{"id":2369,"date":"2016-04-13T12:17:48","date_gmt":"2016-04-13T06:47:48","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2369"},"modified":"2021-08-14T13:02:56","modified_gmt":"2021-08-14T07:32:56","slug":"corporate-and-professional-update-april-4-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-4-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ac33ade76a36\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6ac33ade76a36\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-4-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_4_2016\" >CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-4-2016\/#DIRECT_TAX\" >DIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-4-2016\/#INDIRECT_TAX\" >INDIRECT TAX :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-4-2016\/#KEY_DATES\" >KEY DATES:<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_4_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png\" rel=\"attachment wp-att-2277\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2277\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A-300x197.png\" alt=\"Untitled18A\" width=\"754\" height=\"495\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A-300x197.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png 550w\" sizes=\"auto, (max-width: 754px) 100vw, 754px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>DIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>:<\/strong><\/span>\u00a0Security deposit collected from its members refundable &#8211; whether receipts does not partake the character of income? &#8211; Held No- ( Gulmohar Greens Golf and Country Club Ltd. Versus DCIT, Ahmedabad &#8211; 2016 ITAT AHMEDABAD).<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Exemption u\/s 54B &#8211; assessee has purchased agricultural land in the name of his wife and the payment was made by the assessee from his own source through banking channel &#8211; assessee is entitled for the benefit of deduction u\/s 54B- (Jai Prakash S\/o. Sh. Girdhari Lal Versus ITO Ward-1 \u00a0ITAT DELHI)<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/learn\/income-tax-department-hopes-to-finalize-all-faceless-eassessments-by-midseptember.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/income-tax-department-hopes-to-finalize-all-faceless-eassessments-by-midseptember.html\">CBDT: Income Tax Department hopes to finalize all faceless e-Assessments by mid-September.<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/learn\/basic-reasons-for-the-implementation-of-the-eassessment-system-in-india.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/basic-reasons-for-the-implementation-of-the-eassessment-system-in-india.html\">Faceless Assessment: Step by step Procedure &amp; Reasons for the implementation in India<\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>INDIRECT TAX :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service Tax<\/a> :<\/strong><\/span> ST counted from date of receipt of export proceeds and not from date of export Cenvat Credit : Export of services is complete only after receipt of consideration towards same; hence, service exporters may claim refund of utilized Cenvat credit within time-allowed under section 11B, viz., 1 year from date of receipt of consideration [2016] (Bangalore &#8211; CESTAT)\u00a0Infosys Technologies Ltd. v. Commissioner of Service Tax.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Service Tax :<\/strong> <\/span>Benefit of SSI Exemption &#8211; Appellant s name of the company itself is M\/s. Elac Marketing Pvt. Ltd. The company name itself has the word Elac which is part of the company s name and the appellants cleared the goods indicating their company name Elac followed with Excel . Therefore it cannot be construed that they have affixed brand name of other person- (M\/s. Elac Marketing Pvt. Ltd. And Shri K.S. Ganesh, Director Versus Commissioner of Central Excise, Chennai-II\u00a0&#8211; 2016 \u00a0CESTAT CHENNAI).<\/li>\n<li><strong>Service Tax :<\/strong> Interest on refund &#8211; respondent-assessee is not entitled to interest on delayed refund because the department has sanctioned the refund within a period of three months from the date of receipt of the application for refund as per the requirement in law- (Commissioner of Central Excise, Pune-III Versus Suresh Enterprises\u00a0&#8211; 2016 (3) TMI 1045 &#8211; CESTAT MUMBAI)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #ff6600;\"><strong>KEY DATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> u\/s 194IA deducted on purchase of property\/TCS collected in March:\u00a007\/04\/2016<\/li>\n<li>Submission of Forms received in March to IT Commissioner:\u00a007\/04\/2016- Form No. 27C(TCS).<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>&#8220;<\/strong><strong>Never stop learning. If you learn one new thing every day, you will overcome 99% of your competition<\/strong><strong>&#8220;<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0www.carajput.com<\/p>\n<p style=\"text-align: justify;\">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 \u00a0 endeavors. For query or help, contact: \u00a0singh@carajput.com\u00a0or call at<strong>\u00a09555555480<\/strong><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016 DIRECT TAX: Income Tax:\u00a0Security deposit collected from its members refundable &#8211; whether receipts does not partake the character of income? &#8211; Held No- ( Gulmohar Greens Golf and Country Club Ltd. Versus DCIT, Ahmedabad &#8211; 2016 ITAT AHMEDABAD). Income Tax:\u00a0Exemption u\/s 54B &#8211; assessee has purchased agricultural land &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172,9,4,1],"tags":[4548,4532,4549,322],"class_list":["post-2369","post","type-post","status-publish","format-standard","hentry","category-gst","category-income-tax","category-indirect-tax","category-others","tag-income-tax-exemption-us-54b","tag-payment-of-tds-us-194ia","tag-security-deposit-collected","tag-tds"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016 DIRECT TAX: Income Tax: Security deposit collected from its members refundable - whether receipts does not partake the character of income? - Held No- ( Gulmohar Greens Golf and Country Club Ltd. 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