Updates

[CA. GOYAL MANISH]

Dear Members,

Please find the below updates for your reference:

CBDT issued notification to Issue refund below Rs.50,000/- Expeditiously in Non-CASS cases : Notification No.312/109/2015. CBDT allows Service of notice, summons, requisition, order etc. by Email. NOTIFICATION No. 89/2015. where seller has not reduced his Output Tax liability in pursuance to the Credit Notes the purchaser is not required to reverse Input Tax Credit. Appellate Tribunal, VAT : of M/s Khanna Photo Store. No VAT on free supply of medicines – State Govt. not competent to levy tax on the basis of MRP or any other notional value. Mapra Laboratories Pvt. Ltd. Free warranty services provided by vehicle-dealers to vehicle-buyers out of their dealer’s margin/handling charges is not liable to Service tax: Chowgule Industries (P.) Ltd. CEA led Panel recommends RNR at 17-18% and eliminating Additional Tax of 1% on inter-state supply of goods.    The Reserve Bank of India (RBI) has cancelled the registration of 56 non- banking financial companies (NBFCs).

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CA.Manish Goyal
R.N.GOYAL & CO
Chartered Accountants
M.R. Road, Siliguri-734005
9434039003/9832062449

[CA. GOYAL MANISH]

Dear Members,

Please find the below updates for your reference:

1. CBDT prescribes Procedure formats and standards for new Electronic Filing of Form No.15G/15H Declaration. - http://lunawat.com/Uploaded_Files/Attachments/F_3098.pdf

2. Addition u/s 68 on account of share application money not justified where validity of transaction beyond doubt.
ITAT Mumbai held In the case of ITO vs. M/s. Superline Construction P. Ltd.

3. Parliament has passed a law allowing cheque bounce cases to be filed at the place where the cheque is presented for clearance and not the place of issue.

4. Central Bank of India invites online application for Concurrent Audit Assignment FOR THE YEAR 2016.