CORPORATE AND PROFESSIONAL UPDATE JANUARY 17, 2016 INCOME TAX ACT SECTION 119 CENTRAL BOARD OF DIRECT TAXES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES Others : Where assessee, an AOP, applied for grant of PAN on 19-1-2005 and department erroneously issued PAN in favour of partnership firm and thereafter assessee in year 2014 applied to Commissioner pointing …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 16, 2016 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility : SLP granted against order of High Court wherein it was held that since dominant objective of ICAI was to regulate profession of Chartered Accountancy in India, it was a charitable institution and conduction of coaching classes …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 2016 INCOME TAX ACT SECTION 37(1) BUSINESS EXPENDITURE Allowability OF Interest : SLP granted against High Court’s ruling that interest which was paid after slump sale was effected and where factory was in operation could not be capitalized and therefore, such expenses were revenue in nature – [2016] 65 67 (SC) Share …
CORPORATE & PROFESSIONAL UPDATE JANUARY10,2016 INCOME TAX ACT SECTION 24 INCOME FROM HOUSE PROPERTY – DEDUCTIONS Interest : Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b). SECTION 37(1) BUSINESS EXPENDITURE – ALLOWABILITY OF SAME BUSINESS Expenditure incurred by assessee, engaged in manufacturing of ice-creams, …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016 INCOME TAX ACT SECTION 9 India as ‘fee for technical services’; however in view of law as it existed at an earlier point of time when payments were made, it was not possible to comply with tax withholding liability. SECTION 48 CAPITAL GAINS – COMPUTATION OF COST OF IMPROVEMENT …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016 Company Law: Query:Kindly let us know about the appointment of auditor in a Government company? Answer:The appointment and re-appointment of auditor of a Government Company or a government controlled company is governed by the provisions of section 139 of the Companies Act, 2013 which are summarized as under: The …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 07,2016 DIRECT TAX: Issues Guidance Note on FATCA. Disallowance of deduction of interest expenditure from interest Income – there is a director nexus between the interest earned from the company and the interest paid to the bank. Under these circumstances the interest expenditure in our opinion was rightly allowed. Condonation …
CORPORATE & PROFESSIONAL UPDATE JANUARY 02, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property : Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment – [2015] 64 368 (Karnataka) SECTION 92C TRANSFER …
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 …
CORPORATE & PROFESSIONAL UPDATE JANUARY 01, 2016 DIRECT TAXES: AOs to prepare satisfaction note under Sec. 153C as per SC’s guidelines in Knitwear’s case: CBDT No denial of exemption to an institute just because it was training already trained persons [2015] 64 275 (Gujarat) Mudra Foundation for Communications Research & Education v. CCIT CBDT notifies amended …