"12 June 2016" Archive

Road ahead for Developers after Delhi High Court Judgement

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...

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Posted Under: Service Tax |

Now everyone to pay 1st advance tax installment before 15th June!

Krishna! It is said that from now onwards everyone will have to pay 1st installment of advance Income tax before 15th June. To whom, how and when will this advance tax provision be applicable?...

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Posted Under: Service Tax |

FAQs on Overseas Direct Investments

Joint Ventures/Wholly Owned Subsidiaries abroad promote economic co-operation between India and the host countries. They result in transfer of technology and skills, sharing the results of Research & Development, access to the global market, promotion of the brand image, generation of employment and utilization raw materials available in ...

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Preference shares Redemption not taxable as deemed dividend

Shri Uday K. Pradhan Vs ITO (ITAT Mumbai)

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....

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Comparison of LLP with Partnership / Company

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 ...

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Posted Under: Service Tax |

Acche Din to come for Airline Passengers

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 refunde...

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Posted Under: Service Tax |

Registration u/s 12AA cannot be denied for mere non filing of ITR

Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) Vs C.I.T. (Exemptions) (ITAT Chandigarh)

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....

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PM to inaugurate 2 day Annual Conference of CBDT & CBEC

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;...

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Posted Under: Service Tax |

RBI FAQs on ATM/White Label ATM

updated on 09.06.2016 Q.1. What is an Automated Teller Machine (ATM)? Ans 1. Automated Teller Machine is a computerized machine that provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank bra...

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Posted Under: Service Tax |

No TCS on services despite value exceeding Rs. 2 Lakh

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 provi...

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