CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 12, 2016

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DIRECT TAX:

  • Income Tax: Exemption u/s 54 on unregistered property purchased from son of the assessee allowed – transferee gets the right over the property and has become the owner of the property therefore for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act the property has been transferred to him – Rajesh Sharma Vs. ITO W- 2(4), Jaipur (2016  – ITAT Jaipur)
  • Income Tax: TDS u/s 194C – No TDS on contractual payments of cutting and transporting of sugarcane from the fields to the factory gate as the payments were not given for carrying out the work of harvesting cutting and transporting on behalf of the assessee – Shree Chalthan Vibhag Khand Udyog Mandli Ltd. Vs. ITO, Surat (2015  ITAT Ahmedabad)
  • Income Tax: Procedure for registration and submission of statement as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with Sub rule (7) of Rule 114G of Income-tax Rules, 1962 – Notification

INDIRECT TAX

  • Service Tax: Refund of Service Tax – Goods exported under claim of drawback – While fixing all industry rate of drawback the average duties and service tax paid in respect of inputs and input services are taken into account and the condition of Notification No. 41/2007 – ST has to be strictly construed – Refund inadmissible -M/s Sankalp International  CCE, Jaipur-1 (2016 CESTAT New Delhi)
  • EXCISE : As long as an assessee had manufactured goods, mere fact that he used trade or brand name of another individual, would not disentitle him from exemption – [2016]

KEY DATES :

  • Advance information for 2nd fortnight of APR of functions with booking cost> Rs. 1 Lakh in Banquet, Hotels, Hotels etc. for D VAT in Delhi: 12/04/2016

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances ;Hope the information will assist you in your Professional   endeavors. For query or help, contact:  info@carajput.com or call at  9555555480 Continue reading

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

CORPORATE TAX UPDATE FOR 23th OCTOBER 2015

CORPORATE TAX UPDATE FOR 23th OCTOBER 2015

Untitled29AUPDATES

1. IT : Payment made to retiring partner above his capital for acquiring commercial rights is depreciable as goodwill

IT : Where expenses claimed by assessee were not fully supported by vouchers and bills and some of bills/vouchers were self-made and not in chronological order, disallowance of one-fifth of expenses was proper[2015] 61 taxmann.com 296 (Ahmedabad – Trib.) Swastik Industries v. ITO

2. Sec. 54F: Mother can’t be deemed as owner of house purchased by minor-daughter out of her own income [2015] 62 taxmann.com 64 (Hyderabad – Trib.)
Smt. S. Uma Devi v. CIT

3. ST: Refund of service tax is to be claimed within one year from date of payment of service tax to service provider, and not from date of advance payment[2015] 62 taxmann.com 49 (Mumbai – CESTAT) Commissioner of Central Excise & Customs v. Indiabulls Realtech Ltd.

4. IT : Where assessee used trucks in contract business and could not furnish truck-wise details of huge freight and carriage expenses which were debited against contract income in profit and loss account in respect of said trucks, books of account was to be rejected [2015] 62 taxmann.com 158 (Himachal Pradesh) CIT v. Rakesh Mahajan

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com  or call at 9555555480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)