CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016

Untitled33

DIRECT TAX:

  • Income Tax: Exemption u/s 54 on unregistered property purchased from son of the assessee allowed – transferee gets the right over the property and has become the owner of the property therefore for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act the property has been transferred to him – Rajesh Sharma Vs. ITO W- 2(4), Jaipur (2016  – ITAT Jaipur)
  • Income Tax: TDS u/s 194C – No TDS on contractual payments of cutting and transporting of sugarcane from the fields to the factory gate as the payments were not given for carrying out the work of harvesting cutting and transporting on behalf of the assessee – Shree Chalthan Vibhag Khand Udyog Mandli Ltd. Vs. ITO, Surat (2015  ITAT Ahmedabad)
  • Income Tax: Procedure for registration and submission of statement as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with Sub rule (7) of Rule 114G of Income-tax Rules, 1962 – Notification

INDIRECT TAX

  • Service Tax: Refund of Service Tax – Goods exported under claim of drawback – While fixing all industry rate of drawback the average duties and service tax paid in respect of inputs and input services are taken into account and the condition of Notification No. 41/2007 – ST has to be strictly construed – Refund inadmissible -M/s Sankalp International  CCE, Jaipur-1 (2016 CESTAT New Delhi)
  • EXCISE : As long as an assessee had manufactured goods, mere fact that he used trade or brand name of another individual, would not disentitle him from exemption – [2016]

KEY DATES :

  • Advance information for 2nd fortnight of APR of functions with booking cost> Rs. 1 Lakh in Banquet, Hotels, Hotels etc. for D VAT in Delhi: 12/04/2016

“Those who dream by day are cognizant of many things which escape those who dream only by night.”

We look forward for your valuable comments. www.carajput.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances ;Hope the information will assist you in your Professional   endeavors. For query or help, contact:  info@carajput.com or call at  9555555480

Leave a Reply

Your email address will not be published. Required fields are marked *