Today Update : Direct Tax:- The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u/s 153A of the Act have been filed before the amended provisions …
Frequently Asked Questions on income tax Return Q.: What ways/methods does the government use to collect income taxes? The government collects taxes in three ways: Taxes are paid voluntarily into various authorized banks by taxpayers. Taxpayers, for example, pay Advanced Tax and Self-Assessment Tax. Taxes deducted at source [TDS] from the receiver’s income. Taxes collected …
CORPORATE AND PROFESSIONAL UPDATE NOV 1, 2016 Direct Tax:- Eligibility of deduction u/s 80G – it is not open to the Authorities to refuse approval by imposing conditions which are not mentioned in Section 80G of the Act – Bombay High Court in case of [DIT (Exemptions), Mumbai Vs. Shri Sai Baba Charitable Trust] New revised double …
CORPORATE AND PROFESSIONAL UPDATE OCT 26, 2016Direct Tax:- Bombay High Court in the below citied case held that Loss suffered u/s 37(1)/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being “notional” or “speculative” in nature. [CIT vs. M/s. D. Chetan & Co] CBDT issued press release regarding draft Rules …
CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016 Direct Tax The Karnataka High Court in the below citied case held that when the property was shown as stock in trade it should not be considered for the purpose of exemption u/s 54F .( CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 – Karnataka High …
UPCOMING ANNUAL COMPLIANCE(Annual ROC Filing_AOC-4 and MGT-7) OF COMPANIES ACT 2013 This Blog will elaborate on upcoming annual compliance to adhere to, by all the companies as well as “How our Firm can help you to ease the filing work at a minimum cost possible”. Annual Filing Annual Return: Section 92 of Companies Act 2013 …
CORPORATE AND PROFESSIONAL UPDATE OCT 15, 2016 Direct Tax:- ITAT Ahemdabad in the below mention case confirmed the addition u/s 68 on unexplained share capital and premium received as assessee has been able to just prove the identity of the company but unable to prove the genuineness & creditworthiness the parties.( ACIT, Ahmedabad Vs. Nakoda Fashion …
CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016
Direct Tax:-
IT: Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which there was ample other evidence produced by the assessee – Pr.CIT-2 Vs Hiral Pharma Ltd. (2016 (10) TMI 366 – Gujarat High Court)
IT: Penalty u/s 271(1)(c) – assessment was made accepting the revised return – undisclosed income towards excess cash excess stock and list of outstanding debtors was offered and tax was paid – no penalty – Sita Devi Jain, M/s. Heera Lal Sanmati Kumar Vs ITO (2016 (10) TMI 364 – ITAT Jaipur)
Mumbai ITAT confirms deletion of capital gains for AY 2008-09, holds that receipt of Rs. 10 cr. under the development agreement of land does not result into transfer u/s 2(47)(v).[TS-551-ITAT-2016( Mum)]
Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes -ITAT Mumbai in case of [Ratnakar M. Pujari, Mumbai Vs. ITO, Mumbai]
Indirect Tax:-
Power to tribunal to reduce the penalty u/s 11AC below the amount of confirmed duty – the Tribunal could not reduce the penalty for an amount lesser than the duty which has been upheld – SC – Central Excise.( Commissioner of Central Excise and Customs, Surat-I Versus M/s. Vandana Art Prints Pvt. Ltd. – 2016 (10) TMI 277 – SUPREME COURT)
Supreme court in the below citied case held that allegation of illegal export is invalid in the absence of any evidence to show that the money was remitted by way of Hawala the case of over-invoicing could not be established by the Department -(Commissioner of Customs, Mumbai Versus M/s Tex-Age and Others) – 2016 (10) TMI 264 – SUPREME COURT
FAQ on Company Law:
Query: Can a foreign resident form an OPC in India with Indian resident as his nominee?
Answer: As per Rule 3(1) of the Companies (Incorporation) Rules 2014, only a natural person who is an Indian citizen and resident in India shall be eligible to incorporate OPC .
No Body Corporate and Foreign Citizen resident in India is allowed to form OPC.
Query: Whether a director has to disclose his interest in foreign companies as well in Form MBP-1?
Answer: Section -184 of the Companies Act 2013 provides that every director shall at the first meeting of the Board in which he participates as director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at the first Board meeting held after such change, disclose his concern or interest in any company or companies, body corporates, firms or other association of individuals, which shall include shareholding in Form MBP-1. Thus, Foreign Company being a body corporate, interest in it should be disclosed in Form MBP-1.
MCA Update :
MCA: e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 01 NOV 2016 instead SPICe (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) e-Forms, as applicable will be available.
ICAI Update
ICAI issues clarification in respect of MEF 2016-17 for Proprietor / Individual applicants.
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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 …
TODAY UPDATE: Direct Tax:- HC dismisses assessee’s (a sub-licencee) appeal for AY 2002-03, holds that maintenance charges paid by sub-sub-licensee directly to the builder forms part of sub-licencee assessee’s rent for the purpose of computing property’s annual letting value u/s 23.[TS-539-HC-2016(P & H)] Supreme Court of India in the below case held that The appellant University is neither directly nor …