corporate and professional update april 5, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016

DIRECT TAX:

  • Income Tax: Revision u/s 263 – denial of benefit U/s 11 and 12 and not allowing depreciation -AO has formed one of the view but the ld CIT(Exemption) has formed another view on same facts and circumstances, therefore, change of opinion is not permissible under the law – revision set aside – Tri
  • Income Tax: Interest earned on NSCs taxed – Since in the present case the NSCs were due way back on the date of maturity, therefore, the interest earned on the said NSCs are required to be added to the income of the assessee in the current assessment year. – Tri
  • Disallowance of depreciation on software purchased by assessee – assessee could not produce the details whether it has hardware strength of installing such software – It is also not established that what are the compelling reasons for the assessee to waive the compensation of the software destroyed which are not of small value – additions confirmed – Tri

INDIRECT TAX :

  • Service Tax: Rejection of refund claim on the ground that services exported are not taxable services – Unutilized CENVAT credit filed under Rule 5 of CCR, 2004 – Refund allowed – Tri
  • EXCISE : Central Excise:Power of review of Commissioner (Appeals) order or order of Principal Commissioner/ Commissioner as an adjudicating authority vests with the Committee of Commissioners and Committee of Chief Commissioners respectively and there is no provision for reviewing the same order twice.
  • VAT and Sales Tax: Condonation of delay – . It does not demonstrate that the Government or the Department concerned was vigilant, serious and attentive and did its best to protect the public revenue. Therefore, delay cannot be condoned – HC

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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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances ;Hope the information will assist you in your Professional   endeavors. For query or help, contact:  singh@carajput.com or call at  9555555480

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

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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