"21 July 2015" Archive - Page 2

Depressed due to Depreciation Calculation under Companies Act, 2013

Krishna, it is said that there is drastic change in the provision of calculation of depreciation according to New Companies Act 2013. So many Company Taxpayers are facing issues in calculating Depreciation. Please explain about the change and how it will affect and other information regarding depreciation?...

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Posted Under: Company Law |

No deduction u/s 54 is allowed where assessee has constructed a house prior to the date of transfer of original house

ACIT Vs Sagar Nitin Parikh (ITAT Mumbai)

ACIT Vs. Sagar Nitin Parikh (ITAT Mumbai) In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction u/s 54 of the Act in respect of the cost of new flat....

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Exemption u/s 10 (23C)(iiiab) cannot be denied merely on the basis of contradictory statements of few donors

Deccan Education Society Vs Addl. CIT (ITAT Pune)

Deccan Education Society Vs. Addl. CIT (ITAT Pune) Hon’ble ITAT observed that Merely because some of the donors stated that they have given the donation for admission will not disentitle the society from getting exemption which exists solely for educational purposes ...

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Fee levied u/s 234E while processing TDS statement is beyond scope of adjustment provided u/s 200A

G. Indhirani Vs DCIT (ITAT Chennai)

G. Indhirani Vs. DCIT (ITAT Chennai) The only issue arises for consideration is with regard to levy of fee under Section 234E of the Income-tax Act, 1961 while processing the statement furnished by the assessees under Section 200A of the Act which was held as unsustainable ...

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Govt Extends Date for Suggestions/Comments on Implementation of CA, 2013 to 31.07.2015

Government Extends Date for Suggestions and Comments to Make Recommendations on Issues Arising from the Implementation of the Companies Act, 2013 to 31st July, 2015 The Companies Law Committee set up by the Government to make recommendations on issues arising from the implementation of the Companies Act, 2013 had invited suggestions and c...

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Posted Under: Company Law |

Import policy of ‘Controlled Substances’ under NDPS Act, 1985

Notification No. 15 (RE-2015)/2015-2020 21/07/2015

Notification No 15 /2015-2020 Import of above ‘Controlled Substances’ shall be permitted subject to ‘No Objection Certificate (NOC)’ from Narcotics Commissioner of India, Gwalior....

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Guidelines for detailed scrutiny of Central Excise Returns

Circular No. 1004/11/2015-Central Excise 21/07/2015

A returns scrutiny process consists of two parts viz. preliminary scrutiny and detailed scrutiny. While the preliminary scrutiny system covers all the returns filed online, detailed scrutiny system covers a few returns selected on the basis of identified risk parameters. ...

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MCA issues Clarification with regard to circulation and filing of financial statement

General Circular No. 11/2015 21/07/2015

General Circular No. 11/2015 It is clarified that a company holding a general meeting after giving a shorter notice as provided under section 101 of the Act may also circulate financial statements (to be laid/considered in the same general meeting) at such shorter notice....

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CBDT enables online Declaration of black money Outside India; Notifies form 6

The Electronic filing of Form 6 under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 has been enabled under the menu “e-File” after login. Taxpayers are requested to e-File Form 6 during the compliance window which ends on September 30, 2015.[Refer Notification No. 58/2015 dated 02/07/20...

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Posted Under: Company Law |

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