r .n. marwah & co llp - top ca firm in delhi, india
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Page 1 of 12
PUBLICATION VOL NO 91 RNM MONTHLY AUGUST 2016
2016
EDITORIAL TEAM
R N MARWAH amp C O LLP
892016
R N MARWAH amp CO LLP
WWWRNMIN
RNM ALERT
A MONTHLY NEWSLETTER
Page 2 of 12
Nkdckjksj k j vcjjvjasvjjjjavjvn
Welcome Readers
RNM ALERT
AUDIT amp
ASSURANCE
TAX amp
REGULATORY
CORPORATE
amp LEGAL
CORPORATE
FINANCE
Content
02 WELCOME
Message by our
Managing Partner
03 DIRECT TAX Direct tax case laws 06 INDIRECT TAX Service tax cases 08 CORPORATE LEGAL Law updates 09 CORPORATE FINANCE Transactions 12 TAX DIARY
Mark Calendar
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
The Parliament haxs passed
a crucial reform which has been pending since long in the form of the Real Estate (Regulation and Development) Bill The Bill which protects consumers should instill confidence in Investors in the hitherto fragmented real estate market of India with the establishment of a Real Estate Regulatory Authority (RERA) to bring
accountability of the
Dear Readers The pace of the Indian Economy is slowly picking up and the Stock Market which is at 18 month high is reflective of this mood The ratification of the GST Bill by the requisite number of State Legislative Assembly‟s now paves the way for the Presidential assent to make into law the GST reform This is adding to the bonhomie internationally for India The GDP grew in the first quarter of this fiscal year by 71 over the equivalent quarter last year The Institute of Chartered Accountants of India (ICAI) has in the month of August 2016 issued two important Implementation Guide‟s The first is on the Audit of Internal Financial Control over Financial Reporting with specific reference to Smaller and less complex Companies and the second on Auditor‟s Report under Indian Accounting Standards (Ind-AS) for Transition Phase Both of them were much needed to avoid the hardships being faced by India Inc in implementation of these new regulations Team RNM only hopes that in future such steps are taken well in advance by anticipating the hardship thru better discussion and planning with stake holders concerned In addition to the Treaty re-negotiation successfully done with Mauritius which was earlier reported in the RNM Alert of May 2016 (Issue No 88) the Indian government has also renegotiated the Treaty with Cyprus which has obtained Cabinet nod in August 2016 The new Treaty has sourced based taxation as against residence based taxation in the old Treaty The new treaty will also lead to removal of Cyprus from the Indian government blacklist as a bdquoNotified Jurisdiction‟ on which it has been since November 2013 The new Treaty similar to the Mauritius treaty has a grandfathering clause which provides that old rules apply to existing cases and new rules to future ones Lastly I would like to thank all our readers for the active response feedback and likes Team RNM has received on our Social Media initiatives on Twitter LinkedIn and Facebook Kind Regards CA UN Marwah
For amp on Behalf of RNM Alert Editorial Team
Page 3 of 12
DIRECT TAX CASE LAWS Income Accrue or Arise in India Sec 9 - Consideration received for sale of
computer software programme in CD Rom is not assessable as ldquoroyaltyrdquo The retrospective amendment in Explanation 4 to section 9(1)(vi) to tax such receipts as royalty has no application to DTAA if the definition of the term ldquoroyaltyrdquo in the DTAA has remained unchanged ADIT V Ms Baan Global B V ITA No 7048Mum2010 (Mum-Trib)
Expenses related to Exempt Income Sec 14A ndash The AO must examine the accounts closely and determine if at all any expenditure could be ascribed to the tax exempt dividendinterest earned by the assessee If the tax exempted income was earned without the interference of any employee the question of attributing any expenditure cannot arise at all Pradeep Khanna V ACIT ITA 9532015 (Delhi-HC)
14A - 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 Sec to earn dividends MS United Breweries Ltd V DCIT ITA NO4192009 (Kar-HC)
Profit amp Gain form Business and Profession
Sec 28 ndash Income from letting of property on
rent by an assessee engaged in the business of letting is assessable as business profits us 28 and not as Income from house property us 22 Ms Rayala Corporation Pvt Ltd V ACIT Civil Appeal No 6437 of 2016 (SC)
Sec 37 - Compensation paid by assessee to State Pollution Control Board for failure to install pollution control equipment at factory premises within stipulated time would be allowable as business expenditure it was not a penalty Shyam Sel Ltd V DCIT [2016] 72 taxmanncom 105 (Calcutta-HC)
Sec 37 - Foreign exchange loss is not a notional or speculation loss and is allowable as a deduction CBDTs Instruction No 3 of 2010 which deals with foreign exchange derivative transactions (forward contracts) is not applicable to cases of losses in dealings with foreign exchange CIT V Ms Vinergy International Pvt Ltd INCOME TAX APPEAL NO 376 OF 2014 (Bom-HC)
Sec 43B - Issue of debentures to fund the
interest liability does not amount to ldquoactual paymentrdquo of the interest so as to qualify for deduction under Explanation 3C to Section 43-B CIT V MM Aqua Technologies Ltd REV PET3082015 IN ITA 1102005 (Delhi-HC)
DIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 4 of 12
Sec 43B ndash Service-tax billed on rendering of
services is not includible as trading receipts No disallowance us 43B can be made for the unpaid service-tax liability which is not claimed as a deduction CIT V Knight Frank (India) Pvt Ltd INCOME TAX APPEAL NO 247 OF 2014 (Bom-HC)
Capital Gain
Sec 2(14) - Capital gains addition in respect of
sale of various lands held by assessee an individual engaged in buyingselling of immovable properties was to be upheld as land was converted from agricultural to non-agricultural prior to sale with sole purpose and intent to sell land for industrial purpose and period of holding was also very short land in question did not fall under exclusion clause (iii) to section 2(14) DCIT V B Sudhakar Pai [2016] 71 taxmanncom 318 (Bangalore - Trib)
Sec 50C - Land purchased by a builder with the
knowledge that there are encumbrances on it and development is not feasible is a ldquocapital assetrdquo and not ldquostock-in-traderdquo The gains on transfer of such land are assessable as capital gains and not as business profits S 50C applies to development agreements if the effect of the development agreement read with the conveyance deed is that the entire land with ownership rights are transferred ACIT V Ms Dattani Development ITA No5075Mum2010 (Mum-Trib)
Sec 50C - Valuation is a matter of estimation
and some degree of difference is bound to be there If the difference between the stamp duty valuation and the declared sale consideration is less than 10 addition us 50C should not be made Smt Sita Bai Khetan V ITO ITA No 826JP2013 (Jaipur-Trib)
Sec 54 - The date of purchase of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase Bastimal K Jain V ITO ITA No2896Mum2014 (Mum-Trib)
Sec 54F - A flat shown as residential house in
municipal records but actually used as office is not a residential house for sec 54F purposes For the purposes of section 54F the question whether assessee owns more than one residential house other than the new asset is to be determined based on actual user of the house and not what is shown in municipal records Sanjeev Puri V DCIT [2016] 72 taxmanncom 147 (Delhi - Trib)
