{"id":2417,"date":"2016-04-30T15:56:31","date_gmt":"2016-04-30T10:26:31","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2417"},"modified":"2021-12-20T18:59:33","modified_gmt":"2021-12-20T13:29:33","slug":"corporate-and-professional-update-april-29-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/","title":{"rendered":"corporate and professional update april 29, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e91e4c1f52d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e91e4c1f52d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_29_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE APRIL 29, 2016\">CORPORATE AND PROFESSIONAL UPDATE APRIL 29, 2016<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/#DIRECT_TAX\" title=\"DIRECT TAX\">DIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/#Key_Dates\" title=\"Key Dates\">Key Dates<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/#New_revise_TDSTCS_due_date_for_filing_Return_and_Payment_for_the_year_2020\" title=\"New revise TDS\/TCS due date for filing Return and Payment for the year 2020\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-29-2016\/#key_features_of_TCS_on_goods_sale_section-206c\" title=\"key features of TCS on goods sale section-206c\">key features of TCS on goods sale section-206c<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/06\/1-768x392.png\" alt=\"1\" width=\"982\" height=\"501\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_29_2016\"><\/span><span style=\"color: #ff6600;\"><a style=\"color: #ff6600;\" href=\"https:\/\/carajput.com\/blog\/?p=2381\">CORPORATE AND PROFESSIONAL UPDATE APRIL 29, 2016<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Income Tax<\/strong><\/span>:\u00a0Fee for technical services<strong> :\u00a0<\/strong>Where assessee-foreign company provided data processing support service to Indian bank and it was argued that no technical services were rendered in India whereas only processing of data was done and that too at Hong Kong and therefore, payment made by bank could not be taxed in India.<\/li>\n<li>since matter was remitted by co-ordinate bench of Tribunal in assessee&#8217;s own case for earlier assessment year having similar issue, matter for present assessment year had to be remanded &#8211; [2016] 67 taxmann 277 (Mumbai &#8211; Trib.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Computation of<strong> :\u00a0<\/strong>Where assessee did not disclose income from house property in respect of his six immovable properties, Assessing Officer could not make addition to assessee&#8217;s income merely on basis of notional rent on cost of properties without computing income in accordance with provisions of sections 22 and 23 &#8211;\u00a0[2016] 67 taxmann 269 (Mumbai &#8211; Trib.)<\/li>\n<li><strong>Immovable property :\u00a0<\/strong>Where assessee sold two flats during relevant year acquired out of his undisclosed income, since said amount had already been added to assessee&#8217;s income earlier in block assessment proceedings, Assessing Officer could not make addition again under section 68 in respect of sale consideration in question &#8211; [2016] 67 taxmann 269 (Mumbai &#8211; Trib.)<\/li>\n<li>IT: Expenditure incurred towards fund &#8211; allowed as deduction while computing income of the assessee co-operative bank &#8211; The Karnataka State Co-operative Apex Bank Ltd. Vs. DCIT, Cir-3(1), Bangalore (2016 (4) TMI 871 &#8211; ITAT Bangalore)<\/li>\n<li>Today (28.04.16) is last date to file DVAT- 56 (DVAT Return verification form) and DVAT-48(Return of TDS) for quarter ended March, 2016.<\/li>\n<li>IT:Deduction u\/s. 54F &#8211; allowance of claim as assessee has purchased a semi-finished house and completed construction before the three years period as prescribed &#8211;\u00a0 Srinivasa Rao Vs. ACIT, Cir-3(2), Hyderabad (2016 (4) TMI 867 ITAT Hyderabad)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"text-decoration: underline;\">CBDT Circular regarding Commencement Of Limitation For Penalty Proceedings U\/s 271D and 271E of the Income tax Act, 1961<\/span><\/strong><\/li>\n<li>The CBDT has issued Circular No. 09\/DV\/2016 dated 26th April 2016 in which it has expressed the view, by relying on the judgement dated dated 8.7.15 of the Kerala High Court in Grihalaxmi Vision vs. ACIT that the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961 does not commence at the level of the Assessing Officer (below the rank of Joint Commissioner of lncome Tax) but commences at the level of the Range authority i.e. the Joint Commissioner of Income Tax.