CORPORATE AND PROFESSIONAL UPDATE JANUARY 30,2016 DIRECT TAX Penalty for default in filing of TCS return waived-off as assessee was unaware of TCS provisions [2016] 65 taxmann.com 254 (Ahmedabad – Trib.) Jaihind Projects Ltd. v. Additional Commissioner of Income-tax Disputed liability not settled for long period couldn’t be said to be ceased as per sec. 41(1) …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 29,2016 SHARING A BRIEF WRITE UP – NO CLEAR GUIDELINES FOR SEIZURE OF JEWELLERY FOUND DURING SEARCH AND ITS ASSESSMENT THEREON : Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during …
KEY DATES OF NOVEMBER, 2015 DUE DATES PARTICULARS Form / Challan Number 06/11/2015 E-Payment of Service Tax for October by Cos Challan No.GAR-7 07/11/2015 Payment of TDS/TCS deducted/collected in October Challan No.ITNS-281 07/11/2015 Submission of Forms received in October to IT Commissioner Form No.15G, 15H,27C 10/11/2015 Return for Non SSI assessees for October ER-1 …
“AOP’s or BOI’s included in the definition of ‘person’ held as not unconstitutional” In recent times, owing to the writ petition filed in High Court of Punjab & Haryana challenging the validity of definition of person as given under Section 65B(37) of Finance Act, 2012 to the extent it includes an association of persons or body of individuals …
AMENDED RULES REGARDING QUOTING OF PAN FOR SPECIFIED TRANSACTIONS In order to curb the circulation of black money and widening of tax base, to collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified …
CO. ENGAGED IN CLINICAL RESEARCH ISN’T COMPARABLE WITH A SOFTWARE DEVELOPMENT SERVICE PROVIDER Mindtek v. ITO [Bangalore ITAT] IT (TP) Appeal No. 1082 of 2011, dated May 14, 2015. Facts of the case The assessee company is engaged in the business of rendering software development research and development services. The Assessee provides such services to its …