CORPORATE AND PROFESSIONAL UPDATE JAN 09, 2017

Today Update :

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Direct Tax:-

  • CBDT has suspended recovery of tax from Swedish companies whose disputes are being resolved through the Mutual Agreement Procedure (MAP) route, a move that will help in mitigating the hardship faced by such firms operating in India.
  • CBDT notification no. 2/2017 Report cash deposit in Bank & Post Office A/c’s between 01.04.2016 to 09.11.2016.

Indirect Tax:-

  • Delhi HC shows leniency to assessee, reduces penalty levied u/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount within 30 days, where assessee failed to obtain registration or file ST returns despite liability [TS-555-HC-2016(DEL)-ST]
  • CBEC notified that overseas companies providing online information and database access (‘OIDAR’) services will have to pay service tax from December 1, 2016.

MCA Update:-

  • MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up Vide Notification.

Other Update:-

  • Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS & Cashless Economy.
  • Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.

Key Dates:-

  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Expectation is a gift, not a burden. When people expect something from you, it means you have given them reasons to believe in you.”

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CORPORATE AND PROFESSIONAL UPDATE JAN 07, 2017

Today Update :

 COMPANY-FORMATION-MADE-EASY-BY-INC-32

DIRECT TAX:-

  • DVAT deptt. the provisional login/ password removed from dealers login have been restored for accessing to GSTN portal. Members instantly avail this opportunity for timely migration to GST & do not wait for next phase. TEAM STBA
  • e- filing portal of income tax, wherein the functionality “My Account” has been changed.

Indirect Tax:-

  • CESTAT Mumbai held that as per rule 11(1) of CENVAT Credit Rules, 2004 read with Notification 23/2004 – CE, the amount of credit earned by the manufacturer under CENVAT Credit Rules, 2002, which existed prior to 10.09.2004, can be utilized by them as per transitional rule 11 of the new CENVAT Credit Rules, 2004. [ Arbes Tools Pvt. Ltd. Vs CCE ]
  • Manufacturer can avail Composition Scheme up to 50 lacs @ minimum 5%(2.5% CGST & 2.5% SGST) & Trader  at  2%(1%CGST 1%SGST).

Other Update:-

  • SEBI (Securities and Exchange Board of India) has established its own Investor Protection & Education Fund (IEPF).
  • SEBI relaxes rules for angel funds to boost start-up funding .To give a fillip to start-up funding; markets regulator SEBI has relaxed its rules for investment by angel funds.

Key Dates:-

  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Return by units paying duty > 1 crore (CENVAT + PLA) for December – 10.01.2017.
  • Return of Non SSI assesses for December – 10.01.2017.
  • Return of SSI assesses for quarter ending December – 10.01.2017.
  • Return for EOUs for December – 10.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Gaps are created not by ‘what is said but by how it is said’. What is said reaches the mind.  How it is said reaches the heart. And there is no way to win the mind without winning the heart.”

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CORPORATE AND PROFESSIONAL UPDATE JAN 06, 2017

Today Update :

 annual-compliance-of-a-private-limited-company

DIRECT TAX:-

  • Bombay High court held that an unintentional error on the part of assessee while filling an appeal, more so when the department also acted ignoring the error, would not result in rejecting assessee’s appeal being time barred. Therefore, in the present case the mistake of the assessee to file the appeal with AO instead of CIT(A) was unintentional & therefore, should hear the appeal on merits. [Prashanth Projects Ltd. Vs DCIT]
  • Supreme court held that amount received as subvention/grant from parent company by a loss making subsidiary cannot be considered as revenue receipt in the hands of subsidiary company as grant was made by a parent company to protect its investment made in subsidiary. Therefore, such grant is a capital receipt which is not taxable. [Siemens Public Communication Network P. Ltd. Vs CIT]

Indirect Tax:-

  • Supreme Court held that in terms of circular dated 01.07.2002 by which, where no sale is involved but only a transfer by one sister unit to another, the value shown in the invoice on the basis of which Cenvat Credit was taken by the assessee would be the value for the purpose of Rule 57AB and Rule 3(4). [Commissioner of Central Excise, Raigad Vs M/s. Ispat Metallics Industries Ltd. & Ors.]
  • Bombay High Court held that in case of non-payment of service tax by the assessee, the notices for recovery cannot be issued to assessee’s debtors unless the liability has been crystallized. [M/s. Quality Fabricators & Erectors Vs The Deputy Director, DGCEI, Zonal unit Mumbai & Others ]

GST Update:-

  • GST aggregate turnover includes exports, exempt (including non-taxable) & inter-state supplies calculated PAN wise on all India basis.

