TODAYS UPDATE Direct Tax: CBDT, vide order dated 2nd May, 2016 has given direction to field formation, with a view to avoid disputes/Litigation and to maintain uniform approach that the income arising from transfer of unlisted shares, irrespective of period of holding, would be taxable under the head ‘Capital Gain’ except in certain circumstances where …
Finance Bill 2016 : Changes in the Finance Bill 2016 as passed by the Lok Sabha on May 5, 2016: # LLPs is now ‘Eligible start-ups’ # Unlisted shares held for 24 months or less would be treated as short-term capital asset # Employer Contribution in excess of 12% of salary to the recognized provident …
TODAY UPDATES: DIRECT TAX: IT: The cost incurred by the previous owner shall be adopted while computing capital gains in the hands of the assessee – benefit of indexation should accordingly be provided w.e.f. 01 APR 1981 – P.M. Rungta (HUF) Vs. ITO (2016 (5) TMI 67 – ITAT Mumbai) IT: Exemption on the principle of mutuality claimed – …
CORPORATE AND PROFESSIONAL UPDATE MAY 3, 2016 DIRECT TAX IT: Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of Sec.28(va) of the Act and it cannot be brought to tax as business income – Sharadha Terry Products Ltd. Vs. …
COMPLETE 2013 COMPANIES ACT LIST OF SECTIONS AND THEIR NAMES Section 1- Short title, extent, commencement and application Section 2- Definitions. Section 3- Formation of company. Section 4- Memorandum. Section 5- Articles. Section 6- Act to override memorandum, articles, etc. Section 7- Incorporation of Company. Section 8- Formation of companies with charitable objects, etc. Section …
CHANGES IN CENVAT CREDIT RULES, 2004 To simplify the provisions related to availment of CENVAT Credit in respect of service tax paid on acquiring right to use of natural resources Central Government has made changes in Rule 4(7) of CENVAT Credit Rules, 2004 vide Notification No. 24/2016-CE (N.T), dated 13th April, 2016. In addition, change …
Q.: What is GST and GSTR Filings? GST, or Goods and Services Tax, is an indirect tax that has replaced multiple taxes in India, including the VAT System, since its implementation on July 1st, 2017. On March 29th, 2017, the GST Act was passed by Parliament. GST is regarded as a ‘comprehensive, multi-staged, and destination-based’ …
CORPORATE AND PROFESSIONAL UPDATE April 29, 2016 DIRECT TAX: Income Tax has issued a circular on Limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961 vide circular No. 10/2016. LTCG cannot be disallowed merely based on information received from DDIT. [Kamlesh Mundra vs. ITO (ITAT Mumbai)]. Interest paid for shares acquisition …
CORPORATE AND PROFESSIONAL UPDATE April 25, 2016 DIRECT TAX: Surveying authority can’t allege excess stock without demanding standard weighment facility from assessee[2016] 68 taxmann.com 288 (Amritsar – Trib.) Smt. Kailash Devi Prop. v. Income-tax Officer No Capital Gain on unaccrued contingent deferred consideration [CIT VS. Mrs Hemal Raju Shete(Bombay High Court) Sec. 263 Revision for starting fishing …
CORPORATE AND PROFESSIONAL UPDATE April 23, 2016 DIRECT TAX: Receipt from the HUF of which the assessee was the member is to be treated as gift received from the relative-not taxable u/s 56(2). Held that – the relative explained in Explanation to s. 56(2)(vi) of the Act includes relatives and as the assessee received gift …