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Showing posts from May 2, 2016

Obligation for the Month of May

DateActApplicable FormObligation06/05/2016Service TaxChallan No.GAR-7E-Payment of Service Tax for April by Cos07/05/2016Income TaxForm No.27C (TCS)Submission of Forms received in Apr to IT Commissioner07/05/2016Income TaxChallan No.ITNS-281, Form 26QB (Purchase of Property)Payment of TDS/TCS deducted/collected in Apr10/05/2016ExciseER-1Return for Non SSI assessees for Apr10/05/2016ExciseER-2Return for EOUs for Apr10/05/2016ExciseER-6Return by units paying duty > 1 crore (CENVAT + PLA) for Apr12/05/2016D-VATBE-2Advance information for 2nd fortnight of May of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi15/05/2016D-VATDVAT-20Deposit of DVAT TDS for Apr15/05/2016Income TaxReturn 24Q, 26Q, 27Q & 27EQTDS/TCS returns for Mar Quarter by ALL Deductors/Collectors INCLUDING Govt.15/05/2016Providend FundElectronic Challan cum Return (ECR)E-Payment of PF for Apr ( NO Grace of 5 days)16/05/2016D-VATDVAT-48Return of DVAT TDS for quarter ending March21/05/20…

I- T exemptions for private varsities

Private universities can claim income- tax exemption only on two conditions: Firstly, an educational institution or a university must be solely for the purpose of education and without any profit motive. Secondly, it must be wholly or substantially financed by the government. Both conditions must be satisfied under Section 10( 23C) ( iiiab) of the Income Tax Act before exemption can be granted, the Supreme Court ruled in the case, Visvesvaraya Technological University vs CIT. The university’s claim under this provision was rejected by the revenue authorities, leading to the appeal. The court noted that during a short period of a decade ( 1999- 2010) the university had generated a huge surplus of about ? 500 crore collecting fees under different heads. “ The expenditure incurred represented only a minuscule part of the fees collected,” the judgment observed. None of the benefits granted to the university has gone to the students. It expanded from 64 engineering colleges to 194. The gove…

Professionals should start preparing for tax filing

Professionals, unlike the salaried, have it a little tougher when it comes to filing income tax returns. This is because of the intricate documentation one has to maintain. One look at the information sought in the lengthy ITR4can be daunting. But, you still have three months to meet the annual tax filing deadline of July 31. You can organise all relevant documents and follow up with clients if you need anything from them. Compute turnover and expenses: The best source to start from is your bank accounts. Get the statement for the entire financial year. Note down the payments you have received from clients and tally them with the receipts. There will be some payments you may have received in cash. Adding the two will give you the total turnover. Calculate expenses incurred to generate income. These could be the money you spent on travel, meeting clients at restaurants, phone bills, internet bills, and so on. “ Make sure you are only claiming those expenses which are directly related to y…

M& A lawyers see red in Sebi’s control test

Going only by numerical threshold could create further ambiguities in determinig control definition in takeover code, they argue
Top law firms have expressed concern over the proposed move by the Securities and Exchange Board of India ( Sebi) to introduce a ‘Brightline’ test for determination of ‘control’ in the takeover code for listed companies. While some say the current definition should be retained, others say not giving exit options in situations where control is transferred by means other than acquiring a specified shareholding could go against the objective of the code. In March, Sebi had floated a discussion paper titled Brightline Tests for Acquisition of ‘ Control’ under its Takeover Regulations. In this paper, Sebi had discussed two options. The first was to prescribe a framework of protective rights, which would not amount to control. The second was to set a numerical threshold of 25 per cent and exclude other means such as special rights from open offer requirements. The di…

Real Estate Bill is an Act Now, May Protect Home Buyers

Act mandates registration of projects, including those that have not got completion or occupancy certificates The Real Estate (Regulation and Development) Bill, 2016, became an act on May 1, kick-starting the process of making rules as well as putting in place institutional infrastructure to protect the interests of home buyers in India. While acknowledging that the act is a positive development, property experts said the new rules should address problems faced by builders in getting sanctions and approvals in a timely manner. “Government authorities should also be made accountable for timebound approvals through the rules that will be made,“ said Anshuman Magazine, managing director of property advisory firm CBRE South Asia. He said that if this happens, it will be one of the major steps towards the recovery of the Indian real estate market and will improve the confidence of both consumers and institutional investors ­ domestic or foreign. “Of course, it should not become another hurdl…

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1.Entire cenvat credit cannot be disallowed for part wrong availment. [ SIFY Technologies Ltd. vs. Commissioner of Service Tax, LTU Chennai (CESTAT Chennai)].
2.CBDT notifies new form 35 for e-filing of appeal with CIT (A). IT notification no. 11/2016.
3.Transactions having contingent impact on profit/ losses are not international transactions. [ Siro Clinpharm Pvt. ltd. vs. DCIT (ITAT Mumbai)].
4.Taxis that run on petrol or diesel will not be allowed to ply in NCR from May 1.
5.Government increases interest rates on employee provident fund (EPF) contributions from 8.7% to 8.8% for 2015-16.


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