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Tax benefits you can avail by investing in an apartment

Income Tax - Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied and let-out apartments all differ from each other. Knowing the nitty-gritty of these tax laws can help you claim all the deductions you stand eligible for. Here’s ...

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LLP Annual Filing of Form –11, Step By Step Procedure

Company Law, Corporate Law - Today is the last date for Annual Filing of LLP Form – 11. Many professional are facing problem in Filing that Form – 11. So I have just make simple process along with their Screen Shot hope you get your doubt Clear by following below procedure.Annual Filing of the LLP For the year 2016...

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Service Tax – Krishi Kalyan Cess – New levy wef 01st June, 2016

Service Tax - The Finance Act, 2016 under Chapter VI has introduced a new cess named ‘Krishi Kalyan Cess’ (KKC) on all taxable services at the rate of 0.5% of the value of such services for the purposes of financing and promoting initiatives to improve agriculture or any other purpose. This cess would come into force from 01.06.2016 and would be le...

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Changes vide Service Tax Notifications at the time of Budget 2016

Service Tax - In this article, we have herein below summarized the amendments made by notifications in service tax law. Cenvat credit on Input Services has now been allowed for the services of transportation of goods by Rail (Other than transport of goods in containers by rail by any person other than Indian Railways). (There is an abatement of 70% for...

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Scope of prima facie adjustment u/s 143(1) of Income Tax Act enhanced

Income Tax - The Finance Act, 2016 has made a very important amendment to section 143(1) of Income Tax Act, 1961, whereby the scope of prima facie adjustments u/s 143(1) has been enhanced while processing the returns. The following four sub-cluases and two provisos to the clause (a) of Section 143(1) have been added to allow for the […]...

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CBDT invites comment on Implementation of GAAR

Income Tax - The provisions of General Anti Avoidance Rule (GAAR) are contained in Chapter X-A of the Income-tax Act, 1961 (the Act). The GAAR provisions shall be effective from assessment year 2018-19 onwards, i.e.; financial Year 2017-18 onwards. The necessary procedures for application of GAAR and conditions under which it shall not apply, have bee...

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Engagement of Research Associates/Professionals in CCI

CA CS ICWA - COMPETITION COMMISSION OF INDIA Hindustan Times House, 3rd, 4th & 7th Floor, 18-20, Kasturba Gandhi Marg, New Delhi – 110 001 Tel: +91-11-23473600 Fax: +91-11-23704686 F. No. A-12015/01/2016- HR  Dated: 9th May, 2016 NOTICE Engagement of Research Associates/Professionals in the Competition Commission of India on contract basis. Com...

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E-filing of CIT appeals – Due Date Extension to 15.06.2016

Income Tax - It has come to the notice of CBDT that in some cases the taxpayers who were required to e-file Form 35, were unable to do so due to lack of knowledge about e-filing procedure and/or technical issues in e-filing. Also, the EVC functionality for verification of e-appeals was made operational from 12-5-2016 for individuals and from 19-5-2016...

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Simplified Approach to Service Tax – A Complete Analysis

Service Tax - This book contains the latest law and procedures involved in Service Tax, including all the amendments incorporated by Finance Act, 2016 and notification, circulars & case laws upto 18th May’2016. It is an attempt to provide professionals with an in-depth analysis of crucial aspects of this law through a simplified approach. Also the bo...

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Extension of Scheme for E-assessment to 2 more cities

Income Tax - Paperless assessment/ e-mail based assessment on a pilot basis was commenced in the financial year 2015-16 in non-corporate charges of five cities i.e. Ahmedabad, Bangalore, Chennai, Delhi and Mumbai. The e-mail based assessment scheme has now been extended to two more cities, namely Hyderabad and Kolkata during the current financial year...

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Raising of invoices per se won’t result in accrual of income

Bechtel International Inc. vs. DDIT-3(2) , Mumbai (ITAT Mumbai) -  The ITAT Mumbai in the above cited case held that raising of invoices per se doesn’t result in accrual of income rather an income can be considered to have been accrued only when there is a corresponding liability of the other party to pay the amount to the assessee and there is realistic probabil...

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Levy of Luxury tax on DTH operators while exempting cable operators is discriminatory

Bharati Telemedia Ltd. vs. Union of India , State of Kerala & others (Kerala HC), Writ Petition No-17351/2010 , 08/12/2015 -  The Hon'ble Kerala HC in the above cited case held that exempting cable operators from luxury tax while making DTH operators to pay the same is a case of discriminatory levy of luxury tax merely because of technological differences in the system of deliveryof entertainment in both the services. The...

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Reverse CENVAT availed on Raw Material on trf to sister unit: SC

Commissioner Of Central Excise, Raigad V/S M/S. Ispat Metallics Industries Ltd. & Ors. (Supreme Court of India) -  It was held that in case of erstwhile in terms of Rule 57AB(1C) of the Central Excise Rules, 1944 and Rule 3(4) of the Cenvat Credit Rules, 2001, it was held that in terms of circular dated 1.7.2002 by which, where no sale is involved but only a transfer by one sister unit to another, the value sho...

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SCN cannot be issued to debtors until tax liability crystallise – HC

M/s Quality Fabricators and Erectors Vs. The Deputy Director, DGCEI, Zonal Unit Mumbai and Others (High Court Of Bombay) -  In the case of M/s Quality Fabricators and Erectors Vs. The Deputy Director, DGCEI, Zonal Unit Mumbai and Others, it was held that in case of non payment of service tax by the assessee, the notices for recovery cannot be issued to assessee’s debtors unless the liability has been crystallised. ...

