{"id":2240,"date":"2016-09-15T08:40:44","date_gmt":"2016-09-15T08:40:44","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2240"},"modified":"2021-07-14T12:00:16","modified_gmt":"2021-07-14T12:00:16","slug":"corporate-and-professional-update-sept-15-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-sept-15-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE SEPT 15, 2016"},"content":{"rendered":"<h1 style=\"text-align: justify;\">Today updates:<\/h1>\n<figure id=\"attachment_2798\" aria-describedby=\"caption-attachment-2798\" style=\"width: 543px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/09\/2.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2798\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/09\/2.png\" alt=\"www.caindelhiindia.com; corporate updates\" width=\"543\" height=\"324\" \/><\/a><figcaption id=\"caption-attachment-2798\" class=\"wp-caption-text\">www.caindelhiindia.com; corporate updates<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">ITAT Pune in the below citied case held that penalty u\/s.271D shall not be levied where assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash.The expression \u201creasonable cause\u201d in section 273B for non imposition of penalty u\/s.271D and 271E would have to be construed liberally.[Mrs. DeepaliMandar Joshi Vs. ACIT, Range-8, Pune]<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0TDS u\/s 194A &#8211; the insurance company was not justified in deducting tax at source while depositing the compensation in favour of the claimants. It therefore cannot avoid liability of depositing such amount with the Claims Tribunal &#8211;\u00a0NEW INDIA ASSURANCE CO. LIMITED Versus BHOYABHAI HARIBHAI BHARVAD AND 3 (2016 (9) TMI 451 &#8211; GUJARAT HIGH COURT)<\/p>\n<p style=\"text-align: justify;\">The CBDT\u00a0on monday\u00a0said assessees taking advantage of direct tax dispute resolution scheme, 2016 will be required to pay taxes within the stipulated period to avail the relief under the scheme.<\/p>\n<p style=\"text-align: justify;\">ITR &amp; TAR: Due date of filing of ITR &amp; TAR for assessee whose due date for filing income tax return is 30 SEP 2016 (being Company, Firms and others required to get accounts audited under Income Tax Act or other law and working partners of such firm) is extended to\u00a017 OCT 2016.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">CBEC issues a clarification regarding scope of Notification No. 25\/2012 Service Tax dated 20.06.2012, Sl. No. 5(a)\u00a0vide Circular No. 200\/10\/2016 dated 06\/09\/2016.<\/p>\n<p style=\"text-align: justify;\">ST:\u00a0Cenvat credit &#8211; input services &#8211; the appellants are entitled to cenvat credit on the insurance services used for insuring plant and machinery building stock and other assets of the appellant &#8211;\u00a0Perfetti Van Melle India Pvt. Ltd. Vs C.C.E., Chennai (2016 (9) TMI 325 &#8211; CESTAT Chennai)<\/p>\n<p><strong>REGARDS<\/strong><\/p>\n<p><strong>INDIAN FINANCIAL CONSULTANCY PRIVATE LIMITED<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today updates: Direct Tax: ITAT Pune in the below citied case held that penalty u\/s.271D shall not be levied where assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash.The expression \u201creasonable cause\u201d in section 273B for non imposition of penalty u\/s.271D and 271E would have to be construed &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":[502,501,179,187,180,541,540,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2240"}],"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=2240"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2240\/revisions"}],"predecessor-version":[{"id":2799,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2240\/revisions\/2799"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}