Corporate Updates – 10-06-2016


CENTRAL BOARD OF DIRECT TAXES (CBDT) has made further amendment the Income Tax Rules, 1962 by issuing the Income Tax (14th Amendment) Rules, 2016. The Rules focuses on the expenditures which does not form part of the total income of an assessee. Such expenditure includes aggregate of amount of expenditure directly relating to income which does not form part of total income and further an amount equal to one per cent of the annual average of the monthly averages of the opening and closing balances of the value of non relevant investment whose income does not form part of total income.

CBEC – Service Tax:

Ministry of Finance has amended the Service Tax Rules, 1994 by issuing The Service Tax (Fourth Amendment) Rules, 2016. The amended rule provides an exemption for the legal services provided by “senior advocates” to a business entity with a turnover up to rupees 10,00,000 (Ten Lakh) in the preceding Financial Year. Further a firm of advocates or an advocate which is not a senior advocate has been covered under the ambit of Service Tax who provide representational services before any court, tribunal or authority, directly or indirectly, to any business entity located in the taxable territory.

News from NIRC of ICSI

1. Registration open for "15 days Master Class Room Study Sessions on NCLT & NCLAT" starting from 20-06-2016 to 11-07-2016 covering each & every aspect of NCLT & NCLAT & Rules as may be notified by the MCA. Fees : Rs. 3,500/- inclusive of taxes (Publication will be provided free of cost to all Participants), PCH – 30, Class Timings : 5 pm to 8 pm on weekdays, Maximum Seats : 75 at NIRC Auditorium. Online Payment Facility Available.

2. NIRC – ICSI announces niro and also through signed hard copy addressed to The Chairman, NIRC of ICSI, ICSI-NIRC Building, Plot No.4, Prasad Nagar Institutional Area, Near Rajendra Place, New Delhi – 110005). Three best entries shall be awarded with a Citation, Trophy, Cash Prize & Publications.

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