\/Addl.<\/li>\n<li>Commissioner of Income Tax. The CBDT has advised Assessing Officers (below the rank of Joint Commissioner of Income) to make a reference to the Range Head regarding any violation of the provisions of section 269SS and section 269T of the Act, as the case may be, in the course of the assessment proceedings (or any other proceedings under the Act). It has directed that the Assessing Officer, (below the rank of Joint Commissioner of Income Tax) shall not issue the notice in this regard.<\/li>\n<li>The Range Head will issue the penalty notice and shall dispose\/ complete the proceedings within the limitation prescribed u\/s 275(1)(c) of the Act<\/li>\n<li>reduces interest rates on employee provident fund (EPF) from 8.75% to 8.7% for financial Year 2015-16.<\/li>\n<li>Family pension claim not acceptable if option to join scheme was not exercised. [Ganesh Prasad Mishra vs. Commissioner EPF Organization (Madhya Pradesh HC at Indore)].<\/li>\n<li>Excess of TDS deposited u\/s. 195 eligible for interest u\/s. 244A. Circular no:11\/2016\u2013 IT.<\/li>\n<li>Relaxation of Know Your Customers (KYC) Norms for customs notified vide circular no. 13\/2016 dated 26Th\u00a0April 2016-\u00a0(click here to view)<\/li>\n<li>The Contract entered for the purpose of packing loading and unloading etc. of the goods for which labour was supplied by the assessee to M\/s Birla Corporation Ltd. cannot be held as Cargo Handling Service as the two conditions are not satisfied- (The Deputy Commissioner, Central Excise &amp; Another Versus Sushil &amp; Company\u00a0&#8211; 2016 (4) TMI 987 &#8211; SUPREME COURT.<\/li>\n<li>Assessee is providing the services directly to M\/s. Jet Airways (I) bPvt. Ltd. which is not on behalf of Airport Authority &#8211; it cannot be said that Airport Authority has authorized the assesse to provide the services- (Commissioner of Service Tax, Mumbai-I Versus Soft Touch Aviation\u00a0&#8211; 2016 (4) TMI 986 &#8211; CESTAT MUMBAI)<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>:<\/strong><\/span>\u00a0Addition u\/s 68 &#8211; creditor from the foreign country &#8211; Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the creditor from the foreign country which is contrary to the facts of the case as well as evidence produced by the assessee- (M\/s Vam-Hi-Fashion Garments Pvt. Ltd. Versus ACIT, Range-17, New Delhi- 2016 \u00a0ITAT DELHI).<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span> Stay application &#8211; looking at the manner in which the petitioner has been dealt with by the AO in regard to its stay application it would be in the interest of justice that the application for stay filed by the petitioner be heard by another Officer different from the Assessing Officer- (Piramal Fund Management Pvt. Ltd. Versus Deputy Commissioner of Income Tax Mumbai And Others\u00a0&#8211; 2016 BOMBAY HIGH COURT).<\/li>\n<li>CBDT releases e-filing vault: new facility to add higher security to e-filing accounts of taxpayers, press release dated 04-04-2016.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>INDIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>DELHI VAT ACT, 2004 &#8211; NEW COMPOSITION SCHEME FOR RESTAURANTS AND HALWAIS : CIRCULAR NO.01 OF 2016-17 [NO.F.3(664)\/POLICY\/VAT\/2016\/106-112], DATED 27-4-2016 dealers whose annual turnover is upto Rs. 50 Lakhs and who makes sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coffee etc. have an option to pay composition tax @ 5%.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Service Tax<\/strong><\/span> : There is no distinction between &#8216;providers of education&#8217; and &#8216;commercial coaching or training institution&#8217;; hence, even providing of computer education online is covered with commercial coaching or training and liable to tax.<\/li>\n<li>Delhi VAT extended\u00a0online return filing due date till\u00a016\/05\/2016\u00a0for Q4 15-16 vide circular no: 02 dated 28th April.