Updates:

1. CBDT Notification Reg.  Adoption of Indexed Stamp Duty Value for Income Declaration Scheme. Notification dated 17th August 2016.
2. Those disclosing unaccounted wealth under (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs).
3. GST provisional registration for existing Service tax, VAT etc assesses for 6 months.  Final registration after submitting necessary details.
4. MCA issues The Companies (Share Capital and Debentures) Fourth Amendment Rules, 2016, effective from 12.08.16. MCA Notification dated 12.08.16.
5. Since there is nothing in the Limitation Act to ascribe a broader meaning to the expression ‘court’ used in it so as to include within it the Company Law Board, no particular limitation period can be prescribed for application under sub-section (4).[ Sulochana neelkanth kalyani vs. Takle invest co. ( HC Bombay)].
6. Tomorrow 21.08.16 (SUNDAY) is the last date for deposit of ESI for the month of July, 2016.

Updates:

1. Where the shareholders are present in the meeting and willing to participate in the meeting, it cannot be held that it is impracticable to call the meeting. [Vil ltd. vs. Raibareilly Allahabad Highway (p.) Ltd. (clb) Delhi].
2. SEBI vide Circular on mutual funds increased the additional exposure limits provided for housing finance companies (HFCs) in financial services sector from 5% to 10%.
3. Indian Overseas Bank invites application for empanelments of concurrent audit. The firm or its prop/partners have not been the subject of inquiries in the past by the ICAI.
4. SEBI has launched electronic mode for payment of penalties, disgorgement as well as settlement amounts. 
5. On STBA representation dated 09.08.2016 the following problems resolved by the Delhi VAT Department.

• DSC made optional.
• In Item code with rate of 12.5% the option of others would now be working.
• Restaurant & Halwai dealers under composition Scheme can now file returns without filing commodity  in Annex-2B..
• C forms can now be uploaded even if dealer has not filed the return for Q-1 2016.
• Labour & service charges can now be filled in Annex 2A/2B without item Code. 

INSTITUTE FOR CORPORATE ACHIEVERS: Important Jugdments

INSTITUTE FOR CORPORATE ACHIEVERS: Important Jugdments:   Dear Subscriber, The following important judgements are available for download at  itatonline.org : Rayala Corporation Pvt. ...

Updates:

1. Tax Returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Second 139 to be verified through ITR V form by 31.08.16. CBDT Circular no.13/2016.
2. MCA vide its General Circular No. 08/2016 dated 29.07.2016  has relaxed the payment of additional fees on filing of e-forms AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 on or before 29th October, 2016, where the due date for holding the AGM is on or after 1st April, 2016.
3. Assam becomes the first state in the country to pass the GST Bill. 
4. Maternity Bill passed in Rajya  Sabha, now women to get 6 months off. Taxation Laws Amendment Bill, 2016 as introduced in Loksabha Bill no. 215 of 2016
5. SEBI revises format for publishing financial results in newspapers - Circular No. CIR/IMD/DF1/69/2016 - 10/08/2016

7 signs that you are a bad employee

Are you always late to work, spreading rumours about your colleagues, or shirking responsibilities? Chances are you are the bad seed at the workplace..Some employees are better than the others, but what if you are the problem worker in your office?
Being a terrible employee doesn't mean that you are lazy or unsuccessful professionally. You could also be a bad culture fit for the company if you don't get along with your boss, or are in the wrong industry. If you feel that you're not doing a good job, then find out the reason and take steps to rectify the situation. But before that, go through these seven signs to determine if you are the troublemaker.

1. Not punctual Forgetting important deadlines, barging into meetings late, or crawling into work at random hours -habitual tardiness creates bad impression. It implies that you do not respect others' time.

2. Excuses Don't rely on excuses to justify your incompetence. Take responsibility and work on your mistakes. When in doubt, ask for help and make sure your work is complete.

3. Bare minimum work You do enough to avoid getting fired and if your boss asks you to handle anything challenging, you react with exasperation. You might be ruining your reputation with this kind of work ethic.

4. Love to gossip Not all gossip is bad. However, when it comes to the petty, mean-spirited gab, stay away from the rumour mill -it'll only hurt your reputation.

