"08 June 2016" Archive

7 things to know about TCS on sale of a motor vehicle

Circular No. 22/2016-Income Tax (08/06/2016)

With a view to bring high value transactions within the tax net, it has been provided in sub- section (1 F) of section 206C of the Act that the seller who receives consideration for sale of a motor vehicle exceeding ten lakh rupees, shall collect one per cent of the sale consideration as tax from the buyer. Any person who obtains in any s...

Read More

No Service tax on sale of under construction flats if contract price includes land value

Suresh Kumar Bansal vs UOI (Delhi High Court)

Hon’ble High Court of Delhi held that no Service tax under Section 65(105)(zzzh) of the Finance Act to be levied on composite contract as there is no machinery provision for ascertaining the service element involved in the composite contract....

Read More

Duty on Scrap Generated during process of Re-Made, Refining & Reconditioning

When we discuss the sources of law, the precedent is one of the most important sources of law apart from the codified law and the law arrives though customs. When the law is not cleared enough through the statute then the role of the precedent came into picture. ...

Read More
Posted Under: Income Tax |

Tax on income from / and of investment funds

Tax Provisions on Income of Investment Funds and Income Received From such Fund Investment Funds pool resources from the investors and invest in new companies, social ventures and other areas which government considers as socially or economically desirable. Finance Act 2015 came with the concept of Investment Funds...

Read More
Posted Under: Income Tax |

Incorporation of Foreign Companies under Companies Act, 2013

“Foreign company” means any company or body corporate incorporated outside India which— a)has a place of business in India whether by itself or through an agent, physically or through electronic mode; and b)Conducts any business activity in India in any other manner....

Read More
Posted Under: Income Tax |

Assessment of Service Tax Considering the Free Supply

The inclusion or exclusion of value of free supply particularly in the case of Industrial and commercial construction has been a bone of contention between the revenue and the assessee regarding assessment of Service Tax. The revenue always insists that the cost of free supply should be included for the purpose of assessment by taking sh...

Read More
Posted Under: Income Tax |

Some issues related to TCS Provisions W.E.F. 01st June 2016

Introduction: From 01st June, 2016 TCS is to be collected by seller from the buyer in respect of : (i) sale of motor vehicle of the value exceeding Rs. 10 lakhs (on receipt of sale consideration through any mode ) and also in respect of ;...

Read More
Posted Under: Income Tax |

Detailed Analysis of Law related to Corporate Social Responsibility

The Board of a company may decide to undertake its CSR activities approved by the CSR committee, through a registered trust or a registered society or a company established under section 8 of the Act by the company, either singly or alongwith its holding or subsidiary or associate company, or alongwith any other company or holding or subs...

Read More
Posted Under: Income Tax |

Trading in cash & derivative segment cannot be splitted as speculative & non-speculative

J.G.A Shah Share Brokers P. Ltd. Vs DCIT (ITAT Mumbai)

ITAT held that simultaneous trading of shares in cash segment and arbitrage in derivative segment by assessee company cannot be splitted into speculative and non-speculative transactions . So, as soon as it is found that assessee is trading in shares , the entire trading activity to be treated as speculative business as per explanatio...

Read More

Record Maintenance of warehoused goods in electronic form

Circular No 25/2016-Customs (08/06/2016)

Regulation 11 of the Warehouse (Custody and Handling of Goods) Regulations, 2016 requires the licensee to maintain detailed records of the receipt, handling, storage and removal of goods into and from the warehouse and file monthly returns regarding the same....

Read More