An overview on Income tax Advance Ruling Provisions Advance ruling has been internationally recognized as “A more or less binding statement from the revenue authorities upon the voluntary request of a private person, concerning the treatment and consequence of one or series of contemplated future actions or transactions.” In India, the scheme of advance rulings …
CORPORATE & PROFESSIONAL UPDATE JANUARY 02, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property : Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment – [2015] 64 368 (Karnataka) SECTION 92C TRANSFER …
KEY DATES OF NOVEMBER, 2015 DUE DATES PARTICULARS Form / Challan Number 06/11/2015 E-Payment of Service Tax for October by Cos Challan No.GAR-7 07/11/2015 Payment of TDS/TCS deducted/collected in October Challan No.ITNS-281 07/11/2015 Submission of Forms received in October to IT Commissioner Form No.15G, 15H,27C 10/11/2015 Return for Non SSI assessees for October ER-1 …
Today’s updates: Block assessment can’t be framed on basis of material collected during survey. AO couldn’t doubt genuineness of share transaction merely on basis of statement of third party. MCA instruction on Online Payment. ICAI live seminar on Service Tax. In Detailed : 1.Block assessment can’t be framed on basis of material collected during …
CORPORATE & PROFESSIONAL UPDATE JANUARY 01, 2016 DIRECT TAXES: AOs to prepare satisfaction note under Sec. 153C as per SC’s guidelines in Knitwear’s case: CBDT No denial of exemption to an institute just because it was training already trained persons [2015] 64 275 (Gujarat) Mudra Foundation for Communications Research & Education v. CCIT CBDT notifies amended …
“AOP’s or BOI’s included in the definition of ‘person’ held as not unconstitutional” In recent times, owing to the writ petition filed in High Court of Punjab & Haryana challenging the validity of definition of person as given under Section 65B(37) of Finance Act, 2012 to the extent it includes an association of persons or body of individuals …
AMENDED RULES REGARDING QUOTING OF PAN FOR SPECIFIED TRANSACTIONS In order to curb the circulation of black money and widening of tax base, to collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 21, 2015 INCOME TAX ACT SECTION 28(i) BUSINESS LOSS/DEDUCTIONS – ALLOWABLE AS In the case of a contractual dispute between the parties, liability of the assessee to pay arises only when the claimant against the assessee acquires some legal right to receive the amount – [2015] 64 260 (Delhi – Trib.) (SB) …
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 & PROFESSIONAL UPDATE DECEMBER 19, 2015 CBDT takes various significant decisions in last three months for providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the …