"19 June 2015" Archive

Section 234B interest not applicable under Block Assessment

ACIT Vs Sh. Akhil Jain (ITAT Delhi)

No interest under the provisions of section 234A, 234B or 234C or penalty under the provisions of clause (c) of sub-section (1) of Section 271 or section 271A or section 271B shall be levied or imposed upon the assessee in respect of the undisclosed income determined in the block assessments...

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Hurry to Register a Company? Go for FAST TRACK REGISTRATION

India is moving towards “ease of doing business’ regime and wants to improve its current rank (134 out of 185 as per World Bank) in starting a business vis-à-vis global standards. To put a step forward in this Direction the Ministry of Corporate Affairs had come out with a Fast Track Incorporation option which shall be available for ...

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Posted Under: Income Tax |

Transfers/ Postings Of ADIT/JCIT in International Tax &Transfer Pricing

89 of 2015 (19/06/2015)

The CBDT has vide Order No. 89 of 2015 dated 19.06.2015 ordered the transfer and posting of 59 officers in the grade of Additional and Joint Commissioners of Income Tax in the Directorates/ International Taxation & Transfer Pricing and CBDT with immediate ...

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Checklist On Call On Shares Or Debentures and For Charges Under Companies Act, 2013

Call on shares/debentures was made by the Board of Directors by means of resolutions passed at the Board meeting. Call on shares/debentures complied with the stipulations contained in Articles of Association. The Board of directors approved the rate of interest payable on delayed payment of calls in conformity with the provisions containe...

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Posted Under: Income Tax |

Checklist for Preferential Allotment and ESOP of Unlisted Companies

Suyog S Kabra Checklist for Prefrential Allotment under section 62 Of Companies Act, 2013 1     Existing equity shares in proportion to the paid up capital held by them 2  Procedure to be followed a. Letter of offer to be sent to existing equity shareholders as notice by registered post /speed post/electronic mode at least 3 [&hellip...

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Posted Under: Income Tax |

Checklist for Alteration of MOA and AOA

Suyog S Kabra CHECKLIST FOR ALTERATION OF MEMORANDUM OF ASSOCIATION 1.    The company has passed the Special resolution and filed MGT-14 as per companies Rules,2014 2.    The company has altered its Name with the approval of Central Government 3.    The company has obtained fresh Certificate of Incorporation from the Registrar in Fo...

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Posted Under: Income Tax |

Checklist For Buyback Of Shares- Unlisted Public Companies

Suyog S Kabra 1. The offer for buy back is not made within 1 year of closure of preceding offer buy back. 2. The Articles of association authorize buy back of securities. If not , a special resolution for amending the articles of association under section 14 of Companies Act 2013 has been passed by […]...

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Posted Under: Income Tax |

Checklist for Bonus Issue Under Companies Act, 2013

1. Check whether it is authorized by Articles 2. Whether it has, on the recommendation of Board, been authorized in general meeting of the company 3. Whether the company has defaulted in payment of interest or principal in respect of fixed deposits or debt securities issued by it. 4. Whether it had defaulted in respect of payment of stat...

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Posted Under: Income Tax |

Service tax Cenvat credit on manpower supply services for hiring trained persons to provide first-aid to workers admissible

Jaypee Sidhi Cement Plant Vs Commissioner of Central Excise (CESTAT Delhi)

Providing of first-aid facilities to the workers, whether in the factory or in mines is the requirement of the Factories Act, 1948 and also the Mines Act, 1952 and if a manufacturer wants to carry on manufacturing activities, he has to comply with the provisions of the Factories Act and the Mines Act....

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Taxation of capital gains in case of shares, securities, mutual funds units etc. for FY 2014-15

Background-: 1. This is in relation to FY 2014-15. One may be aware that, there is a change in the law relating to taxation of Capital arising out of sale of soft assets like shares. Securities, mutual funds etc. Audience-: 2. Especially for those who handle their investment portfolio and tax matters themselves and visit […]...

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Posted Under: Income Tax | ,

Penalty cannot be imposed if explanation given by the assessee cannot be brushed aside as totally false

M/s. Allgrow Finance & Investment Pvt. Ltd. Vs ITO (ITAT Delhi)

The assessment proceedings and penalty proceedings are two separate and distinct proceedings. The fact that certain additions were made in the assessment proceedings would not automatically justify for imposition of penalty u/s 271(1)(c) of the Act. ...

