{"id":710,"date":"2015-12-17T09:42:48","date_gmt":"2015-12-17T09:42:48","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=710"},"modified":"2021-07-14T12:09:58","modified_gmt":"2021-07-14T12:09:58","slug":"corporate-professional-update-december-12-2015","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-professional-update-december-12-2015\/","title":{"rendered":"CORPORATE &#038; PROFESSIONAL UPDATE ON DECEMBER 12, 2015"},"content":{"rendered":"<h2 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>CORPORATE &amp; PROFESSIONAL UPDATE ON DECEMBER 12, 2015<\/strong><\/span><\/h2>\n<p><a style=\"font-size: 1.13em; font-style: italic; font-weight: bold;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/D.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3010\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/D.png\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"686\" height=\"359\" \/><\/a><\/p>\n<p>www.caindelhiindia.com; CORPORATE UPDATES<\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #ff6600;\"><strong>IT:<\/strong><\/span>\u00a0Exemption u\/s 10A &#8211; the disallowed expenditure becomes a part of the income derived from the activity of export of software and entitled to the deduction under Section 10A of the Act \u2013<em><strong>\u00a0CIT-II Vs. Ntrance Customer Services Pvt. Ltd. (2015 (12) TMI 566 &#8211; Bombay High Court)<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #ff6600;\"><strong>ST:<\/strong><\/span>\u00a0Denial of refund claim &#8211; Accumulated CENVAT Credit &#8211; FIRCs received for the exports made are not in the name of the appellant &#8211; unable to find out legal provisions which provides that in case of change in the name refund claim is not admissible &#8211;\u00a0<em><strong>Concurrent Tech India Pvt. Ltd. Vs. C.S.T., Bangalore (2015 (12) TMI 543 &#8211; CESTAT Bangalore).<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBDT revised upward\u00a0Monetary limits for filing Departmental Appeal with retrospective effect. New Limit (Tax Effect): ITAT &#8211; Rs.10.00 Lac, High Court \u2013 <em><strong>Rs.20.00 Lac and Supreme Court &#8211; Rs.25 Lac. Circular No.21\/2015, dt.10 DEC 2015.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #ff6600;\"><strong>TDS:<\/strong><\/span>\u00a0Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification.<em><strong> Press Release, dated.10 DEC 2015.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>RBI\u00a0has issued\u00a0Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ICAI\u00a0announces\u00a0Campus Placement Program for Newly Qualified CAs for February-March\u00a02016.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ICAI Election 2015: ICAI\u00a0postponed Votes Counting dates from 16th\u00a0Dec to 20th\u00a0Dec 2015. The Counting for Northern Region is expected to be commenced around Jan 7, 2016.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Interest expenditure Sec.36(1)(iii)\u00a0 on loans diverted to sister concerns and directors can be allowed as business expenditure explained Insofar as loans to the sister concern \/ subsidiary company are concerned. <em><strong>[Hero Cycles (P) Ltd vs. CIT (Supreme Court)].<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification .Press release dated 10.12.2015.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Collection of cheques during enforcement survey before finalizing assessment is illegal.\u00a0 The amounts collected in advance were directed to be refunded.\u00a0Order passed by Shri Bansh Raj, Add Commissioner DVAT.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Versions of e-Forms <em><strong>GNL-4, INC-28, CRA-2, INC-2, ADJ, FC-1, AOC4-CFS and FC-4<\/strong> <\/em>are modified w.e.f. 09.12.2015.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>RBI has issued\u00a0Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Monetary limits for filing of appeal by department revised with retrospective effect: now before ITAT 10 lacs, High Court 20 lacs and Supreme Court 25 lacs,\u00a0 if tax effect is more. <em><strong>Circular No.21\/2015 dated 10\/12\/2015.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Relief for FIIs as income-tax department clarifies rules on defective returns under Income Tax Act.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Online rectification of TDS made simplified through new facility of Pre-Fill for up-dating TDS details while rectification .\u00a0<em><strong>Press release dated 10.12.2015.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Collection of cheques during enforcement survey before finalizing assessment is illegal.\u00a0 The amounts collected in advance were directed to be refunded.\u00a0Order passed by Shri Bansh Raj, Add Commissioner DVAT.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>RBI has issued\u00a0Guidelines on trading of Currency Futures and Exchange Traded Currency Options in Recognized Stock Exchanges and Introduction of Cross-Currency Futures and Exchange Traded Option Contracts.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Online Applications are invited from the CA firms\/ LLPs who desire to be empanelled with CAG for appointment as auditors of government Co\/ Corporations for the year 2016-17.www.saiindia.gov.in 01.2016 to 15.02.2016.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Relief for FIIs as income-tax department clarifies rules on defective returns under Income Tax Act.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBDT has simplified the process of online rectification of incorrect TDS details filed in the Income Tax Return.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:info@carajput.com\">info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-233 433 33<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE &amp; PROFESSIONAL UPDATE ON DECEMBER 12, 2015 www.caindelhiindia.com; CORPORATE UPDATES IT:\u00a0Exemption u\/s 10A &#8211; the disallowed expenditure becomes a part of the income derived from the activity of export of software and entitled to the deduction under Section 10A of the Act \u2013\u00a0CIT-II Vs. Ntrance Customer Services Pvt. Ltd. (2015 (12) TMI 566 &#8211; &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":[20,142,146],"tags":[501,572,179,180,561,214,181,194,541,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/710"}],"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=710"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/710\/revisions"}],"predecessor-version":[{"id":3126,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/710\/revisions\/3126"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}