Income Tax, Wealth Tax and Direct tax Code Related News

  • Nov
  • 24
  • 2014

Kisan Vikas Patra- Is it a tool to convert Black Money into White?

Added In Income Tax
Krishna, recently the Government has reintroduced the investment scheme of Kisan Vikas Patra. There are many questions regarding this scheme but answer to the most important question is unascertainable. The earlier scheme of Kisan Vikas Patra was closed due to increasing black money from the scheme then why it is reintroduced?

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  • Nov
  • 22
  • 2014

Installation & Commissioning Expenses not covered under definition of FTS u/s 9 of Income Tax Act, 1961

Added In Income Tax
The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along […]

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  • Nov
  • 22
  • 2014

Loophole in section 139 of Companies act, 2013

Added In Income Tax
The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to […]

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  • Nov
  • 20
  • 2014

Time Period of Realisation & Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

Added In Income Tax
A.P. (DIR Series) Circular No. 37 Dated- November 20, 2014Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs

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  • Nov
  • 20
  • 2014

Transfer Pricing – Rate for benchmarking in respect of loan given to AE’s outside India?

Added In Income Tax
In the Judgment of Aurionpro Solutions Ltd. vs. ACIT, Range – 4(3), Mumbai, ITA No. 7872 (Mum.) of 2011, ITAT Mumbai has held that for purpose of determination of Arm’s Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AEs, instead of interest rates prevailing in India.

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  • Nov
  • 19
  • 2014

Income tax calculator for Financial year 2014-15

Added In Income Tax
Auto Income tax calculator Financial year 2014-15 / Assessment year 2015-16- This Latest Income Tax Calculator for Financial Year 2014-15 is simple Income tax calculator in excel format. This tax calculator will help you to calculate the Income Tax and clear any related rule in very less time & less efforts.

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  • Nov
  • 19
  • 2014

Favourable Shell Verdict – A Launchpad for Restoring Global Investors’ Confidence?

Added In Income Tax
Dr. Suresh Surana Comment on Shell’s wins of transfer pricing tax dispute in Bombay HC The aggressive approach of tax authorities and the earlier government in case of Vodafone and Shell led to erosion of confidence of global investors. In this context, the favourable decision of H’ble Bombay High Court in case of Shell India […]

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  • Nov
  • 19
  • 2014

Local Transfer/ Posting of 237 CIT/DGIT

Added In Income Tax
CBDT has vide Order No. 211 of 2014 dated 17.11.2014  transferred / Posted Locally 237 Income tax officers in the grade of Commissioner of Income Tax/ Director General of Income Tax. Download Order No. 211 of 2014 dated 17.11.2014

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  • Nov
  • 19
  • 2014

Automatic Capital Gain Calculator in Excel Format

Added In Income Tax
How to use the Calculator 1) Ensure that you have MS Office 2010 or later to get this CG calculator working. (Macros should be enabled) 2) It is a simple calculator, by seeing it anyone can fairly understand it. 3) Insert the scrip name date of purchase and date of sale and respective amounts, it […]

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  • Nov
  • 18
  • 2014

Income-tax Assessment completes on date of order, irrespective of service of order; CBDT rectifies 6 year old mistake

Added In Income Tax
INCOME TAX CIRCULAR NO. 16/2014 Dated: November 17, 2014 Subject:- Clarification in respect of Circular No.3 of 2008 dated 12/3/2008 of CBDT – reg. Chapter XIX-A of the Income-tax Act, 1961 contains provisions relating to settlement of cases by the Income-tax Settlement Commission (ITSC). The provisions contained in the said chapter were amended by Finance […]

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