/ CBDT

CORPORATE & PROFESSIONAL UPDATE DECEMBER 17, 2015

CORPORATE & PROFESSIONAL UPDATE DECEMBER 17, 2015

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www.caindelhiindia.com; Achieve your Goals
  • India and Japan signs a Protocol for amending existing Convention for avoidance of double taxation and for prevention of fiscal evasion.
  • CBDT has simplified the procedure for Form No. 15G & 15H for submitting a declaration as laid down in Rule 29C of the Income Tax Rules.
  • Reassessment without application of mind and examining the facts is invalid and liable to quash [Unique Metal Industries vs. ITO (ITAT Delhi)].
  • CBDT has simplified the procedure for form no.15G and 15H for submitting a declaration as laid down in rule 29C of the Income Tax Rules.
  • CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.
  • Levy of interest on late payment of duty by providing it in subordinate regulations would be deemed as ultra vires if the same not provided by provisions of act. [Supreme Court; Shree Bhagwati Steel Rolling Mills].
  • Penalty u/s 86(19) under DVAT cannot be imposed without affording an opportunity to  the dealer to produce documents before impounding the vehicle. [Appellate Tribunal, Value Added Tax, Delhi: M/s Hindustan Unilever Limited].
  • Indirect tax collections rose 34.3 per cent in the first eight months of 2015- 2016, led by high excise collections, signaling a pick- up in economic activity.
  • MCA has modified the versions of e-Form GNL-4; Form INC-28; Form CRA-2; Form INC-2; Form ADJ; Form FC-1; Form FC-4 and Form AOC-CFS w.e.f   09.12.2015.
  • Cheque bounces cases to be filed at the Place of Presentation of Cheque & not the place of issue. Negotiable Instruments (Amendment) Bill passed on 07.12.2015.
  • Disallowance u/s 14A while computing book profit u/s 115JB permitted, covered in explanation to Section115JB (2) [ITAT Mumbai: DCIT vs. Viraj Profiles Ltd.].
  • Employers likely to pay service-tax on forfeiture of retention bonus or deposits of employees.
  • Anti-dumping duty cannot be charged for gap period, the period between lapse of provisional duty and imposition of final duty: Supreme Court: Comm of Customs vs. G.M. Exports & Others.
  • Today (12.2015) is last date for payment of Advance Tax- 75% by Companies and 60% by others, in Challan No. ITNS -280.
  • Presumption of existence of an international transaction not allowed in transfer pricing provision. [Delhi High Court: Maruti Suzuki India Ltd. vs. CIT].
  • Food vouchers given by employers to their workers are not ‘goods’ which attract local tax, and the company which facilitates this service is not liable to pay any tax.
  • Service Tax Department (ACES) has rejected some XML file for ST-3 return for the period 2015-2016 April-September, due to errors. please contact servicedesk@icegate.gov.inor 1800 425 4251.
  • SEBI had introduced the facility of “Basic Services Demat Account” (BSDA) with limited services for eligible individuals in the year 2012 with the objective of achieving wider financial inclusion and to encourage holding of demat accounts.
  • Today (12.2015) is last date for submission of self-attested copy of PAN Card of Members/Firms to ICAI. members of Northern Region : nropan@icai.in
  • Central Madhya Pradesh Gramin Bank invites application from CA firms for  EMPANELMENT OF CONCURRENT AUDITORS for conducting concurrent audit work.

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