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corporate and professional update april 2, 2016

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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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CBDT: Income Tax Department hopes to finalize all faceless e-Assessments by mid-September.

Faceless Assessment: Step by step Procedure & Reasons for the implementation in India

Tags: Income TaxPayment of TDS u/s 194IAreverse charge liability POINT OF TAXATIONTax Dept notifies new ITRs

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Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.