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 …
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 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 …
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 ON DECEMBER 12, 2015 www.caindelhiindia.com; CORPORATE UPDATES IT: Exemption u/s 10A – the disallowed expenditure becomes a part of the income derived from the activity of export of software and entitled to the deduction under Section 10A of the Act – CIT-II Vs. Ntrance Customer Services Pvt. Ltd. (2015 (12) TMI 566 – …
PROFESSIONAL UPDATE NOV 16,2015 PROFESSIONAL UPDATE:- In absence of return of notice sent by speed post it will be presumed to be delivered. [Petronet LNG Limited vs. DCIT] (ITAT Delhi). Delhi VAT extend the last date for filing of online returns for the 1st and 2nd quarter of the year 2015-16, in forms EC-II and EC-III …
CLARIFICATION REGARDING BINDING NATURE OF CIRCULAR AND INSTRUCTIONS Recently, CBEC issued Circular No. 1006/13/2015-CX dated 21st September,2015 vide F.No.96/90/2015-CX.1 to clarify issues related to binding nature of circular and instructions which are contrary to the judgment(s) delivered by Honble Supreme Court. Circular draws attention towards judgment of Hon’ble Supreme Court in case of M/s Ratan …