{"id":2139,"date":"2016-07-07T09:22:00","date_gmt":"2016-07-07T09:22:00","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2139"},"modified":"2024-06-07T17:09:46","modified_gmt":"2024-06-07T17:09:46","slug":"corporate-and-professional-updates-july-7-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-updates-july-7-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 7, 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 : Deduction u\/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision.\u00a0Indian Railway Const. Co. Ltd. Vs. IAC (A)\u00a0-ITAT Delhi<\/p>\n

Income Tax : Bangalore ITAT upholds capital gains addition in respect of sale of various lands held by assessee, engaged in buying \/ selling of immovable properties, during AY 2007-08, rejects assessee\u2019s claim of exemption on the ground that land was agricultural land and falls under exclusion clause (iii) to Sec 2(14).\u00a0[TS-360-ITAT-2016(Bang)]<\/p>\n

Income Tax: \u00a0ITAT in the given case held that the \u2018upfront fee\u2019 paid to Central Bank of India on loan taken from it is allowable as a deduction from the assessee\u2019s income. (\u00a0DCIT, Mumbai Vs.\u00a0M\/s Videocon Industries Ltd.)<\/p>\n

Income Tax:\u00a0 Income Computation and Disclosure Standards (ICDS) are to be applicable from 1.4.2016 i.e. previous year 2016-17 (AY 2017-18), postponed by one year.<\/p>\n

Payment made to agencies for services of Toll collection would attract sec. 194C TDS and not sec. 194H TDS Deputy Commissioner of Income-tax, Circle-3(1), (TDS), Vijayawada v. Project Director, NHAI [2016] 71\u00a0taxmann.com\u00a07 (Visakhapatnam – Trib.)<\/p>\n

Commission payable to franchise\/ distributionship is not require to deduct TDS\u00a0u\/s\u00a0194H\u00a0-SC<\/strong><\/span><\/h3>\n

\"Commission<\/p>\n

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

Vat & sales tax: \u00a0Joint Commissioner has to decide VAT proceedings without any interference of other authority Tanuj Agency (P.) Ltd. v. State of Gujarat [2016] 71\u00a0taxmann.com\u00a04 (Gujarat)<\/p>\n

CENVAT : CENVAT Credit on Canteen Services and House Keeping\/Cleaning Services availed in office building are admissible to Assessee when same was situated within licensed factory premises of Assessee.(\u00a0M\/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedpur (Cestat Kolkata)<\/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

Submission of form 27C (TCS) received in the month of June:\u00a007\/07\/2016<\/p>\n

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

\u201cThe key to happiness is not that you never get angry, upset, frustrated, irritated or depressed it is actually, how fast you get out of it\u201d<\/p>\n

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

W:\u00a0www.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 : Deduction u\/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision.\u00a0Indian Railway Const. Co. Ltd. Vs. IAC (A)\u00a0-ITAT Delhi Income …<\/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":[556,504,502,501,203,179,545,180,541,539,560,550,202,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2139"}],"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=2139"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2139\/revisions"}],"predecessor-version":[{"id":7323,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2139\/revisions\/7323"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}