CORPORATE AND PROFESSIONAL UPDATE April 29, 2016 DIRECT TAX: Income Tax has issued a circular on Limitation for penalty proceedings under sections 271D and 271E of the Income-tax Act, 1961 vide circular No. 10/2016. LTCG cannot be disallowed merely based on information received from DDIT. [Kamlesh Mundra vs. ITO (ITAT Mumbai)]. Interest paid for shares acquisition …
CORPORATE AND PROFESSIONAL UPDATE April 23, 2016 DIRECT TAX: Receipt from the HUF of which the assessee was the member is to be treated as gift received from the relative-not taxable u/s 56(2). Held that – the relative explained in Explanation to s. 56(2)(vi) of the Act includes relatives and as the assessee received gift …
CORPORATE AND PROFESSIONAL UPDATE April 21, 2016 Direct Tax: TPL under Section 90/90A/91 of IT Act 1961- Draft Rules for Granting Relief or Deduction vide Circular No. F.NO.142/24/2015 under section 90/90A/91 of IT dated 18-04-2016- (Click here to view) Benefit of deduction u/s 80P(2)(a)(i) – Held that – Assessee is entitled for deduction of interest income derived …
CORPORATE AND PROFESSIONAL UPDATE April15, 2016 DIRECT TAX: Income Tax: Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act, 1961 (‘Act’), the same is to be allowed as revenue expenditure under the Act while computing income chargeable to tax even if the taxpayer capitalizes such an …
Amendments vide Finance Bill, 2016 applicable wef. 1st April. 2016 The Finance Bill, 2016 which was brought into by the Union Budget, 2016-17 come out with no. of amendments applicable from varied dates. Changes which were effective from the 1st day of April, stands imbibed are listed as follows:- Change relating to Mega Exemption Notification …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 13, 2016 INTEREST & PENALTIES UNDER THE FINANCE ACT, 1994 The analysis of the amended provisions as per the Finance Bill, 2016 in respect of “Interest and Penalties” are as under: Amendment under Section 73 of the Finance Act, 1994 Section 73 of the Finance Act, 1994 deals with …
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 7, 2016 6% Tax on online advertisement / Google Tax Vide Finance bill 2016 FM has proposed to levy 6% of the amount of consideration for specified services received or receivable by a non-resident not having permanent establishment (‘PE’) in India, from a resident in India who carries out business …
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 28, 2016 CRATE RENTALS RECOVERED BY BEVERAGE MANUFACTURERS LIABLE TO VAT AND NOT SERVICE TAX In the case of Hindustan Coca Cola Beverages (P.) Ltd. v. Commissioner of Service Tax, Delhi (2016) (New Delhi – CESTAT), The New Delhi CESTAT has held that such crate rentals would be liable to …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 20, 2015 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Education : Educational unit infusing sense of patriotism in people is fulfilling its ancillary object; tax exemption available – [2015] 64 44 (Uttarakhand) SECTION 4 INCOME – CHARGEABLE AS Share broker : Where assessee-firm acted as sub-broker and distributed NCDEX profits among its clients, merely …
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 …