/ Chartered Accountant

CORPORATE & PROFESSIONAL UPDATE ON DECEMBER 12, 2015

CORPORATE & PROFESSIONAL UPDATE ON DECEMBER 12, 2015

www.caindelhiindia.com; CORPORATE UPDATES

www.caindelhiindia.com; CORPORATE UPDATES

  • IT: Exemption u/s 10A – the disallowed expenditure becomes a part of the income derived from the activity of export of software and entitled to the deduction under Section 10A of the Act – CIT-II Vs. Ntrance Customer Services Pvt. Ltd. (2015 (12) TMI 566 – Bombay High Court)
  • ST: Denial of refund claim – Accumulated CENVAT Credit – FIRCs received for the exports made are not in the name of the appellant – unable to find out legal provisions which provides that in case of change in the name refund claim is not admissible – Concurrent Tech India Pvt. Ltd. Vs. C.S.T., Bangalore (2015 (12) TMI 543 – CESTAT Bangalore).
  • CBDT revised upward Monetary limits for filing Departmental Appeal with retrospective effect. New Limit (Tax Effect): ITAT – Rs.10.00 Lac, High Court – Rs.20.00 Lac and Supreme Court – Rs.25 Lac. Circular No.21/2015, dt.10 DEC 2015.
  • TDS: Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification. Press Release, dated.10 DEC 2015.
  • RBI has issued Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts
  • ICAI announces Campus Placement Program for Newly Qualified CAs for February-March 2016.
  • ICAI Election 2015: ICAI postponed Votes Counting dates from 16th Dec to 20th Dec 2015. The Counting for Northern Region is expected to be commenced around Jan 7, 2016.
  • Interest expenditure Sec.36(1)(iii)  on loans diverted to sister concerns and directors can be allowed as business expenditure explained Insofar as loans to the sister concern / subsidiary company are concerned. [Hero Cycles (P) Ltd vs. CIT (Supreme Court)].
  • Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification .Press release dated 10.12.2015.
  • Collection of cheques during enforcement survey before finalizing assessment is illegal.  The amounts collected in advance were directed to be refunded. Order passed by Shri Bansh Raj, Add Commissioner DVAT.
  • Versions of e-Forms GNL-4, INC-28, CRA-2, INC-2, ADJ, FC-1, AOC4-CFS and FC-4 are modified w.e.f. 09.12.2015.
  • RBI has issued Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts.
  • Monetary limits for filing of appeal by department revised with retrospective effect: now before ITAT 10 lacs, High Court 20 lacs and Supreme Court 25 lacs,  if tax effect is more. Circular No.21/2015 dated 10/12/2015.
  • Relief for FIIs as income-tax department clarifies rules on defective returns under Income Tax Act.
  • CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.
  • Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification . Press release dated 10.12.2015.
  • Collection of cheques during enforcement survey before finalizing assessment is illegal.  The amounts collected in advance were directed to be refunded. Order passed by Shri Bansh Raj, Add Commissioner DVAT.
  • RBI has issued Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts.
  • Online Applications are invited from the CA firms/ LLPs who desire to be empanelled with CAG for appointment as auditors of government Co/ Corporations for the year 2016-17.www.saiindia.gov.in 01.2016 to 15.02.2016.
  • Relief for FIIs as income-tax department clarifies rules on defective returns under Income Tax Act.
  • CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.

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