"30 May 2016" Archive

Delhi VAT: Action against erring Restaurants & Halwais

Circular No. 8 of 2016-17- Delhi VAT (30/05/2016)

A new Composition Scheme under section 16(12) of the DVAT Act was recently introduced vide notification No. F.3(29)/Fin.(Rev-l)/2015-16/dsvi/93 dated 18/03/2016, wherein the registered dealers whose annual turnover is upto ₹ 50 Lakh and who make sales of cooked food, snacks, sweets, savouries, juices, aerated drinks, tea and coff...

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Amendments/Corrections to Appendix-6H & ANF 7A of Aayat Niryat Forms

Public Notice No. 14/2015-2020 (30/05/2016)

Amendment in Appendix - 6H [Procedure to be followed for reimbursement of Central Sales Tax (CST) on supplies made to Export Oriented Units (EOUs) and units in Electronic Hardware Technology Park (EHTP) and Software Technology Park (STP)] and ANF 7A [Application for claim of TED Refund/Duty Drawback/Brand Rate Fixation] as contained in t...

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Bad Debt admissible if written off as irrecoverable in books: CBDT

Circular No. 12/2016-Income Tax (30/05/2016)

Claim for any debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of the Act, if it is written off as irrecoverable in the books of accounts of the assessee for that previous year and it fulfills the conditions stipulated in sub section (2) of sub-section 36(2) of the Act....

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Tax benefits you can avail by investing in an apartment

Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s ...

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LLP Annual Filing of Form –11, Step By Step Procedure

Today is the last date for Annual Filing of LLP Form – 11. Many professional are facing problem in Filing that Form – 11. So I have just make simple process along with their Screen Shot hope you get your doubt Clear by following below procedure.Annual Filing of the LLP For the year 2016...

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Service Tax – Krishi Kalyan Cess – New levy wef 01st June, 2016

Relevant Rules to understand the implication of new levy: i. Rule 4 of Point of Taxation Rules, 2011 (POTR, 2011) – Change in Effective Tax Rate, ii. Rule 5 of POTR, 2011 – Service Taxed for the first time iii. Notification No. 10/2016-ST dated 01st March, 2016 (insertion of explanation in Rule 5)...

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Reopening is invalid when there is no direct nexus between material gathered & formation of belief of income escaping assessment

C.M Mahadeva Vs CIT (Karantaka High Court)

The Hon'ble Karnataka HC in the above cited case held that there must be a direct nexus between the material coming to the notice of the Income-Tax Officer and the formation of his belief that income has escaped assessment....

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Go Solar and Get More Dollars

Being environment friendly and being able to save a lot of money are a very good combination. To do these, your new best friends are The Energy Policy Act of 2005, The Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009. These are the laws that contributed to […]...

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Changes vide Service Tax Notifications at the time of Budget 2016

In this article, we have herein below summarized the amendments made by notifications in service tax law. Cenvat credit on Input Services has now been allowed for the services of transportation of goods by Rail (Other than transport of goods in containers by rail by any person other than Indian Railways). (There is an abatement of 70% for...

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Scope of prima facie adjustment u/s 143(1) of Income Tax Act enhanced

The Finance Act, 2016 has made a very important amendment to section 143(1) of Income Tax Act, 1961, whereby the scope of prima facie adjustments u/s 143(1) has been enhanced while processing the returns. The following four sub-cluases and two provisos to the clause (a) of Section 143(1) have been added to allow for the […]...

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