Sec 54F - If the assessee has made full payment
to the builder for purchase construction of a new residential house but is not able to get the title of the flat registered in his name or is unable to get the possession of the flat within the prescribed period due to fault of the builder the assessee cannot be denied deduction us 54F
Mr Rajeev B Shah V ITO ITA No262Mum2015 (Mum-Trib)
Cash Credit
Sec 68 - Where assessee claimed that during
year he had received a gift of Rs 35 lakhs from his brother and Assessing Officer invoking provisions of section 68 added gift amount to assessees income since assessee failed to establish creditworthiness of donor and genuineness of transaction impugned addition was justified E Ummer Bava V CIT [2016] 72 taxmanncom 123 (Kerala-HC)
Sec 69A - Where there was neither trace of
creditor nor any document evidencing loan terms or any special relationship between parties on account whereof huge loan of Rs 30
Page 5 of 12
lakh could be given without demand of any interest such loan recorded in assessees books of account was to be added to income of assessee under section 69A Namdev Arora V CIT [2016] 72 taxmanncom 124 (Punjab amp Haryana-HC)
Set off and Carry forward amp Set off Sec 72 - When a scheme of amalgamation had been sanctioned by High Court same would be from appointment date claim of carried forward unabsorbed depreciation and loss of amalgamated company would be allowed from appointed date IRM Ltd V DCIT [2016] 72 taxmanncom 288 (Gujarat-HC)
Transfer Pricing Sec 92CA - The TPO is required to be consistent in matters relating to selection of comparables If a comparable has been included or rejected in an earlier year he is not entitled to take a different view in a later year if there is no change in circumstances Hyundai Rotem Company V ACIT IT(TP) No1722Del2015 (Delhi-Trib)
Assessment Proceedings amp Appeals
Sec 132 ndash Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search Fact that retraction of statement is late is irrelevant CBDT Circular No FNo28622003-IT (In) dated 10032003 bars addition on the basis of confession Chetnaben J Shah Legal Heir of jagdish chandra K V ITO TAX APPEAL NO 1437 of 2007 (Guj-HC)
Sec 147 - S 148 reopening notice issued to a private trust which received contributions of Rs 658 crore on the ground that it has not obtained
a PAN or filed a return of income is not valid The AO cannot assume all receipts are income and issue the reopening notice General Electoral Trust V ITO Writ Petition No1155 of 2016 (Bom-HC)
Sec 249 - An appeal wrongly filed before the AO and not CIT(A) is an unintentional lapse of the assessee The AO ought to have returned the appeal to enable the assessee to take corrective steps The likelihood of error is inherent in human nature The power of condonation is in view of human fallibility and must be exercised in cases of bona fide lapses Prashanth Projects Ltd V DCIT INCOME TAX APPEAL NO 192 OF 2014 (Bom-HC)
Penalty Proceedings Sec 275 - Penalty proceedings for contravention
of Sections 269SS amp 269T are not related to the assessment proceeding but are independent of it Therefore the completion of appellate proceedings arising out of the assessment proceedings has no relevance Consequently the limitation prescribed by s 275(1)(a) does not apply The limitation period prescribed in s 275(1)(c) applies to such penalty proceedings CIT V Hissaria BrothersHanumangarh Jn CIVIL APPEAL NO5254 OF 2008 (SC)
Page 6 of 12
GOODS AND SERVICES TAX (GST) UPDATE
GST exemption for traders having turnover up to 25 lakhs Revenue Secretary
The Revenue Secretary HasmukhAdhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit
Source wwwbusinesstodayin
GST bill can now go for Presidential assent ArunJaitley
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation Finance Minister ArunJaitley said on Thursday With Odisha approving the constitution amendment at a special assembly session on Thursday 50 per cent of the states have ratified the GST bill
httpindianexpresscom [02-09-2016]
Rajasthan Puducherry ratify GST Bill The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament Speaking on the resolution Chief Minister VasundharaRaje said
GST will have a very positive impact and states including Rajasthan will get advantages
- wwwbusiness-standardcom[03-09-2016]
GST to Boost Indias Strong Growth IMF Indian economy is likely to continue to grow strongly the International Monetary Fund has said ahead of the G20 meet in China crediting its latest assessment to support from private consumption and saying that the goods and services tax will provide a further boost when it is rolled out ldquoIn India high-frequency data suggest continuing strong growth underpinned by private consumptionldquo the IMF said in a surveillance note released on Thursday capturing `Global prospects and policy challenges
wwweconomictimesindiatimescom [02-09-2016]
SERVICE TAX CASE LAWS
Central Govt has power to make rules to order lapsing of accumulated credit
In view of section 37(2)(xxviii) of Central Excise Act 1944 Central Government has rule-making
INDIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 2 of 12
Nkdckjksj k j vcjjvjasvjjjjavjvn
Welcome Readers
RNM ALERT
AUDIT amp
ASSURANCE
TAX amp
REGULATORY
CORPORATE
amp LEGAL
CORPORATE
FINANCE
Content
02 WELCOME
Message by our
Managing Partner
03 DIRECT TAX Direct tax case laws 06 INDIRECT TAX Service tax cases 08 CORPORATE LEGAL Law updates 09 CORPORATE FINANCE Transactions 12 TAX DIARY
Mark Calendar
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
The Parliament haxs passed
a crucial reform which has been pending since long in the form of the Real Estate (Regulation and Development) Bill The Bill which protects consumers should instill confidence in Investors in the hitherto fragmented real estate market of India with the establishment of a Real Estate Regulatory Authority (RERA) to bring
accountability of the
Dear Readers The pace of the Indian Economy is slowly picking up and the Stock Market which is at 18 month high is reflective of this mood The ratification of the GST Bill by the requisite number of State Legislative Assembly‟s now paves the way for the Presidential assent to make into law the GST reform This is adding to the bonhomie internationally for India The GDP grew in the first quarter of this fiscal year by 71 over the equivalent quarter last year The Institute of Chartered Accountants of India (ICAI) has in the month of August 2016 issued two important Implementation Guide‟s The first is on the Audit of Internal Financial Control over Financial Reporting with specific reference to Smaller and less complex Companies and the second on Auditor‟s Report under Indian Accounting Standards (Ind-AS) for Transition Phase Both of them were much needed to avoid the hardships being faced by India Inc in implementation of these new regulations Team RNM only hopes that in future such steps are taken well in advance by anticipating the hardship thru better discussion and planning with stake holders concerned In addition to the Treaty re-negotiation successfully done with Mauritius which was earlier reported in the RNM Alert of May 2016 (Issue No 88) the Indian government has also renegotiated the Treaty with Cyprus which has obtained Cabinet nod in August 2016 The new Treaty has sourced based taxation as against residence based taxation in the old Treaty The new treaty will also lead to removal of Cyprus from the Indian government blacklist as a bdquoNotified Jurisdiction‟ on which it has been since November 2013 The new Treaty similar to the Mauritius treaty has a grandfathering clause which provides that old rules apply to existing cases and new rules to future ones Lastly I would like to thank all our readers for the active response feedback and likes Team RNM has received on our Social Media initiatives on Twitter LinkedIn and Facebook Kind Regards CA UN Marwah
