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Income Tax

Govt levied new tax called “Equalisation Levy”

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Govt has levied a new tax called “Equalisation Levy” w.e.f. 1 June, 2016

Equalisation Levy – Is it a beginning of a new saga?

Government of India has levied a new tax called “Equalisation Levy” effective from June 1, 2016.
It is levied on specified services which includes online advertisement services, provision for digital advertising space etc.

Tax challenges faced by International Community

In the ever growing digital world it is possible to be heavily involved in the economic life of another country without having a fixed place of business therein which results in base erosion.
Base erosion happens when a deductible payment is made for the purpose of business and claimed as business expense but the income arising from such payments is not taxable because of the limitations of existing international taxation rules.
For example, deduction claimed by an Indian resident for incurring online advertisement expenses, however, income earned by the non-resident [not having a Permanent Establishment (‘PE’) in India] from rendering such online advertisement services not offered to tax in India in the absence of such non-resident’s PE in India.

(more…)

Corporate and Professional Updates

corporate and professional update july 26, 2016

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Professional Update for the Day:

DIRECT TAX:

Income Tax: CBDT has issued a standard operating procedure for handling AIR transactions without valid PAN videF.No.225/193/2016/ITA.1I dated 22nd July 2016.

Income tax ITAT Mumbai in the below-citied case held that the fair market value of the property is dependent on several factors which influence valuation and there is no scientific or straight jacket method to value the property at a particular point of time and somewhere estimation element will definitely creep in while determining the fair market value of the property as on date keeping in view the mandate of Section 55 and 55A.

The ITAT Delhi in the below-cited case held that the need, rendition, and benefits test for services availed by the assessee from associated enterprises should be applied having regard to the assessee’s business and not in a generic manner.

TPO should have given due thought to the requirements, benefits, and manner of rendition of services by AES before jumping to the conclusion that services were not provided and no benefit accrued to the assessee.

INDIRECT TAX:

Excise: CESTAT allows Revenue appeal, holds that assessee cannot claim a refund of Additional Duty of Excise (Textile and Textile Articles) credit remaining unutilized under Rule 5 of CENVAT Credit Rules, upon opting for Notification exemption.

It held that assessee is not entitled to such refund unless it shows the fulfillment of conditions prescribed under Rule 5 and Notification thereunder, and in terms of SC ruling in Woodcraft Products Ltd, the assessee is bound to restitute the amount refunded pursuant to appellate order: Mumbai CESTAT [TS-292-CESTAT-2016-EXC]

Vat & Service tax: Levy of VAT and Service tax both on Supply of tangible goods service – Merely because the petitioner argues that not service tax but the value-added tax would be leviable since the title in the property does not pass on to the lessee would not be a ground to hold that the tax authorities cannot examine and entertain such a contention thus rendering them wholly without jurisdiction. – HC – Service Tax

COMPANY LAW UPDATES:

Query: Do we need to execute any agreement/deed for transferring the assets & liabilities on the 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.

OTHER UPDATES:

SEBI: SEBI through its Circular has asked intermediaries to upload KYC documents with the central server for all new individual accounts that will be opened from August 1.

Govt notifies pay scale as per 7th Pay Commission recommendations. Notification No. 1-2/2016-IC dated 25.07.2016.

KEY DATES:

Advance information in Form BE-2 for 1st fortnight of August of functions with booking cost more than Rs 1 lakh in Banquet Halls, hotel etc. in Delhi in DVAT Act:- 27/07/2016

E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28/07/2016

The last Date of filling of ITR for the A.Y. 2016-17 is 31st July, 2016.

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Direct Tax

CORPORATE AND PROFESSIONAL UPDATE JULY 25, 2016

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Professional Update for the Day:

DIRECT TAX:

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)].

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 :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 [2016] 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.

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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.

OTHER UPDATES:

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.

