CORPORATE AND PROFESSIONAL UPDATE JULY 1, 2016
Today updates:
DIRECT TAX:
Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016.
Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70 taxmann.com 389 (RAIPUR-TRIB)
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 taxmann.com 388 (Delhi – Trib.)
CBDT has issued Income Tax (18Th Amendments) Rules, 2016 vide Notification No. -54/2016 dated27.06.2016. These rules will be applicable from 1st day of April, 2017. In the Income-tax Rules, 1962 , after rule 127, Foreign tax credit Rule has been inserted in Rule 128.Further, in Appendix-II, after Form No.66, Form 67 has also been inserted.
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.
New versions of e-TDS/TCS Return Preparation Utility (RPU) & File Validation Utilities (FVUs) available at TIN website applicable W.e.f. 28.06.16.
INDIRECT TAX:
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 & Service Tax Appellate Tribunal [2016] 70 taxmann.com 301 (Madras)
Excise: Cenvat credit – 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 – Tri
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.
Custom: Assessee can’t pursue writ when appellate remedy is available
Socomec Innovative Power Solutions (P.) Ltd. v. Commissioner of Customs (Appeals), Chennai [2016] 70 taxmann.com 344 (Madras)
CBEC has given an Instruction of Inclusion of Show Cause Notices issued in relation to sub-section (11) of Section 28 of the Customs Act, 1962 on the competency of officers of DGDRI, DGCEI and Customs (Prev.), in the “Call Book” vide F.No.276/104/2016-CX.8A (Pt.) dated 29.06.2016 .
Under Excise Act service of notice by registered post without acknowledgement due is not valid.( HC RP Casting (P.) Ltd. v. Customs, Excise & Service Tax Appellate Tribunal) New Delhi
OTHER UPDATES :
ICAI has issued FAQs regarding requirements to prepare consolidated Financial Statement dated on 24.06.2016. These 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.
RBI: The Reserve Bank of India has released the Financial Stability Report (FSR) June 2016. The FSR reflects the overall assessment on the stability of India’s 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.
KEY DATES :
E- Payment of service tax for June: 06/07/2016
Payment of TDS for the month of June: 07/07/2016
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