CORPORATE AND PROFESSIONAL UPDATE OCT 4, 2016

Professional Update For the Day:

29

Direct Tax:-

Mumbai ITAT grants stay extension to ICICI Securities for outstanding demand of 4.31 crores [TS-536-ITAT-2016(Mum)]

ITAT allows MTM losses; Follows SC ruling in Woodward Governor over subsequent CBDT Instruction [TS-537-ITAT-2016(Mum)]

IDS’ 2016: ₹ 65,250 Crores surrendered through 64275 declarations under IDS’ 2016 and the Govt. to collect ₹ 29,362 Crores by way of tax, interest & penalty.

CBDT issued New Income Computation & Disclosure Standards (*ICDS*) to be effective from *AY 2017-18*. Old ICDS notified in 2015 rescinded – Notification # 29/2016, dt.29.09.2016.

IT: Deduction u/s 10AA eligibility – activities of getting manufactured goods from outside sources on job work basis are also covered under manufacturing activities – ITO, W-8(3), Surat Vs Pramukh International (2016 (10) TMI 8 – ITAT Ahmedabad)

CBDT notified revised income computation and disclosure standards ICDS to be followed by all assessees (other than an individual or HUF who is not required to get his accounts Audited u/s 44AB of the said Act).

Section 234E Fee cannot be levied on TDS deducted prior to 1.6.2015 [Sri Fatheraj Singhvi & Ors Vs. Union of India & Ors (Karnataka HC)].

Indirect Tax:-

Valuation – Once the transaction value was rejected and as the appellant did not want any show cause notice or hearing nothing unsustainable found in the adjudication order which determined the value on the basis of value of contemporaneous imports of similar goods enhanced value sustained. Customs (M/s Rim Zim Textile Versus CC, New Delhi – 2016 (9) TMI 124 – CESTAT NEW DELHI – Customs)

ST: Goods Transport Agency service (GTA) – the issuance of a consignment note is essential characteristic – No consignment note – No ST liability – C.C.E. & S. Vs Jaikumar Fulchand Ajmera  (2016 (10) TMI 42 – CESTAT Mumbai)

ST: Arrest in case of ST default for an amount exceeding Rs. 2 Crores and the default is more than 6 months from the date of amount due – CBEC Circular # 201/11/2016 ST, dt.30.09.2016

Service Tax Return (ST-3) for April 2016 to September,2016 period is  available from 1st October,2016,  for e-filing by the assessees in both offline and online modes. The last date for filing the returns for the said period is 25th October, 2016.

VAT & ST: Input Tax Credit – discount/incentive received – sale of goods at a rate lower than the price shown in the VAT invoice – ITC cannot be disallowed – AC Cir-A, Commercial Taxes, Bharatpur (Raj) & Ors Vs Bhagwati Building Material Store & other (2016 (10) TMI 13 – Rajasthan High Court)

GST UPDATE:-

Under GST payment challan GST PMT-4 generated at GST Common Portal shall be valid for 15 days. Generate fresh challan if not paid in 15 days.

For payment through Debit or Credit card, prior registration of card at GST Common Portal through authorized bank is necessary.

FAQ on Company Law:

Query: In case of Re-appointment of independent director for second term, whether ordinary or special resolution is required to be passed?

Answer: As per the provisions of section 149 (10), an independent director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for reappointment on passing of a special resolution by the company and disclosure of such appointment in the Board’s report.

MCA Updates:

Revised integrated incorporation form for companies notified vide the Companies (Incorporation) fourth Amendment Rules, 2016 dated 1st October 2016 viz. “Simplified Proforma for Incorporating Companies Electronically (SPICe-INC 32)” along with electronic MoA (SPICe MoA-INC 33) and electronic AoA(SPICe AoA-INC 34). (Click here to view)

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

The greatest deception men suffer is from their own opinions. ~ Leonardo da Vinci

Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience and the passion to reach for the stars to change the world.

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This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

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