CORPORATE TAX UPDATE FOR 28th OCTOBER 2015 Daily Updates & News: Direct Tax Assessee cannot be compelled to claim depreciation as Exp. 5 to Sec 32(1)(ii) is not retrospective CIT vs. M/s Shree Triveni Foods (Himachal Pradesh High Court) , IT Appeal No.-43 of 2009 along with 44,45,46,49 and 51 of 2009, Date of Pronouncement-23rd …
COMPANIES (AMENDMENT) ACT 2015 – AMENDMENTS AT A GLANCE. ü This Act shall come into force on 26th May, 2015 ü Details Of Amendment: The proposed amendments deal with related party transactions, fraud reporting by auditors, public inspection of Board resolutions, responsibilities of audit committee, restrictions on bail, making common seal optional, requirement for minimum paid-up share capital, …
FAQ ON COMPUTATION OF AGRICULTURAL INCOME AS PER INCOME TAX ACT- Do Interest on arrears of rent qualify as Agricultural Income and will this be exempt from tax? Sometimes, a tenant could slip up on rent or revenue payments (either in cash or kind) and have to pay arrears. If the landlord charges interest on …
AGRICULTURE INCOME IS EXEMPT UNDER THE INDIAN INCOME TAX ACT. Agricultural Income :Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. The reason for exemption of agriculture income from Central Taxation is that the Constitution gives exclusive power to make laws with respect to taxes …
CORPORATE TAX UPDATE FOR 27th OCTOBER 2015 New case law adjudicating on applicability of Service Tax to Non Profits Case Source: Central excise, Malabar Hill Citizens Form, Mumbai 2015 (9) TMI 789 Recently, in the matter of Malabar Hill Citizens Forum Versus Commissioner – Central Excise, Mumbai, Mumbai CESTAT held that amounts collected for conducting Aerobics and …
CORPORATE LAW UPDATE FOR THE MONTH OF OCT 2015 Section. 32: Even prior to the insertion of “intangible assets” in s. 32, intellectual property rights such as trademarks, copyrights and know-how constitute “plant” for purposes of depreciation. The department is not entitled to rewrite the terms of a commercial agreement Mangalore Ganesh Beedi Works vs. …
CORPORATE TAX UPDATE FOR 25th OCTOBER 2015 Aadhaar eKYC Process for DSC Aadhaar eKYC is a paperless process for Digital Signature Issuance where in identity and address of the subscriber are verified through Aadhaar authentication. This a convenient mode of obtaining Digital Signature (DSC) as there is no need to submit the Hard copies of …
CORPORATE UPDATE FOR THE MONTH: Wal-Mart’s India sales go south by 32% in 2014 Sep 28, 2015 The Indian unit of Wal-Mart Stores Inc, the world’s largest retailer, posted its first ever sales decline after parting ways with key client Bharti Retail and halting store expansion amid an ongoing internal probe into alleged corrupt …
LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY LOB CLAUSE BETWEEN INDIA-SINGAPORE IS NOT APPLICABLE IN CASE OF PAYMENT IS MADE TO A BANK ACCOUNT IN THIRD COUNTRY IF THE SAID INCOME WAS TAXABLE IN SINGAPORE ON ACCRUAL BASIS AND NOT ON REMITTANCE …
RELIEF CANNOT BE GRANTED IF ASSESSE DOES NOT COMPLY WITH PROVISIONS OF VOLUNTARY COMPLIANCE ENCOURAGEMENT SCHEME VCES, 2013 Recently on 1st September, 2015, Hon’ble Bombay High Court dismissed Writ petition no. 1735 of 2015, seeking availment of benefit of ST- Voluntary Compliance Encouragement Scheme (VCES), 2013, by the petitioner in the matter of Sunil Agnihotri Productions vs. …