tax : TEAM STBA with their efforts has done:(i) CDT Form 9, For 2015-16 put on site, also allows forms details of 12-13, 13-14 & 14-15 to be filed.(ii) Like 2013-14 VATO allowed to correct 2A/2B details of 2014-15 where Name/TIN needs correction without change in amount

COMPANY  LAW UPDATES :

Query: In one of our Company, shareholders have appointed their respective nominees as per Section 72 of the Companies Act 2013. Now, one of the shareholder died and his nominee wants to transfer shares to third party. Now, our question is – Can the nominee sell the shares without registration in `his favour. If yes, what is the procedure?

Answer: Yes, a nominee can sell the shares to a third party, without registration of shares in his favour. However, the usual procedure for transfer of shares will have to be followed.

OTHER UPDATES:

SEBI : Carrying on CIS on or after 25-1-1995 without obtaining registration certificate has been prohibited: SAT
Securities and Exchange Board of India v. Gaurav Varshney
[2016] 71 taxmann.com 197 (SC)

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 – Insertion of Regulation 43A – NOTIFICATION NO.SEBI/LAD-NRO/GN/2016-17/008, DATED 17-6-2016

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

“If you can’t explain it simply, you don’t understand it well enough”

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

FOR FURTHER QUERIES CONTACT US:
W: www.carajput.com E: singh@carajput.com , 9-555-555-480

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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.

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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