CORPORATE AND PROFESSIONAL UPDATE MAY 13, 2016
TODAYS UPDATE :
Direct Tax:
Registration u/s 12AA cannot be denied questioning profit motive.[MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)].
Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and Anr. vs. Commissioner of IT and Anr. (SC)].
CBDT prescribes procedure for e-filing of form 15G/15H. Notification no. 7/2016 [F.NO.DGIT(S)/ADG(S)-2/TDS E-filing notification/110/2016 dated 4-5-2016].
IT: Penalty u/s 271D – Penalty can be levied on the amounts of loan which exceeds the amount of ₹ 20,000/-. Therefore the A.O. is directed to exclude ₹ 20,000/- as permissible u/s 269SS while levying penalty u/s 271D – M/s Sudha Agro Oil & Chemical Industries Ltd. Vs. ACIT, Kakinda (2016 (5) TMI 335 – ITAT Visakhapatnam)
IT: Deduction u/s 80IB – percentage completion method – AO cannot take the benefit with regard to the inadvertent mistake committed by the assessee in filing the return of its income. The AO should not act against the principal of natural justice – deduction allowed – M/s Samay Construction Pvt. Ltd. Vs. DCIT, Cir-11, Kolkata (2016 (5) TMI 332 – ITAT Kolkata)
Verification of ITR through EVC pending due to non-filing of ITR-V. Circular no: 13/2016, New Delhi, 9th May, 2016.
Indirect Tax:
ST: Cenvat Credit – Eligible input – Final products cleared along with the packing material – There is no dispute about the fact that the final products were cleared along with the packing material in this case – credit allowed – M/s Nilkamal Ltd. Vs. CCE (2016 (5) TMI 305 – Madras High Court)
Cenvat Credit : Passive infrastructure companies hiring out telecom towers, etc. to telecom companies cannot take credit of MS Steel Angles/parts, pre-fabricated shelters parts, etc. used in erection of towers[2016] 69 taxmann.com 24 (New Delhi – CESTAT) Tower Vision India (P.) Ltd. v. Commissioner of Central Excise (Adj.)
Rate of interest on delayed payment of duty as applicable during the impugned period . [Jeevan Diesels & Electricals Ltd. vs. commissioner of central excise, pondichery (Chennai – CESTAT)].
Dvat notification reg changes in tax rates and reducing tax on certain items as passed in Delhi budget on 28th March 2016 have been notified on 09/05/2016 vide Notn. No.dsvi/148. Rates effective from10/05/2016.
VCES 2013: Even 6 days delay cannot be condoned.[Kasmisons Builders Pvt. Ltd. vs. Assistant Commissioner of Service Tax (Kerala HC)].
(10.5.16) is last date to file ER-1, 2 and 6 for excise returns by Non SSI assesses, EOUs and by units paying duty of more than 1Cr respectively, for April 2016.
No need to furnish details of invoice below Rs. 1000 in form GE-II returns of all 4 quarters for F.Y. 2015-16 to be filled by 16.05.2016 notification dated 06.05.16.
DVAT notifies long awaited changes in Tax Rates & Reduced Tax on certain items passed in Delhi Budget on 28 MAR 2016. Notification dated 09.05.16. The changes are effective from (10MAY2016)
Company Law:
Forms GNL-1 (Application to ROC) and GNL-4 (addendum for rectification of defects/ incompleteness) revised. Companies (registration offices and fees) amendment Rules, 2016.MCA vide notification dated 6th May, 2016: form GNL-1 and form GNL-4 have notified.
Other Update :
Pre-multipurpose empanelment form (P-MEF) for the year 2016-17 is now hosted at www.meficai.org. Ensure that your status is updated on or before 25th May, 2016.
PDC is preparing a panel for forensic auditing for CBI. Please visit www.icai.org/www.pdicai.org for details.
RBI vide notification has repealed Foreign Exchange Management (Deposit) Regulations, 2000 and it has been superseded by the Foreign Exchange Management (Deposit) Regulations, 2016.
Lok Sabha passed the insolvency and bankruptcy code bill 2016 on 05.05.16, accepting all the amendments proposed by the joint committee of parliament.
Key Dates:
Deposit of DVAT TDS for April in Form DVAT-20: 15/05/2016
TDS/TCS return for March Quarter by all Deductors/Collectors Including Govt. on the Form 24Q,26Q,27Q and 27EQ:- 15/05/2016
Advance information for 2nd fortnight of May of functions with booking cost > Rs. 1 Lakh in Banquet Halls,Hotels etc. in Delhi : 12/05/2016
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