CORPORATE AND PROFESSIONAL UPDATE MAY 3, 2016
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. ACIT, Salary Cir-I, Coimbatore and Vica-Verssa – 2016 (4) TMI 1004 – ITAT CHENNAI
TDS: With effect from 01 MAY 2016 eTDS quarterly statement / returns shall be uploaded at TRACES TDSCPC website and NOT on TIN NSDL website.
TDS: TODAY (30 APR 2016) is the last date to deposit TDS deducted during March’ 2016. The TDS Statements for Q4 by all deductors to be filed by 15 MAY 2016.
CBDT has issued Departmental View on commencement of limitation for penalty proceedings U/s 271D & 271E, vide Cir.No.09/DV/2016 dated 26.04.2016.
CBDT has released Time Series Data for FY 2000-01 to 2014-15 along with PAN Allotment Statistics pertaining to FY 2013-14 & ITRs Statistics for AY 2012-13 and the same is available at www.incometaxindia.gov.in for viewing. Circular, dt.29.04.2016
INDIRECT TAX
ST: The Contract entered for the purpose of packing loading and unloading etc. of the goods for which labour was supplied by the assessee to M/s Birla Corporation Ltd. cannot be held as Cargo Handling Service as the two conditions are not satisfied – DC, CE & Another Vs. Sushil & Company – 2016 (4) TMI 987 – Supreme Court
Entire cenvat credit cannot be disallowed for part wrong availment. [ SIFY Technologies Ltd. vs. Commissioner of Service Tax, LTU Chennai (CESTAT Chennai)].
ST: Waiver of Pre-deposit – Non-fulfilment of condition of Notification No. 18/2009 disentitles the appellant to the benefit of the said notification – M/s D.D. International Pvt. Ltd. Vs. CST, Delhi – 2016 (4) TMI 1079 – CESTAT New Delhi
VAT & ST: Levy of Entertainment Tax – participation in the activities provided by Polo Amusement to its subscribers guest i.e. Sea Wave, Lazy River, Fun Slide, Kiddies Pool, Aqua Shute, Aqua Ball, Super slide are covered within the definition entertainment – C.E.E. Vs. Polo Amusement Park Ltd. & Others, Govt of NCT of Delhi And Another – 2016 (4) TMI 1059 – Delhi High Court
DVAT has directed courier entities functioning in Delhi to file quarterly return in Form CR-II for F.Y.2015-16 by 16 MAY 2016.
COMPANY LAW:
Question: Can Folio number of the register of members be changed?
Answer: No, Folio number once allotted to a member cannot be changed even if all shares of that member are transferred to any person/body corporate as the case may be.
Key Dates:
Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06/05/2016
INCOME TAX UPDATES:-
The facility to upload online quarterly TDS/TCS statements in the E-Filling portal shall be available with effect from 1st May 2016. (Click here to see the procedure)
Bulk upload of form 15CA, Form 15CB and Form 15CC are available for E-Filling.
Your heart is full of fertile seeds, waiting to sprout. -Morihei Ueshiba
Failure will never overtake me if my determination to succeed is strong enough.
We look forward for your valuable comments. www.caindelhiindia.com
FOR FURTHER QUERIES CONTACT US:
W: www.caindelhiindia.com E: info@caindelhiindia.com T:011-233-4-33333, 9-555-555-480
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.