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Need For Enacting New Societies Act, For New Andhra Pradesh State

The then Government of the then Andhra Pradesh State, had successfully enacted the Andhra Pradesh Societies Registration Act, 2001 [Act No. 35 of 2001] with the following specialized advantages & privileges to the Societies under the Act: ...

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Posted Under: Income Tax |

Cash advance not claimed as deduction cannot be disallowed u/s 40A (3)

The assessee company is engaged in real estate business. It paid cash advance for purchasing a plot and reflected it in balance sheet under loans and advances given. The AO made addition of 20 % of amount paid as advance, invoking the provisions of Section 40A(3) of the Income Tax Act, 1961. ...

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Posted Under: Income Tax |

Customs Valuation: Mark up by 1% on account of Handling, Loading and Unloading Charges

In India, it is a common practice at customs that at the time of valuation of imported goods into India for levy of customs duty 1% mark up is made in the assessable value on account of handling, loading and unloading charges of the goods without going into detail what are in fact the actual expenses in this regard. ...

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Posted Under: Income Tax |

Income Tax Calculator AY 2015-16 / FY 2014-15

Download Simple Income tax Calculator in Excel Format for Salaried Persons for Financial year 2014-15 / Assessment Year 2015-16. This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. Download Simple Income tax calc...

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Loan to Director – Section 185

TO ANY OTHER PERSON IN WHOM DIRECTOR INTERESTED MEAN : i.Any other director of the lending company, or of the holding company of the lending company ii. Any partner or relative of such director iii. Any private company of which director is a director or member iv. Body Corporate in which 25% or more voting power rests with one or more di...

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Posted Under: Income Tax |

Investment for Leveling and filling of new agriculture land cannot be Claimed as exemption U/s 54B

A.C.I.T. Vs Smt Sudha Jajodia (ITAT Kolkatta)

Appeal of the revenue stands allowed and only the cost of theland has to be considered for calculating exemption u/s 54B no other expenses will be taken into account. So ITAT disallowed the expenses of leveling and filing of land and set aside the order of CIT(A) and restore that of A.O on this issue....

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ITR of politicians cannot be provided under RTI unless its in in Public Interest

Shailesh Ghandhi Vs (1) Central Information Commissioner (2) CPIO, ACIT, Circle 18 (2) (3) Shri Ajit A Pawar, Dy. CM, Maharastra, (Bombay High Court)

The sole issue in the present writ petition is whether information related to income-tax returns of politician can be provided to any individual in purview of proviso of section 8 (1) (j) of the Right to Information Act, 2005. Whether the petitioner is entitled to the information...

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Authorization of Commissioners to represent UOI& Others in matters before HC

F. No. 275/65/2013-CX.8A (19/06/2015)

Letter F.No. 275/65/2013-CX.8A dated 19.06.2015 regarding Procedural Clarification in respect of the issues relating to the 'authorization' of the Commissioners to represent the Union Of India and Others in matters before the High Court....

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Issue of appellate order by CIT (A) within 15 days of last hearing

279/Misc 53/2003-ITJ (19/06/2015)

CBDT has lately noticed that terms of Instruction No. 20/2003, dated 23.12.2003(copy enclosed) on the subject mentioned above are not being adhered to. The operative part of the Instruction is reproduced below for ready reference;...

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Creating Awareness of provisions relating to Settlement of Cases through Settlement Commission

F. No. 275/72/2014-CX.8A (19/06/2015)

Letter F.No. 275/72/2014-CX.8A dated 19.06.2015 regarding Creating Awareness of the provisions relating to Settlement of Cases through Settlement Commission, by informing the noticee about the said provisions by a follow up letter after issuance of Show Cause Notice...

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8 Online Services provided by Income Tax Department

The following online services are available at the e-filing website of the Income Tax Department for returns filed electronically (Logon to www.incometaxindiaefiling.gov.in with your user id and password) 1. History of e-filed returns You can view all your e-filed returns by Acknowledgement number, along with all status details like recei...

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Posted Under: Income Tax |

Prepare for filing of your income tax returns

Though the due date for filing of your income tax returns is extended till 31st August 2015, I thought of writing about a few things which you as a tax payer should do before you actually sit down to prepare your income tax return yourself or visit your CA’s office. Even if you do not intend to file your return by 31st August, there are...

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Posted Under: Income Tax |

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