{"id":2125,"date":"2016-07-02T09:29:15","date_gmt":"2016-07-02T09:29:15","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2125"},"modified":"2021-07-07T12:51:54","modified_gmt":"2021-07-07T12:51:54","slug":"corporate-and-professional-update-july-2-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-july-2-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 2, 2016"},"content":{"rendered":"

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

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

DIRECT TAX:\u00a0<\/strong><\/span><\/p>\n

Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of 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 issued 3rd\u00a0clarification in the form of FAQs on the Income Declaration Scheme, 2016\u00a0Vide Circular No. 25 of 2016 dated 30.06.2016<\/p>\n

No denial of sec. 54F relief due to two houses if taxpayer had partial interest in one of the houses V.R. Usha v. Income-tax Officer, Business Ward-XV(1), Chennai[2016] 70\u00a0taxmann.com\u00a0340 (Chennai – Trib.)<\/p>\n

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

Excise : The liability for payment of Central excise duty will be with effect from\u00a001.03.2016. The payment for excise duty for the month of March, April , May , June\u00a0 is also extended to 31.07.2016.<\/p>\n

Excise:\u00a0The time limit for taking Central excise registration of an establishment by a jeweller\u00a0\u00a0is being extended up to 31.07.2016.<\/p>\n

Custom : Clearance of bunker fuels to Indian ship\/vessel carrying containerized cargo\u2014reg. vide Circular No. 1034\/22\/2016-CX dated 1st\u00a0July, 2016.<\/p>\n

Excise: CBEC has extended the time limit for taking central excise registration of an establishment by jeweler to31.07.2016. The liability for payment of central excise will be from 1st\u00a0March, 2016. However the assessee jewelers may make the payment of excise duty for the months from March 2016 to June 2016 also extended upto31.07.2016.\u00a0Vide Circular No. 1033\/21\/2016 \u2013 CX dated 01.07.2016.<\/p>\n

Excise: Refund of tax paid on non-taxable services is also governed by time limit of section 11B Giriraj Construction v. Commissioner of Central Excise & Customs, Service Tax, Nasik [2016] 70\u00a0taxmann.com\u00a0303 (Mumbai – CESTAT)<\/p>\n

Excise: Extension of time-limit for refund claim would also be applicable on time-barred claims Nobel Art & Craft House v. Commissioner of Central Excise, Jaipur-II [2016] 70\u00a0taxmann.com\u00a0315 (New\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Delhi\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 -CESTAT)<\/p>\n

Other updates :<\/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

Companies\u00a0\u00a0(Removal of difficulties) Third Order, 2016 released by MCA. MCA order dated 30.06.2016.<\/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

We look forward for your valuable comments.\u00a0www.caindelhiindia.com<\/a><\/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:\u00a0 Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of 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 …<\/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":[554,179,199,180,541,537,542,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2125"}],"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=2125"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2125\/revisions"}],"predecessor-version":[{"id":2849,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2125\/revisions\/2849"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}