Other Update:-

  • Finance Minister expressed confidence that direct and indirect tax mop-up will surpass budget estimate of Rs.16.3 lakh crore by March-end.
  • SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in International Financial Services Centre (IFSC).
  • ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017
  • Due date to deposit of DVAT of December – 21.01.2017.

“Success does not lie in RESULTS, but in EFFORTS. Being the  best is not so important, Doing the best is all that matters.”

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CORPORATE AND PROFESSIONAL UPDATE JAN 03, 2017  

Today Update :

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DIRECT TAX:-

  • Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M/s Alpha Nipon Innovative Ltd. Vs CIT.
  • Validity of reopening of assessment – notice to dead person – even if Section 159 is attracted, in that case also, the notice was required to be issued against and in the name of the heirs of deceased assessee – Gujarat High Court in case of [Rasid Lala Vs. ITO].
  • Since the assessment year 1999-2000 and 2000-2001 became final prior to 30th September, 2004, i.e. the introduction of the amended Section 142A, the respondent No.1/ITO could not have reopened the issue in February, 2005 – Calcutta High Court in case of [Smt. Jharna Dey Vs. ITO, Ward-I, Bankura & Others].
  • Entitlement to deduction u/s 10B – assessee is engaged in the business of manufacture of Injection Blow Molding Machines – whether exemption u/s 10B has to be allowed from the total income before set off of brought forward losses and depreciation? – Held Yes – ITAT Mumbai in case of [A.C.I.T. – Circle 1, Kalyan Vs. M/s ASB International Pvt. Ltd].

Indirect Tax:-

  • Input Tax Credit cannot be disallowed merely for a technical defect in the VAT Invoice such as not mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules, 2005. M/s Avdesh Tracks Pvt. Ltd. Vs State of Punjab & another.

MCA Update:-

  • MCA has notified the Companies (lncorporation) Fiffh Amendment Rules, 2016 which shall be applicable with effect from 1st Day of January, 2017.

ESIC Update:-

  • ESI applicability salary limit increased from Rs 15,000 PM to Rs 21,000 PM.

RBI Update:-

  • RBI has issued clarification on Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17.

Other Update:-

  • NRIs and Indians returning from abroad will have to physically show the junked 500 and 1,000 rupee notes to Customs officials at the airport and get a declaration form stamped before they can deposit the demonetized currency in RBI during the grace period.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017.
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017.
  • Due date to deposit of DVAT of December – 21.01.2017.

“Failing is the process of learning, it helps to grow and know who you are. Rise every fall. This process that boost confidence gradually, over the course of your lifetime.”

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CORPORATE AND PROFESSIONAL UPDATE JAN 2, 2017

Today Update :

 Business-Evaluation (1)

DIRECT TAX:-

  • Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi)
  • Market value of capital asset has no relevance in determining full value of consideration: ITAT Assistant Commissioner of Income-tax, Circle-12, Ahmedabad v. Akash Association [2016] (Ahmedabad – Trib.)

Indirect Tax:-

  • Delhi High Court declared Rule 5A(2) of the Servcie Tax Rules, as amended, to the extent that it authorizes the officers of the Serviec Tax Department, the audit party deputed by a Comissioner  or the CAG to seek production of the documents mentioned therein on demand, as ultra virus the Finance Act and therefore, struck it down to that extent. Union of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)

MCA Update:-

  • MCA vide Notification has issued an amended rules for Incorporation to make compulsory using of SPICE procedure for Incorporation of Companies wef 1.1.2017.

Other Update:-

  • SC dismissed plea of substantial injury as borrower didn’t object to sale certificate of mortgaged property Ludovico Sagrado Goveia v. Cirila Rosa Maria Pinto [2016] 76 (SC)
  • Cash withdrawal limit from ATMs increased to Rs 4,500 per day w.e.f. 1st Jan, 2017. No change in weekly withdrawal limits.

Key Dates:-

  • E-Payment of Service Tax for the month of December – 06.01.2017
  • Due date of deposit of Tax deducted/collected for month of December – 07.01.2017

“Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly.”

