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Latest India Tax News 03 December 2016

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  • Latest India Tax News 03 December 2016

    1. The public need not worry about harassment from Income Tax officials as their discretionary powers in the scrutiny of cases are limited, the cases for scrutiny will be chosen by machines and all the procedures surrounding the income tax notices will be done through machines.

    2. Capital goods are goods capitalized in books of accounts of person claiming credit and used/intended to be used in course or furtherance of business.

    3. Bombay HC held that the expenditure incurred on corporate advertisement and for promotion of a corporate brand as it was in the nature to maintain the brand and/or corporate image was to be allowed as revenue expenditure. [CIT v/s Asian Paints (India) Ltd.]

    4. The HC of Madras held that when the fact of Petitioner paying the taxes to his supplier is not under dispute, the Petitioner cannot be compelled to reverse the input tax credit due to non- payment of VAT liability by the selling dealer. [Sri Laxmi Textiles V/s the Commissioner of Commercial Taxes and others]

    5. Form INC-1 (Application for reservation of name), Form DIR-3 (Application for allotment of Director Identification Number) and Form SPICE MOA (Memorandum of Association) and Spice AOA (Articles of Association) were recently revised on MCA portal. All the stake holders are advised to check the latest version of the form before filing.
    Neha Rani
    Success doesn't come to u , U Go To It....
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