{"id":2289,"date":"2016-10-03T06:22:33","date_gmt":"2016-10-03T06:22:33","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2289"},"modified":"2021-08-23T07:23:31","modified_gmt":"2021-08-23T07:23:31","slug":"corporate-and-professional-update-oct-3-2016-india-financial-consultancy","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-oct-3-2016-india-financial-consultancy\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 3, 2016."},"content":{"rendered":"

Today updates:<\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n

DIRECT TAX:-<\/span><\/strong><\/p>\n

\u00a0IT:\u00a0Change in method of valuation of stock – from lowest price during the year to the weighted average cost formula – So long as the change made by the assessee in his method of accounting is bona fide and amounts to a permanent arrangement to be followed the Revenue has no cause to complain –\u00a0Bajaj Auto Ltd. Vs CIT-II, Bombay (2016 (9) TMI 1047 – Bombay High Court)<\/p>\n

ICAI\u00a0issued revised handbook on Indian Accounting Standards (Ind AS). It can be downloaded fromhttp:\/\/resource.cdn.icai.org\/ 43399indas33174.pdf<\/p>\n

HC sets aside e-auction of SBI as there was less than 30 days gap between publication of notice and sale Smt. R. Vimala\u00a0v.\u00a0State Bank of India [2016] 73\u00a0taxmann.com\u00a0308 (Andhra Pradesh)<\/p>\n

AO should treat land as agricultural land if survey dept. found it beyond 8 kms from municipal limits Commissioner of Income-tax, Coimbatore\u00a0v.\u00a0K.R.N. Prabhakaran (HUF) [2016] 73\u00a0taxmann.com\u00a0305 (Madras)<\/p>\n

Fee for delay in filing TDS return not permissible in an intimation with retro-effect: Pune ITAT Gajanan Constructions\u00a0v.\u00a0Deputy Commissioner of Income-tax, Ghaziabad [2016] 73\u00a0taxmann.com\u00a0380 (Pune – Trib.)<\/p>\n

Due date for filing return & TAR for assessee whose due date for filing income tax return is 30th Sept (being Company,firms,and other required to get accounts audited under income tax act or other law and working partners of such firm) is extended to\u00a017th October 2016.<\/p>\n

Assessees not having PAN, may file IDS declaration manually by quoting date & acknowledgment no. of PAN application form. CBDT Instruction No.10 of 2016.<\/p>\n

Under GST TDS, TCS, Tax under Reverse charge, composition tax, interest, penalty, fee or any other amount can be paid only from Electronic cash ledger.<\/p>\n

CBDT notifies backward districts in Andhra Pradesh U\/s. 32 & 32 AD. Notification No. 85\/2016.<\/p>\n

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

Apex Court stays Delhi HC’s judgment of ‘Mega Cabs’ on service tax audit. Union of India\u00a0v .Mega Cabs (P.) Ltd. [2016] 73\u00a0taxmann.com\u00a0402 (SC)<\/p>\n

ST:\u00a0Renovation and modernization services provided in the form of works contract, excluded from the definition of input service, Cenvat credit was rightly denied –\u00a0JDSU India Pvt. Ltd. Vs CST, Pune (2016 (9) TMI 1059 – CESTAT Mumbai)<\/p>\n

ST: CBEC exempts\u00a0Advancement of Yoga\u00a0from\u00a0Service Tax.\u00a0Notification # 42\/2016, dt.26SEP2016.<\/p>\n

GST:\u00a0CBEC has released Draft GST Formats, Forms and Rules.<\/p>\n

GST Update – The Goods and Services Tax (GST) Council is holding its 3rd meet today on 30th September 2016. The meet is to finalise the rules regarding registration, refunds and payment, and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime.<\/p>\n

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

The Ministry of Corporate Affairs has amended the Companies (Incorporation) Rules, 2014 and notified the Companies (Incorporation) Fourth Amendment Rules, 2016 which shall come into force on the date of their publication in the Official Gazette.<\/p>\n

Through this amendment, MCA revised integrated incorporation form for companies.\u00a0\u201cSimplified Proforma for Incorporating Companies Electronically (SPICe-INC 32)\u201d\u00a0along with electronic MoA (SPICe MoA-INC 33) and electronic AoA(SPICe AoA-INC 34) are available for filing purposes.<\/p>\n

Highlights of INC-32<\/strong><\/p>\n