IMPORTANT UPDATES FOR CHARTERED ACCOUNTANTS - 24 Aug 2015

➡ IMPORTANTS NEWS

1. Govt. enables online filing of form FC-TRS for transfer of shares between NRs and Residents via e-Biz portal

➡ INCOME TAX

1. Even if advance forfeited by supplier wasn't allowable as bad-debt, yet it could be considered as business loss. 60 taxmann.com 82 (Guwahati - Trib.)

2. 60 taxmann.com 206 (Bombay)Where assessee- joint venture company did not execute contract work on its own and same was done by one of its constituents, as there was no finding of receipt of any income by assessee on account of said contract, same would not be taxable in its hands.

➡ BANKING AND CORPORATES LAWS
1. SEBI proposes to allow Infra Investment Trusts to invest in two level SPVs and to reduce sponsor's commitment.

➡ CST AND VAT LAWS
1. August 22, 2015[2015] 60 taxmann.com 191 (Karnataka) CST & VAT: Karnataka VAT - Only condition for making further reassessment under section 39(2) in addition to earlier reassessment is when authority takes notice of further evidence

2. The purchaser need not to reversed input tax credit unless seller has claimed refund in case of incentive given or credit note issued ruled by Delhi high Court.

➡ SERVICE TAX AND EXCISE LAWS.

1. Service Tax could not be levied to indivisible works contract prior to 1-6-2007.

2. 59 taxmann.com 460 (Bombay) Excise & Customs : Tribunal does not have power to dismiss appeal for default or for want of prosecution, without adjudication on merits; and if appeal has been so dismissed, Tribunal must restore same subject to reasonable conditions.

- CA Kasliwal Ambar

Important Announcement for Final Course Students - November 2015 Examinations

Subject: Revised Reading Material on the Insurance Act, 1938 incorporating Insurance Laws (Amendment) Act, 2015 - Relevant for the Final Examination to be held in November 2015.

Students are quite aware that for the purpose of Examination a cut off period of six months would be applicable in case of any legislative amendment(s) in the relevant subject(s) for the purpose of applicability to the relevant examination. In this connection, we wish to inform to inform you that the Insurance Laws (Amendment) Act, 2015 an act further to amend the Insurance Act, 1938 will be applicable for the November, 2015 examination. This Amendment Act is deemed to have come into force on 26th December, 2014 though it was passed by the Lok Sabha on 4th March, 2015, by the Rajya Sabha on 12th March, 2015 and receiving the assent of the President on 20thMarch, 2015.The Amendment Act, 2015 paved the way for major reforms in the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.

Keeping in view of the applicability for the November, 2015 (Final Examinations), the Board of Studies has revised the existing reading material in the relevant Chapter 23 of Module 2 of Paper 4 (Corporate and Allied Laws) for the Final Course. Students appearing for the November, 2015 Final examinations may kindly download the said revised reading material from the BOS (Knowledge Portal) straightway without waiting for the publication of the revised reading material which is likely to be published only in January, 2016. This will enable them to facilitate reading and understanding of the latest amendments in the existing Insurance Act, 1938 keeping in view the forthcoming November, 2015 Final Examination. Accordingly, the existing material on the Insurance Act, 1938 in the study Module No. 2 stands withdrawn and revised material on this Chapter would be applicable for the November, 2015 examination.

Rtp for Nov'15 attempt is hosted in institute website.

-CA Kasliwal Ambar