Where an educational institution carries on the activity of education primarily for educating persons, the fact that it makes a surplus does not lead to the conclusion that it ceases to exist solely for educational purposes and becomes an institution for the purpose of making profit.
Local Body Tax to be abolished from 1st August 2015. Compensation of Revenue by enhancing VAT tax rate. Women drawing salary upto to Rs. 10000 per month exempted from Profession Tax . Tax rate on ladies Hand Bags and Purses reduced from 12.5 per cent to 5 per cent. Work Book, Graph Book, Drawing Book and Laboratory Book for student’s tax free.
The factual matrix of the present case is that there was a criminal case against the assessee with an allegation of custom duty evasion and he incurred impugned expenditure of legal fees for hiring lawyers to represent his criminal case before the Hon’ble High Court and Lower Courts to get the bail order.
The first and foremost issue to be decided is as to whether the area of projected terrace (open to sky) is liable to be included within the meaning of expression built-up area contained in clause (c) of section 80IB(10) of the Act.
Tribunal has held that in case the income is to be computed as per sub-section (1A) of section 11 of the Act, if the net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then the whole of the capital gain is exempt.
There are many features which make PPF an attractive investment vehicle for many a people right from getting deduction under 80C to being one of the safe instrument for providing long term wealth. Many of these features are often talked about and discussed but two things which are talked about in parts but not as a whole are why PPF is termed as EEE kind of investment and how effective rate of return one gets from PPF
In the budget Explanation (a) to Section 67 is amended to specifically include ‘any reimbursable expenditure or cost incurred and charged by the service provider’ in the definition of the term ‘Consideration’ in order to overcome the Delhi High Court’s ruling in the case of Intercontinental Consultants and Technocrats Private Limited vs. Union of India
SAILENT FEATURERS OF THE BUDGET SPEECH OF HON. FINANCE MINISTER SHRI SUDHIR MUNGANTIWAR ON WEDNESDAY, 18TH MARCH 2015 Part 1 Main Thrust Areas : Emphasis on dry land farming, accelerated development of infrastructure, removal of disparity, development of urban areas and generation of employment opportunities for youth. Stringent measures to enhance revenue collection and ensuring […]
Request to give your inputs on inclusion of PAN details of members in ICAI database- As we all are aware, every practicing Chartered Accountant is required to get himself registered on the E-filing portal for submission of various reports prescribed by the Income-tax Act, 1961. For the said purpose, ICAI shares certain limited database with the E-filing website.
In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance
