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Date Act Applicable Form Obligation 06/05/2016 Service Tax Challan No.GAR-7 E-Payment of Service Tax for April by Cos 07/05/2016 Income Tax Form No.27C (TCS) Submission of Forms received in Apr to IT Commissioner 07/05/2016 Income Tax Challan No.ITNS-281, Form 26QB (Purchase of Property) Payment of TDS/TCS deducted/collected in Apr 10/05/2016 Excise ER-1 Return for Non SSI assessees for Apr 10/05/2016 Excise ER-2 Return for EOUs for Apr 10/05/2016 Excise ER-6 Return by units paying duty > 1 crore (CENVAT + PLA) for Apr 12/05/2016 D-VAT BE-2 Advance information for 2nd fortnight of May of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi 15/05/2016 D-VAT DVAT-20 Deposit of DVAT TDS for Apr 15/05/2016 Income Tax Return 24Q, 26Q, 27Q & 27EQ TDS/TCS returns for Mar Quarter by ALL Deductors/Collectors INCLUDING Govt. 15/05/2016 Providend Fund Electronic Challan cum Return (ECR) E-Payment of PF for Apr ( NO Grace of 5 days) 16/05/2016 D-VAT

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

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 re

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

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 anothe

www.caonline.in News... 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. For more News Like us onhttps://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

www.caonline.in News... 1.Updation of SCOMET list classifying export and import Items. Notification no. 05 / (2015-2020). 2.TDS on commission paid to non-resident for services rendered outside India. [ CIT vs. Farida Leather Company (Madras HC)]. 3.Today (30.04.2016) is due date to file excise return for F.Y. 2014-15 in ER-5 (By units paying duty above 1Cr) & ER-7 (by other units). 4.Today (30.04.2016) is due date to deposit TDS deducted during March, 2016. TDS statements for Q4 by all deductors to be filed by 15.05.2016. 5.MCA clarifies that the companies (AS) amendment rules, 2016 dated 30.03.16, to be applicable from F.Y.2016-17. Circular no. 04/2016. For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in