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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