KEY DATES:

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

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Corporate and Professional Updates

CORPORATE AND PROFESSIONAL UPDATE JULY 23, 2016

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Professional Update for the Day:

DIRECT TAX:

Income Tax: Leasehold rights in a land not eligible for an 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 the State of Bihar as backward areas under the first proviso to clause (iia) of subsection (1) of section 32 and sub 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 types of machinery and used same within its factory for manufacturing of final products and subsequently it cleared these types of machinery to its job worker and for discharging duty liability on machinery calculated assessable value of machinery by availing the benefit of depreciation, availing of depreciation was in consonance with the law – [2016] 71 taxmann.com 122 (Bangalore – CESTAT)

Delayed in payment of GST then Intent to be paid on net GST liability from Sep 1, 2020.

Service tax: Permission to pay service tax through nonelectronic 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 the 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 the government’s recapitalization 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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The visitors may visit the website of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. (more…)

Corporate and Professional Updates

CORPORATE AND PROFESSIONAL UPDATE JULY 22, 2016

Professional Update for the Day:

8-Tips-Biz-Name

DIRECT TAX:

Income Tax: ITAT Ahemdabad confirmed the addition of unexplained investments in purchase of agricultural land u/s 69 as the co-purchaser admittedly is not entitled to purchase agricultural lands. It has been observed that even he had purchased the land in assessee’s name, the latter is the sole owner thereof as per the provisions of the Benami transations (Prohibition) Act 1988. (Shri Chandrakant N. Patel Vs. The ITO, Ahmedabad) (more…)

Corporate and Professional Updates

corporate and professional update july 21, 2016,

Professional Update for the Day: DIRECTTAX: Income Tax: Interest paid by contractor to finance its business wasn’t includible in cost of inventory; No understatement of WIP Deputy Commissioner of Income-tax, Central Circle 2(2), Bangalore v. JSR Constructions (P.) Ltd. [2016] 71 taxmann.com 184 (Bangalore – Trib.) Income tax : ITAT Chennai in below citied case held that Continuance of …

Corporate and Professional Updates

corporate and professional update july 20, 2016

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Professional Update for the Day:

DIRECT TAX:

Income Tax: CBDT has notified the transfer pricing- computation of arm’s length price. It notified percentage under third proviso to section 92C vide Notification No. 57/2016 dated 14th July 2016.

The Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for Assessment Year 2016-2017.

Income tax: Receipts from the mobilization of a vessel are parts of the contract for seismic data processing; including in sec. 44BB profits Western Geco International Ltd. v. Assistant Commissioner of Income-tax [2016] 71 taxmann.com 166 (Delhi – Trib.)

INDIRECT TAX:

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

Excise: No extended period when dept. itself is unclear on the classification of goods Zenith Spares v. Commissioner of Central Excise, Bhopal [2016] 71 taxmann.com 148 (New Delhi – CESTAT)

Service tax: Where assessee, a restaurant, opted to pay tax under Composition Scheme, whereas Assessing Authority passed reassessment order on the assessee and denied him the benefit of Composition Scheme based on the ground that during the year he purchased from outside State tiles and since they were ‘goods in stock’, there was a violation of conditions and restrictions imposed under rule 135(2), as tiles were fixed in the floor of the restaurant, they could not be said to be ‘goods in stock’ – [2016] 71 taxman 77 (Karnataka)

COMPANY LAW UPDATES :

Query: What are the requirements and consequences provided in the Act in respect of licenses, permits, approvals, etc obtained by a firm, private company, or an unlisted public company, prior to its conversion into LLP?

Answer: On conversion of a firm/private company/unlisted public company into LLP, any approval, permit or license issued to the firm/private company/unlisted company under any other Act shall, subject to the provisions of such other Act under which such approval, permit or license was issued, be transferred in the name of converted entity viz LLP.

OTHER UPDATES:

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 – Insertion of Regulation 43A – NOTIFICATION NO.SEBI/LAD-NRO/GN/2016-17/008, DATED 17-6-2016

KEY DATES:

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

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Companies Act / ROC

CORPORATE AND PROFESSIONAL UPDATE JULY 18, 2016

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Professional Update For the Day:

DIRECT TAX:

Income Tax : No denial of Sec. 54F relief if taxpayer is unable to get possession of flat due to builder’s fault
Rajeev B. Shah v. Income-tax Officer, Ward-19 (2) (1), Mumbai
[2016] 71 taxmann.com 198 (Mumbai – Trib.)

Income Tax: The Government of India has given Relaxation of time schedule for making payments under the Scheme the Income Declaration Scheme 2016: (I) a minimum 25% of the tax, paid by 30.11.2016; (ii) further 25% by 31.3.2017; and balance on or before 30.9.2017.

Income tax : In a bid to end taxpayers harassment, the CBDT has prescribed revised format for Scrutiny Notice u/s 143(2) of the Income Tax Act’1961 in “three new formats” that will clearly stipulate if the inquiry against them is “limited, complete or manual”.

All scrutiny notices, shall henceforth, be issued in these revised formats. Further, Taxpayers residing in cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai can opt for paperless/E-Assessment (if their case falls under scrutiny) as part of a new pilot project that the CBDT is running in this regard.

Income tax : Where activities of assessee-society in organising seminars/conferences and Auto Expo were performed with prior object of promotion of growth of automobile industry in India which is an object of general public utility, such activities would not come within ambit of proviso to section 2(15) even if some income was generated from such activities – [2016] 71 taxmann.com 138 (Delhi – Trib.)

Read more on Basic Concept of Bitcoin Taxation in India

INDIRECT TAX:

Service tax : While dismissing appeal as time-barred, appellate authority cannot go into merits; hence, if appellate authority, while dismissing appeal as time barred, has entered into merits of case and dismissed same, on merits, then, such an act of appellate authority would be an illegality, which can be set aside in writ – [2016] 71 taxmann.com 113 (Madras)

Vat & sales tax : TEAM STBA with their efforts has done:(i) CDT Form 9, For 2015-16 put on site, also allows forms details of 12-13, 13-14 & 14-15 to be filed.(ii) Like 2013-14 VATO allowed to correct 2A/2B details of 2014-15 where Name/TIN needs correction without change in amount

COMPANY LAW UPDATES :

Query: In one of our Company, shareholders have appointed their respective nominees as per Section 72 of the Companies Act 2013. Now, one of the shareholder died and his nominee wants to transfer shares to third party. Now, our question is – Can the nominee sell the shares without registration in `his favour. If yes, what is the procedure?

Answer: Yes, a nominee can sell the shares to a third party, without registration of shares in his favour. However, the usual procedure for transfer of shares will have to be followed.

OTHER UPDATES:

SEBI : Carrying on CIS on or after 25-1-1995 without obtaining registration certificate has been prohibited: SAT
Securities and Exchange Board of India v. Gaurav Varshney
[2016] 71 taxmann.com 197 (SC)

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 – Insertion of Regulation 43A – NOTIFICATION NO.SEBI/LAD-NRO/GN/2016-17/008, DATED 17-6-2016

KEY DATES:

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

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Companies Act / ROC

corporate and professional update july 16, 2016

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Professional Update For the Day:

DIRECT TAX:

Income Tax : Penalty levied for excess claim of unabsorbed depreciation u/s 115JB; ITAT denies theory of carry backward of losses SBI DFHI Ltd. v. Assistant Commissioner of Income-tax, Range-2 (1), Mumbai [2016] 71 taxmann.com 178 (Mumbai – Trib.)

Income Tax : Sec. 11 amendment which debars dual deduction to trust on purchase of asset doesn’t have retro-effect Commissioner of Income-tax (Exemptions), Bangalore v. Bangalore Baptist Hospital Society [2016] 71 taxmann.com 192 (Karnataka)

Income Tax: Exemption u/s 11 will be allowed on the income generated out of the auditorium which is held under trust of the society for the purpose of generating fund. ITAT Chennai held that the income generated out of the auditorium was used to the objects of the trust. [M/s The Association of Surgeons of India, C/o Shri S. Sridhar, Advocate Vs. The DDIT (Exemptions) – I, Chennai]

INDIRECT TAX:

Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed in the notification.

Service tax : No service tax on profit earned by principal as it can’t be said to be promoting business of job worker Radico Khaitan Ltd. v. Commissioner of Service Tax, Delhi [2016] 71 taxmann.com 141 (New Delhi – CESTAT)

Read more about: All about GST Offenses, Penalties & Appeals

Read more about: ITC on Marketing Expenses/Sales Promotion Scheme

COMPANY ACT UPDATE :

MCA21 will remain temporarily unavailable from 9:00 PM (16 July) to 9:00 AM (17 July). Stakeholder are advised to plan accordingly.

E-Form AOC-04 for filing Annual Financial Statement is likely to be amended w.r.t filing of CSR expenditure details. The revised AOC-04 E-Form is likely to be available on MCA portal by 3rd week of Jul-2016. Stakeholders are requested to note that filing CSR details are mandatory. Therefore, Annual filing may be planned as per revised AOC-04.

OTHER UPDATES:

SEBI : SEBI has made an amendment in the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide notification No. SEBI/ LAD-NRO/GN/2016-17/008 dated 08/07/2016.SEBI introduce regulation relating to “Dividend distribution Policy”.

Key dates :

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

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Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications. (more…)

Companies Act / ROC

CORPORATE AND PROFESSIONAL UPDATE JULY 15, 2016

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Professional Update For the Day:

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DIRECT TAX:

Income Tax : No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71 taxmann.com 135 (Chandigarh – Trib.)

Income Tax : Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software (P.) Ltd. v. commissioner of Customs, Central Excise and Service Tax, Hyderabad-II [2016] 71 taxmann.com 94 (Hyderabad – CESTAT)

Income Tax: Amount set-aside for Debenture Redemption Reserve is to be added back for computing book profits Assistant Commissioner of Income-tax, Circle-4, Ahmedabad v. Genus Electrotech Ltd. [2016] 71 taxmann.com 101 (Ahmedabad – Trib.)

Income Tax: NCLT can’t deal with an asset whose property rights are in dispute before a Civil Court Vinod Muktinath Sharma v. Sharma Realty (P.) Ltd. [2016] 71 taxmann.com 144 (NCLT-New Delhi )

In a bid to end taxpayers harassment, the CBDT has prescribed revised format for Scrutiny Notice u/s 143(2) of the Income Tax Act’1961 in “three new formats” that will clearly stipulate if the inquiry against them is “limited, complete or manual”. All scrutiny notices, shall henceforth, be issued in these revised formats. Further, Taxpayers residing in cities of Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Mumbai can opt for paperless/E-Assessment (if their case falls under scrutiny) as part of a new pilot project that the CBDT is running in this regard.

INDIRECT TAX :

HC allows Revenue appeal, sets aside CESTAT order which allowed CENVAT credit on entire Captive Power Plant without examining eligibility of individual components used therein as “inputs” or “capital goods”. Revenue also raised substantial question whether credit could be availed on items such as angles, beams, channels, ladder trays, joists supporting structures, steel structures, which are neither “inputs” nor “capital goods” as per definitions under CENVAT Credit Rules 2004. Madras High Court

Excise : CBEC has issued a circular on procedure regarding duty free shop vide circular no. 32/2016 dated 13.07.2016. It may be noted that the Special Warehouse (Custody & Handling of Goods) Regulations, 2016 prescribe maintenance of a computerized system for accounting. Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed in the notification.

Service tax : Service-tax paid wrongly under reverse charge is refundable without bar of unjust enrichment ICOMM Tele Ltd. v. Commissioner of Customs, Central Excise & Service Tax, Hyderabad III [2016] 71 taxmann.com 95 (Hyderabad – CESTAT)

OTHER UPDATES:

SEBI : SEBI has notified the amended the Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) (Second Amendment) Regulations, 2016 to introduce regulation relating to ‘Dividend Distribution Policy’.

Forms FC-2, FC-4, MGT-10, MR-1, SH-7 and Refund Form are likely to be revised on MCA21 Company Forms Download page w.e.f 13th July 2016. Stakeholders are advised to check the latest version before filing.

Key dates :

TCS Return by all deductors: 15.07.2016

E-Payment of PF for the month of June: 15.07.2016

E-filing of form 15G/H for June Quarter: 15.07.2016

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Disclaimer:

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.

(more…)