CORPORATE AND PROFESSIONAL UPDATE APRIL 25, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 25, 2016

DIRECT TAX:

The definition of rent includes any payment by whatever name called, for use of buildings including factory buildings, equipment, furniture or fittings. Even if machinery was leased, the consequent rent comes under the definition. But machinery lease cannot be considered under income from House property .(Heritage Hospitality Limited Versus Deputy Commissioner of Income Tax, Circle-2 (2) , Hyderabad)- 2016 (4) TMI 873 – ITAT HYDERABAD

Unexplained investment – addition made simply on the basis of the statement recorded u/s. 133A – Held that – An admission by assessee during the search or survey proceedings cannot be considered as conclusive unless it is supported by corroborative evidence. (Sai Priya Constructions and Others Versus The Income Tax Officer, Ward-8 (2) , Hyderabad) 2016 (4) TMI 868 – ITAT HYDERABAD

INDIRECT TAX:

CBEC have revise the rate of exchange of conversion of the foreign currency with effect from 22nd April, 2016  vide Notification No. 55/2016 – Dated 21-4-2016 – Customs (Click here to view)

Indian Revenue Services ( Customa and Excise ) Group “A” Rules 2016 vide Notification No. G. S. R. 438(E) dated 22/04/2016

Imposition of penalty – Services provided as marketing agent – non-payment of Service Tax for the commission payments received – Held that – it is clear that the 2nd respondent has given an opportunity of personal hearing to the petitioner and he was also represented by his counsel before the 2nd respondent. The petitioner also filed his reply before the 2nd respondent, which was also considered by the 2nd respondent. Therefore, from the above, it is clear that there is no violation of principles of natural justice committed by the respondents  (V.R. Mohanraj, Proprietor of M/s. VMBK Promoters Versus The Commissioner of Service Tax –I , The Joint Commissioner of Service Tax)

MCA UPDATES:

MCA has released FAQs on problems faced by Stakeholders due to change/updation of MCA Portal.

KEY DATES:

 E-Return for DVAT for the quarter ended March: 25-04-2016 (Form 16 and CST 1)

Service tax return ST-3 for the half year ended March: 25-04-2016

Today or any day that phone may ring and bring good news. -Ethel Waters

Bath purifies body, Meditation purifies mind, Prayers purify soul, Charity purifies wealth, Fast purifies health and Forgiveness purifies relationship.

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Rajput Jain & Associates

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.

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