"25 June 2015" Archive

RBI extends the Date for Withdrawal of Pre-2005 Series Banknotes

The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015. It had, in December 2014, set the last date for public to exchange these notes as June 30, 2015....

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Posted Under: Fema / RBI |

Analysis of Section 44AE of The Income Tax Act 1961

This section applies to all types of assesses whether resident or non-resident who are engaged in the business of plying , Hiring or leasing of goods carriages and owns not more than 10 goods carriages at any time during the financial year. Here the important point that is to be noted Is that the ownership of the good carriages should be...

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Posted Under: Fema / RBI |

Basics of the Black Money Law

Background-: a)     Like any other country, India has a sovereign right to levy tax on income in terms of aspect / nexus theory with India. b)     It has been codified by the Income Tax Act, 1961 [1 of 1961] and to be specific, section 4, 5, 6 and 9 of the Act. c)      It is […]...

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Posted Under: Fema / RBI |

Which return form you need to use for filing of your return

So the new Income Tax forms have been notified by the government after the forms notified earlier in April were withdrawn due to huge protest by the tax payers. Let us now understand the latest requirements as to the forms which you are required to file. I also intend to discuss other relevant matters relating to additional disclosure on ...

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Posted Under: Fema / RBI |

Checklist For Meetings Of Directors Or Committees under Companies Act, 2013

Suyog S Kabra Checklist For Meetings Of Directors Or Committees under Companies Act, 2013 [Note : Adherence by a company to Secretarial Standards with respect to General an board meetings specified by Institute of Company Secretaries of India and approved as such by the Central Government is mandatory, as per the provisions of sub section...

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Posted Under: Fema / RBI |

Checklist for Issue of Certificates Of Shares and Other Securities under Companies Act, 2013

The company has allotted shares/debentures and entered the names of allottees in the register of members/ debenture holders. (Note – where register and index of beneficial owners is maintained with depository, it shall be deemed to be corresponding register of members)...

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Posted Under: Fema / RBI |

Changes in ITR 1 and ITR 2 for A.Y. 2015-16 compared to ITR of A.Y. 2015-15

Ankit Gupta Recently introduced  ITR-1 Sahaj, ITR2, ITR 2A & ITR 4S Sugam for A.Y. 2015-16 vide Notification No. 49/2015-Income Tax, Dated: June 22, 2015 contains many changes as compared to ITR for A.Y. 2014-15. I have compiled all the changes in Excel file for your ready reference. Download Changes in ITR 1 and ITR 2 for A.Y. [&...

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Posted Under: Fema / RBI | ,

Who can and who cannot use ITR-1 Sahaj, ITR2, ITR 2A & ITR 4S Sugam for A.Y. 2015-16

ITR-1 SAHAJ- WHO CAN USE THIS RETURN FORM- This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:- (a) Income from Salary/ Pension; or (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or (c) Income from Other Sources (excluding ...

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Posted Under: Fema / RBI | ,

All About ITR Form – 2A

Who can use this Return Form? This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:- a) Income from Salary / Pension; or (b) Income from House Property; or (c) Income from Other Sources (including Winning from Lottery and Income from Race Horses)....

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Posted Under: Fema / RBI |

Loan foreclosure charges are eligible for deduction u/s 24(b)

Subha Singhvi Vs ACIT (ITAT Delhi)

1. The assessee is an individual, who earned rental income from certain properties and claimed deduction for interest on loan paid by the assessee as interest u/s 24(b)of the Income Tax Act, 1961. 2. The A.O., on perusal of interest certificate given by the bank, noticed that out the total interest of Rs. 29,89,223/-...

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Depreciation on Goodwill is Allowed or not?

M/s. Sujag Fine Chemicals Pvt. Ltd. Vs ITO (ITAT Ahmedabad)

By plain reading the words 'any other business or commercial rights of similar nature' in clause (b) of Explanation 3 to section 32 indicates that goodwill would fall under the expression 'any other business or commercial right of a similar nature'. ...

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Black Money Law-your urgent response requested with respect to Rules Framing

As you are aware, the law on BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX has already been enacted. The Rules are in framing. We want to make urgent representations with reference to the issues which can be taken care in the Rules....

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Posted Under: Fema / RBI |

Taxsutra Analysis – New ITR forms seek passport no., exempts ‘dormant’ bank accounts & foreign travel details

CBDT notifies revised ITR-1, ITR2 and ITR-4 Salong with new form ITR-2A for A.Y 2015-16; In lieu of foreign trip details, newly notified forms seek passport number,if available; New forms exempt disclosure of dormant bank accounts details; Further, account balance in bank accounts, now not required to be disclosed; ...

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Posted Under: Fema / RBI | ,

Where renting out properties is main business, then income is rightly taxed as Business Income- SC

Chennai Properties & Investments Ltd vs. CIT (Supreme Court of India)

Appellant assessee Company, incorporated with main objective as stated in MOA is to acquire the properties in the city of Chennai (Earlier named as Madras) and to let out those properties. The company had returned it income, as income from Business...

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Allowability of Input Tax Credit under Rajasthan Value Added Tax Act 2003

Recently there have been a slew of decisions on the matter of allowability of Input Tax Credit by various High Courts including Hon’ble Rajasthan High Court and Rajasthan Tax Board. This article aims to critically analyse the effect of recent judgments in terms of provisions of Rajasthan Value Added Tax Act 2003 and earlier judgments re...

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Posted Under: Fema / RBI |

Applications for Empanelment as Stock Auditor with Allahabad Bank

Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit...

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Posted Under: Fema / RBI |

New e-TDS/TCS Return Preparation Utility Ver. 1.2 released

e-TDS/TCS Return Preparation Utility Ver. 1.2 based on JAVA platform for Regular & Correction Statement(s) from FY 2007-08 onwards released (24/06/2015) Key Features – Return Preparation Utility (RPU) version 1.2 ♠ Preparation of Regular and Correction TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial ...

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Posted Under: Fema / RBI |

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