FAQs ON DEDUCTIONS UNDER SECTION 80C, 80CCC, 80CCD & 80D Are taxpayers allowed to say 80C deductions while filing taxation return? Claim for 80C deduction is allowed while filing income return before the top of that Assessment Year. Which year will the investments reflect within the tax return? Assume a taxpayer made investments in accordance with Section 80C guidelines on 30th April 2019. Then, …
Govt extends the deadline for tax compliance to file a return and other records by 30 June Extension of different deadlines under the Direct Tax & Benami laws: Notification No 35/2020 has been released by CBDT [S.O. 2033(E)] of 24 June 2020 on Taxation & Other Laws, extending further the time-limits for numerous compliance measures. …
TODAY UPDATES: DIRECT TAX: CBDT has issued a clarification regarding u/s 119 of the Income Tax Act, 1961 dated 9th September 2016 vide F. No. 225/195/2016-ITA II dated 14th September 2016. CBDT clarified that the extended due date of filing return would also apply for the tax audit report. ITAT Indore in the below citied …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 25, 2016 ST: VALUATION OF FLATS GIVEN BY BUILDER TO LANDOWNER AND POT THEREOF CBEC Circular No. 151/2/2012-ST dated 10.2.2012 on following issues: Valuation of construction service; and Point of taxation thereof. According to the CBEC Education Guide on Taxation of Services, 2012: Value of construction service provided to such …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 2016 INCOME TAX ACT SECTION 37(1) BUSINESS EXPENDITURE Allowability OF Interest : SLP granted against High Court’s ruling that interest which was paid after slump sale was effected and where factory was in operation could not be capitalized and therefore, such expenses were revenue in nature – [2016] 65 67 (SC) Share …
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 …
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 …
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 …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 1, 2015 1. INDIRECT TAXES A. Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform. B. Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade [2015] 274 (Hyderabad – Trib.) ACIT v. Medravathi Agro Farms …