{"id":2557,"date":"2016-10-26T17:09:52","date_gmt":"2016-10-26T17:09:52","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2557"},"modified":"2024-08-30T04:21:17","modified_gmt":"2024-08-30T04:21:17","slug":"corporate-and-professional-update-oct-26-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-oct-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 26, 2016"},"content":{"rendered":"<p><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2116\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate-300x139.jpg\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"900\" height=\"417\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate-300x139.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate-1024x474.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate.jpg 1728w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/a><\/p>\n<p><strong><span style=\"text-decoration: underline;\">CORPORATE AND PROFESSIONAL UPDATE OCT 26, 2016<\/span><\/strong><strong><span style=\"text-decoration: underline;\">Direct Tax:-<\/span><\/strong><\/p>\n<ul>\n<li>Bombay High Court in the below citied case held that Loss suffered u\/s 37(1)\/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being \u201cnotional\u201d or \u201cspeculative\u201d in nature.\u00a0[CIT vs. M\/s. D. Chetan &amp; Co]<\/li>\n<li>CBDT issued press release regarding draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961-<\/li>\n<li>No addition on basis of 26AS if payee claimed that there was wrong entry in TDS return: ITAT P.K. Rajasekar v. Income-tax Officer, Chennai[2016] 74\u00a0taxmann.com\u00a0151 (Chennai &#8211; Trib.)<\/li>\n<li>As many as 2.5 crore salaried tax payers will now receive SMS alerts from the income tax department regarding their quarterly TDS deductions.<\/li>\n<li>Acquisition of right to use trademark for 3 years is a depreciable asset: Bangalore ITAT Bosch Ltd.\u00a0v.\u00a0Assistant Commissioner of Income-tax, LTU,Bangalore [2016] 74\u00a0taxmann.com\u00a0161 (Bangalore &#8211; Trib.)<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><\/p>\n<ul>\n<li>CESTAT denies concessional CVD benefit under Notification No. 6\/2006-CE on imported \u2018external hard disks\u2019, holding them classifiable as \u201cremovable or exchangeable disc drives\u201d under CETH 84717030 and not \u201chard disc drives\u201d under CETH 84717020 of Central Excise Tariff.\u00a0[TS-422-CESTAT-2016-CUST]<\/li>\n<li>Penultimate sale &#8211; export consignment &#8211; When the revisional authority noticed discrepancies in the different documents supplied by the assessee he was within his rights to deny the benefit of tax exemption to such extent. &#8211; HC &#8211; VAT and Sales Tax-\u00a0Commissioner of Commercial Tax Versus Shakti Containers &#8211; 2016 (9) TMI 827 &#8211; GUJARAT HIGH COURT<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">MCA UPDATE<\/span><\/strong><\/p>\n<ul>\n<li>MCA has invited application regarding empanelment of professionals for at least fifteen years of continuous practice as a Chartered Accountant with as mediator or conciliator u\/s 442 of the Companies Act, 2013.<\/li>\n<\/ul>\n<ul>\n<li>MCA has requested all stakeholders who had filed Form MGT-07\/20B but the same had not been taken on records due to non-submission\/ non-uploading of CD to complete the filing by uploading the data in excel sheet by 07th November 2016.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">FAQ ON GST<\/span><\/strong><\/p>\n<p><strong><span style=\"text-decoration: underline;\"> INPUT SERVICE DISTRIBUTOR<\/span><\/strong><\/p>\n<p><strong>1.How to distribute common credit among all the units of an ISD?<\/strong><\/p>\n<p>Ans. The common credit used by all the units can be distributed by ISD on a pro-rata basis i.e. based on the turnover of each unit to the aggregate turnover of all the units to which credit is distributed.<\/p>\n<p>1. The ISD may distribute the CGST and IGST credit to recipients outside the State.<\/p>\n<p>(a) IGST<\/p>\n<p>(b) CGST<\/p>\n<p>(c) SGST<\/p>\n<p>Ans.\u00a0(a) IGST.<\/p>\n<p>&nbsp;<\/p>\n<p>2. The ISD may distribute the CGST credit within the State as____<\/p>\n<p>(a)IGST<br \/>\n(b) CGST<\/p>\n<p>(c) SGST<\/p>\n<p>(d) Any of the above.