www.caindelhiindia.com; Corporate updates DIRECT TAX:- CBDT has issued a circular via circular no. 42 of 2016 regarding clarifications on the Direct Tax Dispute Resolution Scheme, 2016. This scheme provides an opportunity for taxpayers who are under litigation to come forward & settle the dispute in accordance with the provisions of the scheme. ITAT Bench Jaipur …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding “Reporting Cash Transactions under Rule 114E of Income Tax Rules,1962”. Punjab and Haryana High Court held that the Guarantee commission paid for the acquisition of Fixed Assets are allowed as Revenue Expenditure. [M/s Chandigarh State Road and Bridges Development Corporation Ltd Vs CIT] No …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding payments towards Tax, Penalty, Surcharge under the PMGKY is to be made through challan ITNS- 287 & deposits are to be made in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 which can be made in old demonetized currency. CBDT issued a press release …
Today Update: DIRECT TAX:- Kerala High Court has held that Cross Objection filed before the Tribunal u/s 253(4) is an independent appeal and shall be adjudicated on merits even if the other party’s appeal is dismissed, for whatever reason. [City Centre Builders & Developers Vs ITAT Cochin & Others] C K Ahuja Vs CIT Whether when …
Company Registration in Delhi You have an idea and a business plan, and you want to register a company in Delhi. There is a significant difference between having a great idea and turning it into a successful start-up company. Do you know what it takes to start a business and do you have what it …
BRIEF INTRODUCTION KYC stands for “Know your customer”. it’s a process initiated by all banks, financial institutions and other departments to grasp their client’s identity by verifying his personal details like Mobile number, E-mail Id, PAN, Passport, etc. well before. The Ministry of Corporate affairs have also undertaken the method of KYC of DIN holders. during this process, details of …
Today Update : DIRECT TAX:- 271(1)(c) penalty cannot be levied in a case where the assessee has relied on the legal opinion of a professional and there is no tax impact i.e. the loss disallowed in year one is allowed set-off in a later year Pr. CIT vs. Atotech India Ltd (P&H High Court) Bombay High …
CORPORATE AND PROFESSIONAL UPDATE DIRECT TAX:- ITAT Kolkatta held that deposit in bank account of supplier in compliance with govt. regulations who is wholesale dealer where genuiness of transaction is not disputed by revenue cannot be disallowed as the same is routed through banking channels making evasion of taxes difficult thus, not defeating the provisions …
Today Update : DIRECT TAX:- To refer a case to TPO, AO need not to have definite findings, Prima Facia opinion is sufficient. Sec 92CA (1) envisages that where the AO consider it ‘necessary or expedient’ to do so, he may with the approval of Commissioner refer the computation of arm’s length price in relation to …
Today Update : DIRECT TAX:- Non disposal of an application for registration before the expiry of six months as provided u/s 12AA (2) results in deemed grant of registration -Supreme Court in CIT vs. Society for the promotion of education. ITAT Mumbai held that the surrounding circumstances and human probabilities attached to a transaction should …