Today Day Update : DIRECT TAX: CBDT: No Enquiry or investigation in respect of document / evidence relating to Income Declaration Scheme (IDS), 2016 found during the course of Search u/s 132 or Survey action u/s 133A of the Income-tax Act,1961 – Circular No. 32 of 2016, dt.01 SEP 2016. CBDT clarifies that no enquiry or investigation in …
Today updates: DIRECT TAX: CBDT has issued a Income tax (21st Amendment) Rules, 2016- class or classes of buyer to whom provisions of section 206C (1D) shall not apply vide Notification No. 75/2016 dated 19/08/2016. ITAT Ahemdabad in the below citied case held that in case of Cash expenditure exceeding Rs. 20,000/- – the paramount consideration …
Today updates: DIRECT TAX: CBDT Notification Reg. Adoption of Indexed Stamp Duty Value for Income Declaration Scheme. Notification dated 17th August 2016. Those disclosing unaccounted wealth under (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs). Interest …
TAX UPDATE Direct Tax: Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Section 139, to be verified through ITR V form by 31.08.16. CBDT Circular no.13/2016. Bank could claim sec. 36(1)(viii) deductions in rectification application when it failed to claim it in e-return Citizen Credit Co-operative Bank Ltd. v. Deputy Commissioner …
Tax Update : DIRECT TAX: CBDT mandates PAN of authors/ founders/ trustees/ managers in Form 10A. Notification No. 67/2016 AO to verify whether cash payments made to drivers on Sundaywould cover under exceptions to sec. 40A(3): ITAT Shivshakti Transport Sangh v. Income Tax Officer, Ward-1, Panvel [2016] 72 taxmann.com 79 (Mumbai – Trib.) CBEC prescribes requirements to claim …
Tax update: Direct Tax: The scrap and spent solution are part of the manufacturing process and eligible for exemption u/s 10B. [The CIT vs. M/s. Orchid Chemicals & Pharmaceuticals Ltd. – 2016 (8) TMI 278 – Madras High Court] ITAT Bangalore in the below citied case held that as assessee has failed to establish this …
Tax update: Direct Tax: Person attaining age of 60 or 80 years on 1st April shall be considered Senior/Very senior citizen for immediately preceding financial year. CBDT Circular 28 of 27-7-16. No Section 40(a)(ia) disallowance when income is determined on estimated basis after rejecting books. Receipt on settlement of dispute on use of trademark is tax free …
Today updates: DIRECT TAX: Income Tax: Excise and Customs duty on closing stock is deductible on payment basis as per sec. 43B Commissioner of Income-tax, Bangalore v. NCR Corporation India (P.) Ltd. [2016] 71 taxmann.com 211 (Karnataka) Income tax : Where assessee, a tenant co-partnership housing society, constructed four additional tenements and thereafter four persons sought membership …
Today updates: DIRECT TAX: Income tax : No TDS on transportation charges reimbursed by buyer if seller is liable to pay such charges to GTA Hightension Switchgears (P.) Ltd. v. Commissioner of Income-tax [2016] 71 taxmann.com 207 (Calcutta Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions CBDT Press Release …
Today updates: DIRECT TAX: Income tax : ALV of property remaining vacant for whole year has to be computed with reference to section 23(1)(c) and, therefore, where assessee intended to let property and took appropriate efforts in letting property but ultimately failed to let the same, in terms of section 23(1)(c), its ALV had to …