5. Overconfidence If you think you are the smartest one at your workplace, get over yourself a bit. It's good to have confidence and you might be very intelligent in some areas, but no one wants to work with an arrogant colleague.

6. Looking for a way out If you are always watching the clock and can't wait for the day to end, if you shirk responsibility at every opportunity and don't care enough to push yourself, then you're simply not committed to your job.

7. Constant demands All jobs involve negotiations. You should pursue the best possible salary, benefits, hours, assignments. But if you're constantly making demands without giving any indication of the value that you bring to the company, then that could earn you a bad reputation.( Aug 17 2016 : The Economic Times (Mumbai)…businessinsider.in)

Important Jugdments

 

Dear Subscriber,

The following important judgements are available for download at itatonline.org:

Rayala Corporation Pvt. Ltd vs. ACIT (Supreme Court)

S. 28: Income from letting of property on rent by an assessee engaged in the business of letting is assessable as "business profits" u/s 28 and not as "Income from house property" u/s 22

The issue involved in these appeals is no more res integra as this Court has decided in the case of Chennai Properties and Investments Ltd. v. Commissioner of Income Tax [2015] 373 ITR 673 (SC) that if an assessee is having his house property and by way of business he is giving the property on rent and if he is receiving rent from the said property as his business income, the said income, even if in the nature of rent, should be treated as “Business Income” because the assessee is having a business of renting his property and the rent which he receives is in the nature of his business income 

United Breweries Limited vs. DCIT (Karnataka High Court)

S. 14A is applicable even where the motive of the assessee in acquiring the shares is to obtain controlling interest in a company and not to earn dividends

The question arose whether s. 14A applies to a case where the motive of the assessee is to acquire controlling interest in a company and not to earn dividends. The Tribunal followed the judgement of the Special Bench in ITO v. Daga Capital Management Pvt. Ltd (2009) 312 ITR (AT) 1 and held that section 14A is applicable even where the motive in acquiring the shares was to obtain controlling interest in the companies. The Tribunal upheld in principle the applicability of section 14A but remanded the matter to the Assessing Officer to ascertain from the facts of the case as to how much interest bearing borrowings was utilized to acquire shares in the companies 

Triad Resorts & Hotels P.Ltd vs. WTO (ITAT Bangalore)

Conduct of the Counsel in making selective reference to the Tribunal’s order in “very deceitful manner” is “highly deplorable”. Attempt to re-argue matter is “clear case of abuse of process of court” and is condemned “in no uncertain terms as it resulted in colossal waste of valuable time of this Tribunal”. Verdict in Dr. T.K. Dayalu (202 TM 531 (Kar) on taxability of development agreements is “not good law” in view of CIT vs. N. Vemanna Reddy (Kar)

We highly deplore the attempts of the petitioner to knock the doors of the Tribunal again in the guise of seeking rectification of order alleging that additional ground of appeal was not decided. As mentioned supra, the additional grounds have been specifically adjudicated and a specific finding had been rendered vide para.9 of the impugned order. Attempts made by the petitioners is nothing but clear case of abuse of process of court and in breach of principles of Res Judicata. We condemn this conduct of petitioner in no uncertain terms as it resulted in colossal waste of valuable time of this Tribunal 

Updates

SEBI

SEBI issued a Circular directing all commodity derivatives exchanges to conduct annual system audit of their trading members and monitor the same. SEBI said that the framework of system audit for trading members should cover audit process, selection norms for auditor and terms of reference for brokers. It further prescribed stock broker system audit framework and mandated commodity exchanges to ensure conduct of system audit of its members as per the prescribed framework and monitor the same. The circular would come into force from financial year 2016-17 onwards. SEBI clarified that for the F.Y. 2015-16, the brokers / trading members who have commenced their annual system audit, may follow existing annual system audit framework prescribed by exchanges, if any. However, stock brokers/ trading members who are yet to commence annual system audit should carry out their system audit as per the prescribed framework.

 

SEBI

SEBI has launched electronic mode for payment of penalties, disgorgement as well as settlement amounts.  SEBI has advised all payees to forward the details and confirmation of the payments so made, to the concerned dealing department of SEBI for their records. It has introduced such option to ease the payment of penalties, disgorgement amounts, settlement amounts, legal charges and recovery amounts as  currently, SEBI accepts payments only through Demand Drafts.