TAX UPDATE

Direct Tax:

• Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Section 139, to be verified through ITR V form by 31.08.16. CBDT Circular no.13/2016.
• Bank could claim sec. 36(1)(viii) deductions in rectification application when it failed to claim it in e-return Citizen Credit Co-operative Bank Ltd. v. Deputy Commissioner of Income-tax, Range-1(2), Mumbai [2016] 72com 80 (Mumbai – Trib.)
• Share premium couldn’t be treated as business receipt if it wasn’t utilized for running business Credit Suisse Business Analysis (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-15 (1) (2), Mumbai [2016] 72com 131 (Mumbai – Trib.)
• CBDT recognizes Cost Accountants as e-return intermediaries. Visithttp://www.icmai.in/upload/Institute/Updates/CBDT-Intermediary.pdf for details.

 Indirect Tax:

• Loss in quantity of input to render it fit for usage in manufacturing is eligible for credit Real Ispat & Power Ltd. v. Commissioner of Central Excise & Customs, Raipur [2016] 72com 84 (New Delhi – CESTAT)

• HC criticizes dept. for issuing certified copies of unsigned draft order M.S. Shoes East Ltd. v. Union of India [2016] 72com 94 (Delhi)

GST IMPACT ON VARIOUS SECTOR.*

• BANKS* – Current service tax 15% now after  GST 18%-
• CONSUMER STAPLES* current tax rate 22% know after GST it’s 18% .
• Positive for – Asian paints,Dabur,HUL,EMAMI
• NEGATIVE for ITC & UNITED BEVERIES.
• CONSUMER DISCRETIONARY* current 15% after GST 18% – NEGATIVE
• MEDIA* – current Tax 15% service tax and 7% entertainment Tax by State’s know After GST it will be 18% – POSITIVE
• TELECOM* current Tax 15% After GST 18% may see marginal dip in consumption as tax rise from 15% to 18% – NEGATIVE
• AUTO INDUSTRIES* current Tax 27% after GST it will be 18% – POSITIVE
• METALS* – current TAX 18% after GST 18% no major impact
• CEMENT* – current Tax 27% altogether after GST it will be 18% – POSITIVE.
• PHARMA* – current Tax 15% after GST it will be 18% – NEGATIVE
• REAL ESTATE* – 15% to 16% Stamp duty, Current duty approx 7%. NEGATIVE for real estates.
• TRANSPORTATION* – majorly benefits to logistics sector no impact of GST – POSITIVE

FAQ ON COMPANY LAW:

Query:  We have filed Form INC-1 for reservation of name of Company. Now resubmission has occurred as – Trade mark already exists. How can we get that same name if trademark already exists?

Answer:  You are required to attach NOC from the Trade Mark owner with Form INC-1 and fill prescribed particulars in field 11 & 12 of Form INC-1.

The details of Trade Marks are available at MCA Website www.mca.gov.in under Trade Mark link.

OTHER UPDATE:

• Reserve Bank of India keeps Repo rate unchanged at 6.50%.
• SEBI introduces e-payment facility for payment of penalties, disgorgement amounts, etc. Pr no. 131/2016 dated 9th august 2016 issued by SEBI.
• Now CS, CWA or his firm can act as e-return intermediary Notification No. 66/2016/F. No.133/89/2015-TPL Dated 9th August, 2016
• MEF for 2016-17 will be live from today (11th August) from 2pm with the option of Digital Signature.
• The Parliament passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 empowering banks to confiscate security in the case of loan default.

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.

• Life is not about the people who act true to your face. It is about those people who remain true behind your back.

• When you make your peace with authority, you become authority.    -Jim Morriso

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