{"id":2518,"date":"2016-07-01T13:28:40","date_gmt":"2016-07-01T07:58:40","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2518"},"modified":"2021-08-14T11:59:31","modified_gmt":"2021-08-14T06:29:31","slug":"corporate-and-professional-update-july-1-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-1-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 1, 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-69ea8df6615a4\" 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-69ea8df6615a4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-1-2016\/#Dear_Professional_Colleagues_Heartiest_greetings_on_CA_Day\" title=\"Dear\u00a0\u00a0 Professional Colleagues, \n Heartiest greetings on CA Day!\">Dear\u00a0\u00a0 Professional Colleagues, \n Heartiest greetings on CA Day!<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-1-2016\/#DIRECT_TAX\" title=\"DIRECT TAX:\">DIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-1-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-1-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES : \">OTHER UPDATES : <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-1-2016\/#KEY_DATES\" title=\"KEY DATES\">KEY DATES<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Dear_Professional_Colleagues_Heartiest_greetings_on_CA_Day\"><\/span><span style=\"color: #ff6600;\">Dear\u00a0\u00a0 Professional Colleagues,<\/span><br \/>\n<span style=\"color: #ff6600;\"> <strong>Heartiest greetings on CA Day!<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/6-768x468.png\" alt=\"6\" \/><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #0000ff;\">Professional Update For the Day:<\/span><\/strong><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #0000ff;\">DIRECT TAX:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th\u00a0of June, 2016.<\/p>\n<p style=\"text-align: justify;\">Income Tax : Explanation on disallowance of <a href=\"https:\/\/carajput.com\/blog\/corporate-social-responsibility-csr-norms-as-per-new-indian-companies-act-2013\/\">CSR<\/a> exp. doesn&#8217;t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70\u00a0taxmann.com\u00a0389 (RAIPUR-TRIB)<\/p>\n<p style=\"text-align: justify;\">Income Tax: TP provisions can be invoked even for 100% EOU enjoying tax holiday under sec. 10A Transcend MT Services (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 16(1), New Delhi [2016] 70\u00a0taxmann.com\u00a0388 (Delhi &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">CBDT has issued\u00a0Income Tax (18Th\u00a0Amendments) Rules, 2016\u00a0vide Notification No. -54\/2016\u00a0dated27.06.2016. These rules will be\u00a0applicable from 1st day of April, 2017. In the\u00a0Income-tax Rules, 1962\u00a0, after\u00a0rule 127, Foreign tax credit Rule has been inserted in Rule 128.Further,\u00a0\u00a0in\u00a0Appendix-II, after\u00a0Form No.66, Form 67 has also been inserted.<\/p>\n<p style=\"text-align: justify;\">Central Government appoints the 27th day of June, 2016, as the date on which the provisions of Part I of Chapter XII of Finance Act 2016 shall come into force vide Notification No. S.O. 2214(E) dated 27.06.2016.<\/p>\n<p style=\"text-align: justify;\">New versions of e-TDS\/TCS Return Preparation Utility (RPU) &amp; File Validation Utilities (FVUs) available at TIN website applicable W.e.f. 28.06.16.<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/taxation-on-income-from-equity-and-debt-mutual-fund\/\">More read:Taxation on Income from Equity and Debt Mutual Fund<\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #0000ff;\">INDIRECT TAX:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.5;\">\u00a0<\/span>Excise : Delay in filing appeal condoned on payment of costs though no detailed explanation given by assessee for delay Sivalogam Steels (P.) Ltd. v. Customs Excise &amp; <a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service Tax<\/a> Appellate Tribunal [2016] 70\u00a0taxmann.com\u00a0301 (Madras)<\/p>\n<p style=\"text-align: justify;\">Excise:\u00a0Cenvat credit &#8211; the question of taking credit on POY contained in certain waste arising in process of manufacture of polyester texturised yarn would also not arise. Nowhere Rule 9A of CENVAT Credit Rules, 2002 contains anything to the contrary &#8211; Tri<\/p>\n<p style=\"text-align: justify;\">Custom : Tariff notification in respect of fixation of tariff value of Edible Oils, Brass scrap, poppy seeds, Gold and Silver-92\/2016-Dated 30-6-2016-custom.<\/p>\n<p style=\"text-align: justify;\">Custom:\u00a0Assessee can&#8217;t pursue writ when appellate remedy is available Socomec Innovative Power Solutions (P.) Ltd. v. Commissioner of Customs (Appeals), Chennai [2016] 70\u00a0taxmann.com\u00a0344 (Madras)<\/p>\n<p style=\"text-align: justify;\">CBEC has given an Instruction of Inclusion of Show Cause Notices issued in relation to sub-section (11) of Section 28 of the\u00a0Customs Act, 1962 on the competency of officers of DGDRI, DGCEI and Customs (Prev.), in the &#8220;Call Book&#8221; vide F.No.276\/104\/2016-CX.8A (Pt.) dated 29.06.2016\u00a0.<\/p>\n<p style=\"text-align: justify;\">Under Excise Act service of notice by registered post without acknowledgement due is not valid.(\u00a0HC RP Casting (P.) Ltd. v. Customs, Excise &amp; Service Tax Appellate Tribunal) New Delhi<\/p>\n<h2 style=\"text-align: justify; text-justify: inter-ideograph; line-height: 200%; background: white; margin: 12.0pt 0in .0001pt 0in;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"font-size: 16pt; line-height: 200%; color: #0000ff;\">OTHER UPDATES : <\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">ICAI has issued\u00a0FAQs regarding requirements to prepare consolidated Financial Statement dated on 24.06.2016.\u00a0These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements.<\/p>\n<p style=\"text-align: justify;\">RBI: The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has released the\u00a0Financial Stability Report (FSR) June 2016<a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=37342\">.\u00a0<\/a>The FSR reflects the overall assessment on the stability of India\u2019s financial system and its resilience to risks emanating from global and domestic factors. Besides, the Report also discusses issues relating to development and regulation of the financial sector.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #0000ff;\">KEY DATES<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">E- Payment of service tax for June:\u00a006\/07\/2016<\/p>\n<p style=\"text-align: justify;\">Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> for the month of June:\u00a007\/07\/2016<\/p>\n<p style=\"text-align: justify;\"><strong><br \/>\n<\/strong>\u201cIf you have the spirit of understanding everything in a positive way, you will enjoy each and every moment of life, whether it s pressure or pleasure.\u201d<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0www.carajput.com<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a> \u00a0E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0 \u00a09-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear\u00a0\u00a0 Professional Colleagues, Heartiest greetings on CA Day! Professional Update For the Day: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th\u00a0of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn&#8217;t have retro-effect, says ITAT Assistant Commissioner of Income-tax, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172],"tags":[5,333,9038,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2518"}],"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=2518"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2518\/revisions"}],"predecessor-version":[{"id":15724,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2518\/revisions\/15724"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}