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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 …
COMMITTEE OF GOVT OF INDIA GIVEN 10 SUGGESTIONS FOR TAX REFORM PANEL TO SIMPLIFY INCOME-TAX PROVISIONS. The Government has constituted a 10-member Committee (‘Tax Reform Panel’) on October 27, 2015 to simplify provisions of the Income-Tax Act. Justice R.V. Easwar, former Judge of the Delhi High Court is the Chairman of Tax Reform Panel. The …
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 – …
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 …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 10, 2015 1. INCOME TAX ACT SECTION 4 (a) HUF – ASSESSABLE AS Where father of assessee got registered HUF, doing lottery business two months before his death and thereafter, assessee carried on said lottery business as karta of HUF, undisclosed income related to said business declared on search was …
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 6, 2015 DIRECT TAX No reassessment beyond 4 years to tax deemed dividend if material facts of such income were disclosed in assessment [2015] 104 (Gujarat) Viren Sureshchandra Shah v. ACIT. Personal loan given by a company to its shareholder holding substantial interest in it would be taxable as deemed dividend [2015] …