CORPORATE & PROFESSIONAL UPDATE JANUARY10,2016 INCOME TAX ACT SECTION 24 INCOME FROM HOUSE PROPERTY – DEDUCTIONS Interest : Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b). SECTION 37(1) BUSINESS EXPENDITURE – ALLOWABILITY OF SAME BUSINESS Expenditure incurred by assessee, engaged in manufacturing of ice-creams, …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016 INCOME TAX ACT SECTION 9 India as ‘fee for technical services’; however in view of law as it existed at an earlier point of time when payments were made, it was not possible to comply with tax withholding liability. SECTION 48 CAPITAL GAINS – COMPUTATION OF COST OF IMPROVEMENT …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016 Company Law: Query:Kindly let us know about the appointment of auditor in a Government company? Answer:The appointment and re-appointment of auditor of a Government Company or a government controlled company is governed by the provisions of section 139 of the Companies Act, 2013 which are summarized as under: The …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 07,2016 DIRECT TAX: Issues Guidance Note on FATCA. Disallowance of deduction of interest expenditure from interest Income – there is a director nexus between the interest earned from the company and the interest paid to the bank. Under these circumstances the interest expenditure in our opinion was rightly allowed. Condonation …
An overview on Income tax Advance Ruling Provisions Advance ruling has been internationally recognized as “A more or less binding statement from the revenue authorities upon the voluntary request of a private person, concerning the treatment and consequence of one or series of contemplated future actions or transactions.” In India, the scheme of advance rulings …
CORPORATE & PROFESSIONAL UPDATE JANUARY 02, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property : Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment – [2015] 64 368 (Karnataka) SECTION 92C TRANSFER …
KEY DATES OF NOVEMBER, 2015 DUE DATES PARTICULARS Form / Challan Number 06/11/2015 E-Payment of Service Tax for October by Cos Challan No.GAR-7 07/11/2015 Payment of TDS/TCS deducted/collected in October Challan No.ITNS-281 07/11/2015 Submission of Forms received in October to IT Commissioner Form No.15G, 15H,27C 10/11/2015 Return for Non SSI assessees for October ER-1 …
Today’s updates: Block assessment can’t be framed on basis of material collected during survey. AO couldn’t doubt genuineness of share transaction merely on basis of statement of third party. MCA instruction on Online Payment. ICAI live seminar on Service Tax. In Detailed : 1.Block assessment can’t be framed on basis of material collected during …
CORPORATE & PROFESSIONAL UPDATE JANUARY 01, 2016 DIRECT TAXES: AOs to prepare satisfaction note under Sec. 153C as per SC’s guidelines in Knitwear’s case: CBDT No denial of exemption to an institute just because it was training already trained persons [2015] 64 275 (Gujarat) Mudra Foundation for Communications Research & Education v. CCIT CBDT notifies amended …
“AOP’s or BOI’s included in the definition of ‘person’ held as not unconstitutional” In recent times, owing to the writ petition filed in High Court of Punjab & Haryana challenging the validity of definition of person as given under Section 65B(37) of Finance Act, 2012 to the extent it includes an association of persons or body of individuals …