CORPORATE AND PROFESSIONAL UPDATE OCT 1, 2016

Professional Update For the Day:

DIRECT TAX:-

Punjab and Haryana High court in the below citied case held that if the maintenance charges etc. are stipulated to be payable by the licencee or the lessor it must form a part of the rent for the purpose of computing the annual value of the property while calculating Income frm House Property.( Sunil Kumar Gupta Vs. ACIT, Circle-II, Amritsar)

ITAT Kolkata in the below citied case held that revision u/s 263 is valid where there is a difference of TDS as per 26AS and TDS as declared in the Retun of Income and AO failed to make inquires.( M/s. PBN Construction (P) Ltd., Siliguri Vs. Pr. C.I.T. – Siliguri)

ITAT Chennai in the below citied case held that Since the transaction was relatable to acquisition of capital asset, namely, plant and machinery by way of import from Japan, this Tribunal is of the considered opinion that the gain due to foreign exchange fluctuation would definitely be on the capital field.( M/s Renault India Pvt. Ltd. Vs. The Dy. CIT, Chennai)

INDIRECT TAX:-

There is no service tax liability on banking and financial service on income earned towards leasing out of certain machines where agreement was for providing lease/ right by the respondent to the third party for use of plant and machinery for a period of five year.( CCE, Indore Versus M/s Gajra Gears Pvt. Limited)- 2016 (9) TMI 1111 – CESTAT NEW DELHI – Service Tax

There will ne no penalty on appellant where he had bonafide believed that he is not liable to pay service tax but during the audit the audit party informed him that he is liable to pay service tax then he immediately paid the entire service tax along with interest.( M/s Memco Associates (India) Pvt. Ltd. Versus The Commissioner of Service Tax, Bangalore)- 2016 (9) TMI 1109 – CESTAT BANGALORE – Service Tax

GST UPDATES:-

GST: CBEC releases Draft GST Registration Rules, GST Payment Rules and GST Invoice Rules with formats.

MCA has released the revised the versions of e-Forms –

FORM NAMES	PARTICULAR
Form 23AC	Filing balance sheet and other documents with the Registrar underCompanies Act, 1956
Form 23ACA	Filing Profit and Loss account and other documents with the Registrarunder Companies Act, 1956
Form CHG-1	Application for registration of creation, modification of charge (other than those related to debentures)
Form CHG-9	Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures
Form CRA-2	Form of intimation of appointment of cost auditor by the company to Central Government.

The Ministry of Corporate Affairs (MCA) has made an amendment to the Companies (Management and Administration) Rules, 2014. These rules may be called the Companies (Management and Administration) Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.

Read our articles:

• E-Invoice Mechanism under the GST
• Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN
• Reasons for the Movement of Goods under the GST

ICAI Updates:

ICAI has issued a Guidance Note on Combined and Carve-Out Financial Statements(September 2016) dated on 28/09/2016

ICAI has published an overview (Revised 2016) on Indian Accounting Standard (Ind As) dated on 26/09/2016.

Key Dates:

Excise payment for Non SSI for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Service tax payment for company for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Service tax payment for Individuals/Proprietory/ Partnership Firms for the quarter ended by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Payment of TDS/TCS challan No. 281-07/10/2016

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