For amp on Behalf of RNM Alert Editorial Team
Page 3 of 12
DIRECT TAX CASE LAWS Income Accrue or Arise in India Sec 9 - Consideration received for sale of
computer software programme in CD Rom is not assessable as ldquoroyaltyrdquo The retrospective amendment in Explanation 4 to section 9(1)(vi) to tax such receipts as royalty has no application to DTAA if the definition of the term ldquoroyaltyrdquo in the DTAA has remained unchanged ADIT V Ms Baan Global B V ITA No 7048Mum2010 (Mum-Trib)
Expenses related to Exempt Income Sec 14A ndash The AO must examine the accounts closely and determine if at all any expenditure could be ascribed to the tax exempt dividendinterest earned by the assessee If the tax exempted income was earned without the interference of any employee the question of attributing any expenditure cannot arise at all Pradeep Khanna V ACIT ITA 9532015 (Delhi-HC)
14A - 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 Sec to earn dividends MS United Breweries Ltd V DCIT ITA NO4192009 (Kar-HC)
Profit amp Gain form Business and Profession
Sec 28 ndash Income from letting of property on
rent by an assessee engaged in the business of letting is assessable as business profits us 28 and not as Income from house property us 22 Ms Rayala Corporation Pvt Ltd V ACIT Civil Appeal No 6437 of 2016 (SC)
Sec 37 - Compensation paid by assessee to State Pollution Control Board for failure to install pollution control equipment at factory premises within stipulated time would be allowable as business expenditure it was not a penalty Shyam Sel Ltd V DCIT [2016] 72 taxmanncom 105 (Calcutta-HC)
Sec 37 - Foreign exchange loss is not a notional or speculation loss and is allowable as a deduction CBDTs Instruction No 3 of 2010 which deals with foreign exchange derivative transactions (forward contracts) is not applicable to cases of losses in dealings with foreign exchange CIT V Ms Vinergy International Pvt Ltd INCOME TAX APPEAL NO 376 OF 2014 (Bom-HC)
Sec 43B - Issue of debentures to fund the
interest liability does not amount to ldquoactual paymentrdquo of the interest so as to qualify for deduction under Explanation 3C to Section 43-B CIT V MM Aqua Technologies Ltd REV PET3082015 IN ITA 1102005 (Delhi-HC)
DIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 4 of 12
Sec 43B ndash Service-tax billed on rendering of
services is not includible as trading receipts No disallowance us 43B can be made for the unpaid service-tax liability which is not claimed as a deduction CIT V Knight Frank (India) Pvt Ltd INCOME TAX APPEAL NO 247 OF 2014 (Bom-HC)
Capital Gain
Sec 2(14) - Capital gains addition in respect of
sale of various lands held by assessee an individual engaged in buyingselling of immovable properties was to be upheld as land was converted from agricultural to non-agricultural prior to sale with sole purpose and intent to sell land for industrial purpose and period of holding was also very short land in question did not fall under exclusion clause (iii) to section 2(14) DCIT V B Sudhakar Pai [2016] 71 taxmanncom 318 (Bangalore - Trib)
Sec 50C - Land purchased by a builder with the
knowledge that there are encumbrances on it and development is not feasible is a ldquocapital assetrdquo and not ldquostock-in-traderdquo The gains on transfer of such land are assessable as capital gains and not as business profits S 50C applies to development agreements if the effect of the development agreement read with the conveyance deed is that the entire land with ownership rights are transferred ACIT V Ms Dattani Development ITA No5075Mum2010 (Mum-Trib)
Sec 50C - Valuation is a matter of estimation
and some degree of difference is bound to be there If the difference between the stamp duty valuation and the declared sale consideration is less than 10 addition us 50C should not be made Smt Sita Bai Khetan V ITO ITA No 826JP2013 (Jaipur-Trib)
Sec 54 - The date of purchase of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase Bastimal K Jain V ITO ITA No2896Mum2014 (Mum-Trib)
Sec 54F - A flat shown as residential house in
municipal records but actually used as office is not a residential house for sec 54F purposes For the purposes of section 54F the question whether assessee owns more than one residential house other than the new asset is to be determined based on actual user of the house and not what is shown in municipal records Sanjeev Puri V DCIT [2016] 72 taxmanncom 147 (Delhi - Trib)
Sec 54F - If the assessee has made full payment
to the builder for purchase construction of a new residential house but is not able to get the title of the flat registered in his name or is unable to get the possession of the flat within the prescribed period due to fault of the builder the assessee cannot be denied deduction us 54F
Mr Rajeev B Shah V ITO ITA No262Mum2015 (Mum-Trib)
Cash Credit
Sec 68 - Where assessee claimed that during
year he had received a gift of Rs 35 lakhs from his brother and Assessing Officer invoking provisions of section 68 added gift amount to assessees income since assessee failed to establish creditworthiness of donor and genuineness of transaction impugned addition was justified E Ummer Bava V CIT [2016] 72 taxmanncom 123 (Kerala-HC)
Sec 69A - Where there was neither trace of
creditor nor any document evidencing loan terms or any special relationship between parties on account whereof huge loan of Rs 30
Page 5 of 12
lakh could be given without demand of any interest such loan recorded in assessees books of account was to be added to income of assessee under section 69A Namdev Arora V CIT [2016] 72 taxmanncom 124 (Punjab amp Haryana-HC)
Set off and Carry forward amp Set off Sec 72 - When a scheme of amalgamation had been sanctioned by High Court same would be from appointment date claim of carried forward unabsorbed depreciation and loss of amalgamated company would be allowed from appointed date IRM Ltd V DCIT [2016] 72 taxmanncom 288 (Gujarat-HC)
Transfer Pricing Sec 92CA - The TPO is required to be consistent in matters relating to selection of comparables If a comparable has been included or rejected in an earlier year he is not entitled to take a different view in a later year if there is no change in circumstances Hyundai Rotem Company V ACIT IT(TP) No1722Del2015 (Delhi-Trib)
Assessment Proceedings amp Appeals
Sec 132 ndash Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search Fact that retraction of statement is late is irrelevant CBDT Circular No FNo28622003-IT (In) dated 10032003 bars addition on the basis of confession Chetnaben J Shah Legal Heir of jagdish chandra K V ITO TAX APPEAL NO 1437 of 2007 (Guj-HC)
Sec 147 - S 148 reopening notice issued to a private trust which received contributions of Rs 658 crore on the ground that it has not obtained