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Excise &amp; Customs-<\/strong><\/span>Unjust enrichment applies to : (a) &#8216;captive consumption&#8217; of, as well as (b) &#8216;indirect passing on of burden of duty&#8217;, as well as (c) duty paid under protest; hence, mere payment of duty under protest on captively consumed goods does not rule out unjust enrichment 2016] 67 taxmann.com 314 (Madras)<\/li>\n<li><span style=\"color: #00ccff;\"><strong><span style=\"color: #00ccff;\"><a style=\"color: #00ccff;\" href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service Tax<\/a><\/span>:<\/strong><\/span> Selling\/supplying coffee and tea, through vending machines installed at their customer&#8217;s premises and charging consideration at a fixed rate per cup, prima facie, amounts to sale and not liable to service tax under outdoor catering<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/services-vat.php\"><span style=\"color: #00ccff;\">VAT<\/span><\/a> and Sales : <\/strong><\/span>Tax Selling\/supplying coffee and tea, through vending machines installed at their customer&#8217;s premises and charging consideration at a fixed rate per cup, prima facie, amounts to sale and not liable to service tax under outdoor catering, so it will be chargeable under VAT not on see service tax.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:\u00a0<\/strong><\/span>Exchange rate notified vide notification no. 47\/2016 dated 04\/04\/2016 Cenvat Credit allowability on the inputs used in the manufacture of exempted goods or non dutiable goods &#8211; Cenvat Credit on the inputs used in the process which does not amount to manufacture is admissible- (Commissioner of Central Excise &amp; Customs, Aurangabad Versus M\/s Fine Packaging Pvt Ltd\u00a0&#8211; 2016 CESTAT MUMBAI)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #ff6600;\"><strong>Key Dates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MCA notifies CARO, 2016, applicable for FY beginning on or after April 1, 2015.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Filing of DVAT return verification form for quarter ended March where return not signed with digital signature:\u00a028\/04\/2016<\/li>\n<li>Return by scheduled banks branches in delhi engaged in sale of silver, gold, repossessed vehicles for quarter ending March: 28\/04\/2016<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> u\/s 194IA deducted on purchase of property\/TCS collected in March:\u00a007\/04\/2016<\/li>\n<li>Submission of Forms received in March to IT Commissioner:\u00a007\/04\/2016- Form No. 27C(TCS).<\/li>\n<li>Return of DVAT TDS for quarter ending March:\u00a028\/04\/2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>\u201cReflection Cannot Be Seen In Boiling Water,<\/strong><strong>\u00a0 <\/strong><strong>The Same Way, Truth Cannot Be Seen In A State Of Anger.\u201d<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">The most useful asset of a person is not a head full of knowledge but a heart full of love with ears open to listen and hands willing to help.<\/p>\n<p style=\"text-align: justify;\">Your mind is a magnet. If you think of blessings, you attract blessings and if you think of problems, you attract problems. Always cultivate good thoughts and always remain positive and optimistic.<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><\/p>\n<p>More read for related blogs are:<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"New_revise_TDSTCS_due_date_for_filing_Return_and_Payment_for_the_year_2020\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"key_features_of_TCS_on_goods_sale_section-206c\"><\/span><strong><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206c<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 29, 2016 DIRECT TAX Income Tax:\u00a0Fee for technical services :\u00a0Where assessee-foreign company provided data processing support service to Indian bank and it was argued that no technical services were rendered in India whereas only processing of data was done and that too at Hong Kong and therefore, payment made by &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[4994],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2417"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=2417"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2417\/revisions"}],"predecessor-version":[{"id":20281,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2417\/revisions\/20281"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}