India Financial Consultancy -

October 11, 2016 / Uncategorized

FINANCE BILL 2016 : PASSED ON MAY 5,2016

Finance Bill 2016 : Changes in the Finance Bill 2016 as passed by the Lok Sabha on May 5, 2016:

# LLPs is now ‘Eligible start-ups’

# Unlisted shares held for 24 months or less would be treated as short-term capital asset

# Employer Contribution in excess of 12% of salary to the recognized provident fund shall be deemed as income of employee

# Processing of ITR is not necessary before the expiry of one year from the end of financial year in which return is furnished, where a notice is issued for scrutiny assessment U/s 143(2).

# A new Section 270A has been inserted to provide for levy of penalty in cases of underreporting and misreporting of income

# Under reporting of income shall be punishable as willful attempt to evade tax liable to prosecution U/s 276C

# TCS U/s 206C to be collected at the time of receipt only in specific cases (more…)

July 7, 2021 / Company Law Compliances

CORPORATE AND PROFESSIONAL UPDATE MAY 5, 2016

TODAY UPDATES: DIRECT TAX: IT: The cost incurred by the previous owner shall be adopted while computing capital gains in the hands of the assessee – benefit of indexation should accordingly be provided w.e.f. 01 APR 1981 – P.M. Rungta (HUF) Vs. ITO (2016 (5) TMI 67 – ITAT Mumbai) IT: Exemption on the principle of mutuality claimed – …

July 10, 2021 / Business Set Up in India

CORPORATE AND PROFESSIONAL UPDATE MAY 3, 2016

CORPORATE AND PROFESSIONAL UPDATE MAY 3, 2016 DIRECT TAX IT: Additional payment even if made to the retiring partner in excess of capital account is not in nature of any profit or income within the meaning of Sec.28(va) of the Act and it cannot be brought to tax as business income – Sharadha Terry Products Ltd. Vs. …

March 20, 2025 / Company Law Compliances

COMPLETE 2013 COMPANIES ACT LIST OF SECTIONS AND THEIR NAMES

COMPLETE 2013 COMPANIES ACT LIST OF SECTIONS AND THEIR NAMES Section 1- Short title, extent, commencement and application Section 2- Definitions. Section 3- Formation of company. Section 4- Memorandum. Section 5- Articles. Section 6- Act to override memorandum, articles, etc. Section 7- Incorporation of Company. Section 8- Formation of companies with charitable objects, etc. Section …

May 21, 2023 / Indirect Tax

CHANGES IN CENVAT CREDIT RULES, 2004

CHANGES IN CENVAT CREDIT RULES, 2004 To simplify the provisions related to availment of CENVAT Credit in respect of service tax paid on acquiring right to use of natural resources Central Government has made changes in Rule 4(7) of CENVAT Credit Rules, 2004 vide Notification No. 24/2016-CE (N.T), dated 13th April, 2016. In addition, change …

February 1, 2025 / GST

FAQ’s on Goods and Services Tax

Q.: What is GST and GSTR Filings? GST, or Goods and Services Tax, is an indirect tax that has replaced multiple taxes in India, including the VAT System, since its implementation on July 1st, 2017. On March 29th, 2017, the GST Act was passed by Parliament. GST is regarded as a ‘comprehensive, multi-staged, and destination-based’ …

July 6, 2021 / Uncategorized

CORPORATE AND PROFESSIONAL UPDATE April 29, 2016

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 …

July 7, 2021 / Company Law Compliances

CORPORATE AND PROFESSIONAL UPDATE April 25, 2016

CORPORATE AND PROFESSIONAL UPDATE April 25, 2016 DIRECT TAX: Surveying authority can’t allege excess stock without demanding standard weighment facility from assessee[2016] 68 taxmann.com 288 (Amritsar – Trib.) Smt. Kailash Devi Prop. v. Income-tax Officer No Capital Gain on unaccrued contingent deferred consideration [CIT VS. Mrs Hemal Raju Shete(Bombay High Court) Sec. 263 Revision for starting fishing …

July 7, 2021 / Company Law Compliances

CORPORATE AND PROFESSIONAL UPDATE April 23, 2016

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 …

July 7, 2021 / Company Law Compliances

CORPORATE AND PROFESSIONAL UPDATE April 21, 2016

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 …