UPDATES ON INCOME TAX RETURN RECEIPT SHOWN IN P&L A/C LIABLE TO MAT EVEN IF IT IS SHOWN AS CAPITAL RECEIPT IN NOTES TO ACCOUNT- IT : Remission of bank loan shown in P&L A/c shall not be excluded for computing book profits under section 115JB even if same was shown as capital receipt in …
UPDATES ON SWACHH BHARAT CESS(SBC) LEVY OF SWACHH BHARAT CESS IN CASES WHERE ALTERNATIVE RATES ARE APPLICABLE AND CLARIFICATION ON SWACHH BHARAT CESS (SBC)” Service tax is presently levied at alternative rates in respect of service provided by air travel agents, life insurance service, service in relation to sale/purchase of foreign exchange including money changing and …
INCOME TAX ACT UPDATE ON NOV 17, 2015 INCOME TAX ACT SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Liaison Office of foreign MNC established in India for sourcing goods for exports to its overseas customers as per their requirements will not be treated as PE under the DTAA merely because it …
INCOME TAX UPDATE NOV 17, 2015 INCOME TAX ACT- Kind of ITR SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Royalty/Fees for technical services : Where assessee-company engaged a company registered in USA, for review of design of cranes but it could not be discerned from records whether suggestions given by U.S. company would …
NEW OR CHANGES IN AADHAR CARD RELATED UPDATES I. DOCUMENTS REQUIRED AADHAR CARD 1. For any Updation Name Correction/Update – Requires submission of any one of the Proof of Identity(PoI) listed in “Supported Proof of Ide Documents Containing Name and Photo for Name Corrections/Update”. Date of Birth Correction (DoB) – Requires submission of any one …
PROFESSIONAL UPDATE NOV 16,2015 Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01.04.2009. ITAT Amritsar [Pardeep Singh Wazir vs. DCIT] Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion.[ ITAT Delhi ITO (E) vs. Calorex …
PROFESSIONAL UPDATE NOV 16,2015 PROFESSIONAL UPDATE:- In absence of return of notice sent by speed post it will be presumed to be delivered. [Petronet LNG Limited vs. DCIT] (ITAT Delhi). Delhi VAT extend the last date for filing of online returns for the 1st and 2nd quarter of the year 2015-16, in forms EC-II and EC-III …
TAXATION UPDATE NOV 15,2015 Indirect Taxes: Refund of Service Tax – input services used for export of goods – service tax paid by MIAPL is under category which was not classified under Notification 17/2009-ST – refund denied –(Hindustan Petroleum Corpn. Ltd. Versus Commissioner of Service Tax, Mumbai-I, CESTAT MUMBAI). Valuation – Reimbursement Expenses – Legal …
CORPORATE AND PROFESSIONAL UPDATE IT: In case of legal fees, only when legal matter is over and assessee advocate decides on quantum of fees, it becomes income in hands of advocate and entire advance amount that includes pocket payments would not bear any particular characterization for purpose of treating it as income IT: Where Assessing …
Complete overview on Gold Bonds Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold aimed at bringing down gold imports and providing an alternative to physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity. The bond is issued by the Reserve …