Today updates:

DIRECT TAX:-

CBDT has issued a Instruction No.9/2016 (IDS)  dated 27/09/2016 on Non –indexation of assets sold prior to 01-06-2016.The Board has clarified that as per the provisions contained in section 183(2) of the Scheme that where the income chargeable to tax is represented in the form of investment in any asset, the fair market value of such asset as on 01.06.2016 shall be deemed to be the undisclosed income for the purposes of the Scheme. In this context, it may be noted that cash in hand is an asset for the purposes of the Scheme.

CBDT has issued a Instruction No.10/2016 (IDS)  dated 28/09/2016 on Filing declarations in non pan cases. In cases where the declarant is not having a PAN or PAN is pending allotment and the assessee is not likely to get PAN by the date of closure of the Scheme i.e. 30.09.2016, the CBDT has clarified that in such cases a declaration under the Scheme can be filed manually before the jurisdictional Pr.Commissioner/Commissioner by quoting the date and acknowledgment number of PAN application form.

CBDT has extended working hours for Pr. CCITs across India to receive declarations of undisclosed income and assets under the Income Declaration Scheme, 2016 until 12:00 midnight of 30th SEP 2016.

IT: Department directed to refund the taxes paid by the assessee in respect of additional income offered during the survey action – Shri Pandoo P. Naig Vs ACIT, CC-32, Mbi & Vice-Versa (2016 (9) TMI 1062 – ITAT Mumbai)

INDIRECT TAX:-

ST: Power to Conduct Audit under Service Tax – Scope of Rule 5A (2) of ST Rules 1994 – SC stays the operation of the Delhi High Court judgment – Union of India & Ors. Vs Mega Cabs Pvt. Ltd. (2016 (9) TMI 1112 – Supreme Court)

CBEC has amended the Service Tax Return ST-3 vide Notification dated 28th September, 2016.

CBEC has amended Notification No. 20/2005 dated 10/08/2005 vide Notification No. 44/2016 dated 28/09/2016.The Central Board of Excise and Custom made the amendment the amount of service tax and CENVAT credit specified in the notice issued under the Finance Act 1994 by Supreintendent/Asst. Commissioner or Dept. Commissioner/J.C. or A.C./Commissioner.

FAQ on GST as issued by CBEC

Q 7. What is the time limit for taking a Registration under Model GST Law?

Ans. Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.

Q 8. If a person is operating in different states, with the same PAN number, whether he can operate with a single Registration?

Ans. No. Every person who is liable to take a Registration will have to get registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law.

Q 9. Whether a person having multiple business verticals in a state can obtain for different registrations?

Ans. Yes. In terms of Sub-Section (2) of Section 19, a person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.
Q 10. Is there a provision for a person to get himself voluntarily registered though he may not be liable to pay GST?

Ans. Yes. In terms of Sub-section (3) of Section 19, a person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.

Q 11. Is possession of a Permanent Account Number (PAN) mandatory for obtaining a Registration?

Ans. Yes. Every person shall have a Permanent Account Number issued under the Income Tax Act, 1961 (43 of 1961) in order to be eligible for grant of registration under Section 19 of the Model GST Law.

However as per section 19 (4A) of MGL, PAN is not mandatory for a non-resident taxable person who may be granted registration on the basis of any other document as may be prescribed.

FAQ on Company Law:

Query: Section 19 of the Companies Act 2013 provides that subsidiary company shall not hold any shares in its holding company. But we have a query that can the holding company issue shares to its subsidiary company in the scheme of amalgamation?

Answer: YES, but such shares shall not carry the voting right. [Consolidated Coffee Vs Arun Kumar Aggarwal]

Query: Whether any minimum rate of interest has been prescribed by Companies Act 2013 on deposits accepted by companies during the year?

Answer: Companies (Acceptance of deposits) Rules 2014 has prescribed the maximum rate of interest for the acceptance of deposits. It provides that the rate of interest  payable on deposits by company shall not exceed maximum rate of interest as prescribed by Reserve Bank of India for acceptance of deposits by Non Banking Financing Companies

FORM NAMES	PARTICULAR
Form CRA-2	Form of intimation of appointment of cost auditor by the company to Central Government
Form CRA-4	Form for filing Cost Audit Report with the Central Government
Form SH-8	Letter of offer for Buy-Back
Form CHG-4	Form for Satisfaction of Charge thereof
Form MR-2	Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or overpayment to managing director or whole-time director or manager and commission or remuneration to directors

 The revised forms will be available on the portal on the portal w.e.f 22nd  & 29 September, 2016 of MCA.

Stakeholders are advised to download the latest version before filing. Form- wise date of last version

change is available at on the website of MCA.

KEY DATES:

Excise payment for Non SSI for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Service tax payment for company for the month of September by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Service tax payment for Individuals/Proprietory/ Partnership Firms for the quarter ended by G.A.R.- 7 challan(6th if paid electronically)-05/10/2016

Payment of TDS/TCS challan No. 281-07/10/2016

We make a living by what we get, but we make a life by what we give.   -Winston Churchill

“He who has never learned to obey cannot be a good commander .”

We look forward for your valuable comments. www.caindelhiindia.com

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.