CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016

DIRECT TAX:

  • Income Tax: Security deposit collected from its members refundable – whether receipts does not partake the character of income? – Held No- ( Gulmohar Greens Golf and Country Club Ltd. Versus DCIT, Ahmedabad – 2016 ITAT AHMEDABAD).
  • Income Tax: Exemption u/s 54B – assessee has purchased agricultural land in the name of his wife and the payment was made by the assessee from his own source through banking channel – assessee is entitled for the benefit of deduction u/s 54B- (Jai Prakash S/o. Sh. Girdhari Lal Versus ITO Ward-1  ITAT DELHI)

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

INDIRECT TAX :

  • Service Tax : ST counted from date of receipt of export proceeds and not from date of export Cenvat Credit : Export of services is complete only after receipt of consideration towards same; hence, service exporters may claim refund of utilized Cenvat credit within time-allowed under section 11B, viz., 1 year from date of receipt of consideration [2016] (Bangalore – CESTAT) Infosys Technologies Ltd. v. Commissioner of Service Tax.
  • Service Tax : Benefit of SSI Exemption – Appellant s name of the company itself is M/s. Elac Marketing Pvt. Ltd. The company name itself has the word Elac which is part of the company s name and the appellants cleared the goods indicating their company name Elac followed with Excel . Therefore it cannot be construed that they have affixed brand name of other person- (M/s. Elac Marketing Pvt. Ltd. And Shri K.S. Ganesh, Director Versus Commissioner of Central Excise, Chennai-II – 2016  CESTAT CHENNAI).
  • Service Tax : Interest on refund – respondent-assessee is not entitled to interest on delayed refund because the department has sanctioned the refund within a period of three months from the date of receipt of the application for refund as per the requirement in law- (Commissioner of Central Excise, Pune-III Versus Suresh Enterprises – 2016 (3) TMI 1045 – CESTAT MUMBAI)

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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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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