{"id":2136,"date":"2016-07-07T09:13:49","date_gmt":"2016-07-07T09:13:49","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2136"},"modified":"2021-07-07T12:51:46","modified_gmt":"2021-07-07T12:51:46","slug":"corporate-and-professional-updates-july-6-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-updates-july-6-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 6, 2016"},"content":{"rendered":"

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

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

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

Income Tax : ITAT in the given case held that-as the international transactions of payment of royalty and fees for technical services are separate transactions and not closely linked with the other transactions with which the assessee has merged them, we cannot permit such merger or aggregation for the purpose of the determining their ALP on entity level under TNMM. (Gruner India Pvt. Ltd. Vs.\u00a0DCIT, New Delhi)<\/p>\n

Income Tax : S. 37(1): Expenditure on Corporate Social Responsibility (CSR), though voluntary, is allowable as business expenditure. Explanation 2 to s. 37(1) inserted w.e.f. 01.04.2015 is not retrospective. It applies only to CSR expenditure referred to in s. 135 of the Companies Act and not to voluntary CSR expenditure \u00a0ACIT vs. Jindal Power Limited\u00a0(ITAT Raipur)<\/p>\n

Income Tax: \u00a0No notional interest on belated payments by AE when assessee allows credit period to non-AEs as well GSS Infotech Ltd. v. Assistant Commissioner of Income-tax, Circle-2(2), Hyderabad
\n[2016] 70\u00a0taxmann.com\u00a0356 (Hyderabad – Trib.)<\/p>\n

Income Tax: \u00a0Apex Court admits SLP of revenue against ‘Vodafone India’ to decide taxability of transfer of call option rights
\nCommissioner of Income-tax-3 v. Vodafone India Services (P.) Ltd.\u00a0[2016] 70\u00a0taxmann.com\u00a0383 (SC).)<\/p>\n

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

Vat & sales tax: \u00a0Department of Trade & Taxes has issued a circular regarding description\u00a0of goods \/Items along with their item codes\u00a0vide\u00a0circular No. 10 \/2016-17\u00a0dated\u00a001.07.2016.All registered dealers of Delhi are mandatorily required to file their returns as per the list made by the department for the tax period commencing from 1st\u00a0April, 2016 and all subsequent tax periods. The list along with item codes has been uploaded on the website of the department.<\/p>\n

CBEC has issued a circular regarding recovery of confirmed demands during the pendency of stay application vide\u00a0circular No. 1035\/23\/2016-CX\u00a0dated\u00a004-07.2016.<\/p>\n

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

COMPAT quashes CCI\u2019s penalty order of Rs. 6.75 crores on India Trade Promotion\u00a0 Organisation India Trade Promotion Organisation v. Competition Commission of India , New Delhi [2016] 71\u00a0taxmann.com\u00a071 (CAT – New Delhi)<\/p>\n

Time period u\/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.<\/p>\n

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

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

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

W:www.caindelhiindia.com<\/a>,<\/p>\n

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 : ITAT in the given case held that-as the international transactions of payment of royalty and fees for technical services are separate transactions and not closely linked with the other transactions with which the assessee has merged them, we cannot permit such merger or aggregation for the purpose of …<\/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":[504,502,501,179,180,194,537,560,550,202,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2136"}],"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=2136"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2136\/revisions"}],"predecessor-version":[{"id":2845,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2136\/revisions\/2845"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}