CORPORATE AND PROFESSIONAL UPDATE MAY 28, 2016

Professional Update For the Day:

DIRECT TAX:

Income Tax: Delhi HC allows assessee’s writ & quashes assessment u/s 143(3) read with Sec 144C for AY 2009-10,  presumes that order was not passed within the prescribed time-limit as Revenue could not prove service of final assessment order u/s 144C on assessee As Revenue could not produce any proof of dispatch of the assessment order soon after it was passed , HC accepts assessee’s contention that final assessment order was not passed on the date mentioned therein and was probably antedated in order to avoid the expiry of the limitation period.[TS-285-HC-2016(DEL)]

Income Tax : Allowability of loss on demerger in the computation of book profit u/s 115JB – MAT – the observation of the AO that such loss could not be debited to the profit and loss account and ought to have been adjusted against the reserve of the assessee company is not Correct – Tri

CBDT enables electronic filing of forms-ITR 1, 4S, 15CA, 15CB & 15CC; other ITR forms to be enabled shortly, CBDT press release dated 04-04-2016.

INDIRECT TAX

Service Tax: CBEC provides that  Notification No. 30/2012 – Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 472 (E), dated the 20th June, 2012 shall be applicable mutatis mutandis for the purposes of Krishi Kalyan Cess vide Notification No. 27/2016 dated 26/05/2016. This notification shall come into force from the 1st day of June, 2016

Service tax : CBEC provides vide Notification No. 28/2016 dated 26/05/2016 that Krishi Kalyan Cess shall be leviable only on that percentage of taxable value which is specified in column (3) for the specified taxable services in column (2) of the Table in the notification No. 26/2012-Service Tax, dated 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number G.S.R. 468 (E), dated the 20th June, 2012. This notification shall come into force from the 1st day of June, 2016.

Central Excise: Entitlement of Cenvat credit – Input Services not received in the registered unit – appellant is entitled for the Cenvat Credit in respect of Security Services, Fettling Contract Service & Architectural Services used outside the factory of the appellant in their own Hinjewadi & Wai unit

Read More about:

• TCS Rate Chart & Overview – TCS Vs 206C(1)(1F)(1H) v. TDS Vs 194Q
• New TDS deduction No cash transactions exceeding 1 Crore -Section 194N
• Extention of TDS/TCS statement filing Date
• Read More about key features of TCS on goods sale section-206c
• Taxation on Income from Equity and Debt Mutual Fund

KEY DATES :

Issue of TDS/TCS certificates for March quarter by all deductors/collectors: 30.05.2016. 

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