"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...

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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. ...

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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 [...

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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...

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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...

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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...

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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/-...

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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....

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Interest free loan from employer and loans at concessional rates

In some cases companies extends loan facility to its employee for various purposes – like education, medical treatment, marriage, etc. These loans are generally free and recovered from salary of employees in the form of deduction of equal amount over a period of time, which vary from 6month to 7 years as per policy of […]...

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Posted Under: Income Tax |

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...

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