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 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 …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 13, 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Penalty as ordered by US Court : An amount levied as penalty by an order of US Court can never attract any tax nor would such a payment made by applicant attracts any tax liability …
Corporate & Professional Update December 11, 2015 INCOME TAX ACT SECTION 2(1A) AGRICULTURAL INCOME Income from coffee business: Where assessee was selling only sun dried coffee seeds and was not engaged in other processing activities, its income from coffee estate had to be computed by applying Rule 7B – [2015] 175 (Chennai – Trib.) SECTION 2(15) CHARITABLE PURPOSE …
CAPITAL GAINS TAX RELIEF ON GOLD BONDS IS EXPECTED TO BE TAKEN UP IN THE NEXT BUDGET Capital gains tax relief on gold bonds is expected to be taken up in the next budget. All coins & bars will be hallmarked as per BIS standards. It is suggested that we all must buy gold coins …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 9, 2015 1. INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Interest: Interest on refund of tax is not covered by definition of ‘interest’ mentioned under article 12(4) of India-Italy DTAA, and, therefore, Assessing Officer is justified in imposing TDS at higher rate while …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 7, 2015 1. INCOME TAX ACT SECTION 2(29BA) MANUFACTURE Embroidery work on synthetic fabrics : Where assessee was engaged in business of embroidery work on synthetic fabrics on job work basis, work of embroidery carried on by assessee would fall within ambit of definition of manufacture and thereby it was …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 5, 2015 1. FAQ on Company Law: Query Answer Our Company wants to Guarantee Commission to the Directors of Company for having guaranteed the term loans obtained from financial institutions/ banks. Kindly advice whether the Company is allowed to pay the same according to the provisions of the Companies …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 4, 2015 Income–tax (11th Amendment) Rules, 2015 In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information, and the Board for matters relating …