"04 January 2015" Archive

Happy New Year!! But is it for the Taxpayers??

Arjuna, In Income Tax Act there are two types of years i.e. Assessment Year and Previous Year. According to section 2(9) Assessment Year is 1st April to 31st March. According to Section 3, Previous Year means the year in which the Income is earned. Income earned in Previous Year is taxable according to tax rates of Assessment Year. ...

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For exemption u/s. 54F approval of building plan is not necessary

B. Sivasubramanian Vs ITO (ITAT Chennai)

The Hon'ble Chennai ITAT has in the case of B.Sivasubramanian,v/s ITO has held that there is no condition in the provisions of SEC 54F of the I.T Act,1961 that warrants that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority. ...

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Loopholes in Prosecution & Penalties in Central Excise & Service Tax

Summary of Recommendations by Comptroller and Auditor General  of India on Administration of  Prosecution and Penalties in   Central Excise and Service Tax  vide Report No. 29 of 2014 (Performance Audit) Ministry may ensure that all long‐pending prosecution cases are reviewed at periodic intervals by Chief Commissio...

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Posted Under: Income Tax | ,

Income & Wealth Tax Issues in SEZ assessment

1. No time limit for realisation of exports proceeds The intent of enactment of sections 10A/10B/10BA/10AA in the Income Tax Act, 1961 is to encourage exports which in turn would infuse the economy with foreign currency remittances. Timely ‘foreign currency remittances’ into India is the underlying intent spelt out in section 10A, sec...

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Introduction of GST & amendments to Land Acquisition Act to Revive Infrastructure Growth: FM

Present Government has taken Number of Bold Steps like Introduction of Constitution Amendment Bill on Goods and Services Tax (GST), Amendment of Land Acquisition Act to Revive Infrastructure Growth: FM The Union Finance Minister Shri Arun Jaitley said that the present Government has taken number of bold steps like Goods and services Tax (...

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19 Mistakes in claim/allowance of Depreciation -Income Tax Act

The present article deals with audit issues relating to deficiencies in applying the provisions of the Act and relevant Rules/Judicial pronouncements by the Assessing Officers (AOs) during assessments. ...

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Mistakes in Amortisation U/s. 35D, 35DD & 35DDA of Income Tax Act,1961

Introduction- Sections 35D, 35DD and 35DDA of the Act provides for amortisation on preliminary expenses, expenditure in case of amalgamation or demerger and expenditure incurred under voluntary retirement scheme respectively. Present chapter deals with cases relating to amortisation where AOs did not apply relevant provisions correctly....

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CAG on depreciation under Income Tax Provisions

Income Tax Act, 1961, (Act) lays down diverse provisions on depreciation and/or amortisation for tax purposes as deduction to an assessee/ a company in the course of its business with the intention for promoting economic growth within the Country....

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Control issues of ITD relating to allowance of depreciation & amortisation

There is no mechanism available in the ITD to verify the veracity of claim of the assessees for depreciation in respect of additions made to the block of assets in previous year....

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Posted Under: Income Tax |

If dividend is not received, disallowance u/s 14A cannot be made

ACIT Vs M/s. Bharat Hotels Ltd. (ITAT Delhi)

In further held that Once the assessee has been found to have made a business investment by way, of shares in related line of business, the said investment though held by way of shares in the said company cannot be subjected to disallowance under section 14A of the Act...

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