CORPORATE AND PROFESSIONAL UPDATE APRIL 2, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 2, 2016

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DIRECT TAX:

  • Income Tax: Tax Dept notifies new ITRs : People with an income of more than Rs. 50 lakh per annum and having the pleasure of owning a yacht, aircraft or valuable jewellery will now have to disclose these costly assets with the I-T department notifying a new set of Income Tax Return (ITR) forms for assessment year 2016-17
  • Income Tax: First time home buyers from April 1st will get additional tax benefit for purchase of residential properties of value up to Rs 50 lakh. The government’s proposal coming into force from April 1st  is  aimed at promoting its ‘housing for all’ scheme and bolster the real estate sector which is facing a huge slowdown for last three-four years.)

 INDIRECT TAX :

  • Service Tax : CBEC specifies ‘point of taxation’ for change in reverse charge liability POINT OF TAXATION (SECOND AMENDMENT) RULES, 2016 – AMENDMENT IN RULE 7 NOTIFICATION NO.21/2016-ST,  DATED 30-3-2016.
  • Service Tax : Since company is a separate and independent entity, service tax dues payable by director (or director’s proprietorship firm) cannot be recovered from company; hence, attachment of company’s bank account was raised – [2016] 67 taxmann 273 (Madras)

KEY DATES :

  • Payment of TDS u/s 194IA deducted on purchase of property/TCS collected in March: 07/04/2016
  • Submission of Forms received in March to IT Commissioner: 07/04/2016- Form No. 27C(TCS).

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