CORPORATE AND PROFESSIONAL UPDATE SEPT 15, 2016
Today updates:
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Direct Tax:
ITAT Pune in the below citied case held that penalty u/s.271D shall not be levied where assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash.The expression “reasonable cause” in section 273B for non imposition of penalty u/s.271D and 271E would have to be construed liberally.[Mrs. DeepaliMandar Joshi Vs. ACIT, Range-8, Pune]
IT: TDS u/s 194A – the insurance company was not justified in deducting tax at source while depositing the compensation in favour of the claimants. It therefore cannot avoid liability of depositing such amount with the Claims Tribunal – NEW INDIA ASSURANCE CO. LIMITED Versus BHOYABHAI HARIBHAI BHARVAD AND 3 (2016 (9) TMI 451 – GUJARAT HIGH COURT)
The CBDT on monday said assessees taking advantage of direct tax dispute resolution scheme, 2016 will be required to pay taxes within the stipulated period to avail the relief under the scheme.
ITR & TAR: Due date of filing of ITR & TAR for assessee whose due date for filing income tax return is 30 SEP 2016 (being Company, Firms and others required to get accounts audited under Income Tax Act or other law and working partners of such firm) is extended to 17 OCT 2016.
Indirect Tax:
CBEC issues a clarification regarding scope of Notification No. 25/2012 Service Tax dated 20.06.2012, Sl. No. 5(a) vide Circular No. 200/10/2016 dated 06/09/2016.
ST: Cenvat credit – input services – the appellants are entitled to cenvat credit on the insurance services used for insuring plant and machinery building stock and other assets of the appellant – Perfetti Van Melle India Pvt. Ltd. Vs C.C.E., Chennai (2016 (9) TMI 325 – CESTAT Chennai)
REGARDS
INDIAN FINANCIAL CONSULTANCY PRIVATE LIMITED