"24 June 2015" Archive

Reg. TDS on any income of Category I & II Alternative investment fund

Notification No. 51/2015 - Income Tax (24/06/2015)

Notification No. 51/2015 - Income Tax Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in clause (23FBA) of section 10 of the said Act received by any investment fund as defined in clause (a) of the Explanation 1 of section 115UB of the sa...

Read More

Notification No. 50/2015 – Income Tax Dated 24.6.2015

Notification No. 50/2015 - Income Tax (24/06/2015)

Notification No. 50/2015 - Income Tax S.O. 1683(E).— In exercise of the powers conferred by section 295 read with sub-clause (viii) of Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to ...

Read More

How to choose ITR Form for A Y 2015-16

CA Pardeep Kumar Income Tax Return Forms Assessment Year 2015-16 [Notification No. 49/2015/ F.No.142/1/2015-TPL] , Dated 22nd June, 2015 Sr. No. Form No. Who can File Source of Income 1. ITR – 1 Only Individual 1.Salary 2. Only one House Property – No B/F losses 3. Other Sources – No B/F losses Exception:-Ordinary Resident &...

Read More
Posted Under: Income Tax | ,

Rate of CST applicable in the State of Bihar

1. Certain amendments were made in the Constitution through the Constitution (Sixth Amendment) Act, 1956 whereby- a) Taxes on sales or purchases of goods in the course of inter-State trade or commerce were brought expressly within the purview of the legislative jurisdiction of Parliament;...

Read More
Posted Under: Income Tax |

Appeal can be filed against wrong appeal effect given by Assessing Officer

The Haryana State Co-operative Supply & Marketing Federation Ltd Vs D.C.I.T. (ITAT Chandigarh)

D.R for the revenue argues that no appeal lies against Appeal Effect Order passed by Assessing officer. The appellant may apply to the Assessing Officer for rectification U/s 154 of the Income Tax Act, 1961 but no appeal be filed against appeal effect order passed by AO. ...

Read More

Important Changes in ITR 1, ITR 2, ITR 2A & ITR 4S in AY 2015-16

ITR-1- Introduction of Aadhar Card Number in ITR. (Those Who Give Aadhar Card Details, They Will Get OTP on Their Registered Mobile Number And They Are Not Required To Send ITR V). Not Applicable for those having agricultural more than Rs. 5000/-( they have to use ITR 2 or 2A)...

Read More
Posted Under: Income Tax |

Checklist For Issue And Redemption of Preference Shares under Companies Act, 2013

The preference shares shall be liable to be redeemed within a period not exceeding twenty years. A company engaged in the setting up and dealing with or infrastructure projects may issue preference shares for a period not exceeding thirty years, subject to the redemption of a minimum of ten percent of such preference shares per year from ...

Read More
Posted Under: Income Tax |

Checklist for Issue Of Debentures Under Companies Act, 2013

An issue of secured debentures may be made, project the date of its redemption does not exceed ten years from the date of issue. A company engaged in the setting up infrastructure projects may issue secured debentures for a period exceeding ten years but not exceeding thirty years (Rule 18 companies (Share Capital and Debentures) Rules 20...

Read More
Posted Under: Income Tax |

Govt. fixes limit of Rs. 4,375 on Clerkage fee payable to Counsel of income-tax department

Instruction No. 05/2015 (23/06/2015)

Instruction No. 05/2015 Clerkage at the rate of l0 per cent of the appearance and drafting fee shall be payable to the Counsel, subject to a maximum of Rs. 4,375/-, in a case or a batch of cases'. Instruction No. 05/2015 Dated- 23rd June, 2015...

Read More

Prohibition on import of milk & milk products from China extended till 23.6.2016

Notification No. 12/2015-2020 (24/06/2015)

Prohibition on import of milk and milk products (including chocolates and chocolate products and candies/confectionary/ food preparations with milk or milk solids as an ingredient) from China is extended for one more year, i.e., till 23.6.2016 or until further orders, whichever is earlier....

Read More

Draft Taxonomy for C&I Companies based on notified provisions of Companies Act, 2013

The taxonomy for the Commercial and Industrial Companies have undergone a change owing to the requirements under the Companies Act 2013, and the rules notified thereunder. Accordingly, the Taxonomy Development and Review Committee of XBRL India has finalised the draft taxonomy for Commercial and Industrial Companies based on the notificat...

Read More
Posted Under: Income Tax |

Income Tax Return Filing Season On! All the Best!

1. NOTIFICATION OF NEW ITR FORMS: CBDT has notified ITR 1, ITR 2, ITR 2A & ITR 4S for AY 2015-16 and amended Rule 12. These forms will substitute the previously notified ITR 1, 2 and 4S forms [Refer Notification No: 49/2015 dated 22/06/2015]. ...

Read More
Posted Under: Income Tax | ,

ITR 4S –Validation Rules for AY 2015-16

Return data will be allowed to be uploaded but the taxpayer uploading the return will be informed of a possible defect present in the return u/s 139(9). Appropriate notices/ communications will be issued from CPC....

Read More
Posted Under: Income Tax |

ITR 1 – Validation Rules for AY 2015-16

The Income Tax Department has provided free return preparation software in the downloads page as well as facility for online ITR submission for ITRs 1 & 4S which are fully compliant with data quality requirements. However, there are commercially available software or websites that offer return preparation facilities as well....

Read More
Posted Under: Income Tax |

Online Payment of EPF not Mandatory for employers remitting contribution below Rs. 1 lakh per month

Bkg.1(4)2010/Online Remittance /12871 (24/06/2015)

The Central Government in exercise of the powers conferred by section 5 read with sub-section (1) of section 7 of the EPF&MP Act 1952 has notified amendments in Paras 38(1) and 48 of EPF Scheme, 1952 making it mandatory for employers to pay the statutory ...

Read More

Online Payment of EPF Mandatory with effect from 5th May, 2015

Notification No. Bkg.1(4)2010/Online Remittance /12871 (24/06/2015)

This Scheme may be called the Employees' Provident Funds (Second Amendment) Scheme, 2015. In the Employees' Provident Funds Scheme, 1952 (hereafter referred to as Principal Scheme), in sub-paragraph ( ) of paragraph 38,‑ (i) for the words by separate hank drafts or cheques, the words electronic through internet banking of the State Ban...

Read More

Applicability of Contempt of Court Act in Taxation Matters

In this article, I am trying to analyses whether this section 2(b) of Contempt of Court Act is applicable to taxation matters (Direct and Indirect Taxes). There are so many cases, where Adjudicating Authority did not follow the decision given by various jurisdictional Tribunals, High Courts and even Supreme Court or did not follow the bin...

Read More
Posted Under: Income Tax |

Sec.10(23C)(iiiad) Receipts from more than one educational institutions cannot be clubbed

Income Tax Officer. Vs M/s Chironji Lal Virendrapal Saraswati Shiksha Parishad (ITAT Lucknow)

For the purpose of limit prescribed in section 10(23C)(iiiad), Rs. One crore limit has to be considered for each institution separately and not for the assessee as a whole. This is very important to mention that as per section 10(23C)(iiiad) also, the term used is any university or other educational institution...

Read More

Search Posts by Date

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