Today updates:

DIRECT TAX: 

Income tax : ALV of property remaining vacant for whole year has to be computed with reference to section 23(1)(c) and, therefore, where assessee intended to let property and took appropriate efforts in letting property but ultimately failed to let the same, in terms of section 23(1)(c), its ALV had to be regarded as Nil – [2016] 71 taxmann.com 214 (Pune – Trib.)

Income tax : Due date for assessee to invest amount of capital gains in purchase/construction of new residential asset or investment in capital gains scheme under section 54F refers to ‘extended due date’ un0064er section 139(4) – [2016] 71 taxmann.com 165 (Chennai – Trib.)

Income tax : In case of assessee-company rendering IT enabled services (ITES) to its AE, a company providing KPO services, a company engaged in IT infrastructure management services, a company owing significant intangibles and a company which outsourced its work, could not be accepted as comparables while determining ALP. – [2016] 71 taxmann.com 164 (Delhi – Trib.)

INDIRECT TAX:

Excise : Where assessee, a manufacturer of batteries, sold dry charged batteries without electrolyte to a customer and supplied to him electrolyte and micro porous vent plug with float separately, these two items could not be treated as parts and components of battery and their value was not includible in assessable value of battery -[2016] 71 taxmann.com 173 (Bangalore – CESTAT)

Service tax : Where assessee was wholly owned subsidiary of a company ‘F’ located in USA and it in terms of an agreement entered with ‘F’ paid royalty to ‘F’ for distribution, marketing and support of computer programme known as software product, services received by assessee from ‘F’ would not fall under category of ‘intellectual property service’ – [2016] 71 taxmann.com 174 (Mumbai – CESTAT)

COMPANY LAW UPDATES:

MCA has issued Companies (Share Capital and Debentures) third Amendment Rules, 2016 vide Notification dated 19/07/2016 which shall come into force from the date of publication in the Official Gazette.

OTHER UPDATES:

Private school audit can be done by CA and the report will be submitted to the Delhi Government in the second week of August. This proposal and verification is based on the direction of the Delhi high court.

KEY DATES  :

Payment of ESI for the month of June-21/07/2016

E-payment of DVAT & CST for the month/quarter ended June-21/07/2016

Time limit for payment of tax and penalty under the Income Declaration Scheme 2016 extended to 30.09.2017. CBDT Press Release dated 14.07.16

“In the past, people were born royal. Nowadays, royalty comes from what you do”

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