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 …
Today updates: DIRECT TAX: Income Tax: No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71 taxmann.com 135 (Chandigarh – Trib.) Income Tax: Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software …
CORPORATE AND PROFESSIONAL UPDATES JULY 9, 2016 DIRECT TAX: Income Tax : Cash deposits in bank can’t be held as undisclosed income without verifying source of deposits Gurpal Singh v. Income-tax Officer, Ward-1, Kapurthala Income-tax Officer, Ward-1, Kapurthala Income Tax : Chennai ITAT denies Sec 11 exemption to assessee ,an educational trust with respect to income …
Today updates: DIRECT TAX: Income Tax : Deduction u/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision. Indian Railway Const. Co. Ltd. Vs. IAC (A) -ITAT Delhi Income …
Today updates: DIRECT TAX: Income Tax : ITAT in the given case held that-as the international transactions of payment of royalty and fees for technical services are separate transactions and not closely linked with the other transactions with which the assessee has merged them, we cannot permit such merger or aggregation for the purpose of …
Today updates: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70 taxmann.com 389 …
Today updates: DIRECT TAX: Income Tax : CBDT issues 3rd FAQs on Income Declaration Scheme, 2016, Circular No.25 of 2016 -Income Tax Dated 30th of June, 2016. Income Tax : Explanation on disallowance of CSR exp. doesn’t have retro-effect, says ITAT Assistant Commissioner of Income-tax, Circle 1 (1), Bilaspur V. Jindal Power Ltd. [2016] 70 taxmann.com 389 (RAIPUR-TRIB) …
CSR Q. A private limited company was incorporated under the erstwhile Companies Act, 1956. Company’s net profit for the Financial Year ended on 31st March, 2015 was Rs. 5.25 crores which decreased to Rs. 4.90 crores for the financial year ended on 31st March, 2016. Whether such private limited company is required to constitute Corporate …
Today updates: DIRECT TAX: Income Tax: Amounts deposited in “golaks” in Gurudwara doesn’t amount to anonymous donations but charity [TS-343-ITAT-2016(ASR)] Income Tax: CBDT issued an addendum circular to Circular No. 22/2016 clarifying that no TCS u/s 206C(1D) will be levied if the cash receipt does not exceeds two lakh even if the sale consideration exceeds two laks rupees …