a PAN or filed a return of income is not valid The AO cannot assume all receipts are income and issue the reopening notice General Electoral Trust V ITO Writ Petition No1155 of 2016 (Bom-HC)
Sec 249 - An appeal wrongly filed before the AO and not CIT(A) is an unintentional lapse of the assessee The AO ought to have returned the appeal to enable the assessee to take corrective steps The likelihood of error is inherent in human nature The power of condonation is in view of human fallibility and must be exercised in cases of bona fide lapses Prashanth Projects Ltd V DCIT INCOME TAX APPEAL NO 192 OF 2014 (Bom-HC)
Penalty Proceedings Sec 275 - Penalty proceedings for contravention
of Sections 269SS amp 269T are not related to the assessment proceeding but are independent of it Therefore the completion of appellate proceedings arising out of the assessment proceedings has no relevance Consequently the limitation prescribed by s 275(1)(a) does not apply The limitation period prescribed in s 275(1)(c) applies to such penalty proceedings CIT V Hissaria BrothersHanumangarh Jn CIVIL APPEAL NO5254 OF 2008 (SC)
Page 6 of 12
GOODS AND SERVICES TAX (GST) UPDATE
GST exemption for traders having turnover up to 25 lakhs Revenue Secretary
The Revenue Secretary HasmukhAdhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit
Source wwwbusinesstodayin
GST bill can now go for Presidential assent ArunJaitley
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation Finance Minister ArunJaitley said on Thursday With Odisha approving the constitution amendment at a special assembly session on Thursday 50 per cent of the states have ratified the GST bill
httpindianexpresscom [02-09-2016]
Rajasthan Puducherry ratify GST Bill The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament Speaking on the resolution Chief Minister VasundharaRaje said
GST will have a very positive impact and states including Rajasthan will get advantages
- wwwbusiness-standardcom[03-09-2016]
GST to Boost Indias Strong Growth IMF Indian economy is likely to continue to grow strongly the International Monetary Fund has said ahead of the G20 meet in China crediting its latest assessment to support from private consumption and saying that the goods and services tax will provide a further boost when it is rolled out ldquoIn India high-frequency data suggest continuing strong growth underpinned by private consumptionldquo the IMF said in a surveillance note released on Thursday capturing `Global prospects and policy challenges
wwweconomictimesindiatimescom [02-09-2016]
SERVICE TAX CASE LAWS
Central Govt has power to make rules to order lapsing of accumulated credit
In view of section 37(2)(xxviii) of Central Excise Act 1944 Central Government has rule-making
INDIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 3 of 12
DIRECT TAX CASE LAWS Income Accrue or Arise in India Sec 9 - Consideration received for sale of
computer software programme in CD Rom is not assessable as ldquoroyaltyrdquo The retrospective amendment in Explanation 4 to section 9(1)(vi) to tax such receipts as royalty has no application to DTAA if the definition of the term ldquoroyaltyrdquo in the DTAA has remained unchanged ADIT V Ms Baan Global B V ITA No 7048Mum2010 (Mum-Trib)
Expenses related to Exempt Income Sec 14A ndash The AO must examine the accounts closely and determine if at all any expenditure could be ascribed to the tax exempt dividendinterest earned by the assessee If the tax exempted income was earned without the interference of any employee the question of attributing any expenditure cannot arise at all Pradeep Khanna V ACIT ITA 9532015 (Delhi-HC)
14A - 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 Sec to earn dividends MS United Breweries Ltd V DCIT ITA NO4192009 (Kar-HC)
Profit amp Gain form Business and Profession
Sec 28 ndash Income from letting of property on
rent by an assessee engaged in the business of letting is assessable as business profits us 28 and not as Income from house property us 22 Ms Rayala Corporation Pvt Ltd V ACIT Civil Appeal No 6437 of 2016 (SC)
Sec 37 - Compensation paid by assessee to State Pollution Control Board for failure to install pollution control equipment at factory premises within stipulated time would be allowable as business expenditure it was not a penalty Shyam Sel Ltd V DCIT [2016] 72 taxmanncom 105 (Calcutta-HC)
Sec 37 - Foreign exchange loss is not a notional or speculation loss and is allowable as a deduction CBDTs Instruction No 3 of 2010 which deals with foreign exchange derivative transactions (forward contracts) is not applicable to cases of losses in dealings with foreign exchange CIT V Ms Vinergy International Pvt Ltd INCOME TAX APPEAL NO 376 OF 2014 (Bom-HC)
Sec 43B - Issue of debentures to fund the
interest liability does not amount to ldquoactual paymentrdquo of the interest so as to qualify for deduction under Explanation 3C to Section 43-B CIT V MM Aqua Technologies Ltd REV PET3082015 IN ITA 1102005 (Delhi-HC)
DIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 4 of 12
Sec 43B ndash Service-tax billed on rendering of
services is not includible as trading receipts No disallowance us 43B can be made for the unpaid service-tax liability which is not claimed as a deduction CIT V Knight Frank (India) Pvt Ltd INCOME TAX APPEAL NO 247 OF 2014 (Bom-HC)
Capital Gain
Sec 2(14) - Capital gains addition in respect of
sale of various lands held by assessee an individual engaged in buyingselling of immovable properties was to be upheld as land was converted from agricultural to non-agricultural prior to sale with sole purpose and intent to sell land for industrial purpose and period of holding was also very short land in question did not fall under exclusion clause (iii) to section 2(14) DCIT V B Sudhakar Pai [2016] 71 taxmanncom 318 (Bangalore - Trib)
Sec 50C - Land purchased by a builder with the
knowledge that there are encumbrances on it and development is not feasible is a ldquocapital assetrdquo and not ldquostock-in-traderdquo The gains on transfer of such land are assessable as capital gains and not as business profits S 50C applies to development agreements if the effect of the development agreement read with the conveyance deed is that the entire land with ownership rights are transferred ACIT V Ms Dattani Development ITA No5075Mum2010 (Mum-Trib)
Sec 50C - Valuation is a matter of estimation
and some degree of difference is bound to be there If the difference between the stamp duty valuation and the declared sale consideration is less than 10 addition us 50C should not be made Smt Sita Bai Khetan V ITO ITA No 826JP2013 (Jaipur-Trib)
Sec 54 - The date of purchase of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase Bastimal K Jain V ITO ITA No2896Mum2014 (Mum-Trib)
Sec 54F - A flat shown as residential house in
municipal records but actually used as office is not a residential house for sec 54F purposes For the purposes of section 54F the question whether assessee owns more than one residential house other than the new asset is to be determined based on actual user of the house and not what is shown in municipal records Sanjeev Puri V DCIT [2016] 72 taxmanncom 147 (Delhi - Trib)
Sec 54F - If the assessee has made full payment
to the builder for purchase construction of a new residential house but is not able to get the title of the flat registered in his name or is unable to get the possession of the flat within the prescribed period due to fault of the builder the assessee cannot be denied deduction us 54F
Mr Rajeev B Shah V ITO ITA No262Mum2015 (Mum-Trib)
Cash Credit
Sec 68 - Where assessee claimed that during
year he had received a gift of Rs 35 lakhs from his brother and Assessing Officer invoking provisions of section 68 added gift amount to assessees income since assessee failed to establish creditworthiness of donor and genuineness of transaction impugned addition was justified E Ummer Bava V CIT [2016] 72 taxmanncom 123 (Kerala-HC)
Sec 69A - Where there was neither trace of
creditor nor any document evidencing loan terms or any special relationship between parties on account whereof huge loan of Rs 30
Page 5 of 12
lakh could be given without demand of any interest such loan recorded in assessees books of account was to be added to income of assessee under section 69A Namdev Arora V CIT [2016] 72 taxmanncom 124 (Punjab amp Haryana-HC)
Set off and Carry forward amp Set off Sec 72 - When a scheme of amalgamation had been sanctioned by High Court same would be from appointment date claim of carried forward unabsorbed depreciation and loss of amalgamated company would be allowed from appointed date IRM Ltd V DCIT [2016] 72 taxmanncom 288 (Gujarat-HC)
Transfer Pricing Sec 92CA - The TPO is required to be consistent in matters relating to selection of comparables If a comparable has been included or rejected in an earlier year he is not entitled to take a different view in a later year if there is no change in circumstances Hyundai Rotem Company V ACIT IT(TP) No1722Del2015 (Delhi-Trib)
Assessment Proceedings amp Appeals
Sec 132 ndash Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search Fact that retraction of statement is late is irrelevant CBDT Circular No FNo28622003-IT (In) dated 10032003 bars addition on the basis of confession Chetnaben J Shah Legal Heir of jagdish chandra K V ITO TAX APPEAL NO 1437 of 2007 (Guj-HC)
Sec 147 - S 148 reopening notice issued to a private trust which received contributions of Rs 658 crore on the ground that it has not obtained
a PAN or filed a return of income is not valid The AO cannot assume all receipts are income and issue the reopening notice General Electoral Trust V ITO Writ Petition No1155 of 2016 (Bom-HC)
Sec 249 - An appeal wrongly filed before the AO and not CIT(A) is an unintentional lapse of the assessee The AO ought to have returned the appeal to enable the assessee to take corrective steps The likelihood of error is inherent in human nature The power of condonation is in view of human fallibility and must be exercised in cases of bona fide lapses Prashanth Projects Ltd V DCIT INCOME TAX APPEAL NO 192 OF 2014 (Bom-HC)
Penalty Proceedings Sec 275 - Penalty proceedings for contravention
of Sections 269SS amp 269T are not related to the assessment proceeding but are independent of it Therefore the completion of appellate proceedings arising out of the assessment proceedings has no relevance Consequently the limitation prescribed by s 275(1)(a) does not apply The limitation period prescribed in s 275(1)(c) applies to such penalty proceedings CIT V Hissaria BrothersHanumangarh Jn CIVIL APPEAL NO5254 OF 2008 (SC)
Page 6 of 12
GOODS AND SERVICES TAX (GST) UPDATE
GST exemption for traders having turnover up to 25 lakhs Revenue Secretary
The Revenue Secretary HasmukhAdhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit
Source wwwbusinesstodayin
GST bill can now go for Presidential assent ArunJaitley
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation Finance Minister ArunJaitley said on Thursday With Odisha approving the constitution amendment at a special assembly session on Thursday 50 per cent of the states have ratified the GST bill
httpindianexpresscom [02-09-2016]
Rajasthan Puducherry ratify GST Bill The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament Speaking on the resolution Chief Minister VasundharaRaje said
GST will have a very positive impact and states including Rajasthan will get advantages
- wwwbusiness-standardcom[03-09-2016]
GST to Boost Indias Strong Growth IMF Indian economy is likely to continue to grow strongly the International Monetary Fund has said ahead of the G20 meet in China crediting its latest assessment to support from private consumption and saying that the goods and services tax will provide a further boost when it is rolled out ldquoIn India high-frequency data suggest continuing strong growth underpinned by private consumptionldquo the IMF said in a surveillance note released on Thursday capturing `Global prospects and policy challenges
wwweconomictimesindiatimescom [02-09-2016]
SERVICE TAX CASE LAWS
Central Govt has power to make rules to order lapsing of accumulated credit
In view of section 37(2)(xxviii) of Central Excise Act 1944 Central Government has rule-making
INDIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 4 of 12
Sec 43B ndash Service-tax billed on rendering of
services is not includible as trading receipts No disallowance us 43B can be made for the unpaid service-tax liability which is not claimed as a deduction CIT V Knight Frank (India) Pvt Ltd INCOME TAX APPEAL NO 247 OF 2014 (Bom-HC)
Capital Gain
Sec 2(14) - Capital gains addition in respect of
sale of various lands held by assessee an individual engaged in buyingselling of immovable properties was to be upheld as land was converted from agricultural to non-agricultural prior to sale with sole purpose and intent to sell land for industrial purpose and period of holding was also very short land in question did not fall under exclusion clause (iii) to section 2(14) DCIT V B Sudhakar Pai [2016] 71 taxmanncom 318 (Bangalore - Trib)
Sec 50C - Land purchased by a builder with the
knowledge that there are encumbrances on it and development is not feasible is a ldquocapital assetrdquo and not ldquostock-in-traderdquo The gains on transfer of such land are assessable as capital gains and not as business profits S 50C applies to development agreements if the effect of the development agreement read with the conveyance deed is that the entire land with ownership rights are transferred ACIT V Ms Dattani Development ITA No5075Mum2010 (Mum-Trib)
Sec 50C - Valuation is a matter of estimation
and some degree of difference is bound to be there If the difference between the stamp duty valuation and the declared sale consideration is less than 10 addition us 50C should not be made Smt Sita Bai Khetan V ITO ITA No 826JP2013 (Jaipur-Trib)
Sec 54 - The date of purchase of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase Bastimal K Jain V ITO ITA No2896Mum2014 (Mum-Trib)
Sec 54F - A flat shown as residential house in
municipal records but actually used as office is not a residential house for sec 54F purposes For the purposes of section 54F the question whether assessee owns more than one residential house other than the new asset is to be determined based on actual user of the house and not what is shown in municipal records Sanjeev Puri V DCIT [2016] 72 taxmanncom 147 (Delhi - Trib)
Sec 54F - If the assessee has made full payment
to the builder for purchase construction of a new residential house but is not able to get the title of the flat registered in his name or is unable to get the possession of the flat within the prescribed period due to fault of the builder the assessee cannot be denied deduction us 54F
