"04 February 2015" Archive

CA IPC Nov 14 Pass Percentage and Toppers

ICAI Press Release – Result of IPC Examination held in Nov’14 declared. – (04-02-2015) The Institute of Chartered Accountants of India (ICAI) announced the result of Chartered Accountants Intermediate (IPC) examination held in Nov, 2014. The toppers of IPC examination held in Nov, 2014 are from Kolkata, Chennai and Panip...

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Posted Under: CA, CS, CMA |

Related Party Transactions under Companies Act 2013 & Revised Clause 49

What is a Related Party Transaction? Under Section 188 of Companies Act, 2013 Entering into any contract or arrangement with a related party with respect to:- a) Sale, purchase or supply of any goods or materials; b) Selling or otherwise disposing of, or buying, property of any kind; c) Leasing of property of any kind; d) ...

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Section 54F – Assessee cannot be presumed to be owner of Property Purchased by Minor Daughter Out of own resources

Smt. S. Uma Devi Vs CIT (ITAT Hyderabad)

By virtue of fiction created by section 64(IA) of the I.T. Act, 1961, the incomes of properties owned by the two minor daughters, were clubbed in the hands of the assessee since the date of purchase of the said properties....

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Disallowance u/s 14A read with Rule 8D cannot exceed exempt income

Daga Global Chemicals Pvt. Ltd Vs ACIT (ITAT Mumbai)

Assessee argued that No expenditure directly or indirectly was incurred by the assessee for earning exempt income and further the investment in shares was made in earlier years out of own funds and not out of borrowed funds, therefore, no disallowance u/s 14A r.w. Rule 8D is to be made....

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Interest liability U/s. 234B – Non-payment of advance tax & non deduction of tds

DIT Vs GE Packaged Power Inc (Delhi High Court)

This Court finds that no interest is leviable on the respondent assessees under Section 234B, even though they filed returns declaring NIL income at the stage of reassessment. The payers were obliged to determine whether the assessees were liable to tax under Section 195(1), and to what extent, by taking recourse to the mechanism provided...

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ICAI launches National Helpline for Members and Students

ICAI Press Release Dated 04-02-2015 We are pleased to inform our members and students that ICAI National Helpline has been launched by Chief Guest Hon’ble Union Minister for Railways Shri CA. Suresh Prabhu, during the inaugural session of the International Conference held at Bangalore. ICAI National Helpline is an IVR based facility and...

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Posted Under: CA, CS, CMA |

Safe Harbour Rules for Specified Domestic Transactions of Govt. Electricity Cos

Notification No. 11/2015 - Income Tax (04/02/2015)

Notification No. 11/2015 - Income Tax 10THA. Eligible assessee.—The 'eligible assessee' means a person who has exercised a valid option for application of safe harbour rules in accordance with the provisions of rule 10THC, and is a Government company engaged in the business of generation, transmission or distribution of electricity....

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Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015

Notification No. FEMA. 335/2015-RB (04/02/2015)

In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (Notification No. FEMA 21/2000-RB dated May 3, 2000), the existing regulation 7 shall be substituted by the following namely:...

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Self Assessment defaulters for AY 2013-14 and 2014-15

F. No. 1/28/CIT (04/02/2015)

The Principal Chief Commissioner's of Income Tax Patna, Bhopal, Guwahati, Lucknow, Bhubaneswar, Nagpur, Bangalore, Kolkata, Jaipur, Mumbai, Hyderabad, Delhi, Chennai, Pune, Cochin, Kanpur, Ahmedabad, Chandigarh...

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