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S. 263 not justified due to multiple view on applicability of TDS

Neo Sports Broadcast Pvt.Ltd Vs CIT (TDS) (ITAT Mumbai) -  As regards applicability of TDS provisions, not two but three views exist on the impugned issue - (i) TDS u/s 194H - which was discussed by AO in the assessment order dt. 18/3/2012; TDS u/s 194C - which was discussed and upheld by AO in the assessment order dt. 18/3/2012; TDS u/s.194A - (which the a...

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Bad Debt admissible if written off as irrecoverable in books: CBDT

Circular No. 12/2016-Income Tax - (30/05/2016) -  Claim for any debt or part thereof in any previous year, shall be admissible under section 36(1)(vii) of the Act, if it is written off as irrecoverable in the books of accounts of the assessee for that previous year and it fulfills the conditions stipulated in sub section (2) of sub-section 36(2) of...

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CBDT Notifies Equalisation levy Rules, 2016

Notification No. 38/2016-Income Tax - Every assessee, who is required to deduct and pay equalisation levy, shall pay the amount of such levy to the credit of the Central Government by remitting it into the Reserve Bank of India or in any branch of the State Bank of India or of any authorised Bank accompanied by an equalisation levy chal...

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CBDT notifies date of Applicability of Equalisation Levy

Notification No. 37/2016-Income Tax - (27/05/2016) -  n exercise of the powers conferred by sub-section (2) of section 163 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 1st day of June, 2016 as the date on which Chapter VIII of the said Act shall come into force....

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CBDT Notifies Direct Tax Dispute Resolution Scheme Rules, 2016

Notification No. 35/2016-Income Tax - (26/05/2016) -  Form of declaration and undertaking under section 203.- (1) The declaration under sub-section (1) of section 203 shall be made in duplicate in Form-1 to the designated authority and verified in the manner specified therein....

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Last date for filing deceleration under Direct Tax Dispute Resolution Scheme

Notification No. 34/2016-Income Tax - (26/05/2016) -  S.O. 1902(E).- In exercise of the powers conferred by section 202 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 31st day of December, 2016 as the date on or before which a person may make a declaration to the designated authority in respect of tax arrear or specif...

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FAQs

In today’s scenario, every business entity has to make multiple kinds of payment to the Government or local authority. While making these payments, it is now important for these business entities to realize the repercussions of these payments from a service tax point of view as well. This is because a number of services provided by Gove...
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In this Article we have discussed Mode of Refund, How to Know Status of Refund, What to in case of expired refund/ Return of Refund, non-receipt of Refund dispatch, Mistake on Refund Cheque, ECS Failure, Refund Paid but Taxpayer account not credited, Ajustment of Refund Against Demand and whom to contact in case help required. ...
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Priority Sector includes the following categories: (i) Agriculture (ii) Micro, Small and Medium Enterprises (iii) Export Credit (iv) Education (v) Housing (vi) Social Infrastructure (vii) Renewable Energy (viii) Others. ...
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Article deals with FAQ related to Rectification of errors in case of return filed online. The article explains about how to file Rectification request, what if you get error in filing rectification u/s 154, What if demand been wrongly raised or refund been processed at lesser amount....
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This Article deals with FAQ related to non receipt of Income tax Return due to Change in Address, Bank Details, Home Locked, Wrongs details of bank in ITR etc. In these cases assessee can request for re-issue of Income Tax Refund and procedure for the same is given below....
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Income Tax Planning

Tax benefits you can avail by investing in an apartment

Most of us are aware of the tax deductions available for home loan principal and interest payments. However, tax laws for fully-constructed, under-construction, self-occupied ...

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is ...

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Top 5 Smart Tax Saving Options

As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park...

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Income Tax Deductions

Guide to meet TDS / TCS Obligations for deductor/Collector

WHAT IS TDS/TCS? Generally the person who earns the income pays tax on such income either in the form of advance tax or in the form of self-assessment tax. However, in certain...

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TDS Rates Chart for FY 2016-17 / AY 2017-18

Budget 2016 has effected Increase in threshold limit of TDS deduction on various payments, Revision in rates of deduction of tax at source on various payments and also omitted...

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Income Tax Rebate U/s. 87A For A.Y. 2017-18 (F.Y.2016-17)

Rebate of up to Rs. 5,000 for resident individuals having total income of up to Rs. 5,00,000 as per Sec-87A of Income Tax Act, 1961 for A.Y. 2017-18 i.e. F.Y. 2016-17.The reba...

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Calculators

Free Depreciation Calculator- Schedule II of Companies Act 2013

Depreciation Calculator Version 2 –Compliant to Schedule II of Companies Act 2013 : Financial Year 2015-16 to Fy 2019-20 enabled - 1. Calculation of Depreciation and WDV f...

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Calculate Tax for AY 2016-17 & Get Ready to file your Tax Returns

In this article Author has Provided three Income Tax Calculator in Excel Format for Calculation of Tax by Individuals below the Age of 60 Years, 60 or above but less than 80...

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Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

Income tax Calculator for Financial Year 2015-16 Assessment Year 2016-17 in Excel Format Attached is the Income tax calculator with flexi allocation kit for the FY 2015-2016. ...

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Rate Charts

TDS Rates Chart for FY 2016-17 / AY 2017-18

Budget 2016 has effected Increase in threshold limit of TDS deduction on various payments, Revision in rates of deduction of tax at source on various payments and also omitted...

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Service Tax Abatement Rate Chart from 1st June 2016

Vide Union Budget 2016 government has made several changes to Service Tax Abatement Provisions and Abatement rates. Some of the changes were applicable from 01.04.2016 and som...

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Service Tax Rate Chart with effect from 01.06.2016

CA Bimal Jain In this Article we have Compiled Service Tax Rate Charges from 01.06.2015 to 14.11.2015, 14.11.2015 to 31.05.2016 and Rates from 01.06.2016. We have considered K...

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