{"id":2543,"date":"2016-10-13T10:21:35","date_gmt":"2016-10-13T10:21:35","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2543"},"modified":"2021-07-14T11:59:32","modified_gmt":"2021-07-14T11:59:32","slug":"corporate-and-professional-update-oct-13-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-oct-13-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016"},"content":{"rendered":"

CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016<\/a><\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; import-export registration<\/figcaption><\/figure>\n

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

CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities.<\/p>\n

Bombay High Court in the below citied case allow the\u00a0 revenue expenditure being the amount written off .No new business was set up but towers in addition to which were already set up were proposed at site which project was later on abandoned – claim of expenditure allowed \u2013\u00a0CIT-3 Vs Idea Cellular Ltd. (2016 (10) TMI 181<\/p>\n

Punjab and Haryana\u00a0HC dismisses assessee-HUF\u2019s writ, upholds CBDT order denying\u00a0extension of time for complying with the requirements of Sec. 54F; Notes that assessee was unable to utilize the capital gains arising on transfer of land in construction of a residential house within prescribed period of 3 years as mandated u\/s 54F. [TS-544-HC-2016(P & H)]<\/p>\n

Levy of interest u\/s 234C is an automatic, it cannot be restricted to the tax due on Returned income as referred u\/s 139(1) \u2013\u00a0(Sree Meenakshi Reltors Vs ITO, W-II (3), Coimbatore (2016 (10) TMI 215 – ITAT Chennai)<\/p>\n

TDS u\/s 195 – AMC contract – non-resident payee as no PE in India therefore his business income not taxable in India – No TDS liability\u00a0\u2013(ACIT, Cir-12(1), New Delhi Vs HCL Comnet Ltd. (2016 (10) TMI 175 – ITAT Delhi))<\/p>\n

Income Tax Form No. 68 notified to get immunity from penalty for under reporting and misreporting of income. NOTIF NO. SO 3150(E) [NO.90\/2016 (F.NO.370142\/26\/2016-TPL)] 5-10-16.<\/p>\n

CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities.<\/p>\n

\u00a0Indirect Tax:-<\/span><\/strong><\/p>\n

CESTAT dismisses Revenue appeal, holds demand against EOU for enhancement of assessable value of imported \u2018plant\u2019 by inclusion of expenditure borne towards dismantling, packing and shipment, as premature.[TS-396-CESTAT-2016-CUST]<\/p>\n

HC upholds the order of Settlement Commissioner, confirms levy of SAD u\/s 3(5) of Customs Tariff Act despite goods being chargeable to Additional Duty of Excise (ADE) u\/s 3(1) of Additional Duties of Excise (Goods of Special Importance) Act, 1957.\u00a0[TS-399-HC-2016(MAD)-CUST]<\/p>\n

Service Tax Return (ST-3) for April,2016 to September,2016 period is\u00a0 available from 1st October,2016,\u00a0 for e-filing by the assessees in both offline and online modes. The last date for filing the returns for the25\/10\/2016.<\/p>\n

CBEC has issued revised guidelines for arrest in relation to Service tax offences punishable under the\u00a0Finance act, 1994 & Central Excise Act, 1944.\u00a0 Cir No. 201\/11\/2016-dt. 30 Sept. 2016.<\/p>\n

Service for loading goods by the contractor on weight basis – the activity of loading\/unloading cannot be termed as supply of Manpower Recruitment Agency Service\u00a0\u2013(M\/s Radiant Textiles Ltd. Versus CCE, Chandigarh-II (2016 (10) TMI 242 – CESTAT Chandigarh)<\/p>\n

DVAT issued a circular regarding speedy disposal of al refund claims Vide circular No. 15-2016\/17 dated 03\/10\/2016. DVAT vide further circular no. 16 dated 04\/10\/2016 withdraw the above circular no. 15\u00a0 regarding speedy disposal<\/p>\n