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CORPORATE AND PROFESSIONAL UPDATE DEC 27, 2016

Today Update :

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DIRECT TAX:-

  • CBDT has issued a circular via circular no. 42 of 2016 regarding clarifications on the Direct Tax Dispute Resolution Scheme, 2016. This scheme provides an opportunity to tax payers who are under litigation to come forward & settle the dispute in accordance with the provisions of the scheme.
  • ITAT Bench Jaipur in the below cited case held that if the assessee has treated the securities as investment and not as stock in trade earlier years, the revenue is not permitted to take a contrary view in the present years to claim that the security is stock in trade. [The DCIT Circle-2 Vs Shri Mahender Kumar Bader]

Indirect Tax:-

  • CESTAT Ahemdabad held that the requirement under Rule 6(4A) and 6(4B) of the service tax rules, 1994 to intimate the department regarding adjustment of excess service tax paid is only procedural in nature and such infringement of the procedure is not serious enough to deny the benefit of suo motto adjustment of excess service tax paid. [M/s. L&T Sargent & Lundy Ltd Vs Commissioner of Central Excise & S.T, Vadodara]

GST Update:-

  • In GST Enrollment, Aadhar No of primary Authorized Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.

Other Update:-

  • SEBI has issued circular regarding filing of forms PAS-4 and PAS-5 in case of issuance of Debt Securities on private placement basis.
  • Cheque bounce is a bailable offence under the current law, which enables defaulters to stay away from jail as long as the trial is on, the government could make the law a non-bailable offence.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 30.12.2016.

“When I dare to be powerful, to use my strength in the service of my vision, then it becomes less and less important whether I am afraid.”

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CORPORATE AND PROFESSIONAL UPDATE DEC 26, 2016

Today Update :

 Private-Limited-Company-Compliances-Venture-Care-2-750x422

DIRECT TAX:-

  • CBDT has issued a press release regarding “Reporting Cash Transactions under Rule 114E of Income Tax Rules,1962”.
  • Punjab and Haryana High Court  held that Guaranteee commission paid for acquisition of Fixed Assets is allowed as Revenue Expenditure. [M/s Chandigarh State Road and Bridges Development Corporation Ltd Vs CIT]
  • No disallowance for TDS default where payment becomes liable to TDS due to retro-amendment A. Commissioner of Income-tax -16(3), Mumbai v. D.A. Jhaveri [2016] (Mumbai – Trib.)
  • DRP can entertain objection against draft assessment order passed on directions of Tribunal Fosroc Chemicals (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Large Taxpayer Unit, Circle 1, Bangalore [2016] (Bangalore – Trib.)

Indirect Tax:-

  • Bombay High Court held that Section 145A(a)(ii) has no applicability on service revenue which follows that service revenue needs to be inclusive of service tax and the service tax which has not even been claimed as deduction cannot be disallowed by recasting the profit and loss account of the assessee. [CIT Vs Knight Frank India Pvt Ltd ]

GST Update:-

  • Details of all Partners/Members of AOP/BOI have to be given in GST Enrolment Application but photos of only 10 have to be uploaded (jpeg, 100 KB each)

Other Update:-

  • RBI issued Procedural Guidelines for Servicing the Sovereign Gold Bonds RBI/2016-17/ 193IDMD No.1569/14.04.050/2016-17.
  • Ministry of External Affairs in order to streamline, liberalize and ease the process of issue of passport allowed Aadhar Card as valid document as proof of date of birth.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 30.12.2016.

“I know the price of success: dedication, hard work and an unremitting devotion to the things you want to see happen.”

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CORPORATE AND PROFESSIONAL UPDATE DEC 24, 2016

Today Update :

 The-Four-Key-Steps-in-Startup-Fund-Raising-Processes-750x422

DIRECT TAX:-

  • CBDT has issued a press release regarding payments towards Tax, Penalty, Surcharge under the PMGKY is to be made through challan ITNS- 287 & deposits are to be made in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016  which can be made in old demonetised currency.
  • CBDT issued a press release to notify that Income tax department identifies 67.54 lakh Potential non- filers who have carried out high value transactions in the F.Y 2014-15 but did not file return of income for the relevant A.Y 2015-16.
  • Supreme Court held that whether the Income from letting out of property is a business income or not depends upon the facts & circumstances of each case. In the below cited case, the business of the appellant company was to lease its property & to earn rent there from. Thus the income so earned should be treated as the business income of the appellant company. [M/s Rayala Corporation Pvt. Ltd. Vs Assistant Commissioner of Income Tax]

