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IMPORTANT UPDATE ON TAX AUDIT

IMPORTANT UPDATE ON TAX AUDIT

IMPORTANT UPDATE ON TAX AUDIT

TAX AUDIT UPDATES Plan to Complete work by 30th September

Members are advised to plan to complete their work of  filing of TAR by 30 September. However, efforts are being made for extension by filling writ petitions.
a)DELHI HIGH COURT: HC did not accepted writ petition & asked to file PIL.

b) GUJARAT HIGH COURT: Petition by AGFTC -ALL GUJARAT FEDERATION OF TAX CONSULTANTS Filed writ. Date of Hearing Fixed for Monday i.e. 21st September 2015. Will court accept it or ask to file PIL?

c) PUNJAB & HARYANA HIGH COURT: Vishal Garg & Others VS Union Of India CWP- 19770 -2015 filed . Hearing for the same is fixed for Thursday i.e 17th September 2015.

d) NAGPUR & RAJASTHAN HC: MAY FOLLOW

Comments: In line with Delhi HC , other High Court may not accept writ & may ask to file PIL, which take more efforts, costly &  complex process & comparatively less chance to win . So, members are requested to complete work by 30 September.

Updates

1) IT:Ponds specially designed for breeding of prawns to be treated as plant for depreciation purposes. ACIT V. VICTORY AQUA FARM LTD. (Supreme Court)

2) DT: Depreciation on enhanced cost of asset is allowed from the date when the obligation to pay customs duty arose.
CIT vs Noida Medicare Centre Ltd, Delhi High Court.

3) CL: Now a private company can accept unsecured loans even from a relative of a director of the company.
http://www.mca.gov.in/Ministry/pdf/Amendement_Rules_15092015.pdf

4) IDT: Finance minister Mr Arun Jaitley on Monday announced the government’s decision to impose a 20% safeguard duty on steel imports with immediate effect.

5) RBI: RBI has decided that the resident importer can raise trade credit in Rupees (INR) within the prescribed framework.

6) IEC: Modifications in Electronic IECs as well as physical IECs will now be carried out online by paying a fee of Rs.200/- wef 21.9.2015.

7) IDT: Consignment wise duty payment can be made through CENVAT credit balance: Jayaswal Neco Ltd. V/s CCE:  Supreme Court.

8) IDT: Service tax cannot be levied on indivisible works contracts prior to 1st June, 2007: CCE, Kerala Vs Larsen & Toubro Ltd., Supreme Court.

 IMPORTANT UPDATE ON TAX AUDIT

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