Today update DIRECT TAX: Income Tax: Where assessee trust was carrying on micro finance business in a commercial manner so as to earn profit and there was no iota of charity carried on by assessee, exemption under section 11 could not have been granted to assessee .( Assistant Commissioner of Income-tax v. Grama Vidiyal Trust) Income Tax …
Today updates: DIRECT TAX: Income Tax: No penalty on firm when it agreed to treat partner’s contribution as its income to buy peace Choupal Plywood v. Income-tax Officer, Ward-3, Yamunanagar [2016] 71 taxmann.com 135 (Chandigarh – Trib.) Income Tax: Non-issuance of SCN prior to rejection of refund would render adjudication order as void D.E. Shaw India Software …
Today updates: DIRECT TAX: Income Tax : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income Tax Act, 1961. …
CSR Q. A private limited company was incorporated under the erstwhile Companies Act, 1956. Company’s net profit for the Financial Year ended on 31st March, 2015 was Rs. 5.25 crores which decreased to Rs. 4.90 crores for the financial year ended on 31st March, 2016. Whether such private limited company is required to constitute Corporate …
A: CENVAT ELIGIBILITY OF WORKS CONTRACT SERVICE: Recently CESTAT of Mumbai in the case of Red Hat India (P.) Ltd. v. Principal Commissioner of Service Tax, Pune (2016) 70 taxmann.com 132 has held that Works Contract Services used for maintenance of office equipment and building is not excluded from definition of input service and hence, same is eligible for …
The Income Declaration Scheme, 2016 (hereinafter referred to as ‘the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all the 45% of such …
MCA OUTLINING THE ROADMAP FOR IMPLEMENTATION OF INDIAN ACCOUNTING STANDARDS (IND AS) FOR BANKS, NON-BANKING FINANCIAL COMPANIES: The Ministry of Corporate Affairs (MCA), Government of India has notified the Companies (Indian Accounting Standards) Rules, 2015 on February 16, 2015. A reference is also invited to the Press Release dated January 18, 2016 issued by the …
TODAY UPDATES: DIRECT TAX: Income Tax : Claim to write off on account of advance disallowed – year in which bad-debts crystallized – mercantile system of accounting – only the assessee has determined finally that the amount is irrecoverable – No addition – M/s Xpro India Ltd. Vs. CIT, Kolkata (Calcutta High Court) Income Tax: Exemption u/s 11(1)(a) …
Today updates: DIRECT TAX: No Addition u/s 68 if identity, creditworthiness & genuineness established[DCIT Vs. M/s Overseas Infrastructure Alliance (I) Pvt. Ltd. (ITAT MUMBAI)]. Wheeling charges and transmission charges are neither contractual payments nor fee for technical services u/s. 194C or 194J – No TDS required – ITAT Kolkata in case of [DCIT Vs. West …
Today updates: DIRECT TAX: Income Tax: Delhi HC allows assessee’s writ & quashes assessment u/s 143(3) read with Sec 144C for AY 2009-10, presumes that order was not passed within the prescribed time-limit as Revenue could not prove service of final assessment order u/s 144C on assessee As Revenue could not produce any proof of dispatch of the assessment …