CORPORATE & PROFESSIONAL UPDATE DECEMBER 21, 2015 INCOME TAX ACT SECTION 28(i) BUSINESS LOSS/DEDUCTIONS – ALLOWABLE AS In the case of a contractual dispute between the parties, liability of the assessee to pay arises only when the claimant against the assessee acquires some legal right to receive the amount – [2015] 64 260 (Delhi – Trib.) (SB) …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 20, 2015 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Education : Educational unit infusing sense of patriotism in people is fulfilling its ancillary object; tax exemption available – [2015] 64 44 (Uttarakhand) SECTION 4 INCOME – CHARGEABLE AS Share broker : Where assessee-firm acted as sub-broker and distributed NCDEX profits among its clients, merely …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 19, 2015 CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the …
All about Section 139 of Income Tax Act 1961 Section 139 of Income Tax Act 1961: According to the rules and regulations of our constitution, everyone in India who works and earns a substantial income is required to pay income tax. Knowledge of the various aspects of Income Tax is also essential. As a result, …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 17, 2015 India and Japan signs a Protocol for amending existing Convention for avoidance of double taxation and for prevention of fiscal evasion. CBDT has simplified the procedure for Form No. 15G & 15H for submitting a declaration as laid down in Rule 29C of the Income Tax Rules. Reassessment without …
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BASIC KNOWLEDGE ABOUT TRUST A trust is an agreement between people (called trustees) to manage property over which they have control either to benefit other people (called beneficiaries) or for charitable purposes. A groups of trustees may be incorporated as a board under the Charitable Trusts Act 1957 if the objects are charitable. DEFINITION OF …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 15, 2015 INCOME TAX ACT SECTION 5 INCOME – ACCRUAL OF Income : Where interest income from security accrued in terms of books of account maintained by assessee, but same was offered to tax on actual receipt, and Tribunal passed detailed order in favour of assessee in earlier year, which it …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 14, 2015 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility – Banking technology service : Where assessee-society was established by RBI to provide Banking Technology services and to carry out research which was charitable in nature; merely because it had generated surplus during course of carrying on …