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Govt to simplify ITR Forms- New ITR-2A to come- Due Date extended to 31.08.2015 from 31.07.2015- No need for Foreign Travel and Dormant Bank A/c details Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual […]
As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or more , penalty equal to amount taken shall be imposed under S. 271D.
TDS/TCS Rates Chart for Financial Year 2015-16 / Assessment Year 2016-17 vide Finance Act 2015 i.e Budget 2015-16- We have updated the TDS rate chart considering the amendments made by Finance Act, 2015. Some of these amendments takes effect from 01.04.2015 and other have taken effect from 01.06.2015.
Modification in the Syllabi of Accounting Papers and its applicability for the forthcoming Chartered Accountancy Examinations It has been decided that the following modification be made for the forthcoming examinations in context with Final Paper 1 : Financial Reporting and Intermediate (IPC) Paper 5 : Advanced Accounting :‐ Exclusion from the syllabus with effect from […]
In our opinion since the assessed did not debit the amount to the Profit & Loss Account as an expenditure nor did the assessed claim any deduction in respect of the amount and considering that the assessed is following the mercantile system of accounting, the question of disallowing the deduction under section 43B not claimed would not arise.
Service tax payable on long term lease of Immovable property under Renting of Immovable Property – not in sync with Service tax Act, Accounting Standard, Bombay Stamp Act & Income Tax Act
Issue- On the facts and in the circumstances of the case, the Ld.CIT(Appeals) has erred on facts and in law in deleting the addition of Rs.10,83,555/- which was made by the Assessing Officer by invoking the provisions of section 43B of the Act as the service tax payable in the balance sheet was not deposited before due date of filing of return.
