CORPORATE AND PROFESSIONAL UPDATE JULY 23, 2016

Professional Update for the Day:

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DIRECT TAX:

Income Tax:  Leasehold rights in land not eligible for allowance of depreciation
Cyber Park Development & Construction Ltd. v. Deputy Commissioner of Income-tax, Circle 11(2), Bangalore [2016] 71 taxmann.com 210 (Bangalore – Trib.)

 Income tax : The Central Government amended the notification of the Ministry of Finance (Department of Revenue), notification number S.O.1830 (E) dated the 19th May, 2016, published in the Gazette of India, Extraordinary, Part-II, Section-3, and Subsection (ii) dated the 19th May, 2016 vide Notification No. 59/2016 dated 20/07/2016.In the said notification , for clause II , the clause has been substituted with the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of undisclosed income .

Income tax : The Central Government has notified the districts of the state of Telangana, State of West Bengal and State of Bihar as  backward areas under the first proviso to clause (iia) of sub section (1) of section 32 and sun section (1) of section 32AD vide Notification No. 61/2016 dated 20th July 2016

CBDT gives option to file revised income declaration in Form 1 of IDS.

INDIRECT TAX:

Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Service tax : Permission to pay service tax through non electronic modes

Vat & sales tax : Delhi Govt. calls for speedy disposal of DVAT refund claims
No.F.3(378)/Policy/VAT/2016/489-494 Dated 21st July 2016

COMPANY LAW UPDATES :

Query:  What basic conditions are required to be checked for conversion of company into LLP?

Answer: Following points should be noted for conversion of Company into LLP:

1.All the members of the Company shall become the partners of the LLP on conversion.
2. No security interest in the assets of the company is subsisting or in force on the date of conversion i.e the assets are free of any encumbrance.
3. Up to date Income-tax return has been filed under the Income-tax Act, 1961.
4. Any clearance, approval or permission for conversion of the company into limited liability partnership if required from anybody/ authority etc has been obtained.

OTHER UPDATES:

Sebi may help in government’s recapitalisation plans for PSBs

CBDT launches paperless PAN & TAN application process, PAN/TIN to be issued within one day. New Aadhaar e-Signature based application process also made available.

KEY DATES:

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 25/07/2016

“Those who cannot renounce attachment to the results of their work are far from the path.”

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