The assessee earned income by way of dividend. During the assessment u/s 143(3) of the Income Tax Act, 1961. The AO asked the assessee for the details of expenditure incurred for earning the exempted income (dividend income).
Circular No. 07/DV/2013-Income Tax The two sections 10A and 10B of the Act were initially placed on statute in 1981 and 1988 respectively, and continued with some modifications and amendments till 31.03.2001. Section 10A as inserted by Finance Act, 1981 read as under: “Section 10A. Special provision in respect of newly established industrial undertakings in the free trade zones.- (1) Subject to the provisions of this section, any profits and gains derived by an assessee from an industrial undertaking to which this section applies shall not be included in the total income of the assessee.”
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance.
In view of the direction of the Hon’ble Court in case of Court On Its Own Motion Vs, UOI and Others, I am directed to convey that in no case should interest u/s 244A of the Act be denied to the assessee where the assessee is not at fault.
I am directed to refer to the above mentioned subject and to say that in Office Orders No. 138/2013 dated 18.06.2013 relating to postings/transfers in the grade of Commissioner during AGT-2013, it has been clearly mentioned that no representation whatsoever shall be entertained before the officer joins at his new place of posting.
Notification No. 54/2013 – Income Tax Dated : July 15, 2013 To Promote Skill Development Direct Taxes Incentives Given; Guidelines for Weighted Deduction @ 150% of the Expenditure Incurred on skill Development Under Section 35ccd of the Income-Tax Act, 1961 Issued
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby
The Reserve Bank will continue to closely monitor the markets, the liquidity situation and the macroeconomic developments and will take such other measures as may be necessary, consistent with the growth-inflation dynamics and macroeconomic stability.
As per the extant guidelines, Indian companies in the manufacturing, infrastructure sector (as defined under the extant ECB policy) and hotel sector, which are consistent foreign exchange earners, are allowed to avail of ECB for repayment of outstanding Rupee loan(s) availed of from the domestic banking system and / or for fresh Rupee capital expenditure under the Approval Route.
CA Dev Kumar Kothari Section 115J, 115JA and 115JB may be ultra vires the Constitution of India and the Income-tax Act,1961 – a study with reference to some very weakly prepared and contested cases about validity of provision for tax on book profit / minimum alternate tax (MAT) and some suggestions for tax payers and […]
