"16 March 2014" Archive

Section 54F not available if construction of house takes place prior to transfer

Smt. Ushaben Jayantilal Sodhan Vs ITO (ITAT Ahmedabad)

For grant of deduction u/s 54F in case of construction of a residential house, the condition is that the assessee has within a period of three years after the date of transfer of long term asset, constructed a residential house....

India to Converge With Global Financial Standards from April 2015

CA Kamal Garg Convergence with International Accounting Standards (IASs)/International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) is getting its due weightage over a period of time and in the present context the convergence to IFRS is in the process of shaping up all over the world ...

Posted Under: Income Tax |

Applicability of notified sections of the Companies Act, 2013 for November 2014, CA Examinations

As students may be aware that the Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013 stating that different dates may be appointed for enforcement of different provisions of this Act through notification of the Central Government in this regard....

Posted Under: Income Tax |

CBDT clarification on export of computer software in relation to Sec 10A, 10AA, 10B

CBDT Instruction No 3/2014 14/03/2014

A clarificatory Circular No. 01/2013 dated 17.01.2013 was issued by CBDT to address various contentious issues leading to tax disputes in cases of entities engaged in export of computer software which are availing tax-benefits under sections 10A, 10AA and 10B of the Income-tax Act, 1961....

Single Stage or first Point taxation levied under Punjab VAT ACT, 2005 on certain commodities wef 01.03.2014

Punjab Excise and Taxation department vide notification no. S.O 17/P.A.8/2005/ S.8/2014 dated 21.02.2014 has notified additional commodities for single point taxation. This notification is effective from 1st March 2014 and is in addition to notification issued on 13.12.2013 which was effective from 1st January, 2014.Notification No. S.O.1...

Posted Under: Income Tax |

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