CORPORATE AND PROFESSIONAL UPDATE APRIL 2, 2016 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 …
CORPORATE AND PROFESSIONAL UPDATE APRIL 1, 2016 DIRECT TAX Income Tax: Fee for technical services : Where assessee-foreign company provided data processing support service to Indian bank and it was argued that no technical services were rendered in India whereas only processing of data was done and that too at Hong Kong and therefore, payment made by …
Amendments vide Finance Bill, 2016 applicable wef. 1st April. 2016 The Finance Bill, 2016 which was brought into by the Union Budget, 2016-17 come out with no. of amendments applicable from varied dates. Changes which were effective from the 1st day of April, stands imbibed are listed as follows:- Change relating to Mega Exemption Notification …
CORPORATE AND PROFESSIONAL UPDATE MARCH 31, 2016 DIRECT TAX Income Tax: Reopening of assessment – receipt of accomadation enteries – without forming a prima facie opinion on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u/s 147/148 – Notice u/s …
CORPORATE AND PROFESSIONAL UPDATE MARCH 30, 2016 DIRECT TAX INCOME TAX: Where assessee claimed deduction of secret commission paid to employees of different companies who had given business to assessee, since assessee had not kept any accounts as to where and to whom such commission was paid, Tribunal was justified in allowing assessee’s claim to extent …
CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2016 DIRECT TAX Income Tax: Disallowance being 1/10th Global Depository Receipts – whether the GDR is nothing but increase in the capital and expenses relating to the same is capital in nature? – Section 35D(2)(iv) categorically deals with the expenses in connection with the issue, or public subscription of shares …
CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 2016 DIRECT TAX Income Tax: Correction of statement cum challan relating to TDS on sale of property u/s 194IA – CPC-TDS has enabled functionality for online correction in form 26QB from 29/02/2016. Income Tax: TDS u/s 194I – whether the tour operators/travel agents were required to deduct TDS under Section 194-I …
CORPORATE AND PROFESSIONAL UPDATE MARCH 26, 2016 DIRECT TAX Income Tax: Penalty u/s 271E – Company has directly repaid the loan taken from Director to Bank – violation of section 269T – The assessee has demonstrated that under the compulsion the payment was directly credited in the bank account of the Director. Strictly it was not …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 25, 2016 Delhi VAT officers cannot collect any amount during survey proceedings Recently on 14th March 2016, in the case of Gullu’s v. Commissioner, Trade & Taxes ((2016)67 247 (Delhi)) the petitioner filed a writ petition to the Delhi High Court, wherein the Honble Court ordered the Commissioner of Trade …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016 DIRECT TAX Income Tax: Attachment of bank account – any action to recover taxes adopting coercive means is not permissible till the petitioner’s application for stay under Section 220(6) of the Act is disposed of. – HC Income Tax: Reopening of assessment – AO has no power to review; …