"21 April 2017" Archive

Sec. 115TD(2) Valuation Method -Accreted Income of Certain Trusts

Notification No. 32/2017-Income Tax (21/04/2017)

For the purpose of sub-section (2) of section 115TD of the Act, the aggregate fair market value of the total assets of the trust or institution, shall be the aggregate of the fair market value of all the assets in the balance sheet as reduced by-...

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Appeals and Revision- GST vis a vis Existing law perspective

The provisions related to Appeals and Revision are contained in chapter XVIII-from section 107 to section 121. It gives a detailed explanation on authorities on appeal and revision, appealable and non-appealable orders and decisions and procedures in appeal to be followed by appellant and authorities....

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Posted Under: Income Tax |

Quick reference note on compliance requirements for Appointment of a Managing Director by a Private Company

The subject of discussion being touched here is a not a new but commonly searched topic by the young professionals, both in employment or practice, who are looking for quick solutions as to the position of law and compliance requirements on date due to confusion on account of plethora of clarifications/ circulars and exemptions to private...

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Posted Under: Income Tax |

Get rewarded for staying fit!

Health insurance, in general, is meant to protect your finances during any medical emergency. However, Aditya Birla Health Insurance Company Limited (ABHICL) has added a new dimension to health insurance. The company now offers rewards for staying fit by means of incentives up to 30% on the insurance premium in the form HealthReturnsTM. O...

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Posted Under: Income Tax |

Loss / Gain on Foreign Currency Translation is notional debit/credit and not subject to Income Tax

CIT Central Vs M/S Jai Prakash Industries Pvt. Ltd. (Allahabad High Court)

A division bench of the Allahabad High Court, in CIT v. Jaya Prakash Industries Pvt Ltd, held that the difference on foreign currency translation which is notional debit/credit, did not represent any loss or income for the purpose of computing the taxable income under the Income- Tax Act....

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Assessee cannot be burdened with tax liability on mere assumption

Late Shri Shankarbhai Udhavdas Jetwani Vs ITO Ward-5(4) (ITAT Ahmedabad)

When the assessee has been alleging that he was only extending facility to his client for delivery of lignite and coal, he has not acted as an agent between client and truck owners. Therefore, in our opinion, merely on assumption basis, the assessee should not be burdened with tax liability....

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No deduction U/s. 80P to Co-Operative Societies on Interest from FDRs with Banks

Shree Modhpatni Co-op Credit Society Ltd. Vs. DCIT (ITAT Ahemdabad)

Interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act...

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Upload details of Appeal disposal for FY 2016-17: CBDT to CIT(A)

F.No.279 /Misc/M-118/2013-ITJ (Volume-II) (21/04/2017)

CIT(A) who have yet to upload the disposal for FY 2016-17 on ITBA module or to remove the duplicate appeals may be directed to do so immediately and latest by 30.04.2017. This may be treated as MOST URGENT....

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Reg. removal of Cyprus from list of notified jurisdictional areas U/s. 94A

Circular No. 15/2017-Income Tax (21/03/2017)

It is hereby clarified that Notification No. 86/2013 has been rescinded with effect from the date of issue of the said notification, thereby, removing Cyprus as a notified jurisdictional area with retrospective effect from 01.11.2013....

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Date for filing PMGKY declaration extended upto 10th May, 2017

Circular No. 14/2017-Income Tax (21/04/2017)

CBDT vide Circular No.14 of 2017 dated 21st April, 2017 has extended the date of filing of declaration under PMGKY to 10th May, 2017 in cases where tax, surcharge and penalty under PMGKY has been paid on or before the 31st March, 2017,...

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