"17 June 2015" Archive

NSDL to release new Return Preparation Utility and File Validation Utility

 Features of forthcoming release of TDS/TCS – Return Preparation Utility (RPU) Version 4.4 (VB based) and Version 1.2 (Java based) and TDS/TCS – File Validation Utility (FVU) (Version 4.7 and 2.143) It is proposed to release new version of NSDL e-Gov TDS/TCS – Return Preparation Utility (RPU) and File Validation Utility (FV...

Read More
Posted Under: Income Tax |

Understanding E-Commerce transactions-Amazon v/s Tax Authorities in Karnataka

Flipkart, Snapdeal, Amazon!! Do they sound familiar? Of course they do. There may hardly be any person who has not heard of these E-Commerce behemoths. E-Commerce is the in thing. Anything even remotely related to E-Commerce will sell like hot potatoes. With million dollar valuations and surplus funds, these giants are here to stay. ...

Read More
Posted Under: Income Tax |

Exemptions and Relaxations to Nidhi Companies From Few Provisions of CA, 2013

CS S. Dhanapal Exemptions and Relaxations to Nidhi Companies From Few Provisions of Companies Act, 2013 (To Be Notified In Official Gazette) The Companies Act, 2013 has given due recognition to Nidhi Companies by treating them as a special class of companies. An entire Chapter, namely Chapter XXVI has been devoted to Nidhi Companies and [...

Read More
Posted Under: Income Tax |

Exemptions and Relaxations to Government Companies from few provisions of CA,2013

CS S. Dhanapal Exemptions and Relaxations To Government Companies From Few Provisions of Companies Act, 2013 (To Be Notified In Official Gazette) Since the introduction of the Companies Act, 2013 in September 2013, certain class of companies like Private Companies, Government Companies etc. was feeling the pressure of the rigorous provisi...

Read More
Posted Under: Income Tax |

Exemption to Section 8 Companies from provisions of CA 2013

Under the Companies Act, 1956, the Companies registered u/s the erstwhile Section 25 of the said Act (Section 8 under the Companies Act, 2013) enjoyed certain privileges by means of non applicability of certain specific provisions of the Companies Act, 1956. With the introduction of the Companies Act, 2013, these exemptions had stood with...

Read More
Posted Under: Income Tax | ,

Your Guide to a Beautiful Tomorrow

‘Tomorrow’ can be an uncertain word or it can be full of possibilities for Happiness. It all depends on how we plan our future, especially our finances. The idea of travelling back and forth in time, whether to undo some action or with the curiosity attached to different situations excites anyone and everyone. But hey, wouldn’t we a...

Read More
Posted Under: Income Tax |

Additions not valid merely on the ground of fall in GP ratio, if books of account are accepted by AO

ACIT, CIRCLE-24(1) Vs M/s Ess Ell Cables Co (ITAT Delhi)

Assessee, a partnership firm, was engaged in the business of manufacturing of enameled wire, submersible wire, bare copper wire etc. Assessee filed its return of income related to AY 2009-10 declaring gross loss of (-)3.65% against the total turnover of Rs.590703526/- with net loss of Rs.36385885/-...

Read More

Designated Court for Search / Seizure & Special Court for Securities Laws

Notification No. S.O. 1618(E) (17/06/2015)

In exercise of the powers conferred by sub-section (8) of Section 1 1C and Section 26A of the Securities and Exchange Board of India Act, 1992, Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996....

Read More

Jurisdictional CIT can take decision of not filing appeal in HC on his own

279/Misc./52/2014-(ITJ) (17/06/2015)

In stations having more than one CCIT, the decision to file an appeal before the High Court will be taken by two CCsIT including the CCIT in whose jurisdiction the matter lies. The Principal CCIT concerned may issue directions for pairing of CCsIT for this purpose. In case of disagreement between the two CCsIT, the matter will be referred...

Read More

TDS computation if employee receives Salary from two employers

Cases where an employee work under two employer in a single financial year Normally an employee is employed under employer during whole financial year and thus no problem arises in deduction of TDS from salary. In this case all information relating to income of employee is readily available with employer and computation task is easy [&hel...

Read More
Posted Under: Income Tax |

Building Management Information System (MIS) for CBEC

F.No. 296/236/2014-CX-9 (Pt-II) (17/06/2015)

During the Board Meeting held on 20thAugust, 2014 (BMB No.18/2014), CBEC had decided to build a Management Information System (MIS) for CBEC so that various critical information relating to key result areas are collected in a reliable, efficient and useful manner. The Board had accepted the proposal to build the MIS in a phased manner as ...

Read More

No Penalty u/s 272B, if Reasonable cause proved for missing PAN nos. in TDS returns

ITO (TDS), Rohtak Vs The Executive Engineer,Provisional Division,Public Health, Jhajjar (ITAT Delhi)

Here the assessee originally did not have the correct PANs of all the persons from whose payments, tax at source was required to be deducted. Despite that, the assessee did deduct tax at source and paid the amount to the exchequer well in time. The only fault of the assessee was in not filling PANs of some of the deductees which were not ...

Read More

FM approves formation of 2 Committees to facilitate implementation of GST from 1.4.2016

A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governm...

Read More
Posted Under: Income Tax |

Filling up of vacancies in grade of Inspector of Income Tax​

HRD/CM/102/10/2014-15/1602 (17/06/2015)

Some CCA Regions have sought a clarification, whether the Steno quota for promotion to Income Tax Inspector (ITI) which remains unfilled in a particular year, gets merged into a common pool of ITl vacancies for the next vacancy year and is redistributed in the prescribed ratio of 3:1 among Ministerial and steno cadres or, remains earmarke...

Read More

India largely complied with Basel standard

The Basel Committee on Banking Supervision (BCBS) under the aegis of the Bank for International Settlements has published, on its website, assessment reports on the implementation of the Basel risk-based capital framework and the Liquidity Coverage Ratio (LCR) for India as part of the ongoing Regulatory Consistency Assessment Program (RCA...

Read More
Posted Under: Income Tax |

Section 10(6C) CBDT Notifies Company Dassault Aviation and Thales S.A., Paris

Notification No. 46/2015 - Income Tax (17/06/2015)

Notification No. 46/2015 - Income Tax Dated- 17th June, 2015 Central Government hereby declares that any income arising to M/s Dassault Aviation S.A, having its office at S.A. at capital de 81 007 176 Euros RCS Paris B 712 042 456, by way of royalty or fees for technical services received in pursuance of the agreement vide General Contr...

Read More

Courier Imports and Exports (Clearance) Amendment Regulations, 2015

Notification No. 62/2015-Customs (N.T.) (17/06/2015)

NOTIFICATION NO. 62/2015-Cus (N.T.), Dated: June 17, 2015 In the Courier Imports and Exports (Clearance) Regulations, 1998 (hereinafter referred to as the said regulations), in regulation 2, in sub-regulation (2), in clause (e),- (a) for the sub-clause (iii), the following shall be substituted, namely:- ...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031