Tax Update :

DIRECT TAX:

• CBDT mandates PAN of authors/ founders/ trustees/ managers in Form 10A. Notification No. 67/2016
• AO to verify whether cash payments made to drivers on Sundaywould cover under exceptions to sec. 40A(3): ITAT Shivshakti Transport Sangh v. Income Tax Officer, Ward-1, Panvel [2016] 72 taxmann.com 79 (Mumbai – Trib.)
• CBEC prescribes requirements to claim refund of input tax credit, releases draft Circular.
• No sec. 69C additions on basis of info received from sales tax dept. without giving hearing change to assessee Income-tax Officer, Ward 18(3)1, Mumbai v. Rajkumar B. Mutreja [2016] 72 taxmann.com 76 (Mumbai – Trib.)

 Indirect Tax:

• CESTAT NEW DELHI Held that – Central Excise Cenvat credit – availability – duty paid on various iron and steel items used for fabrication of capital goods – Held that – the issue stand covered by the recent decision of Hon ble High Court of Gujarat in the case of Mundra Ports & Special Economic Zone Ltd. vs. CCE & Cus 2015 (5) TMI 663 – GUJARAT HIGH COURT and by the precedent decision of same assessees case. Therefore, in any case, even if the said items are held to be used as supporting structures, the cenvat credit cannot be denied. (Commissioner of Central Excise Versus M/s. Monnet Ispat & Energy Ltd. – 2016 (8) TMI 349 – CESTAT NEW DELHI)

 Company Law:

• Further, to state that Form DIR 12 is not only meant for appointment or Cessation of Director only. It is meant for Change in Designation as well.
• There is no impediment in law sanctioning reduction of the share capital held by public shareholders. [Meena Steels Ltd. vs. High Court Of Delhi].

OTHER UPDATE :

• Cost Accountant (s) eligible to be e-return Intermediary: CBDT.Notification No. 66/2016
• SEBI has proposed a new framework for super-fast algorithm (algo) trading by suggesting random ‘speed bumps’ and separate queues for algo and non-algotrades by releasing a Discussion Paper ‘Strengthening of the Regulatory framework for Algorithmic Trading & Co-location’.
• RBI has notified (AIFIs) (Exim Bank, NABARD, NHB and SIDBI), shall follow the Indian AS as notified under the Companies (Indian Accounting Standards) Rules, 2015, subject to direction issued by the Reserve Bank in this regard.

Key Dates:

 ·         Extension to 29.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), & MGT-7. Circular No.08/2016 Dated 29.07.2016.

·         Public Servants Annual Assets Liabilities Return Filing due date extended to 31.12.2016

·         15-08-16 is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.

·         Excise return in form ER-1 for NON SSI assessee for the month of July: 10/08/2016

·         Return by EOU in the ER-2 form for the month of July-10/08/2016

A right delayed is a right denied.           -Martin Luther King

Silence is the strong fence around wisdom, if your foot slips, you can regain your balance, but if your tongue slips, you can never re-build your image again.

Every one wants happiness, no one needs pain, But it is not possible to get a rainbow, without a little rain.

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