Professional Update for the Day:
Income Tax: CBDT launches paperless PAN & TAN application process vide Press release dated on 22nd July 2016.Under the new process PAN/TAN to be issued within one day. Similarly, New Aadhaar e-Signature based application process also made available.
Income tax : HC rules in favour of Revenue, holds that exemption to services provided in relation to management, maintenance or repair of roads under Notification No. 24/2009-ST cannot be extended to ‘repair of airport runways. [TS-291-HC-2016(BOM)-ST]
Income tax : No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies. [Batlivala & Karani Securities (India) Pvt. Ltd. vs. DCIT (ITAT Kolkata)].
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 –  71 taxmann.com 122 (Bangalore – CESTAT)
Service tax :Excess payment of service tax can be adjusted for payment of subsequent months Schwing Stetter India (P.) Ltd. v. Commissioner of Central Excise, LTU, Chennai  71 taxmann.com 228 (Chennai – CESTAT)
Service tax : CBEC issued Clarification regarding payment of Service Tax through non electronic modes like cheque vide instruction F.No 137/08/2013-Service Tax dated 07.22.2016.
COMPANY LAW UPDATES:
Query: Do we need to execute any agreement/deed for transferring the assets & liabilities on conversion of company into LLP?
Answer: On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.
The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement/deed.
In cases under ‘Limited Scrutiny’, the scrutiny assessment proceedings would initially be confined only to issues under ‘Limited Scrutiny’ and questionnaires, enquiry, investigation etc. would be restricted to such issues. Only upon conversion of case to ‘Complete Scrutiny’ after following the procedure outlined above, the AO may examine the additional issues besides the issue(s) involved in ‘Limited Scrutiny.
E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 25/07/2016
E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28/07/2016
“Innovation distinguishes between a leader and a follower.”
FOR FURTHER QUERIES CONTACT US:
W: www.carajput.com E: email@example.com T: 011-233-4-3333, 9-555-555-480