Today Day Update :

DIRECT TAX:

CBDT: No Enquiry or investigation in respect of document / evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961 – Circular No. 32 of 2016, dt.01 SEP 2016.

CBDT clarifies that no enquiry or investigation in respect of assets /income declared which were found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961. Circular No. 32 of 2016.

CBDT has issued a clarification regarding Enquiry or investigation in respect of document/evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act, 1961 vide Circular No. 32/2016 dated 01/09/2016.

CBDT issued instruction that Income Tax Authorities must mention official e-mail Ids & phone/fax no in all notices/letters issued to taxpayers vide F No 225/214/2016/ITA.II dated 30/08/2016.

Where assessee leased factory on license basis and license fees became his only source of income which assessee had consistently shown as business income and revenue accepted same, assessment could not be reopened and license fees could not be treated a income from house property.(Agya Ram Vs. CIT Delhi)-[2016] 72 taxman.com 287

CBDT entered 20 unilateral advance pricing agreements (APAs) with taxpayers on August 29, 2016 and August 30, 2016 with Indian taxpayers in order to reduce litigation by providing certainty in transfer pricing.

Refundable security deposit should not be subjected to Service Tax as per provisions of the Finance Act, 1994 [M/s Avadh Infratech Ltd. Vs Commissioner of Central Excise Surat-II, Surat – 2016 (9) TMI 145.

INDIRECT TAX:

Full receipt of Singaporean sub-contractor to develop ‘T3 Terminal’, Delhi Airport is taxable AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI

MERO Asia Pacific (P.) Ltd., In re[2016] 73 taxmann.com 17 (AAR – New Delhi)

Custom authorities may issue notice on basis of evidence received from Excise Authorities : HC Sterlite Industries (India) Ltd. v. Central Board of Excise & Customs[2016] 72 taxmann.com 328 (Madras)

Surplus/savings arising on prepayment of deferred sales tax not taxable u/s 28(iv) [Grindwell Norton Ltd. vs. Addl. CIT (ITAT Mumbai)].

GST UPDATE

Under GST, pay GST by single challan but breakup of IGST, SGST of relevant state & CGST to be given. E-payment except for payments up to Rs. 10,000. Also No Period & Purpose fields in Challan. To be used for Self Assessment Tax of earlier returns & then current return. Balance for demands etc.

FAQ ON COMPANY LAW:

Query: One of our client companies had convened AGM last week, proxies were also present there . There was a situation where almost half members were demanding for poll and others were not so willing and one proxy also join members for poll. However, chairman rejected this move as he said proxy shall not have right to raise demand. Please tell whether it is tenable?

Answer:   As per provisions of Companies Act , proxy shall not have right to speak but entitled to vote on behalf of original member , Provided that proxy may join other members for demanding poll and this right shall not be combined with right to speak .

Therefore, in this case, proxy may join other members for demanding poll and chairman shall not reject this move Hence, it is not tenable.

RBI UPDATES:-

RBI: The Committee constituted by RBI to recommend Data Format for Furnishing of Credit Information to Credit Information Companies, had recommended that each customer of a credit institution should be provided one base level consumer Credit Information Report (CIR) free of cost every year by each Credit Information Company (CIC).

Rate of exchange of conversion of the foreign currency with effect from 02nd September, 2016 have been declared vide Notification No.  – 119/2016 dated 1-9-2016.

Relaxation in export policy for export of Red Sanders wood under S. No. 188, Chapter 44 of Schedule 2 of ITC (HS) Classification of Export and Import 2012 – 25/2015-2020 dated 02.09.2016 – Foreign Trade Policy

MCA UPDATE:

Ministry of Corporate Affairs vide General Circular No. 8/2016 dated 29.07.2016, has extended the date to file financial Statements or Annual Returns on or before 29.10.2016, where due date for holding of AGM is on or after 1st April, 2016, without payment of additional fees.

The Central Government hereby designates the Courts ( mentioned in the circular) as Special Courts for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the Companies Act, 2013. Vide F. No. 01/12/2009-CL-I (Vol-IV).

KEY DATES:

E-Payment of Service Tax for August by Companies: 06/09/2016

E-Payment of TDS/TCS deduced/collected for the month of August: 07/09/2016

Submission of Form No. 27C (TCS) received in August to IT Commissioner:- 07/09/2016

Do not make excuses for why you can not get it done. Focus on all the reasons why you must make it happen.

“Success is only achievable when one is dedicated and determined. Without hard work, talent is totally wasted.” ~ Shiv Khera

“जिसे जीत लिए जाने का भय होता है उसकी हार निश्चित होती है।” ~ नेपोलियन बोनापार्ट

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

Discipline is the bridge between goals and accomplishment.        -Jim Rohn

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