updates since last month - lunawat &...

WEST DELHI STUDY CIRCLE

8th June 2016 Compiled by CA. Pramod Jain Lunawat & Co.

UPDATES SINCE LAST MONTH


Compiled by CA. Pramod Jain Lunawat & Co.


INCOME TAX

• Cost Inflation Index for FY 2016-17 is “1125”

• CBDT amends Rule 8D to prescribe different formulae stating that amount determined as per the formulae too would not exceed total expenditure claimed• Directly related• 1% of annual average of monthly

averages of opening and closing balances of value of investment, income from which does not or shall not form part of total income



INCOME TAX

• CBDT clarifies on cancellation of registration u/s 12AA - to be made strictly as per s. 12AA(3) & (4) even after hit by s. 2(15) and introduction of s. 115TD

• CBDT extends e-filing of appeals to CIT(A) to 15th June 2016

• CBDT relaxes the condition of furnishing UID in case of furnishing Form 15G/ 15H electronically for December 2015 and March 2016 quarter ending



INCOME TAX

• CBDT extends digital reporting of Form 60 in Form 61 for quarter ended 31st March 2016 to 31st October 2016 along with September 2016 half year

• CBDT grants another opportunity to send ITR verifications for AY 2009-10 to AY 2014-15 through EVC or ITR V (Speed Post) by 31st August 2016

• CBDT clarifies that condition for claiming bad debts u/s 36(1)(vii) read with s. 36(2) is when amounts are written off in books of accounts of the assessee



INCOME TAX

• CBDT accepts that printing and publishing amounts to manufacture and eligible for additional depreciation u/s 32(1)(iia)

• CBDT amends Rule 31A to allow filing of Return for TDS u/s 194 IA (Immovable Property) within 30 days of next month instead of 7 earlier



Commencements –June 2016

• Equalization Levy• Income Disclosure Scheme 2016

• Direct Tax Dispute Resolution Scheme 2016

• TDS provisions• Advance Tax• TCS provisions


WEST DELHI STUDY CIRCLELunawat & Co.

Tcs ???� Mr. A an agriculturist purchases Innova

Car for Rs. 14 Lacs on 30.5.2016. Payment made by NEFT. TCS?

� Would it be different if purchase made on 15.6.2016?

� Mr. B buys material for shop, covered u/s 44AD from D Ltd on 2.6.2016 vide B. No. 0122 Rs. 140500/- & on 2.6.2016 vide B. No. 0128 Rs. 80500/- All payment in cash. TCS?

� Mr. C buys furniture for his home Bill Rs. 250000/- pays Rs 240000/- by NEFT and Rs. 10000/- in cash. TCS?

WEST DELHI STUDY CIRCLELunawat & Co.

Tcs ???� Mr. A in business of selling LEDs., covered

u/s 44AD for AY 2017-18 annual turnover Rs. 80 Lacs, sells LED to Mr. X for Rs. 3 lacs in cash. TCS??

� Mr. X a salaried person sells his Mercedes Car to Mr. Y for Rs. 25 Lacs in cash. TCS??

� Mr. A dealer of maruti sells car to Mr. B for Rs. 12 Lacs?

� Mr. B in business of selling LEDs., covered u/s 44AD for AY 2017-18 annual turnover Rs. 160 Lacs, sells LED to Mr. Y for Rs. 3 lacs in cash. TCS??

� ABC Trust running a hospital issues a bill

WEST DELHI STUDY CIRCLESale / purchase transactions

Lunawat & Co.

•Obtain PAN, nothing further

• If not, file Form 60 / 61Single Bill > 2 Lacs, No cash

•Obtain PAN, nothing further

• If not, file Form 60 / 61

•Collect TCS @ 1%, file return

Single Bill > 2 Lacs, some cash

•No TCS

•File AIRSingle Bill < 2 L

but cash received in year > 2 Lacs


VALUE ADDED TAX

• DS 1 withdrawn



SERVICE TAX

• Krishi Kalyan Cess w.e.f. 1st June 2016

• CBEC exempt the legal services provided by senior advocates to a business entity with a turnover up to Rs. 10 Lacs in preceding FY and other notifications related to that



CORPORATE LAWS• MCA issues notifications to constitute

National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCALT)

• MCA notifies 51 other provisions of Companies Act 2013 to be effective from 1st June 2016 consequent to notification of NCLT & NCALT

• MCA amends Companies (Authorised to Registered) Rules 2014 to streamline issues in conversion of firm and LLP into company, Form URC 1 also amended



CORPORATE LAWS• MCA relaxes additional Fee & Extends

Last Date for filing various e forms under Companies Act to 10th July 2016 & LLP Act to 30th June 2016

• MCA amends CSR Rules to allow the companies to undertake CSR activities through Section 8 Companies also


updates since last month - lunawat &...

Documents