/ Company Law Compliances

CORPORATE AND PROFESSIONAL UPDATE NOV 24, 2016

Today Update :

www.caindelhiindia.com; Corporate updates
www.caindelhiindia.com; Corporate updates

Direct Tax:-

  • The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which  received assent of President on 13.8.2009). (Nukala Ramakrishna, Eluru Vs DCIT (ITAT Visakhapatnam) –
  • The Hon’ble Punjab & Haryana HC held that guarantee commission by itself does not bring into existence any asset of an enduring nature. Therefore, guarantee commission is allowable as revenue expenditure.. (Haryana State Road & Bridges Development Corporation Ltd. Vs Commissioner of Income Tax (Punjab and Haryana High Court) –
  • CBDT has issued (30th Amendment) Rules,2016 in Income Tax Rules,1962. These rules may be called the Income–tax (30th Amendment) Rules, 2016.these rules Specifies the limit for deposit of Cash without PAN and Issues Direction to banks for Submission of information for deposit of cash in excess of specified limit for the period from 9.11.2016 to 30.12.2016.The principle rules were published vide notification no. [104/2016] [F.No. 370142/32/2016-TPL] dated on 15/11/2016
  • Banglore tribunal held that payment made to labour contractor to procure material on behalf of builder assessee won’t attract sec. 194C TDS.(Dhanashekar Muniswamy v. Assistant Commissioner of Income-tax, Circle-6 (1), Bangalore [2016]
  • Consultancy charges in nature of FTS would be taxable in India irrespective of situs of services provided by NR Deputy Commissioner of Income-tax, Circle 16 (1), Hyderabad v. Neuland Laboratories Ltd.[2016] 75 taxmann.com 120 (Hyderabad – Trib.)
  • Absence of appellant on date of hearing doesn’t give power to Tribunal to dismiss an appeal
    Partha Mitra v. Income-tax Officer, Ward- 38 (3)[2016] 75 taxmann.com 118 (Kolkata – Trib.) (TM)
  • Growing of plants in nursery is an agricultural activity, says Madras HC
    Commissioner of Income-tax, Non-Corporate Circle-2, Chennai v. K. N. Pannirselvam
    [2016] 75 taxmann.com 98 (Madras)

 Indirect Tax:-

  • Allahabad High Court  held that  the assessee cannot be forced to pay entire disputed amount when the assessment proceedings are pending. The department can only take action to ensure compliance of order passed by the Court. -(Prosper Build Home Pvt. Ltd. V/s. Union Of India (Allahabad High Court)
  • Goods supplied in name of President of India should be treated as goods sold to Govt: HC
    Canara Lighting Industries (P.) Ltd. v. State of Karnataka[2016] 75 taxmann.com 108 (Karnataka)
  • CBEC has issued a clarification regarding  Deferred payment of Customs duty vide circular no. 52/2016-cus dated 15/11/2016.
  • CESTAT rules in favour of insurance service provider (assessee), holds that portion of service tax liability reimbursed by its agents under an agreement, is not recoverable u/s 73A of Finance Act. [TS-456-CESTAT-2016-ST]

RBI Updates:

  • RBI: Banks to remain open for public on SAT (12Nov) & SUN (13Nov) as normal working including RTGS, NEFT, Cheque Clearing, Etc.
  • RBI: Madras High Courts rejects PIL for scrapping of notification on demonetization of Rs.500 / 1000 Currency Notes.
  • Dues: Old demonitised Rs.500 & 1000 currency notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Govts. Incl. Municipal and local bodies till 12 midnight of TODAY (11NOV2016).
  • RAIL Tickets: No cash refund for tickets cancellation of Rs.10,000­ and above

Other Update :-

  • No notes will be exchanged by banks today. Only senior citizen to be allowed. This is banks move and not governments move.
  • SEBI in its Circular notified that intermediaries can verify the PAN of Foreign Portfolio Investors (FPIs) online through a website authorised by the Income Tax department. 

Key Dates:

  • Issue of DVAT certificate for the deduction made in the month of October in Form DVAT-43 – 22.11.2016
  • Advance Information for 1st fortnight of Dec of functions with booking cost more than Rs. 1 Lakh in banquet halls,hotels etc.- 27.11.2016

Water is the softest thing, yet it can penetrate mountains and earth. This shows clearly the principle of softness overcoming hardness.

Truth is always like oil in water, no matter how much water you add oil always floats on top always believe in truth and true relations.

FOR FURTHER QUERIES CONTACT US:

W: www.caindelhiindia.com            E: info@caindelhiindia.com        T:011-233-4-3333 , 9-555-555-480

**********************************************************

If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.

Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.