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 BULLETINS FOR THE MONTH OF OCT 2015 Direct Tax CBDT asks AOs to compare tax returns of mining Cos with annual returns to ascertain suppressed stock The assessees engaged in the business of mining are required to file a Annual Return with Indian Bureau of Mines (‘IBM’)(Form H-1 in case of Iron Ore mining …
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 …
Basic Compliance related to Annual Filling of ROC Following e-forms are required to be filed with ROC for the Annual Filing for the financial year 2014-15. MGT-14 (For approval of financial Accounts and Board’s Report) ADT-1 (For appointment of Auditor) AOC-4(For filing of Notice, Directors’ Report and Financial Statement) MGT-7 (For Annual Return) Form MGT-14:(To …
PROFESSIONAL UPDATE FOR THE MONTH: IT : Where assessee is executing an infrastructure development fixed price contract, foreseeable losses of future years can be recognized following rationale of AS-7 issued by ICAI and such a provision is an allowable deduction [2015] (Pune – Trib.) ACIT v. AshokaBuildcon Ltd. Service Tax : Where collection of entrance …
YOGA,MEDITATION CLASSES AND CATEGORY OF HEALTH AND FITNESS SERVICES ARE TAXABLE UNDER SERVICE TAX. Recently, in the matter of Malabar Hill Citizens Forum Versus Commissioner of Central Excise, Mumbai, 2015 (9) TMI 789, Mumbai CESTAT held that amounts collected for conducting Aerobics and Yoga classes would fall under Health & Fitness Services and accordingly would be …
REFUND PROCEDURE of SERVICE TAX PAID ON INPUT SERVICE – NOTIFICATION 41/2012-ST The Government of India issued a Notification No. 41/2012-Service Tax Date-29.06.2012 to enable the Exporter of Goods/ services to claim the SERVICE TAX what ever they have paid to effect the export of goods beyond the place of removal ( Factory ) to the port of export. …