<\/p>\n<p>Ans.\u00a0(b) CGST.<\/p>\n<ol>\n<li>The credit of tax paid on input service used by more than one supplier is ________<\/li>\n<li>a) Distributed among the suppliers who used such input service on the pro-rata basis of turnover in such State.<\/li>\n<li>b) Distributed equally among all the suppliers.<\/li>\n<li>c) Distributed only to one supplier.<\/li>\n<li>d) Cannot be distributed.<\/li>\n<\/ol>\n<p>Ans. a) Distributed among the suppliers who used such input service on the pro-rata basis of turnover in such State.<\/p>\n<p><strong>2. Whether the excess credit distributed could be recovered by the department?<\/strong><\/p>\n<p>Ans.\u00a0Yes, excess credit distributed could be recovered along with interest from an ISD by the department.<\/p>\n<p><strong>3. What are the consequences of credit distributed in contravention of the provisions of the Act?<\/strong><\/p>\n<p>Ans. The credit distributed in contravention of provisions of the Act could be recovered from the unit to which it is distributed along with interest.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/p>\n<ul>\n<li>Advance information for 1st fortnight of Nov of function with booking cost more than Rs. 1 Lakh in Banquet halls, hotels, etc in Delhi-27.10.2016<\/li>\n<li>Filling of DVAT Return verification form for quarter ended September where return not signed with digital signature:-\u00a028.10.2016<\/li>\n<li>Return of TDS for September quarter in DVAT-48\u00a0-28.10.2016<\/li>\n<li>Return by scheduled bank branches in Delhi engaged in sale of silver, gold, repossessed vehicle for quarter ended September:-28.10.2016<\/li>\n<\/ul>\n<h2><span style=\"color: #000080;\">\u00a0<em>TDS Rate chart<\/em>\u00a0for the\u00a0<em>FY 2024-25<\/em> (AY2025-26). Budget 2024<\/span><\/h2>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-7844\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/10\/TDS-on-payment.jpg\" alt=\"\u00a0TDS Rate chart\u00a0for the\u00a0FY 2024-25 (AY2025-26). Budget 2024\" width=\"908\" height=\"908\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/10\/TDS-on-payment.jpg 720w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/10\/TDS-on-payment-300x300.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/10\/TDS-on-payment-150x150.jpg 150w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/h2>\n<p>We look forward for your valuable comments.\u00a0<a href=\"http:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.caindelhiindia.com%2F&amp;h=zAQGBs6T6AQFFsNItuGxh4fxCHTlAS9Tt0scDC8mzhy0mvg&amp;enc=AZNXalJ8vdvfI-XBWzvS_VaSm2pZq50E9P2Fv2mSoszgysRuEC3PU2i7LDHU-U6ohsYa7L2D9MgWffZsflho-ou3AtkxmmZxP6AV9AN0Gs37MAZC9gpDDNp9yIsld3GFMSsqWcSe8ACgBv_tlCRiQtq19PXurNHd7DJkPAeweAKCpVVB4GuMttuSENW8L0MLTL2AO_r-YFwYxwLajRbncoNm&amp;s=1\">www.caindelhiindia.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"http:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.caindelhiindia.com%2F&amp;h=wAQF-i40JAQFRcDLGoUTk1CgcvNMjLMbblWGEOON7wTJZdw&amp;enc=AZPLjKsdSlXm1Wdy-E_rQ7_BcImKzAseATUEYZXqn0EvM6aliEg8M57IVfC45W5vM1-XZEa2cvDX5AMKk7-KauykmQ8ApvIxVdzem1FVsBK1GPf8xK13QC23WQYNPKX_cTNahdGPJOD9vMxv3F4KKvLp_lOhs9sMtokKFotEEtk8tmHMwyvorfkLEkQO3HXDCRWgH3WfWcPNdYNtOfAnsvql&amp;s=1\">www.caindelhiindia.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0E: <a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 T: 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE OCT 26, 2016Direct Tax:- Bombay High Court in the below citied case held that Loss suffered u\/s 37(1)\/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being \u201cnotional\u201d or \u201cspeculative\u201d in nature.\u00a0[CIT vs. M\/s. D. Chetan &amp; Co] CBDT issued press release regarding draft Rules &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],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2557"}],"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=2557"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2557\/revisions"}],"predecessor-version":[{"id":2560,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2557\/revisions\/2560"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}