{"id":2274,"date":"2016-09-27T08:06:06","date_gmt":"2016-09-27T08:06:06","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2274"},"modified":"2021-07-14T11:59:53","modified_gmt":"2021-07-14T11:59:53","slug":"corporate-and-professional-update-sept-27-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-sept-27-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE SEPT 27, 2016"},"content":{"rendered":"

Today updates:<\/span><\/h1>\n
\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; corporate updates<\/figcaption><\/figure>\n

Direct Tax:-<\/span><\/strong><\/p>\n

ITAT Banglore in the below-citied case held that Payment in respect of salaried doctors, in-house and visiting consultants in Nursing Home were subjected to TDS Since consultant doctors were paid fixed remuneration and the working conditions are under the supervision and control of the hospital authorities. In our considered opinion, services are rendered in the nature of employee [Hosmat Hospital (P.) Ltd. vs. ACIT].<\/p>\n

ITAT Jaipur in the below-citied case held that penalty u\/s 271B should not be imposed as assessee firm could not get the accounts audited within the time limit prescribed u\/s 44AB and there is no mala fide reason for not obtaining the accounts audited in time.[M\/s. Gemorium Vs. The ITO Ward- 5 (1), Jaipur]<\/p>\n

Indirect Tax:-<\/span><\/strong><\/p>\n

ST:\u00a0Reimbursable expenses cannot be added in the assessable value of the C&F, ST tax is payable only on the commission and not on the reimbursable expenses\u00a0 –\u00a0CCE, Indore Vs Virmani Enterprises (2016 (9) TMI 1025 – CESTAT New Delhi)<\/p>\n

GST UPDATES <\/span><\/strong><\/p>\n

Draft rules & formats for registration under GST<\/a>, payment & invoice issued by CBEC for public comments by\u00a028-9-2016.<\/p>\n

CBEC has released a PPT on GST\u00a0http:\/\/taxguru.in\/goods-and-service-tax\/ppt-gst-cbec<\/a>.<\/p>\n

FAQ as Issued by CBEC<\/span><\/strong><\/p>\n

Q . What is the remission of tax\/duty?<\/strong><\/p>\n

Ans. It means relieving the taxpayer from the obligation to pay tax on goods when they are lost or destroyed due to any natural causes. Remission is subject to conditions stipulated under the law and rules made thereunder.<\/p>\n

Q . Whether remission is allowed under GST law?<\/strong><\/p>\n

Ans. Yes, proposed section 11 of Model GST law permits remission of tax on the supply of goods.<\/p>\n

Q . Whether remission is allowed for goods lost or destroyed before supply?<\/strong><\/p>\n

Ans. Remission of tax will apply only when tax is payable as per law i.e. taxable event should have happened and tax is required to be paid as per law. Under GST Law, the levy is applicable upon the supply of goods. Where goods are lost or destroyed before supply, the taxable event does not occur in order to pay tax. Accordingly, the question of remission of tax does not arise.<\/p>\n

SEBI <\/span><\/strong>UPDATE <\/span><\/strong><\/p>\n

SEBI has issued a circular in respect of Permission for trading in futures contracts and modification in contract specifications at the exchange level.<\/p>\n

ICAI UPDATE<\/span><\/strong><\/p>\n

ICAI:\u00a0Please pay your Membership and COP fee for 2016-17 before 30 SEP 2016.<\/p>\n

Key Dates:<\/span><\/strong><\/p>\n