{"id":2054,"date":"2016-05-28T10:23:02","date_gmt":"2016-05-28T10:23:02","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2054"},"modified":"2021-07-07T12:52:52","modified_gmt":"2021-07-07T12:52:52","slug":"corporate-and-professional-update-may-21-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-21-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 21, 2016"},"content":{"rendered":"

Today updates<\/strong>:<\/strong><\/span>\u00a0<\/strong><\/p>\n

DIRECT TAX:<\/strong><\/span><\/p>\n

Income Tax:\u00a0Disallowance of profit in sale of agriculture land – whether transaction in property by assessee company should not be treated as business activity – Held that – There is no enabling provision in the income-tax law prescribing that even if the assessee s income is exempt by a provision, then it can be forcibly brought into the tax net by assuming the assessee s activity to be adventure in the nature of trade.\u00a0– (\u00a0The ACIT, Circular, Alwar Versus M\/s. Focal Point Builders and Promoters Pvt. Ltd.<\/strong>\u00a0) – 2016 (5) TMI 635 – ITAT MUMBAI.<\/p>\n

Income Tax:\u00a0Addition u\/s 41 – conversion of unsecured loan from the sister as gift by book entry – in the earlier years, interest paid to sister was claimed as deduction – whether remission \/ cessation of liability u\/s 41(1) – Held that – There was no remission of liability u\/s 41(1) of the Act, because the gift was genuinely made by Smt. Kiranben Gandhi and accepted by the assessee out of natural love and affection and there was no business consideration\u00a0\u00a0(\u00a0Shri Shailesh C. Modi Versus Income Tax Officer, Ward \u2013 1 (1) (4) , Surat)-\u00a0\u00a02016 (5) TMI 637 – ITAT AHMEDABAD.<\/p>\n

INDIRECT TAX:<\/strong>\u00a0<\/strong><\/span><\/p>\n

VAT : Department of Trade & Taxes has extended the last date of filling of online\/hard copy of fourth quarter return for the year of 2015-16 in DVAT Form-16, DVAT Form-17, and DVAT Form 48 along with required Annexure \/enclosures to\u00a023\/05\/2016\u00a0vide Circular No. 5 of 2016-17 dated 16.05.2016 . However, the tax due shall continue to be paid in the usual manner as per the provisions section 3(4)\u00a0\u00a0of the\u00a0Delhi value Added Tax Act, 2004.<\/p>\n

VAT & CST : Department of Trade & Taxes\u00a0has issued a Circular on Grant of registration under DVAT & CST vide circular No. 6 of 2016-17 dated 17.05.2016.The department of trade and taxes has developed a mobile application DVATMsewa to provide various services to the traders.One of the services to be provided with this app is registration of delars under DVAT Act,2004 and CST Act, 1956<\/p>\n

Key dates :<\/strong><\/span><\/p>\n

Today (21.05.16) is the last date for e-payment of DVAT & CST for the month of April, 2016.<\/p>\n

Issue of TDS Certificate in case of payment\/credit made in April for purchase of property u\/s 194Iain Form 16B:\u00a022\/05\/2016<\/p>\n

Issue of DVAT Certificate for deduction made in April:\u00a022\/05\/2016<\/p>\n

Payment of ESI of April:\u00a021\/05\/2016<\/p>\n

\u201c<\/em>The way to get started is to quit talking and begin doing<\/strong>.<\/em>\u201d<\/em><\/p>\n

We look forward for your valuable comments.\u00a0 www.caindelhiindia.com<\/a><\/p>\n

FOR\u00a0 FURTHER\u00a0 QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/span>
\nW: www.caindelhiindia.com \u00a0 \u00a0 \u00a0\u00a0 \u00a0 \u00a0 E: info@caindelhiindia.com \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0T:011-233-4-33333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates:\u00a0 DIRECT TAX: Income Tax:\u00a0Disallowance of profit in sale of agriculture land – whether transaction in property by assessee company should not be treated as business activity – Held that – There is no enabling provision in the income-tax law prescribing that even if the assessee s income is exempt by a provision, then …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[647,142,146],"tags":[504,502,179,180,541,537,560,550,538,534],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2054"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=2054"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2054\/revisions"}],"predecessor-version":[{"id":2879,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2054\/revisions\/2879"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}