"22 March 2015" Archive

Section 80E – Deduction for Interest on education Loan

Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of the tax benefits that you are entitled to. Then here is a guide that will assist you to know tax benefits on education loans. These benefits help you to reduce the ov...

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Posted Under: Income Tax |

SEBI Board approves 'SEBI (Issue and Listing of Debt Securities by Municipality) Regulations, 2015'

PR No. 70/2015, (22/03/2015)

SEBI Board after deliberations decided to remove the above restrictions for managing offshore funds, belonging to Category I FPIs and appropriately regulated broad based Category II FPIs, by local fund manager who is managing a domestic scheme....

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Amnesty Scheme in Rajasthan- Entry Tax

Rajasthan government has introduced an amnesty scheme related to the outstanding demand of Entry Tax vide Notification No. F.12(17)FD-Tax-2015-240 Dated-18.03.2015, where the dealer/ person can save the interest and penalty on the taxes imposed by the government....

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Posted Under: Income Tax |

Foreign Remittance: TDS u/s 195: Case Law Analysis 2015: Series 1

CA Rohit Gupta Some of the important case laws published during 2015 pertaining to TDS u/s 195 and/or taxability of foreign companies/non-resident entities in respect of source of income in India. Discussion and analysis (given in italics) pertain to relevance of judgement in future proceedings, subsequent developments, other relevant cas...

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Posted Under: Income Tax |

Framework for preparation and presentation of financial statements in accordance with IND AS

CA Vivekanand Pote  Purpose Sets out the concepts for preparation and presentation of financial statements in accordance with IND AS Assist in development of future Indian Accounting Standards and review the existing Assist in promoting harmonization of regulations, AS and procedures relating to presentation of IND AS Assist prepares of ...

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Posted Under: Income Tax |

Taxability of sale of software and support services under India US DTAA

M/s Halliburton Export Inc. Vs Asstt. D.I.T. (ITAT Delhi)

Assessee, a US company, entered into agreements with various customers in India for rendering software services - Assessing Officer held that payments received by assessee from sale of software and provision of maintenance and other support services to customers in India...

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TDS on interest paid by assessee Indian branch of a Belgian bank to its head Office

Antwerp Diamond Bank NV Vs ADIT (ITAT Mumbai)

Next ground of appeal is about disallowance of interest paid by the assessee to HO amounting to Rs.8.57Crores.During the assessment proceedings, AO found that interest of Rs.8,56,15, 525/- was paid by the assessee to HO on subordinate debts and term borrowing....

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Section 74- Contrary view on Loan taken before 31.03.2014

Section 74- Contrary view on Loan taken before 31.03.2014 from directors, their relatives and members of a private company including the amounts stated in (i) to(xii) of clause (b) of rule 2 of the Companies (Acceptance of Deposits) Rules,1975 on or before the commencement of companies Act,2013. In the opinion of the Author such amount...

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Posted Under: Income Tax |

Penalty & Punishment for auditors under Companies Act, 2013

A. Contravention of Provision of Section 139-146: (Attendance in General Meeting): If any provisions of this Section contravene then: Penalty on Company: The company shall be punishable with fine which shall not be less than Rs. 25,000 (Rupees twenty-five thousand) but which may extend to Rs. 5 Lac (Rupees five lac)...

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Posted Under: Income Tax |