CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 2016 DIRECT TAX CBDT had issued Clarifications for implementation of FATCA and CRS Vide Press release dated 19.02.2016 ITAT: Rejects double-deduction on BSE membership card; Special provisions u/s 50 override Sec 55(2)(ab) [TS-75-ITAT-2016(Mum)] IT: Tax cannot be levied on assessee at a higher amount or at a higher rate merely because …
CORPORATE & PROFESSIONAL UPDATE FEBRUARY 20, 2016 Direct Tax Bogus purchases – CIT(A) was fully justified in deleting the addition made by the AO on account of alleged bogus purchases particularly when the GP rate declared by the assessee was progressive and was accepted by the AO. – ITO, Ward 2 (2) , Ghaziabad Versus Ray …
UNION BUDGET 2016-17 Budget 2016 expectations: It is that time of the year when everybody is hoping that the Finance Minister has some good news for them in the Budget. With reforms by the Indian government to encourage foreign investment in the country, the upcoming budget is expected to introduce an investor-friendly tax regime and …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12,2016 DIRECT TAX: When the Assessing Officer and the Commissioner concurrently found that there was unexplained expenditure and source of such income was not satisfactorily explained section 69C of the Act would certainly be applicable. – HC – Income Tax RAVIKIRAN CERAMICS PVT LTD Versus PR. COMMISSIONER OF INCOME TAX (CENTRAL) …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 1, 2016 DIRECT TAX Non deduction of tax at source in respect of interest on debenture u/s 193 – Mere because of Provision made in the books of account as per Accounting Standards where no income has accrued to or has been received by then debenture holders TDS not required …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 30,2016 DIRECT TAX Penalty for default in filing of TCS return waived-off as assessee was unaware of TCS provisions [2016] 65 taxmann.com 254 (Ahmedabad – Trib.) Jaihind Projects Ltd. v. Additional Commissioner of Income-tax Disputed liability not settled for long period couldn’t be said to be ceased as per sec. 41(1) …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 29,2016 SHARING A BRIEF WRITE UP – NO CLEAR GUIDELINES FOR SEIZURE OF JEWELLERY FOUND DURING SEARCH AND ITS ASSESSMENT THEREON : Vide CBDT Instruction no. 1916 dated 11-05-1994, it has been clarified that no seizure should be made by the Search Party of the Jewellery and Ornaments found during …
KEY DATES OF NOVEMBER, 2015 DUE DATES PARTICULARS Form / Challan Number 06/11/2015 E-Payment of Service Tax for October by Cos Challan No.GAR-7 07/11/2015 Payment of TDS/TCS deducted/collected in October Challan No.ITNS-281 07/11/2015 Submission of Forms received in October to IT Commissioner Form No.15G, 15H,27C 10/11/2015 Return for Non SSI assessees for October ER-1 …
“AOP’s or BOI’s included in the definition of ‘person’ held as not unconstitutional” In recent times, owing to the writ petition filed in High Court of Punjab & Haryana challenging the validity of definition of person as given under Section 65B(37) of Finance Act, 2012 to the extent it includes an association of persons or body of individuals …
AMENDED RULES REGARDING QUOTING OF PAN FOR SPECIFIED TRANSACTIONS In order to curb the circulation of black money and widening of tax base, to collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified …