{"id":2200,"date":"2016-08-11T12:49:17","date_gmt":"2016-08-11T12:49:17","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2200"},"modified":"2021-07-14T12:00:45","modified_gmt":"2021-07-14T12:00:45","slug":"corporate-and-professional-update-aug-11-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-aug-11-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE AUG 11, 2016 :"},"content":{"rendered":"<h1 style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">TAX UPDATE<\/span><\/strong><\/h1>\n<figure id=\"attachment_2811\" aria-describedby=\"caption-attachment-2811\" style=\"width: 568px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/INDIAN-BUSINESS-SETUP-AND-MARKET-ENTRY.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2811\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/INDIAN-BUSINESS-SETUP-AND-MARKET-ENTRY.png\" alt=\"www.caindelhiindia.com; INDIAN BUSINESS SETUP AND MARKET ENTRY\" width=\"568\" height=\"318\" \/><\/a><figcaption id=\"caption-attachment-2811\" class=\"wp-caption-text\">www.caindelhiindia.com; INDIAN BUSINESS SETUP AND MARKET ENTRY<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Section 139, to be verified through ITR V form by\u00a031.08.16. CBDT Circular no.13\/2016.<\/li>\n<li>Bank could claim sec. 36(1)(viii) deductions in rectification application when it failed to claim it in e-return Citizen Credit Co-operative Bank Ltd. v. Deputy Commissioner of Income-tax, Range-1(2), Mumbai [2016] 72com\u00a080 (Mumbai &#8211; Trib.)<\/li>\n<li>Share premium couldn&#8217;t be treated as business receipt if it wasn&#8217;t utilized for running business Credit Suisse Business Analysis (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-15 (1) (2), Mumbai [2016] 72com\u00a0131 (Mumbai &#8211; Trib.)<\/li>\n<li>CBDT recognizes Cost Accountants as e-return intermediaries. Visit<a href=\"http:\/\/www.icmai.in\/upload\/Institute\/Updates\/CBDT-Intermediary.pdf\">http:\/\/www.icmai.in\/upload\/Institute\/Updates\/CBDT-Intermediary.pdf<\/a>\u00a0for details.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0<strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Loss in quantity of input to render it fit for usage in manufacturing is eligible for credit Real Ispat &amp; Power Ltd. v. Commissioner of Central Excise &amp; Customs, Raipur [2016] 72com\u00a084 (New Delhi &#8211; CESTAT)<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>HC criticizes dept. for issuing certified copies of unsigned draft order M.S. Shoes East Ltd. v. Union of India [2016] 72com\u00a094 (Delhi)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">GST IMPACT ON VARIOUS SECTOR.*<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>BANKS* &#8211; Current service tax 15% now after \u00a0GST 18%-<\/li>\n<li>CONSUMER STAPLES* current tax rate 22% know after GST it&#8217;s 18% .<\/li>\n<li>Positive for &#8211; Asian paints,Dabur,HUL,EMAMI<\/li>\n<li>NEGATIVE for ITC &amp; UNITED BEVERIES.<\/li>\n<li>CONSUMER DISCRETIONARY* current 15% after GST 18%\u00a0&#8211; NEGATIVE<\/li>\n<li>MEDIA* &#8211; current Tax 15% service tax and 7% entertainment Tax by State&#8217;s know After GST it will be 18%\u00a0&#8211; POSITIVE<\/li>\n<li>TELECOM* current Tax 15% After GST 18% may see marginal dip in consumption as tax rise from 15% to 18% &#8211; NEGATIVE<\/li>\n<li>AUTO INDUSTRIES* current Tax 27% after GST it will be 18% &#8211; POSITIVE<\/li>\n<li>METALS* &#8211; current TAX 18% after GST 18% no major impact<\/li>\n<li>CEMENT* &#8211; current Tax 27% altogether after GST it will be 18%\u00a0&#8211; POSITIVE.<\/li>\n<li>PHARMA* &#8211; current Tax 15% after GST it will be 18% &#8211; NEGATIVE<\/li>\n<li>REAL ESTATE* &#8211; 15% to 16% Stamp duty, Current duty approx 7%. NEGATIVE for real estates.<\/li>\n<li>TRANSPORTATION* &#8211; majorly benefits to logistics sector no impact of GST\u00a0&#8211; POSITIVE<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">FAQ ON COMPANY LAW:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Query:\u00a0 We have filed Form INC-1 for reservation of name of Company. Now resubmission has occurred as \u2013 Trade mark already exists. How can we get that same name if trademark already exists?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0\u00a0You are required to attach NOC from the Trade Mark owner with Form INC-1 and fill prescribed particulars in field 11 &amp; 12 of Form INC-1.<\/p>\n<p style=\"text-align: justify;\">The details of Trade Marks are available at MCA Website\u00a0www.mca.gov.in\u00a0under Trade Mark link.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">OTHER UPDATE:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Reserve Bank of India keeps Repo rate unchanged at 6.50%.<\/li>\n<li>SEBI introduces e-payment facility for payment of penalties, disgorgement amounts, etc. Pr no. 131\/2016 dated 9th august 2016\u00a0issued by SEBI.<\/li>\n<li>Now CS, CWA or his firm can act as e-return intermediary Notification No. 66\/2016\/F. No.133\/89\/2015-TPL Dated 9th August, 2016<\/li>\n<li>MEF for 2016-17 will be live from today (11th August) from\u00a02pm\u00a0with the option of Digital Signature.<\/li>\n<li>The Parliament passed\u00a0the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016\u00a0empowering banks to confiscate security in the case of loan default.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Key Dates:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Extension to\u00a029.10.2016, of Last Date of filing of e-forms AOC-4 , AOC-4 XBRL, AOC-4 (CFS), &amp; MGT-7. Circular No.08\/2016 Dated 29.07.2016.<\/li>\n<li>Public Servants Annual Assets Liabilities Return Filing due date extended to\u00a031.12.2016<\/li>\n<li>15-08-16\u00a0is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Life is not about the people who act true to your face. It is about those people who remain true behind your back.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>When you make your peace with authority, you become authority.\u00a0\u00a0\u00a0 -Jim Morriso<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">we look forward for your valuable comments.\u00a0<a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/p>\n<p style=\"text-align: justify;\">W: www.caindelhiindia.com \u00a0E:\u00a0<a href=\"mailto:info@caindelhiindia.com.com\">info@caindelhiindia.com.com<\/a>\u00a0\u00a0 \u00a0T:011-233-4-33333,\u00a0 M: 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TAX UPDATE Direct Tax: Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Section 139, to be verified through ITR V form by\u00a031.08.16. CBDT Circular no.13\/2016. Bank could claim sec. 36(1)(viii) deductions in rectification application when it failed to claim it in e-return Citizen Credit Co-operative Bank Ltd. v. Deputy Commissioner &hellip;<\/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],"tags":[501,179,182,546,180,549,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2200"}],"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=2200"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2200\/revisions"}],"predecessor-version":[{"id":2812,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2200\/revisions\/2812"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}