{"id":1979,"date":"2016-04-13T06:13:58","date_gmt":"2016-04-13T06:13:58","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1979"},"modified":"2021-07-14T11:46:47","modified_gmt":"2021-07-14T11:46:47","slug":"corporate-and-professional-update-april-3-2016-2","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-april-3-2016-2\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016"},"content":{"rendered":"<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016<\/span><\/h3>\n<figure id=\"attachment_2786\" aria-describedby=\"caption-attachment-2786\" style=\"width: 475px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/09\/TAX-TIME.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2786\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/09\/TAX-TIME.png\" alt=\"www.caindelhiindia.com; corporate updates\" width=\"475\" height=\"421\" \/><\/a><figcaption id=\"caption-attachment-2786\" class=\"wp-caption-text\">www.caindelhiindia.com; corporate updates<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"color: #00ccff;\">Income Tax:<\/span><\/strong>\u00a0Addition u\/s 68 &#8211; creditor from the foreign country &#8211; Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the creditor from the foreign country which is contrary to the facts of the case as well as evidence produced by the assessee- (M\/s Vam-Hi-Fashion Garments Pvt. Ltd. Versus ACIT, Range-17, New Delhi- 2016.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax :<\/strong><\/span> Stay application &#8211; looking at the manner in which the petitioner has been dealt with by the AO in regard to its stay application it would be in the interest of justice that the application for stay filed by the petitioner be heard by another Officer different from the Assessing Officer- (Piramal Fund Management Pvt. Ltd. Versus Deputy Commissioner of Income Tax Mumbai And Others\u00a0&#8211; 2016<\/li>\n<li>CBDT enables electronic filing of forms-ITR 1, 4S, 15CA, 15CB &amp; 15CC; other ITR forms to be enabled shortly, CBDT press release dated 04-04-2016.<\/li>\n<li>CBDT releases e-filing vault: new facility to add higher security to e-filing accounts of taxpayers, press release dated 04-04-2016.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>INDIRECT TAX:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:\u00a0<\/strong><\/span>Selling\/supplying coffee and tea, through vending machines installed at their customer&#8217;s premises and charging consideration at fixed rate per cup, prima facie, amounts to sale and not liable to service tax under outdoor catering<\/li>\n<li><span style=\"color: #00ccff;\"><strong>EXCISE :<\/strong><\/span> Exchange rate notified vide notification no. 47\/2016 dated 04\/04\/2016 Cenvat Credit allowability on the inputs used in the manufacture of exempted goods or non dutiable goods &#8211; Cenvat Credit on the inputs used in the process which does not amount to manufacture is admissible- (Commissioner of Central Excise &amp; Customs, Aurangabad Versus M\/s Fine Packaging Pvt Ltd\u00a0&#8211; 2016 (CESTAT MUMBAI)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>VAT and Sales :<\/strong><\/span> Tax Selling\/supplying coffee and tea, through vending machines installed at their customer&#8217;s premises and charging consideration at fixed rate per cup, prima facie, amounts to sale and not liable to service tax under outdoor catering, so it will be chargeable under VAT not on see service tax.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\">\u00a0<strong>OTHER UPDATES<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>RBI cuts repo rate by 25 bps to 6.5%, being lowest repo rate\u00a0in 6 years, CRR kept unchanged at 4%.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>KEY DATES:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Payment of TDS u\/s 194IA deducted on purchase of property\/TCS collected in March:\u00a007\/04\/2016<\/li>\n<li>Submission of Forms received in March to IT Commissioner:\u00a007\/04\/2016- Form No. 27C(TCS)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>&#8220;Hard words cannot\u00a0 touch any soft heart\u00a0\u00a0but soft words can touch any hard heart, so speak in a soft way, world will be yours. Words win world.&#8221;\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0 <a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 6, 2016 DIRECT TAX: Income Tax:\u00a0Addition u\/s 68 &#8211; creditor from the foreign country &#8211; Even the AO has also not disputed the identity source and genuineness of share capital. We are also of the view that it is unnecessary burden upon the assessee by pressuring it to bring the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[144,142,146],"tags":[566,502,501,569,179,545,180,561,214,549,537,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1979"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=1979"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1979\/revisions"}],"predecessor-version":[{"id":2921,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1979\/revisions\/2921"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}