CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016

DIRECT TAX:

  • Income Tax: Treatment of agricultural income – as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk – additions confirmed- (Shri K.S.N. Raju, Hyderabad Versus Dy. Commissioner of Income-tax, Circle 6 ( (1) , Hyderabad – 2016 ITAT HYDERABAD).
  • An Income Tax: Where assessee-company received certain advance from ‘J’ Ltd., even though assessee owned 95 per cent shares in ‘V’ Ltd. which in turn owned 99 per cent shares of ‘J’ Ltd., still assessee itself was not a shareholder in lender company, loan amount in question could not be added to assessee’s income as deemed dividend under section 2(22)(e)  – [2016] (Karnataka)
  • Income Tax: Having lost the right to file revised return of income, the assessee could not have made good the same by filing revised computation of income and thus claim carry forward of loss. The said action of the assessee, in our view, defeats the statutory mandate prescribed in sec. 139(5) r.w.s 139(3)- (ITO – 11 (2) (2) , Mumbai Versus Dr. Dhruman Desai – 2016 ITAT MUMBAI)

Agricultural Income Taxation:

INDIRECT TAX :

  • Service Tax: Since definition of Mandap keeper’s services in section 65(105)(m) includes services provided as a caterer; hence, catering services provided by a hotel (Mandap keeper) would form part of Mandap keeper’s services. -[2016] (New Delhi – CESTAT)
  • EXCISE : Change of classification – manufacturer of home appliances like Mixer Grinder Juice Extractors Hand Blenders etc. – the said mixer would be classifiable under heading 8509 –(Commissioner of Central Excise, Aurangabad Versus M/s Waluj Components Pvt Ltd – 2016 – CESTAT MUMBAI)

KEY DATES :

  • Excise returns ER-1 for non SSI assessee for March: 10/04/2016
  • A Excise returns ER-2 for Eou or March: 10/04/2016
  • Excise returns ER-6 by units paying duty > Rs. 1 Crore (Cenvat + PLA for March): 10/04/2016

“Stone is broken with the last stroke of hammer. This does not mean that first stroke was useless. Similarly success is the result of continuous efforts.”

We look forward for your valuable comments. www.carajput.com

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

Read our articles:  Top Taxation Relaxation to MSMS

Highlights of International Taxation

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.

Recent Posts

Loan Against Shares Interest Rates Explained: Investors Know

Loan Against Shares Interest Rates Explained: What Investors Should Know In India’s dynamic financial market, investors often look for flexible… Read More

1 week ago

Why and How to Avoid Useless Expenses this Diwali

Why and How to Avoid Useless Expenses This Diwali – A Nature Lover’s Perspective  October 2025 Diwali, the festival of… Read More

1 week ago

How to manage repayment effectively personal loan of 3 lakhs

How to manage repayments effectively on a personal loan of three lakhs Taking a Rs. 3 lakh personal loan can… Read More

1 week ago

Procedure of Member’s Voluntary Winding Up under Co Act 1956

Procedure of Member’s Voluntary Winding Up under the Companies Act, 1956 A Members’ Voluntary Winding Up is a mode of… Read More

1 week ago

Financial Transactions That Can Trigger Income Tax Scrutiny

Top 10 Financial Transactions That Can Trigger Income Tax Scrutiny : The Income Tax Department keeps a close watch on… Read More

2 weeks ago

Overview of the Internal Audit Iceberg Concept

Overview of the Internal Audit Iceberg Concept Apache Iceberg introduces a powerful feature called Integrated Audits, which allows organizations to… Read More

2 weeks ago
Call Us Enquire Now