Indirect Tax:-

  • CESTAT Delhi held that the definition of clearing & forwarding agent nowhere requires the clearing to be effected from the factory and even if the assessee is not clearing the goods from the factory and engaged in activities that are of the nature of clearing & forwarding agent, service tax is required to be levied under the category of Clearing & forwarding Agent. [Somani Agencies Vs CCE & ST, Indore]

MCA Update:-

  • No denial of permission to hold board meeting just because ex-director had challenged appointment of new director- Sanjiv Gupta v. Getit Infoservices (P.) Ltd. [2016]  (NCLT – New Delhi)

Other Update:-

  • SEBI advises caution to customers in the matter of PACL- the Committee constituted by the SEBI under Chairmanship of Justice (Retd.) R. M.Lodha.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 30.12.2016.

“Success is a tasty dish. Patience, Intelligence, Knowledge and Experience are its Ingredients. But Hard Work is that little salt that makes it delicious.”

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CORPORATE AND PROFESSIONAL UPDATE DEC 23, 2016

Today Update:

 cloud-computing-750x422

DIRECT TAX:-

  • Kerala High Court has held that Cross Objection filed before the Tribunal u/s 253(4) is an independent appeal and shall be adjudicated on merits even if the other party’s appeal is dismissed, for whatever reason. [City Centre Builders & Developers Vs ITAT Cochin & Others]
  • C K Ahuja Vs CIT Whether when an assessee is having other sources of income and termination of a contract is a normal incident of his business, then the compensation received on such cancellation could be construed as a capital receipt – NO: HC – Assessee’s appeal dismissed : ALLAHABAD HIGH COURT.

Indirect Tax:-

  • Nestle India Ltd Vs CC & CE CX – Input Service Distributor – CENVAT – In the absence of any provision requiring one to one co-relation, even though the service is not used in the appellants’ factory but received and used in different factory of the same company, credit cannot be denied: CESTAT Appeal allowed: MUMBAI CESTAT.

GST Update:-

  • Migration/Enrolment under GST for existing assessees is for specified LIMITED time period. Please act now as GSTN will close this window soon.

Other Update:-

  • SEBI observes that it has issued various circulars/directions relating to Depositories from time to time; With an objective to enable the users to have an access.

Key Dates:-

  • Payment of TDS for purchase of property for Nov  : 12.2016

“I don’t want to get to the end of my life and find that I lived just the length of it. I want to have lived the width of it as well.”

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CORPORATE AND PROFESSIONAL UPDATE DEC 21, 2016

Today Update :

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DIRECT TAX:-

  • ITAT Delhi held that the Long-term capital gain earned by the assessee non resident on off market sale of shares of listed Indian Company is taxable @ 10% under the proviso to section 112 and proviso to section 112(1) does not state that an assessee, who avails benefit of the first proviso to section 48, is not entitled to the benefit of lower rate of tax at 10%. [DDIT Vs Mitsubishi Motors Corporation]

Indirect Tax:-

  • Ministry of Finance (Department of Revenue) has notified via notification no. 53/2016dated 19thDecember, 2016 to amend Service Tax Rules, 1994 so as to allow a person located in non taxable territory providing online information and database access or retrieval services to a non-assessee online recipient to issue online invoices not authenticated by means of a digital signature for a period upto 31st January, 2017.
  • Govt. To waive off service tax on debit and credit card transactions up to Rs 200  government to waive service tax on card transactions up to Rs. 2,000

Other Update:-

  • PAN mandatory if credit in your account after 9/11/2016 is more than Rs 2,00,000 including cheque credit / online transfer / cash deposit or credit by any other means and your account balance is more than Rs 5,00,000 then no debit transaction shall be allowed without PAN.
  • ICT Division has taken up the matter for necessary modification in the application to accommodate the calculation of the contribution at the reduced rates in the first time implemented areas.

ESIC Update:-

  • ESIC: Employees & Employers Contribution rate reduced to 1% & 3%.

Key Dates:-

  • E- Payment of DVAT & CST for Nov : 21.12.2016.
  • Issue of DVAT Certificate for Deduction made in Nov : 22.12.2016.

“Coin always makes sound but the currency notes are always silent. So when your value increases keep quiet.”

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