CORPORATE AND PROFESSIONAL UPDATE JULY 25, 2016

Professional Update for the Day:

DIRECT TAX:

Income Tax:  CBDT launches paperless PAN & TAN application process vide Press release dated on 22nd July 2016.Under the new process PAN/TAN to be issued within one day. Similarly, New Aadhaar e-Signature based application process also made available.

 Income tax : HC rules in favour of Revenue, holds that exemption to services provided in relation to management, maintenance or repair of roads under Notification No. 24/2009-ST cannot be extended to ‘repair of airport runways. [TS-291-HC-2016(BOM)-ST]

Income tax : No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies. [Batlivala & Karani Securities (India) Pvt. Ltd. vs. DCIT (ITAT Kolkata)].

INDIRECT TAX:

Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Service tax :Excess payment of service tax can be adjusted for payment of subsequent months Schwing Stetter India (P.) Ltd. v. Commissioner of Central Excise, LTU, Chennai [2016] 71 taxmann.com 228 (Chennai – CESTAT)

Service tax : CBEC issued Clarification regarding payment of Service Tax through non electronic modes like cheque vide instruction F.No 137/08/2013-Service Tax dated 07.22.2016.

Read our articles:

COMPANY LAW UPDATES:

Query:  Do we need to execute any agreement/deed for transferring the assets & liabilities on conversion of company into LLP?

Answer:  On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.

The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement/deed.

OTHER UPDATES:

In cases under ‘Limited Scrutiny’, the scrutiny assessment proceedings would initially be confined only to issues under ‘Limited Scrutiny’ and questionnaires, enquiry, investigation etc. would be restricted to such issues. Only upon conversion of case to ‘Complete Scrutiny’ after following the procedure outlined above, the AO may examine the additional issues besides the issue(s) involved in ‘Limited Scrutiny.

KEY DATES:

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 25/07/2016

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28/07/2016

“Innovation distinguishes between a leader and a follower.

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

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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