Mr Rajeev B Shah V ITO ITA No262Mum2015 (Mum-Trib)
Cash Credit
Sec 68 - Where assessee claimed that during
year he had received a gift of Rs 35 lakhs from his brother and Assessing Officer invoking provisions of section 68 added gift amount to assessees income since assessee failed to establish creditworthiness of donor and genuineness of transaction impugned addition was justified E Ummer Bava V CIT [2016] 72 taxmanncom 123 (Kerala-HC)
Sec 69A - Where there was neither trace of
creditor nor any document evidencing loan terms or any special relationship between parties on account whereof huge loan of Rs 30
Page 5 of 12
lakh could be given without demand of any interest such loan recorded in assessees books of account was to be added to income of assessee under section 69A Namdev Arora V CIT [2016] 72 taxmanncom 124 (Punjab amp Haryana-HC)
Set off and Carry forward amp Set off Sec 72 - When a scheme of amalgamation had been sanctioned by High Court same would be from appointment date claim of carried forward unabsorbed depreciation and loss of amalgamated company would be allowed from appointed date IRM Ltd V DCIT [2016] 72 taxmanncom 288 (Gujarat-HC)
Transfer Pricing Sec 92CA - The TPO is required to be consistent in matters relating to selection of comparables If a comparable has been included or rejected in an earlier year he is not entitled to take a different view in a later year if there is no change in circumstances Hyundai Rotem Company V ACIT IT(TP) No1722Del2015 (Delhi-Trib)
Assessment Proceedings amp Appeals
Sec 132 ndash Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search Fact that retraction of statement is late is irrelevant CBDT Circular No FNo28622003-IT (In) dated 10032003 bars addition on the basis of confession Chetnaben J Shah Legal Heir of jagdish chandra K V ITO TAX APPEAL NO 1437 of 2007 (Guj-HC)
Sec 147 - S 148 reopening notice issued to a private trust which received contributions of Rs 658 crore on the ground that it has not obtained
a PAN or filed a return of income is not valid The AO cannot assume all receipts are income and issue the reopening notice General Electoral Trust V ITO Writ Petition No1155 of 2016 (Bom-HC)
Sec 249 - An appeal wrongly filed before the AO and not CIT(A) is an unintentional lapse of the assessee The AO ought to have returned the appeal to enable the assessee to take corrective steps The likelihood of error is inherent in human nature The power of condonation is in view of human fallibility and must be exercised in cases of bona fide lapses Prashanth Projects Ltd V DCIT INCOME TAX APPEAL NO 192 OF 2014 (Bom-HC)
Penalty Proceedings Sec 275 - Penalty proceedings for contravention
of Sections 269SS amp 269T are not related to the assessment proceeding but are independent of it Therefore the completion of appellate proceedings arising out of the assessment proceedings has no relevance Consequently the limitation prescribed by s 275(1)(a) does not apply The limitation period prescribed in s 275(1)(c) applies to such penalty proceedings CIT V Hissaria BrothersHanumangarh Jn CIVIL APPEAL NO5254 OF 2008 (SC)
Page 6 of 12
GOODS AND SERVICES TAX (GST) UPDATE
GST exemption for traders having turnover up to 25 lakhs Revenue Secretary
The Revenue Secretary HasmukhAdhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit
Source wwwbusinesstodayin
GST bill can now go for Presidential assent ArunJaitley
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation Finance Minister ArunJaitley said on Thursday With Odisha approving the constitution amendment at a special assembly session on Thursday 50 per cent of the states have ratified the GST bill
httpindianexpresscom [02-09-2016]
Rajasthan Puducherry ratify GST Bill The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament Speaking on the resolution Chief Minister VasundharaRaje said
GST will have a very positive impact and states including Rajasthan will get advantages
- wwwbusiness-standardcom[03-09-2016]
GST to Boost Indias Strong Growth IMF Indian economy is likely to continue to grow strongly the International Monetary Fund has said ahead of the G20 meet in China crediting its latest assessment to support from private consumption and saying that the goods and services tax will provide a further boost when it is rolled out ldquoIn India high-frequency data suggest continuing strong growth underpinned by private consumptionldquo the IMF said in a surveillance note released on Thursday capturing `Global prospects and policy challenges
wwweconomictimesindiatimescom [02-09-2016]
SERVICE TAX CASE LAWS
Central Govt has power to make rules to order lapsing of accumulated credit
In view of section 37(2)(xxviii) of Central Excise Act 1944 Central Government has rule-making
INDIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 5 of 12
lakh could be given without demand of any interest such loan recorded in assessees books of account was to be added to income of assessee under section 69A Namdev Arora V CIT [2016] 72 taxmanncom 124 (Punjab amp Haryana-HC)
Set off and Carry forward amp Set off Sec 72 - When a scheme of amalgamation had been sanctioned by High Court same would be from appointment date claim of carried forward unabsorbed depreciation and loss of amalgamated company would be allowed from appointed date IRM Ltd V DCIT [2016] 72 taxmanncom 288 (Gujarat-HC)
Transfer Pricing Sec 92CA - The TPO is required to be consistent in matters relating to selection of comparables If a comparable has been included or rejected in an earlier year he is not entitled to take a different view in a later year if there is no change in circumstances Hyundai Rotem Company V ACIT IT(TP) No1722Del2015 (Delhi-Trib)
Assessment Proceedings amp Appeals
Sec 132 ndash Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search Fact that retraction of statement is late is irrelevant CBDT Circular No FNo28622003-IT (In) dated 10032003 bars addition on the basis of confession Chetnaben J Shah Legal Heir of jagdish chandra K V ITO TAX APPEAL NO 1437 of 2007 (Guj-HC)
Sec 147 - S 148 reopening notice issued to a private trust which received contributions of Rs 658 crore on the ground that it has not obtained
a PAN or filed a return of income is not valid The AO cannot assume all receipts are income and issue the reopening notice General Electoral Trust V ITO Writ Petition No1155 of 2016 (Bom-HC)
Sec 249 - An appeal wrongly filed before the AO and not CIT(A) is an unintentional lapse of the assessee The AO ought to have returned the appeal to enable the assessee to take corrective steps The likelihood of error is inherent in human nature The power of condonation is in view of human fallibility and must be exercised in cases of bona fide lapses Prashanth Projects Ltd V DCIT INCOME TAX APPEAL NO 192 OF 2014 (Bom-HC)
Penalty Proceedings Sec 275 - Penalty proceedings for contravention
of Sections 269SS amp 269T are not related to the assessment proceeding but are independent of it Therefore the completion of appellate proceedings arising out of the assessment proceedings has no relevance Consequently the limitation prescribed by s 275(1)(a) does not apply The limitation period prescribed in s 275(1)(c) applies to such penalty proceedings CIT V Hissaria BrothersHanumangarh Jn CIVIL APPEAL NO5254 OF 2008 (SC)
