Professional Updates Part 2 (August 17) by CA Kasliwal Ambar

Income Tax:

1) FROM ITAT, PUNE: Kunal Polymers Pvt. Ltd. Vs. DCIT, ITA No. 1859/PN/2012, order dt. 15.07.15: "provisions of section 14A r.w. Rule 8D would not apply in case of dividend on the shares held as stock-in-trade"

2)The date for filing ITR-V for returns e-Filed for A.Y 2013-14 (filed on or after 1st April 2014 till 31st March 2015) and for A.Y 2014-15 (filed on or after 1st April 2014 till 30th June 2015) extended till 31st October 2015. Notification no. 1/ 2015

3)ITAT sounds note of caution for frivolous appeal by revenue; it damages public faith. Filling of appeal with complete knowledge of its fate by the Revenue only reflects the mischievous adamancy to attempt to mislead the Tribunal and waste the time of the Court and the officers concerned.[2015] 60 taxmann.com 160 (Delhi - Trib.) IN THE ITAT DELHI BENCH 'E' ACIT v. R.

LBT Update

LBT Amnesty scheme date extended up to 31.8.2015

SERVICE TAX

Service Tax Commissioner Office is coming up with empanelment of CA/ICWA for service tax Audits. Apply at The Commissioner Service Tax Audit - I Comm, 17-B, IAEA house, I.P. Estate, New Delhi - 110002

COMPANIES ACT

MCA has initiated the process of the constitution of the NCLT & NCLAT and in this regard notified the vacancies for the post of Technical Member & Judicial Member.

PRIDE OF OUR PROFESSION

Our Hon. Past President Padmashri CA T.N.Manoharan appointed as Non Executive Chairman of leading PSU Bank -Canara. Bank.

- CA Kasliwal Ambar

Professional Updates August 17, 2015 by CA Kasliwal Ambar

Income Tax: Electronic Verification of Income Tax Returns for AY 2015-16. CBDT vide Notification No. 2/2015 dated 13th July 2015 introduced e-verification of ITRs. Download from the below link:
https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/EVC_notification.pdf

RBI: Vide Notification No. RBI/2015-16/152 dated 13 August, 2015 Government of India has approved the implementation of the Interest Subvention Scheme for the year 2015-16.

ICDS Update: Applicable from AY 2016-17 and onwards. Applicable to all corporates following mercantile system of accounting irrespective of income, turnover, asset size, etc. Relevant only for computing income under head "Profits and gains of business or profession" (PGBP) and "Income from other sources".

Case Study: DVAT - ITC - levy of VAT on sale price of transaction which is yet to take place / deemed sales - such levy cannot be sustained in law - Veer Service Station, Delhi Petrol Dealers Association & Another, The Commissioner, DVAT & Others - Delhi High Court

ICAI: Election 2015 - Draft List of Voters as on 1.4.2015 - Views/Suggestions on proposed Polling Booths - http://icai.org/post.html?post_id=11810

- CA Kasliwal Ambar