CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016
CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016
Direct Tax:-
CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities.
Bombay High Court in the below citied case allow the revenue expenditure being the amount written off .No new business was set up but towers in addition to which were already set up were proposed at site which project was later on abandoned – claim of expenditure allowed – CIT-3 Vs Idea Cellular Ltd. (2016 (10) TMI 181
Punjab and Haryana HC dismisses assessee-HUF’s writ, upholds CBDT order denying extension of time for complying with the requirements of Sec. 54F; Notes that assessee was unable to utilize the capital gains arising on transfer of land in construction of a residential house within prescribed period of 3 years as mandated u/s 54F. [TS-544-HC-2016(P & H)]
Levy of interest u/s 234C is an automatic, it cannot be restricted to the tax due on Returned income as referred u/s 139(1) – (Sree Meenakshi Reltors Vs ITO, W-II (3), Coimbatore (2016 (10) TMI 215 – ITAT Chennai)
TDS u/s 195 – AMC contract – non-resident payee as no PE in India therefore his business income not taxable in India – No TDS liability –(ACIT, Cir-12(1), New Delhi Vs HCL Comnet Ltd. (2016 (10) TMI 175 – ITAT Delhi))
Income Tax Form No. 68 notified to get immunity from penalty for under reporting and misreporting of income. NOTIF NO. SO 3150(E) [NO.90/2016 (F.NO.370142/26/2016-TPL)] 5-10-16.
CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities.
Indirect Tax:-
CESTAT dismisses Revenue appeal, holds demand against EOU for enhancement of assessable value of imported ‘plant’ by inclusion of expenditure borne towards dismantling, packing and shipment, as premature.[TS-396-CESTAT-2016-CUST]
HC upholds the order of Settlement Commissioner, confirms levy of SAD u/s 3(5) of Customs Tariff Act despite goods being chargeable to Additional Duty of Excise (ADE) u/s 3(1) of Additional Duties of Excise (Goods of Special Importance) Act, 1957. [TS-399-HC-2016(MAD)-CUST]
Service Tax Return (ST-3) for April,2016 to September,2016 period is available from 1st October,2016, for e-filing by the assessees in both offline and online modes. The last date for filing the returns for the25/10/2016.
CBEC has issued revised guidelines for arrest in relation to Service tax offences punishable under the Finance act, 1994 & Central Excise Act, 1944. Cir No. 201/11/2016-dt. 30 Sept. 2016.
Service for loading goods by the contractor on weight basis – the activity of loading/unloading cannot be termed as supply of Manpower Recruitment Agency Service –(M/s Radiant Textiles Ltd. Versus CCE, Chandigarh-II (2016 (10) TMI 242 – CESTAT Chandigarh)
DVAT issued a circular regarding speedy disposal of al refund claims Vide circular No. 15-2016/17 dated 03/10/2016. DVAT vide further circular no. 16 dated 04/10/2016 withdraw the above circular no. 15 regarding speedy disposal
CBEC has issued notification No. 41/2016 (attached herewith) with respect to the taxable service provided by State Government Industrial Development Corporations/ Undertaking to industrial units. Government has exempted “taxable Service provided” by State Government Industrial Corporations/ Undertaking to industrial units by way of granting long term(thirty years, or more) lease of industrial plots from levy of service tax on the one time upfront amount called as premium, salami, cost, price, development charges or by any other name payable for such lease.
This will settle down many cases pending against verious Industrial Development Corporation like GIDC etc. for not charging Service tax on long term lease. Gujarat Industrial Development Corporation (GIDC), a State Government Industrial Development Corporations virtually sells the plot however it is on lease basis. So, providing services to industrialist with respect to long term lease of industrial plots for a consideration which is in form of one time premium amount, in that particular case service tax shall not be levied.
Hon’ble high court directed delhi VAT Department for speedy disposal of all refund claims u/s section 38 of the DVAT, Act 2004 within the stipulated period of two months.
FAQ on Company Law:
Query: How can a body corporate make an application for grant of registration as an investment adviser?
Answer: In case of a body corporate, which proposes to undertake investment advisory services in addition to its existing activities including but not limited to distribution or execution services, the application for grant of registration as an investment adviser has to be made through a separately identifiable department or division. A body corporate which proposes to undertake only investment advisory services has to make the registration application directly and not through a separately identifiable department or division.
ICAI Update :
MEF empanelment 2016-17- Part B & C made live till 31.10.2016 to enable the applicants to fill/edit the same
Other update
Supreme Court of India: Non judicial stamp papers do not have any expiry period being used for a document. Case: [Thiruvengada Pillai vs Navaneethammal & Anr on 19 February, 2008].
Failure of CA to investigate transaction in depth is gross negligence in performing professional duties.
SEBI Updates:-
SEBI In pursuance of a Medium Term Framework (MTF) for FPI limits in Govt securities, Board has revised the limit for the next half year, to INR 148,000 Cr on October 03, 2016 and INR 152,000 Cr on January 02, 2017.
Key Dates:
Payment of DVAT TDS for the month of September-15/10/2016
Form 27EQ (TCS return) by all deductor-15/10/2016
Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016
Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016
E-Payment of PF for the month of September-15/10/2016
We make a living by what we get, but we make a life by what we give. -Winston Churchill
Positive anything is better than negative nothing. -Elbert Hubbard
Confidence doesn’t come when you have all the answers. But it comes when you are ready to face all the questions.
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.