{"id":2121,"date":"2016-07-02T09:14:20","date_gmt":"2016-07-02T09:14:20","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2121"},"modified":"2021-07-07T12:52:02","modified_gmt":"2021-07-07T12:52:02","slug":"corporate-and-professional-update-july-1-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-july-1-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 1, 2016"},"content":{"rendered":"

Today updates:<\/span><\/strong><\/p>\n

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

DIRECT TAX:<\/span><\/strong><\/p>\n

Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th\u00a0of June, 2016.<\/p>\n

Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70\u00a0taxmann.com\u00a0389 (RAIPUR-TRIB)<\/p>\n

Income Tax: TP provisions can be invoked even for 100% EOU enjoying tax holiday under sec. 10A Transcend MT Services (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 16(1), New Delhi [2016] 70\u00a0taxmann.com\u00a0388 (Delhi – Trib.)<\/p>\n

CBDT has issued\u00a0Income Tax (18Th\u00a0Amendments) Rules, 2016\u00a0vide Notification No. -54\/2016\u00a0dated27.06.2016. These rules will be\u00a0applicable from 1st day of April, 2017. In the\u00a0Income-tax Rules, 1962\u00a0, after\u00a0rule 127, Foreign tax credit Rule has been inserted in Rule 128.Further,\u00a0\u00a0in\u00a0Appendix-II, after\u00a0Form No.66, Form 67 has also been inserted.<\/p>\n

Central Government appoints the 27th day of June, 2016, as the date on which the provisions of Part I of Chapter XII of Finance Act 2016 shall come into force vide Notification No. S.O. 2214(E) dated 27.06.2016.<\/p>\n

New versions of e-TDS\/TCS Return Preparation Utility (RPU) & File Validation Utilities (FVUs) available at TIN website applicable W.e.f. 28.06.16.<\/p>\n

INDIRECT TAX:<\/strong><\/span><\/p>\n

Excise : Delay in filing appeal condoned on payment of costs though no detailed explanation given by assessee for delay Sivalogam Steels (P.) Ltd. v. Customs Excise & Service Tax Appellate Tribunal [2016] 70\u00a0taxmann.com\u00a0301 (Madras)<\/p>\n

Excise:\u00a0Cenvat credit – the question of taking credit on POY contained in certain waste arising in process of manufacture of polyester texturised yarn would also not arise. Nowhere Rule 9A of CENVAT Credit Rules, 2002 contains anything to the contrary – Tri<\/p>\n

Custom : Tariff notification in respect of fixation of tariff value of Edible Oils, Brass scrap, poppy seeds, Gold and Silver-92\/2016-Dated 30-6-2016-custom.<\/p>\n

Custom:\u00a0Assessee can’t pursue writ when appellate remedy is available
\nSocomec Innovative Power Solutions (P.) Ltd. v. Commissioner of Customs (Appeals), Chennai [2016] 70\u00a0taxmann.com\u00a0344 (Madras)<\/p>\n

CBEC has given an Instruction of Inclusion of Show Cause Notices issued in relation to sub-section (11) of Section 28 of the\u00a0Customs Act, 1962 on the competency of officers of DGDRI, DGCEI and Customs (Prev.), in the “Call Book” vide F.No.276\/104\/2016-CX.8A (Pt.) dated 29.06.2016\u00a0.<\/p>\n

Under Excise Act service of notice by registered post without acknowledgement due is not valid.(\u00a0HC RP Casting (P.) Ltd. v. Customs, Excise & Service Tax Appellate Tribunal) New Delhi<\/p>\n

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

ICAI has issued\u00a0FAQs regarding requirements to prepare consolidated Financial Statement dated on 24.06.2016.\u00a0These FAQs on Consolidated Financial Statements have been issued by the Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI). The purpose of these FAQs is to illustrate and to assist in clarifying the requirements regarding preparation of Consolidated Financial Statements.<\/p>\n

RBI: The Reserve Bank of India has released the\u00a0Financial Stability Report (FSR) June 2016.\u00a0<\/a>The FSR reflects the overall assessment on the stability of India\u2019s financial system and its resilience to risks emanating from global and domestic factors. Besides, the Report also discusses issues relating to development and regulation of the financial sector.<\/p>\n

KEY DATES :<\/strong><\/span><\/p>\n

E- Payment of service tax for June:\u00a006\/07\/2016<\/p>\n

Payment of TDS for the month of June:\u00a007\/07\/2016<\/p>\n

\u00a0\u201cNever discourage anyone…who continually makes progress, no matter how slow.\u201d<\/p>\n

FOR FURTHER QUERIES CONTACT US:<\/p>\n

W:\u00a0www.caindelhiindia.com<\/a> E: info@caindelhiindia.com T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th\u00a0of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70\u00a0taxmann.com\u00a0389 (RAIPUR-TRIB) …<\/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":[647,142,146,123],"tags":[504,502,501,179,180,549,528,194,541,537,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2121"}],"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=2121"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2121\/revisions"}],"predecessor-version":[{"id":2850,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2121\/revisions\/2850"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}