corporate and professional update april 14, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 14, 2016

DIRECT TAX:

• Income Tax: Refundable amount utilized by the Department hence interest was payable under Section 244(1A) –M/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II (2016 (4) TMI 390 – Supreme Court)
• Income Tax:  Exemption u/s 10(37) allowed on compensation received from the Surat Municipal Corporation for acquisition of lands -Dipak Kalidas Pauwala Vs. CIT (2016 (4) TMI 431 – Gujarat High Court)
• Income Tax: TDS u/s 194J – transaction charges paid by a member of the Bombay Stock Exchange to transact business of sale and purchase of shares – whether amounts to payment of a fee for technical services rendered by the Bombay Stock Exchange? – Held that – There is no exclusivity to the services rendered by the Stock Exchange and each and every member has to necessarily avail of such services in the normal course of trading in securities in the Stock Exchange. Such services, therefore, would undoubtedly be appropriate to be termed as facilities provided by the Stock Exchange on payment and does not amount to technical services provided by the Stock Exchange, not being services specifically sought for by the user or the consumer.(C.I.T. -4, Mumbai Versus M/s Kotak Securities Ltd.) – 2016 (3) TMI 1026 – SUPREME COURT

INDIRECT TAX :

• Service Tax: Cenvat credit – Information Technology software services – Such services are made taxable by Sec. 65(105) of Finance Act 1994 with effect from 16.5.2008 – Credit allowed -Mportal (India) Wireless Solutions Pvt. Ltd. Vs. CST (2016 (4) TMI 409 – Karnataka High Court)
• VAT : Denial of C Forms – Inter-state sale – If movement of goods is occasioned in the lease agreement and pre-conditions viz. registered dealer and goods mentioned in registration certificate are fulfilled the said transaction is deemed to be an inter-state sale within the meaning of Section 3(a) of CST Act – C Forms cannot be denied -Tata Power Delhi Distribution Ltd. Vs. CST, Delhi (2016 (4) TMI 405 – Delhi High Court).

KEY DATES :

• Payment of DVAT TDS for march for DVAT: 15/04/2016
• E-Payment of PF for March: 15/04/2016
• Due date for filing revised return of assets and liabilities by public servants extended toJuly 31, 2016

MCA UPDATES :

• MCAhas notified new version of e-forms DIR-12, INC-22 and MGT-7 and have been updated on MCA21 w.e.f 12th April, 2016. Only new version of the eForm will be acceptable.

 “GOD always likes to know again & again what you want. It’s not that He forgets your Dreams & Prayers, but He loves to check your passion towards your Desire. That’s why He wants You to have your ‘Quiet Time’ which we call as ‘Prayer Time’ with Him every day.”

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