Page 6 of 12
GOODS AND SERVICES TAX (GST) UPDATE
GST exemption for traders having turnover up to 25 lakhs Revenue Secretary
The Revenue Secretary HasmukhAdhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit
Source wwwbusinesstodayin
GST bill can now go for Presidential assent ArunJaitley
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation Finance Minister ArunJaitley said on Thursday With Odisha approving the constitution amendment at a special assembly session on Thursday 50 per cent of the states have ratified the GST bill
httpindianexpresscom [02-09-2016]
Rajasthan Puducherry ratify GST Bill The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament Speaking on the resolution Chief Minister VasundharaRaje said
GST will have a very positive impact and states including Rajasthan will get advantages
- wwwbusiness-standardcom[03-09-2016]
GST to Boost Indias Strong Growth IMF Indian economy is likely to continue to grow strongly the International Monetary Fund has said ahead of the G20 meet in China crediting its latest assessment to support from private consumption and saying that the goods and services tax will provide a further boost when it is rolled out ldquoIn India high-frequency data suggest continuing strong growth underpinned by private consumptionldquo the IMF said in a surveillance note released on Thursday capturing `Global prospects and policy challenges
wwweconomictimesindiatimescom [02-09-2016]
SERVICE TAX CASE LAWS
Central Govt has power to make rules to order lapsing of accumulated credit
In view of section 37(2)(xxviii) of Central Excise Act 1944 Central Government has rule-making
INDIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 6 of 12
GOODS AND SERVICES TAX (GST) UPDATE
GST exemption for traders having turnover up to 25 lakhs Revenue Secretary
The Revenue Secretary HasmukhAdhia said that small traders having annual turnover of up to Rs 20-25 lakh will be exempted from GST and the Centre and the states are likely to agree to this limit
Source wwwbusinesstodayin
GST bill can now go for Presidential assent ArunJaitley
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation Finance Minister ArunJaitley said on Thursday With Odisha approving the constitution amendment at a special assembly session on Thursday 50 per cent of the states have ratified the GST bill
httpindianexpresscom [02-09-2016]
Rajasthan Puducherry ratify GST Bill The Rajasthan and Puducherry Assemblies on Friday unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by Parliament Speaking on the resolution Chief Minister VasundharaRaje said
GST will have a very positive impact and states including Rajasthan will get advantages
- wwwbusiness-standardcom[03-09-2016]
GST to Boost Indias Strong Growth IMF Indian economy is likely to continue to grow strongly the International Monetary Fund has said ahead of the G20 meet in China crediting its latest assessment to support from private consumption and saying that the goods and services tax will provide a further boost when it is rolled out ldquoIn India high-frequency data suggest continuing strong growth underpinned by private consumptionldquo the IMF said in a surveillance note released on Thursday capturing `Global prospects and policy challenges
wwweconomictimesindiatimescom [02-09-2016]
SERVICE TAX CASE LAWS
Central Govt has power to make rules to order lapsing of accumulated credit
In view of section 37(2)(xxviii) of Central Excise Act 1944 Central Government has rule-making
INDIRECT TAX
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 7 of 12
power to make rules for lapsing of accumulated credit
Rule 57F(4A) of Central Excise Rules 1944 (as retrospectively validated vide sections 131 and 132 of Finance Act 1994) was a part of scheme for rationalization of inverted-duty structure to ensure that accumulated credit does not lead to reduced collection of revenues hence said rule and validation sections providing for lapsing of credit were rationalreasonable
SML Isuzu LtdvUnion of India [2016] 72 taxmanncom 107 (Delhi)
Credit cant be denied merely due to discrepancies in transport documents
If inter-state movement of inputs is recognized by sales-tax authorities at check-posts then merely due to discrepancies in transport documentsdates department cannot deny credit alleging that inputs were never received
S Pal Enterprises (P) LtdvCommissioner of Central Excise amp Service Tax Alwar [2016] 72 taxmanncom 172 (New Delhi - CESTAT)
Exporters can file CenvatRefund Claim Within 1 year from Last Date of Quarter in Which Proceeds Realized Quarterly refund claim under rule 5 of the Cenvat Credit Rules 2004 can be filed within 1
year last date of quarter in which Foreign Inward Remittance Certificates (FIRCs) were received
Commissioner of Central Excise-IvSG Analytics (P) Ltd [2016] 72 taxmanncom 180 (Mumbai - CESTAT)
NOTIFICATION
90 abatement of Service Tax on Flight Routed Via Regional Connectivity Airports
Amending the Notification No 262012- Service Tax dated the 20th June 2012 the Central Government has provided 90 abatement to provision of service by transport of passengers with or without accompanied belongings by air embarking from or terminating in a Regional Connectivity Scheme Airport with condition that CENVAT credit on inputs capital goods and input services used for providing the taxable service has not been taken by the service provider under the provisions of the CENVAT Credit Rules 2004
NOTIFICATION No 382016-ST-dt 3008 2016
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 8 of 12
COMPANY LAW UPDATES
Amendment of Companies (Share Capital and Debentures) Rules 2014 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act 2013 (18 of 2013) the Central Government hereby makes the amendment in the Companies (Share Capital and Debentures) Rules 2014 These rules may be called the Companies (Share Capital and Debentures) Fourth Amendment Rules 2016 They shall come into force on the date of their publication in the Official Gazette [Source Notification No GSR 791(E) dated 12th August 2016]
Issuance of rupee bonds to overseas investors by Indian companies-Clarification regarding
applicability of provisions of Chapter III of the Companies Act 2013
The matter relating to issue of rupee denominated bonds to overseas investors is being regulated by Reserve Bank of India (RBI) as part of ECB Policy framework It is accordingly clarified that unless otherwise provided in the circulardirectionsregulations issued by RBI provisions of Chapter III of the Act and Rule 18 of Companies (Share Capital and Debenture) Rules 2014 would not apply to issue of rupee denominated bonds made exclusively to persons resident outside India in accordance with applicable sectoral regulatory provisions [Source General Circular No 092016 dated 03rd August 2016]
CORPORATE LEGAL
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 9 of 12
Mergers amp Acquisition
Escorts sells auto parts business to Badve
Engineering
Farm equipment maker Escorts today
announced divestment of its OEM and export
business of auto product division to Punes
Badve EngineeringThe company however did
not disclose the deal sizeThe all cash deal is part
of the companys planned strategic reorientation
of the business
[Source VC Circle August 11 2016]
EnCashea raises funding from Kunal
Shah others in talks to buy smaller rival
RaddiMan
