PAYMENT MADE TOWARDS STUDENTS COLLEGE FEES IS NON-TAXABLE Indian resident students go abroad for studies and they have to incur expenses on account of payment towards fees to university which may include accommodation charges also. Payment made towards college fees is non-taxable whether paid to government or non-government institute as in this case income is not …
TAX REFUND IN TIMELY MANNER AND THE TIMELY ISSUE TO EXPORT IMPORT TRADERS The Government is initiating all steps that the exporters get their tax refunds in time manner and the timely issue of refunds has always been a matter of priority and concern for the Government. Field formations have been directed to ensure prompt …
SUMMARY OF APPROVED UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015. The Union Cabinet on 17th March, 2015 approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries. Important Provisions of the Bill: Concealment of income and assets and …
TAX IMPLICATIONS FOR NRIs WHO WANT TO SELL PROPERTY IN INDIA. NRIs who have sold house property which is situated in India have to pay tax on the Capital Gains. The tax that is payable on the gains depends on whether it’s a short term or a long term capital gains. When a house property …
SECTION 50C DOESN’T APPLY TO SALE OF ASSETS FORMING PART OF BLOCK OF ASSETS Deeming provision under section 50C, adopting stamp duty value as sale consideration applies to compute capital gains and not to determine written down value of assets [2015] 59 taxmann.com 373 – ITAT MUMBAI – Bhaidas Cursondas & Company v/s ACIT, Mumbai FACTS During …
Service tax is not leviable under reverse charge mechanism for use of CRS/GDS” Dear Professional Colleague, Recently, the Delhi CESTAT, in the case of M/s Continental Airlines Inc. v Commissioner of Service tax, New Delhi 2015-TIOL-1481-CESTAT-DEL, has held that Service tax shall not levied in respect of the payments made to CRS/GDS under reverse charge mechanism and airport …
Highlights of Key Income Computation and Disclosure Standards (ICDS) CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head “Profit and gains of business or profession” or “ Income …
Exemption under Sec. 54F could not be denied merely because the construction of House was not complete in all respects within 3 years of transfer CIT(Bangalore) v. Smt. B.S. Shantha kumari Where assessee had invested net sale consideration on transfer of long-term asset in construction of a residential house property, deduction of section 54F could not be denied merely …
Highlights of Key changes in new ITR Forms 1,2 3, 4, 5, 6 and 7 Summary of ITR Form Applicability – AY 2025–26 Salary Income Nature ITR-1 ITR-2 ITR-3 ITR-4 Salary/Pension (Ord. Resident) ✅ ✅ ✅ ✅ Salary/Pension (Not Ord. Resident/Non-Resident) ❌ ✅ ✅ ❌ Director in a company ❌ ✅ ✅ ❌ ESOP deferred …
Service tax shall not liable in respect of the packaging of fertilizer Recently, the Supreme court in the case of Commissioner of Central Excise, Goa. v/s M/s. New Era Handling Agency, (2015) 59 438 (SC), has held that manufacturing is not complete without packaging and therefore, packaging would be essential part of manufacturing and Service tax shall not …