{"id":2046,"date":"2016-05-28T09:52:25","date_gmt":"2016-05-28T09:52:25","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2046"},"modified":"2021-07-07T12:53:07","modified_gmt":"2021-07-07T12:53:07","slug":"corporate-and-professional-update-may-13-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-13-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 13, 2016"},"content":{"rendered":"

TODAYS UPDATE :<\/span><\/strong><\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n

Direct Tax:<\/strong><\/span><\/p>\n

Registration u\/s 12AA cannot be denied questioning profit motive.[MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)].<\/p>\n

Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and \u00a0Anr. vs. \u00a0Commissioner \u00a0of IT and Anr. (SC)].<\/p>\n

CBDT prescribes procedure for e-filing of form 15G\/15H. Notification no. 7\/2016 [F.NO.DGIT(S)\/ADG(S)-2\/TDS E-filing notification\/110\/2016 dated \u00a04-5-2016].<\/p>\n

IT:\u00a0Penalty u\/s 271D – Penalty can be levied on the amounts of loan which exceeds the amount of \u20b9 20,000\/-. Therefore the A.O. is directed to exclude \u20b9 20,000\/- as permissible u\/s 269SS while levying penalty u\/s 271D \u2013\u00a0M\/s Sudha Agro Oil & Chemical Industries Ltd.\u00a0Vs. ACIT, Kakinda (2016 (5) TMI 335 \u2013 ITAT Visakhapatnam)<\/p>\n

IT:\u00a0Deduction u\/s 80IB – percentage completion method – AO cannot take the benefit with regard to the inadvertent mistake committed by the assessee in filing the return of its income. The AO should not act against the principal of natural justice – deduction allowed \u2013\u00a0M\/s Samay Construction Pvt. Ltd. Vs. DCIT, Cir-11, Kolkata (2016 (5) TMI 332 \u2013 ITAT Kolkata)<\/p>\n

Verification of ITR through EVC pending due to non-filing of ITR-V. Circular no: 13\/2016, New Delhi, 9th May, 2016.<\/p>\n

Indirect Tax:<\/span><\/strong><\/p>\n

ST:<\/strong>\u00a0Cenvat Credit – Eligible input – Final products cleared along with the packing material – There is no dispute about the fact that the final products were cleared along with the packing material in this case – credit allowed \u2013\u00a0M\/s Nilkamal Ltd. Vs. CCE\u00a0(2016 (5) TMI 305 \u2013 Madras High Court)<\/p>\n

Cenvat Credit : Passive infrastructure companies hiring out telecom towers, etc. to telecom companies cannot take credit of MS Steel Angles\/parts, pre-fabricated shelters parts, etc. used in erection of towers[2016] 69\u00a0taxmann.com\u00a024 (New Delhi – CESTAT)\u00a0Tower Vision India (P.) Ltd. v. Commissioner of Central Excise (Adj.)<\/p>\n

Rate of interest on delayed payment of duty as applicable during the impugned period . [Jeevan Diesels & Electricals Ltd. vs. commissioner of central excise, pondichery (Chennai \u2013 CESTAT)].<\/p>\n

Dvat notification reg changes in tax rates and\u00a0\u00a0reducing tax on certain items\u00a0 as passed in Delhi budget on 28th March 2016 have been notified on\u00a009\/05\/2016\u00a0vide Notn. No.dsvi\/148. Rates effective from10\/05\/2016.<\/p>\n

VCES 2013: Even 6 days delay cannot be condoned.[Kasmisons Builders Pvt. Ltd. vs. Assistant Commissioner of Service Tax (Kerala HC)].<\/p>\n

(10.5.16) is last date to file ER-1, 2 and 6 for excise returns by Non SSI assesses, EOUs and by units paying duty of more than 1Cr respectively, for April 2016.<\/p>\n

No need to furnish details of invoice below Rs. 1000 in form GE-II returns of all 4 quarters for F.Y. 2015-16 to be filled by\u00a016.05.2016\u00a0notification dated 06.05.16.<\/p>\n

DVAT notifies long awaited changes in Tax Rates & Reduced Tax on certain items passed in Delhi Budget on 28 MAR 2016. Notification dated 09.05.16. The changes are effective from (10MAY2016)<\/p>\n

Company Law:<\/strong><\/span><\/p>\n

Forms GNL-1 (Application to ROC) and GNL-4 (addendum for rectification of defects\/\u00a0 incompleteness) revised. Companies (registration offices and fees) amendment Rules, 2016.MCA vide notification dated 6th May, 2016: form GNL-1 and form GNL-4 have notified.<\/p>\n

Other Update :<\/strong><\/span><\/p>\n

Pre-multipurpose empanelment form (P-MEF) for the year 2016-17 is now hosted at\u00a0www.meficai.org<\/a>. Ensure that your status is updated on or before\u00a025th May, 2016.<\/p>\n

PDC is preparing a panel for forensic auditing for CBI. Please visit\u00a0www.icai.org\/www.pdicai.org<\/a>\u00a0for details.<\/p>\n

RBI\u00a0vide notification has repealed Foreign Exchange Management (Deposit) Regulations, 2000 and it has been superseded by the\u00a0Foreign Exchange Management (Deposit) Regulations, 2016.<\/p>\n

Lok Sabha passed the insolvency and bankruptcy code bill 2016 on 05.05.16, accepting all the amendments proposed by the joint committee of parliament.<\/p>\n

Key Dates:<\/strong><\/span><\/p>\n

Deposit of DVAT TDS for April in Form DVAT-20:\u00a015\/05\/2016<\/p>\n

TDS\/TCS return for March Quarter by all Deductors\/Collectors Including Govt. on the Form 24Q,26Q,27Q and 27EQ:-\u00a015\/05\/2016<\/p>\n

Advance information for 2nd<\/sup>\u00a0fortnight of May of functions with booking cost > Rs. 1 Lakh in Banquet Halls,Hotels etc. in Delhi :\u00a012\/05\/2016<\/p>\n

\u201cThe fragrance of flowers spreads only in the direction of the wind. But the goodness of a person spreads in all directions.\u201d<\/strong><\/p>\n

\u201cWhen nails grow long, we cut the nails, not the fingers. Like wise when there are misunderstandings, cut the ego, not the relationship.\u201d<\/strong><\/p>\n

\u201cOur life always expresses the result of our dominant thoughts.\u00a0\u201c\u00a0 \u00a0 \u00a0 -Soren Kierkegaard<\/strong><\/p>\n

We look forward for your valuable comments.\u00a0www.caindelhiindia.com<\/a>\u00a0<\/strong><\/p>\n

FOR\u00a0 FURTHER\u00a0 QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/p>\n

W: www.caindelhiindia.com \u00a0 \u00a0 \u00a0\u00a0 \u00a0 \u00a0 E: info@caindelhiindia.com \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0T:011-233-4-33333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

TODAYS UPDATE : Direct Tax: Registration u\/s 12AA cannot be denied questioning profit motive.[MS. Sree Anjaneya Medical Trust vs. CIT (Kerala HC)]. Interim stay order period is to be excluded for computing limitation period. [VLS Finance Ltd. and \u00a0Anr. vs. \u00a0Commissioner \u00a0of IT and Anr. (SC)]. CBDT prescribes procedure for e-filing of form 15G\/15H. Notification …<\/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":[647,142,146],"tags":[504,502,501,195,546,198,560,550,552,535,536],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2046"}],"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=2046"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2046\/revisions"}],"predecessor-version":[{"id":2889,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2046\/revisions\/2889"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}