{"id":2066,"date":"2016-05-28T11:04:10","date_gmt":"2016-05-28T11:04:10","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2066"},"modified":"2021-07-07T12:52:42","modified_gmt":"2021-07-07T12:52:42","slug":"corporate-and-professional-update-may-25-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-25-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 25, 2016"},"content":{"rendered":"

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

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

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

SCN cannot be issued to debtors until tax liability crystallize. [M\/s Quality Fabricators and Erectors v\/s The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (HC Of Bombay)].<\/p>\n

Sec. 263 not justified due to multiple view on applicability of TDS. [Neo Sports Broadcast Pvt.Ltd v\/s CIT (TDS) (ITAT Mumbai)].<\/p>\n

Changes in rules related payment of pension after death of member. Notification G.S.R. 533(E) dated 19\/05\/2016.<\/p>\n

Furnishing of UID in Form 15G\/15H for Q3 & Q4 of FY 2015-16. Circular No 18\/2016-Income Tax\u00a0dated\u00a023\/05\/2016.<\/p>\n

Addition made under sec. 68 as assessee failed to furnish list of persons who advanced cash to him : IT : SLP dismissed against High Court’s ruling that where assessee had failed to give list of persons who advanced cash to him along with their confirmation in respect of huge amount of cash deposited in its bank account, Assessing Officer was justified in adding said amount to assessee’s taxable income under section 68 [2016] 69\u00a0\u00a0219 (SC)\u00a0Sudhir Kumar Sharma (HUF) v. Commissioner of Income-tax<\/p>\n

CBDT has given a\u00a0relaxation for furnishing of UID\u00a0in case\u00a0of\u00a0Form 15G\/ 15H\u00a0for certain quarters by issuing a circular no.\u00a018\/2016\u00a0F. No.\u00a0142\/32\/2015-TPL\u00a0dated\u00a023.05.2016.<\/p>\n

CBDT issues draft rules regarding manner of determination of fair market value and reporting requirement for Indian concern- indirect transfer provisions \u2013section 9(1) of the Income Tax Act vide\u00a0F.No.\u00a0142\/26\/2015-TPL\u00a0dated\u00a023.05.2016. The manner of computation of FMV of assets of the foreign company or entity and the reporting requirement by the Indian concern are proposed to be provided through the amendments of the\u00a0Income-tax Rules, 1962.CBDT invites comments and suggestion of stakeholder and general public on the draft rule and forms\u00a0\u00a0by 29th\u00a0May 2016.<\/p>\n

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

\u00a0<\/strong>Change in rate of MVAT 5% to 5.5% W.e.f. 1st April 2016. Notification no. VAT. 1516\/C.R. 31\/Taxation-1<\/p>\n

Tax exemption can\u2019t be denied for service fee designation in Rs. [Commissioner of Service Tax Vs. Balaji Telefilms Ltd. (CESTAT Mumbai)].<\/p>\n

Publishing loan defaulter\u2019s photos in newspapers is illegal. [Messrs Allianz Convergence Pvt. Ltd. & Ors. v\/s The General Manager, State Bank of India & Anr].<\/p>\n

Vatcom assured date of filing of DVAT return in form 16, 17 & 48 for Q4, 2015-16 has been extend upto27\/05\/2016, Circular will be followed. TEAM STBA.<\/p>\n

Reverse CENVAT availed on raw material on transfer \u00a0to sister unit.[Commissioner Of Central excise, Raigad v\/s M\/S. Ispat Metallics Industries Ltd. & Ors (SC of India)].<\/p>\n

DEPARTMENT OF TRADE AND TAXES vide\u00a0\u00a0CIRCULAR NO 07 of 2016-17 dated 23\/05\/2016\u00a0\u00a0has extended the last date of filling of online\/hard copy of fourth quarter return for the year 2015-16, in Form DVAT-16,DVAT -17 and DVAT-48 along with required Annexure \/enclosure\u00a0\u00a0to 27\/05\/2016.<\/p>\n

CESTAT allows accumulated CENVAT credit refund under Rule 5 of CENVAT Credit Rules on supply of final products to SEZ by Setting aside adjudication order which denied refund on the ground that such supplies were deemed exports, not physical exports. Perusing statutory provisions under SEZ Act and Rules thereunder, CESTAT notes that supplies to SEZ are considered as exports and therefore, all benefits provided for exports under FTP, Central Excise and Customs laws shall be applicable thereto:\u00a0Bombay High Court.<\/p>\n

Other Updates:-<\/strong><\/span><\/p>\n

Directorate General of Foreign Trade has issued a circular to resolve the difficulties facing by the applicants for seeking modification in their IEC, in case where there is change in the PAN vide\u00a0Trade Notice No. 06\/2016\u00a0dated\u00a023.05.2016.\u00a0Accordingly, the RAs shall henceforth consider applications seeking modification in IEC, involving change in PAN, by ensuring that liabilities of the previous applicant\/applicant firm are transferred to the new applicant\/applicant firm whose PAN will be reflecting in the modified IEC. RA’s must also share the modified IEC, with the changed PAN incorporated in it, with all concerned authorities.<\/p>\n

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

Issue of TDS\/TCS certificates for March quarter by all deductors\/collectors:\u00a030.05.2016<\/p>\n

Due date for e-filing of form no. 61 for Q4 extended to\u00a031st October, 2016\u00a0from 30th April, 2016. CBDT Circular no. 14\/2016 dated 18\/05\/16.<\/p>\n

Be honest when in trouble and be simple when in wealth. Be polite when in authority and be silent when in anger.<\/p>\n

A leader is one who knows the way, goes the way, and shows the way. -John C. Maxwell<\/p>\n

There is a great difference between worry and concern. Be concerned but never be worried. A worried person sees a problem in everything and a concerned person solves problems.<\/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><\/span><\/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 UPDATES : Direct Tax: SCN cannot be issued to debtors until tax liability crystallize. [M\/s Quality Fabricators and Erectors v\/s The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (HC Of Bombay)]. Sec. 263 not justified due to multiple view on applicability of TDS. [Neo Sports Broadcast Pvt.Ltd v\/s CIT (TDS) (ITAT Mumbai)]. Changes …<\/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":[504,502,179,180,517,537,542,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2066"}],"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=2066"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2066\/revisions"}],"predecessor-version":[{"id":2873,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2066\/revisions\/2873"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}