{"id":2152,"date":"2016-07-15T09:49:30","date_gmt":"2016-07-15T09:49:30","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2152"},"modified":"2021-07-07T12:51:26","modified_gmt":"2021-07-07T12:51:26","slug":"corporate-and-professional-updates-july-15-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-updates-july-15-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 15, 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: No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71\u00a0taxmann.com\u00a0135 (Chandigarh – Trib.)<\/p>\n

Income Tax: Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software (P.) Ltd. v. commissioner of Customs, Central Excise and Service Tax, Hyderabad-II [2016] 71\u00a0taxmann.com\u00a094 (Hyderabad – CESTAT)<\/p>\n

Income Tax: \u00a0\u00a0Amount set-aside for Debenture Redemption Reserve is to be added back for computing book profits Assistant Commissioner of Income-tax, Circle-4, Ahmedabad v. Genus Electrotech Ltd. [2016] 71\u00a0taxmann.com\u00a0101 (Ahmedabad – Trib.)<\/p>\n

Income Tax: NCLT can\u2019t deal with an asset whose property rights are in dispute before a Civil Court Vinod Muktinath Sharma v. Sharma Realty (P.) Ltd. [2016] 71\u00a0taxmann.com\u00a0144 (NCLT-New Delhi )<\/p>\n

Income Tax: The Government of India has given Relaxation of time schedule for making payments under the Scheme the Income Declaration Scheme 2016: \u00a0(I) a minimum 25% of the tax, paid by\u00a030.11.2016; (ii) further 25% by\u00a031.3.2017; and balance on or before\u00a030.9.2017.<\/p>\n

In a bid to end taxpayers harassment, the CBDT has prescribed revised format for Scrutiny Notice u\/s 143(2) of the Income Tax Act\u20191961\u00a0in “three new formats” that will clearly stipulate if the inquiry against them is “limited,\u00a0complete\u00a0or\u00a0manual”. All scrutiny notices, shall henceforth, be issued in these revised formats. Further, Taxpayers residing in cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai can opt for paperless\/E-Assessment (if their case falls under scrutiny) as part of a new pilot project that the CBDT is running in this regard.<\/p>\n

\u00a0INDIRECT TAX:<\/strong><\/span><\/p>\n

Excise: CBEC has issued a circular on procedure regarding duty free shop vide\u00a0circular no. 32\/2016\u00a0dated\u00a013.07.2016. It may be noted that the Special Warehouse (Custody & Handling of Goods) Regulations, 2016 prescribe maintenance of a computerized system for accounting. Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed in the notification.<\/p>\n

HC allows Revenue appeal, sets aside CESTAT order which allowed CENVAT credit on entire Captive Power Plant without examining eligibility of individual components used therein as \u201cinputs\u201d or \u201ccapital goods\u201d. Revenue also raised substantial question whether credit could be availed on items such as angles, beams, channels, ladder trays, joists supporting structures, steel structures, which are neither \u201cinputs\u201d nor \u201ccapital goods\u201d as per definitions under CENVAT Credit Rules 2004.\u00a0Madras High Court<\/p>\n

Service tax : Service-tax paid wrongly under reverse charge is refundable without bar of unjust enrichment ICOMM Tele Ltd. v. Commissioner of Customs, Central Excise & Service Tax, Hyderabad III [2016] 71\u00a0taxmann.com\u00a095 (Hyderabad – CESTAT)<\/p>\n

\u00a0OTHER UPDATES:<\/span><\/strong><\/p>\n

SEBI : SEBI has notified the amended\u00a0the\u00a0Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) (Second Amendment) Regulations, 2016\u00a0to introduce regulation \u00a0relating to \u2018Dividend\u00a0Distribution\u00a0Policy\u2019.<\/p>\n

Forms FC-2, FC-4, MGT-10, MR-1, SH-7 and Refund Form are likely to be revised on MCA21 Company Forms Download page w.e.f 13th July 2016. Stakeholders are advised to check the latest version before filing.<\/p>\n

E-Form AOC-04 for filing Annual Financial Statement is likely to be amended w.r.t filing of CSR expenditure details. The revised AOC-04 E-Form is likely to be available on MCA portal by 3rd week of Jul-2016. Stakeholders are requested to note that filing CSR details are mandatory. Therefore, Annual filing may be planned as per revised AOC-04.<\/p>\n

\u00a0Key dates :<\/strong><\/span><\/p>\n

TCS Return by all deductors:\u00a015.07.2016<\/p>\n

E-Payment of PF for the month of June:\u00a015.07.2016<\/p>\n

E-filing of form 15G\/H for June Quarter:\u00a015.07.2016<\/p>\n

\u00a0\u201cIn the past, people were born royal. Nowadays, royalty comes from what you do\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>\u00a0E: info@caindelhiindia.com T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX: Income Tax: No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71\u00a0taxmann.com\u00a0135 (Chandigarh – Trib.) Income Tax: Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software …<\/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":[647,142,146,123,1],"tags":[504,502,501,179,180,517,541,537,539,189,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2152"}],"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=2152"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2152\/revisions"}],"predecessor-version":[{"id":2837,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2152\/revisions\/2837"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}