Scrap collection and recycling startup EnCashea
has raised an undisclosed amount in seed
funding from FreeCharge co-founders Kunal
Shah and Sandeep Tandon Tracxn Labs and a
group of unnamed investors The company is
now in advanced talks to acquire its city-based
rival RaddiMan
[Source VC Circle August 23 2016]
Quikr acquires ZapLuk to expand beauty
and wellness vertical
Online classifieds firm Quikr India Pvt Ltd has
acquired ZapLuk an on-demand beauty and
wellness services provider to grow its beauty
services brand AtHomeDiva ZapLuk co-
founder Lavanya Hariharan and about 50
stylists and professionals will be absorbed into
AtHomeDiva
[Source VC Circle August 24 2016]
Taparia family buys majority stake in
Guardian Lifecare
Taparia family who sold contraceptive maker
Famy Care to Mylan for $800 million last year
has acquired a majority stake in pharmacy chain
Guardian Lifecare Pvt Ltd The deal is valued at
Rs 55 crore and the legal dispute between
Guardian Lifecare and Samara Capital has been
resolved
[Source VC Circle August 26 2016]
Enterprise cloud firm Nutanix acquires
Sequoia-backed automation startup
Calmio
Cloud computing company Nutanix Inc has
acquired development and operations (DevOps)
automation startup Calmio for anundisclosed
sum Nutanix has also signed a definitive
agreement to acquire PernixData Inc a scale-out
data acceleration and analytics firm
[Source VC Circle August 31 2016]
Venture Capital
Mukesh Bansal and Ankit Nagorirsquos
CureFit invests $3 mn in CULT
Ankit Nagori and Mukesh Bansal‟s yet-to-be-
launched online preventive healthcare platform
CureFit has invested Rs 20 crore ($3 million) in
Bangalore-based CULT Fitness Pvt Ltd a fitness
startup that offers training programmes that do
not require the use of equipment
[Source VC Circle August 24 2016]
CORPORATE FINANCE
R N MARWAH amp CO LLP E rnmrnmin W wwwrnmin T 011-43192000
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 10 of 12
Michael amp Susan Dell Foundation invests
$900K in ed-tech firm ConveGenius
Noida-based ConveGenius Edu Solutions Pvt
Ltd a mobile-based education venture has
raised equity investment worth Rs 6 crore
($900000) from Michael amp Susan Dell
Foundation The firm will leverage the funds to
provide impactful bdquoeducation for the masses
[Source VC Circle August 24 2016]
Agri-based venture Krishi Star raises seed
funding from Upaya Artha Venture
Krishi Star has raised an undisclosed amount in
seed funding from a consortium of four
investors led by Upaya Social Ventures and
Artha Venture Challenge along with 1to4
Foundation and an angel investor
[Source VC Circle August 26 2016]
Home design startup Livspace raises $15
mn from Bessemer others
home design and decor startup Livspace has
raised Rs 100 crore (around $15 million) in its
third round of funding led by existing investor
Bessemer Venture Partners The funding will be
used to expand operational footprint set up
new Livspace design studios expand the design
automation platform and optimise the backend
technology
[Source VC Circle August 29 2016]
Online photography startup Canvera
raises $3 mn more led by Info Edge
Online photography startup Canvera Digital
Technologies Pvt Ltd has raised Rs 20 crore ($3
million) led by existing investor Info Edge
(India) Ltd less than a year after it became one
of the first startups to report a bdquodown round‟
[Source VC Circle August 30 2016]
Paytm to raise funding from MediaTekrsquos
arm
One97 Communications Ltd which runs mobile
payment and e-commerce platform Paytm will
raise an undisclosed amount in funding from
Mountain Capital The funding will be used for
expanding boosting payments and commerce
and building its proposed payment bank
[Source VC Circle August 31 2016]
Private Equity
BCCLs Brand Capital backs online
classifieds firm Quikr
Online classifieds firm Quikr India Pvt Ltd has
secured Rs 130 crore ($194 million) from Brand
Capital the ad-for-equity investment arm of
media conglomerate Bennett Coleman and
Company Ltd (BCCL) The investment in Quikr
was made via fully convertible debentures
[Source VC Circle August 19 2016]
Fusion Microfinance raises $24 mn from
PE firm Creation Investments others
Fusion Microfinance has raised Rs 162 crore ($24
million) from US-based private equity firm
Creation Investments in a fourth strategic round
(Series D) of funding The funding will help
Fusion Microfinance to continue its organic
growth momentum as well as consider
inorganic opportunities in the microfinance and
new products
[Source VC Circle August 11 2016]
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 11 of 12
TA Associates invests $140 mn in
womenwear maker W Matrix Partners
exits
TA Associates Management Lp has invested
$140 million (Rs 937 crore) in TCNS Clothing Co
Pvt Ltd which owns the W brand of clothing
for women to buy out shares from existing
shareholders including Matrix Partners India
[Source VC Circle August 19 2016]
ChrysCapital explores exit from Eris
Lifesciences
Private equity firm ChrysCapital is exploring
options to exit Ahmedabad-based
pharmaceutical company Eris Lifesciences Pvt
Ltd The PE firm is also speaking to merchant
banks for a possible listing of Eris
[Source VC Circle August 24 2016]
NephroPlus raises $15 mn from SeaLink
Capital IFC
Dialysis chain NephroPlus Health Services Pvt
Ltd said on Wednesday it has raised Rs 100
crore (nearly $15 million) from private equity
firm SeaLink Capital Partners and existing
investor International Finance Corporation in a
Series C round of fundraise
[Source VC Circle August 24 2016]
Prime Focus Technology raises funding
from Ambit Pragma
Prime Focus Technology (PFT) a subsidiary of
media services company Prime Focus has raised
an undisclosed amount in funding from private
equity firm Ambit PragmaThe company will
use the funds to intensify product development
of software as a service (SaaS)Products
[Source VC Circle August 30 2016]
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
Page 12 of 12
AUDIT AND ASSURANCE
CORPORATE AND LEGAL
CORPORATE FINANCE
TAX AND REGULATORY
Contact us
New Delhi T 011-43192000 E rnmrnmin Bangalore T +9880647825 E bangalorernmin Mauritius T+ 230 4542110 E kamalrnmin Hong Kong T +852 2115 9878 E raymondrnmin
Mumbai
T +912261174949
E ashishrnmin
Chennai
T +914442178153
E ashokrnmin
Pune
T +919823081701
E nitinrnmin
FIND US ON
SEPTEMBER 2016
07 Due date for furnishing of Challan -cum-statement in respect of tax deducted under Section 194-IA in the month of August 2016
15 Second installment for payment of advance income-tax for the assessment year 2017-18
22 Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August 2016
30 Due date for deposit of tax deducted at source under Section 194-IA for the month of August 2016
OCTOBER 2016
07 Due date for deposit of tax deductedcollected for the month of September 2016
15 Quaterly statement of TCS deposited for the quarter ending September 30 2016
22 due date to issue of TDS certificate for tax deducted under section 194-IA in the month of September 2016
30 Due date to deposit of tax deducted at source under section 194-IA for the month of September 2016
NOVEMBER 2016
07 Due Date for deposit of tax deductedcollected for the month of October 2016
15 Quaterly TDS certificate (in respect of tax deducted for payments other 22 Due date to issue of tds certificate for tax deducted under section 194-IA in the month of October 2016
TAX DIARY
top related