Recent Updates In Direct & Indirect Taxes

Recent updates in Direct & Indirect taxes and in other areas of professional interest shared by CA Aman Yadav

  1. Notice issued in the name of amalgamated company is void. [Images Credit and Portfolio (P) Ltd. (amalgamated with Sainath Associates Pvt. Ltd.) vs. ACIT (ITAT Delhi)].
  2. Authentication of invoice/ARE 3 by Central Excise authorities for claiming deemed export benefits. [Circular 17/2014-Customs of 18-12-2014].
  3. Time-limit of section 11B of Central Excise Act, 1944 not applies to refund of wrongly paid Service Tax. [Jyotsana D. Patel vs. Commissioner of Central Excise, Nagpur, (Mumbai – CESTAT)]
  4. Excise duty exemption cannot be denied merely because the certificates were in the name of intermediary.
  5. SEBI issues concept paper on proposed framework for issuance and listing of debt securities by municipalities.
  6. Simplified building laws to be notified for Delhi. No sanction up to 100 square meter. Single window clearance for plots bigger than 20000 square meter. Time bound approval.
  7. Income Tax department has started sending reminder by email to those who have not filed their Income tax return for assessment year 2014-2015.
  8. Cost records applicable if turnover exceeds Rs.35 crores. Cost audit applicability if turnover exceeds Rs.50 Crores (Regulated Industry), Rs.100 Crores (Others). Refer Detailed Notification at:  http://www.mca.gov.in/Ministry/pdf/Amendment_Rules_01012014.pdf. [MCA Notification dated 31.12.2014].
  9. ROC Delhi and Haryana reduced office hours for public visiting from 10.30 AM to 12.30 PM.
  10. Convert to freehold till 31.12.2015; residential leases already expired in areas such as Karol Bagh, Jhandewalan, Paharganj etc. in Delhi at 2 lakh per 100 sq metre.
  11. Amendments made in IEC code application (W.e.f. 01/01/2015). Fees revised from Rs. 250 to Rs. 500, application made only in online mode, etc.
  12. DVAT Delhi is starting special drive for speedy disposal of objections relating to mismatch of 2A and 2B for the year 2012-2013 shall continue on 8th, 9th and 10th January 2015.
  13. Online applications invited by CAG from CA firms/LLP for empanelment for appointment as auditors of Government Companies/Corporations 2015-2016. Please visit www.saiindia.gov.in.