Professional Update For the Day:
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 Old ICDS notified in 2015 rescinded – Notification # 29/2016, dt.29.09.2016.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)].
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)
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.
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)
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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