corporate and professional update april 2, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 2, 2016

DIRECT TAX:

• Income Tax: Tax Dept notifies new ITRs : People with an income of more than Rs. 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the I-T department notifying a new set of Income Tax Return (ITR) forms for assessment year 2016-17
• Income Tax: First time home buyers from April 1^st will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh. The government’s proposal coming into force from April 1^st is  aimed at promoting its ‘housing for all’ scheme and bolster the real estate sector which is facing a huge slowdown for last three-four years.)

INDIRECT TAX :

• Service Tax : CBEC specifies ‘point of taxation’ for change in reverse charge liability POINT OF TAXATION (SECOND AMENDMENT) RULES, 2016 – AMENDMENT IN RULE 7 NOTIFICATION NO.21/2016-ST,  DATED 30-3-2016.
• Service Tax : Since company is a separate and independent entity, service tax dues payable by director (or director’s proprietorship firm) cannot be recovered from company; hence, attachment of company’s bank account was raised – [2016] 67 taxmann 273 (Madras)

KEY DATES :

• Payment of TDS u/s 194IA deducted on purchase of property/TCS collected in March: 07/04/2016
• Submission of Forms received in March to IT Commissioner: 07/04/2016- Form No. 27C(TCS).

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