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The decision of the Calcutta High Court in the case of Maersk Line UK Ltd, which reiterates the fact that business transactions having commercial substance and bona fide business purpose are permissible as long as there is no misuse of the provisions, assumes importance since the same is the first (and probably the last) judicial pronouncement in respect of the dormant section 93 of the Actand more so, since the said section, being a specific anti-avoidance provision could lose its sheen once GAAR takes the reign.
The Central Board of Direct Taxes has extended the time-limit for filing ITR-V Forms for Assessment Years 2009-10, 2010-11 and 2011-12 till 31.03.2014 for returns e-filed with refund claims within the time allowed under section 139 of the Act.
That the Doctors, Lawyers and Architects can use 30 per cent of the area on the ground floor in their premises in residential sector for running their clinics/offices.
Sub: Deduction of tax at source under Section 195 read with Sections 201 of the Income-tax Act, 1961 relating to payment made to a non-resident-reg. Section 195 of the Income-tax Act (hereafter referred to as ‘the Act’) provides that any person, responsible for paying to a non-resident not being a company or to a foreign company, any sum chargeable under the provisions of this Act, shall at the time of credit of such income to the account of the payee or at the time of payment thereof, whichever is earlier,
For utilizing entire residential place for commercial purposes means to change in utilization. And it can be done by prior permission of the committee. In the development rule there is a provision that members are allow to utilize some percent of his residential place for the profession based on their professional education (C.A., Advocate, Doctor, […]
The ICAI has issued this exposure draft on Defined Benefit Plans: Employee Contributions which includes amendments to Ind AS 19 Employee Benefits. The exposure draft is open for public comments till March 25, 2014. To Read more Download the Attchment
Recently Delhi High Court has held in the case of CIT Vs. s Maruti Suzuki (India) Limited (WP (Civil) no. 5003/2013 dated : 21.02.2014 that ITAT has no power to grant stay beyond 365 days in light of third proviso to Sec. 254(2A) inserted by Finance Act, 2008. High Court further held that Courts must respect legislative mandate.
Central Government after considering the said findings of the Director General (Safeguards), hereby imposes on Sodium Nitrite falling under tariff item 2834 10 10 of the First Schedule to the Customs Tariff Act, when imported into India, a safeguard duty at the following rate,-
Notification No. 07/2014–Central Excise (N.T.) G.S.R. (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby rescinds the notification of the Government of India, Ministry of Finance
Notification No. 06/2014–Central Excise (N.T.) G.S.R. (E). – In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue)
