Corporate Updates – 08-03-2016


Central Board of Direct Taxes has clarified the issue regarding the consideration received on buy back of shares between the period April 1, 2000 to May 31, 2013, According to the clarification issued such consideration will be taxed as capital gains in the hands of the recipient and such amount will therefore not be treated as dividend. In other words, the amount received by the companies between April 1, 2000 and May 31, 2013 will be subject to capital gains tax. CBDT further directs that as a matter of general principle, no fresh notice for assessment / reassessment / non-deduction of TDS shall be issued where buyback of shares has taken place prior to 01-06-2013 and in cases where notices have already been issued assessment proceedings are pending, tax authorities shall complete the assessment keeping in view the above legal provisions.


Department of Trade and Taxes has made it compulsory for specified dealers to file their VAT returns with digital signatures. In the notification, dealers whose gross turnover (i.e. turnover under the Delhi Value Added Tax Act, 2004 plus turnover under the Central Sales Tax Act, 1956) during the financial year 2014-15 exceeded fifty lakh rupees have to furnish their returns in Form DVAT 16 or in Form DVAT 17, as the case may be, with digital signatures for the tax period 1st January, 2016 to 31st March, 2016 and subsequent tax periods. Further, dealers who are registered under the Delhi Value Added Tax, 2004 on or after 1st April, 2015 also need to file their returns in Form DVAT 16 or in Form DVAT 17, as the case may be, with digital signatures. The department added that once dealers started filing returns with digital signatures they shall continue to file the returns with digital signatures even if their annual turnover falls below fifty lakh rupees any time in future.

News from NIRC of ICSI

Today, Northern India Regional Council is Celebrating INTERNATIONAL WOMEN’S DAY by organising a program on the theme "Empowering Women Inspiring Change" on Tuesday, the 8th March, 2016 from 2.30 PM onwards at Sri Sathya Sai Auditorium, Lodi Road, Near JLN Stadium Metro Station, New Delhi Delegate Fee: Rs. 250/- per participant including Corporate Members of NIRC; FREE FOR ALL FEMALE MEMBERS/STUDENTS OF NIRC; PCH:02

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