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All of us would have observed reports in the press, that the Hon’ble Delhi High Court has ruled on 3.6.2016, in the case of a writ petition, that in the case of a composite contract between a buyer of an apartment and the developer of the apartment, wherein the total value of the apartment includes the value of land also, no service tax can be levied.
Since redemption of preference shares does not result in reduction of share capital as per Sec 80 of the Companies Act,1956 , the redemption value cannot be taxed as deemed dividend as the distribution of profits if at all there may be is not resulting in reduction of capital.
Till the introduction of Limited Liability Partnership Act, 2008, entrepreneurs running business on small/medium scale had only following options as form of organisation i.e. Partnership /Private Limited/ Public Limited/ Proprietorship concerns. In case of Partnership and Proprietorship concerns the liabilities of Partners or Proprietor is unlimited. Their assets may also be seized in case of fraud / loss in the concern. Now with promulgation of Limited Liability Partnership Act, 2008
The Ministry has proposed that the refund process should be completed within 15 working days in case of domestic travel and 30 working days in case of international travel. It also proposed that in case of cancellation of tickets, statutory taxes and user development fee/airport development fee/passenger service fee shall be refunded.
Just because the assessee has not filed its income tax returns in earlier years, it can not be said that the activities of the assessee are not genuine. It has been held that non-filing of return cannot be one of the reasons for denying registration under section 12A of the Act.
Prime Minister to inaugurate the two day Annual Conference of Tax Administrators 2016 on 16th June, 2016 in the national capital; For First time that two Revenue Boards i.e. CBDT & CBEC are holding the Conference simultaneously;
I am sure that you are completely surprised by the title because nobody has yet pointed out such an anomaly!! You heard it right and please do let me explain. The Finance Act, 2016 has amended Section 206C(1D) to provide that the seller shall collect the income-tax at the rate of 1% from the buyer on sale in cash of any goods or for providing of any services exceeding Rs. 2,00,000/-.
THE LIST OF CASES SELECTED FOR Issue Based Audit (IBA) alongwith MISSING DECLARATION FOR THE PERIOD 2012-2013 ( Some of the IBA cases are allocated for assessments and mentioned in Type of Audit column) ( Cases for assessment for F Y 2012-13 are already distributed in March 2015 and list of these cases is available […]
