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CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 2016

CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 2016

www.caindelhiindia.com; CORPORATE UPDATES
www.caindelhiindia.com; CORPORATE UPDATES

Direct Tax:

  • The validity of assessment – if a matter falls u/s. 153(2A) of the Act i.e. if the Tribunal has set aside or canceled the assessment then the fresh order by the AO of assessment shall be passed within the period as prescribed u/s. 153(2A) – Tri – Apeejay Shipping Ltd. Versus Assistant Commissioner of Income-Tax – 2016 (2) TMI 794 – ITAT KOLKATA
  • Disallowance u/s 40(a)(i) – TDS – commission payments to the nonresident agents are not taxable in India as the agents are remaining outside services are rendered abroad and payments are also made abroad.. When the transaction does not attract the provisions of Section 9 of the Act then there is no question of applying Explanation 4 to Section 9 – HC –  The Commissioner of Income Tax, Chennai Versus M/s. Farida Leather Company – 2016 (2) TMI 798 – GUJARAT HIGH COURT

Indirect Tax:

  • DVAT Commissioner has extended the due date for filing of Form GE-II for the first three quarters of the current financial year (i.e. 1 April 2015 to 30 June 2015; 1 July 2015 to 30 September 2015 and 1 October 2015 to 31 December 2015) to 7th March 2016 Vide Notification No. F3(619)/Policy/VAT/2016/1496- 1506  dated 25.02.2016.
  • The costs claimed to be reimbursable are not attributable to the business auxiliary service rendered by the assessee but to the cost of the product itself. Not surprisingly the bank reimburses these expenses – demand of service tax with penalty set aside – Tri – Bhaven Desai Versus Commissioner of Service Tax, Mumbai – 2016 (2) TMI 806 – CESTAT MUMBAI

 FAQ on Company Law:

Query: We are converting a partnership firm into LLP. Our query is – can the amount of contribution in Proposed LLP less than the amount of capital invested infirm?

Answer: No, the amount of contribution cannot be less than the proposed monetary value of the partner’s contribution in the Proposed LLP.

RBI Updates:

  • RBI has recently issued The Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016 with regard tocertain customer identification procedure while undertaking a transaction either by establishing an account based relationship or otherwise and monitor their transactions Vide Notification No. DBR.AML.BC.No.81/14.01.001/ 2015-16 dated 25.02.2016.
  • No credit on cascades which are used to transport CNG to filling station
    [2016] 66com 320 (Mumbai – CESTAT) Mahanagar Gas Ltd. v. Commissioner of Central Excise
  • MCA proposes stringent amendments to cost audit rule
  • NABARD allowed to issue Rs 5,000 crore tax free Bonds
  • Assessee could be arrested for evasion of excise even on basis of prima facie quantification of duty, Hemant Goyal v. Union of India
  • Long-term capital loss can be set off from deemed short-term capital gain arising on depreciable asset

Key Dates:

Advance information for 1st fortnight of March of functions with booking cost > Rs 1 lakh in Banquet Halls, hotels etc. in Delhi: 27.02.2016

We look forward for your valuable comments. www.caindelhiindia.com

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