"28 April 2016" Archive

Delhi VAT: Form DVAT-16, DVAT-17 & DVAT-48 date extended to 16.05.2016

Circular No. 2 of 2016-17- Delhi VAT (28/04/2016)

In exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2015-16, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures to 16/05/2...

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Framework for computation of book profit for MAT levy on Ind AS compliant companies

On the basis of the recommendations of the Committee on MAT-Ind AS, the Central Government has notified 10 ICDS vide Notification No. S.O.892(E) dated 31st March, 2015. With the approval of the Finance Minister , the above said Committee was also requested to suggest the framework for computation of book profit for the purposes of levy of...

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Mobilization expenses to move assets to client’s premises allowable as revenue expenditure

Dewanchand Ramsaran Industries Pvt. Ltd. Vs ACIT (ITAT Mumbai)

The ITAT bench of Mumbai in the above cited case held that when the assessee company in its continuing and existing business of chartered hiring of rigs imported new rigs to be moved to and installed at the site of the clients desirous of taking the same on hire for oil drilling, all the mobilization expenses which is in connection with t...

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Comparison between ICDS and AS & Changes due to ICDS in ITR

Due to ICDS there are changes in ITR Form no. 4,5,6. Now assessee has to provide for 1. The Effect on the profit because of deviation , if any as per ICDS notified under section 145(2) in column Part A – OI at third no. 2. Now schedule of ICDS will be prepared which shows the Effect of ICDS on profit...

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Minimum Wages Law wages is equal for male & female workers

Under the provisions of the Minimum Wages Act, 1948, the wages fixed by the appropriate government are equally payable to both male and female workers and the Act does not discriminate on the basis of gender....

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Budget 2016: Changes in National Pension System (NPS)

The Government has proposed the following in the Finance Bill, 2016 with regard to the National Pension System (NPS): i. Allowing 40 per cent of the NPS corpus tax exempt on lump sum withdrawal. ii. ii. Waiving service tax on the NPS corpus utilized for purchase of annuity. iii. The amount receivable by the nominee in case of death of the...

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TDS not deductible on Tips collected by Hotels & Paid to Staff: SC

ITC Ltd. Gurgaon Vs Commissioner of Income-tax (TDS) (Supreme Court of India)

The assessees are engaged in the business of owning, operating, and managing hotels. Surveys conducted at the business premises of the assessees allegedly revealed that the assessees had been paying tips to its employees but not deducting taxes thereon....

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No Penalty for non-deduction of Tax based on CA Certificate

Smt. Aishwarya Rai Bachchan Vs Additional Commissioner of Income-tax (ITAT Mumbai)

In the present case also, assessee has engaged a chartered accountant to guide her in complying to statutory requirements. Therefore, when the C.A. issued a certificate opining that there is no requirement for deduction of tax at source, assessee under a bonafide belief that withholding of tax is not required did not deduct tax at source ...

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Revised Income Tax rules & Forms for in-house research & development facility

Notification No. 29/2016-Income Tax (28/04/2016)

The report in Form No.3CL referred to in clause (b) shall be furnished electronically by the prescribed authority to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax or Principal Director General of Income-tax or Director General of Income-tax having jurisdiction over such company within one hundred and t...

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MVAT: Govt notifies New Electronic Forms 101,103 & 105

No. VAT/ADM-2016/1B/ADM-8 (28/04/2016)

In exercise of the powers conferred by sub-rule (1) and sub-rule (2) of Rule 17A of the Maharashtra Value Added Tax Rules, 2005, (hereinafter referred to as ,the Commissioner of Sales Tax, Maharashtra State hereby notifies that,—...

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