CBEC has issued notification No. 41\/2016 (attached herewith) with respect to the taxable service provided by State Government Industrial Development Corporations\/ Undertaking to industrial units. Government has exempted \u201ctaxable Service provided\u201d by State Government Industrial Corporations\/ Undertaking to industrial units by way of granting long term(thirty years, or more) lease of industrial plots from levy of service tax on the one time upfront amount called as premium, salami, cost, price, development charges or by any other name payable for such lease.<\/p>\n

This will settle down many cases pending against verious Industrial Development Corporation like GIDC etc. for not charging Service tax on long term lease. \u00a0Gujarat Industrial Development Corporation (GIDC), a State Government Industrial Development Corporations virtually sells the plot however it is on lease basis. So, providing services to industrialist with respect to long term lease of industrial plots for a consideration which is in form of one time premium amount, in that particular case service tax shall not be levied.<\/p>\n

Hon’ble high court directed delhi VAT Department\u00a0 for\u00a0 speedy disposal of all refund claims u\/s section 38 of the DVAT, Act 2004 within the stipulated period of two months.<\/p>\n

\u00a0<\/strong>FAQ on Company Law:<\/span><\/strong><\/p>\n

Query:\u00a0How can a body corporate make an application for grant of registration as an investment adviser?<\/p>\n

Answer:\u00a0In case of a body corporate, which proposes to undertake investment advisory services in addition to its existing activities including but not limited to distribution or execution services, the application for grant of registration as an investment adviser has to be made through a separately identifiable department or division. A body corporate which proposes to undertake only investment advisory services has to make the registration application directly and not through a separately identifiable department or division.<\/p>\n

ICAI Update : <\/strong><\/p>\n

MEF empanelment 2016-17- Part B & C made live till\u00a031.10.2016\u00a0to enable the applicants to fill\/edit the same<\/p>\n

Other update <\/strong><\/p>\n

Supreme Court of India: Non judicial stamp papers do not have any expiry period being used for a document. Case: [Thiruvengada Pillai vs Navaneethammal & Anr on 19 February, 2008].<\/p>\n

Failure of CA to investigate transaction in depth is gross negligence in performing professional duties.<\/p>\n

 <\/p>\n

\u00a0SEBI Updates:-<\/span><\/strong><\/p>\n

SEBI\u00a0In pursuance of a Medium Term Framework (MTF) for FPI limits in Govt securities, Board has revised the\u00a0limit for the next half year, to INR 148,000 Cr on October 03, 2016 and INR 152,000 Cr on\u00a0January 02, 2017.<\/p>\n

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

Payment of DVAT TDS for the month of September-15\/10\/2016<\/p>\n

Form 27EQ (TCS return) by all deductor-15\/10\/2016<\/p>\n

Issue of TDS Certificate in case of payment\/credit made in the month of august for purchase of property u\/s 194IA-15\/10\/2016<\/p>\n

Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15\/10\/2016<\/p>\n

E-Payment of PF for the month of September-15\/10\/2016<\/p>\n

We make a living by what we get, but we make a life by what we give. \u00a0\u00a0\u00a0\u00a0 \u00a0 \u00a0\u00a0 -Winston Churchill<\/p>\n

Positive anything is better than negative nothing. \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -Elbert Hubbard<\/p>\n

Confidence doesn\u2019t come when you have all the answers. But it comes when you are ready to face all the questions.<\/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>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0E: info@caindelhiindia.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

CORPORATE AND PROFESSIONAL UPDATE OCT 13, 2016 Direct Tax:- CBDT has notified seven districts in Andhra Pradesh for availing tax incentives under section 32(1)(ii) (a) and Section 32AD of the Income Tax Act to boost the industrial activities. Bombay High Court in the below citied case allow the\u00a0 revenue expenditure being the amount written off …<\/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":[647,142,146,1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2543"}],"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=2543"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2543\/revisions"}],"predecessor-version":[{"id":2776,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2543\/revisions\/2776"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}