"September, 2015" Archive

Bombay HC instructs CBDT to extend ITR Due Date to 31.10.2015

The Chamber of Tax Consultants Vs. Union of India & Ors. (Bombay High Court), WP 2764/2015, Filed on 22.09.2015. Bombay High Court Instructed CBDT to extend due date to 31.10.2015. We will upload copy of order and analysis soon. ...

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Posted Under: Income Tax |

Gujarat HC directs CBDT to extend ITR due date to 31.10.2015: Judgment Analysis

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court)

By this petition under article 226 of Constitution of India petitioners sought relief by way of writ and prayed before court that due date of filing ITR should be extended upto 30.11.2015. Following relief were sought in this instant writ petition...

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ICAI President's Message – October 2015

Every year we celebrate 2nd October as the birthday of our own Mahatma Gandhi, who is also called the Father of our Nation, as a mark of respect for his selfless contribution to our nation. Mahatma, who sacrificed his everything for the freedom of our nation, has said so many things apart from his core battle, to send across the message o...

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Posted Under: Income Tax |

CBDT rejects KSCAA representation on Extension of ITR/Tax Audit Due Date

F.No.225/207/2016/ITA.II (30/09/2015)

The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Direct Taxes (CBDT) seeking extension of date for filing returns from 30th, September. 2015. Subsequently KSCAA flied a PIL In Honble Karnataka High Court seeking intervention of Court in this matter....

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CBDT extends date only in Punjab, Haryana, UT of Chandigarh and Gujarat

F.No.225/207/2016/ITA.II (29/09/2015)

Vide its order dated 30.09.2015 CBDT has extended due date only for the state of Haryana, Punjab , Union Territory of Chandigarh and Gujarat. Download Official Copy of the orders in PDF Format F.No.225/207/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North-Block, TA.II Division Ne...

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Orissa HC Instructed CBDT to extend due date of ITR to 31.10.2015

Jagdish Prasad Mittal Vs. Union of India (Orissa High Court), Writ Petition No. WP(C)-17178/2015, Date- 21/09/2015 In this case writ is been filed on 21.09.2015 for Non extension of due date of ITR and Tax Audit for Assessment Year 2015-16 by CBDT. The writ is scheduled for Hearing on 23rd September 2015....

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Posted Under: Income Tax |

Conditions & Limitations for Grant of Rebate of Duty on Goods Exported out of India

Rebate of duty on goods exported out of India is covered by Rule 18 of the Central Excise Rules, 2002. The Central Government may, by notification, grant rebate of- i. Duty paid on such excisable goods which are exported out of India, or ii. Duty paid on materials used in the manufacturing or processing of such goods....

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Posted Under: Income Tax |

Transitional issues in Goods and Services Tax – Series 1

Constitutional amendment bill for levying Goods and services tax has already been passed in loksabha. Had it not been for the rigid stand of the opposition the same would have been passed in the monsoon session of the parliament held in august 2015. Past apart, with the current business mood along with support from the states and sheer de...

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Posted Under: Income Tax |

All about Income Computation and Disclosure Standards

CA Himanshu Gupta Introduction The Central Government recently notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015–16. This will affect the compliance practice of all taxpayers following the mercantile system of accounting for computing income chargeable to income tax under the heads: Profi...

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Posted Under: Income Tax |

VAT, Luxury Tax & Service Tax on Hotel & Restaurant industry

All of us use the services of Hotels and restaurant for stay, meetings, party, get together etc. It is generally been observed that the ultimate payment made by us is much higher than the prices mentioned on the menu list or tariff charts. The difference arises because of 4 major heads:...

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Posted Under: Income Tax |

Agreement between Govt of India & America for Exchange of Information with respect to taxes

Notification No. 77/2015 - Income Tax (30/09/2015)

Notification No. 77/2015 - Income Tax Whereas, an Inter-Governmental Agreement and Memorandum of Understanding (MoU) between the Government of the Republic of India and the Government of the United States of America to improve International Tax Compliance and to implement Foreign Account Tax Compliance Act of the United States of America...

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P&H HC judgment directing CBDT to extend ITR due date to 31.10.2015

Vishal Garg Vs UOI (Punjab & Haryana High Court)

Vishal Garg Vs. UOI In the instant petition petitioners sought relief by way of writ under article 227 of the constitution of India and prayed before court that due date of filing ITR should be extended upto 31.10.2015....

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Delhi VAT- Last date of filing of online return in Form 9 extended to 31/10/2015

CIRCULAR NO. 26 of 2015-16 (30/09/2015)

CIRCULAR NO. 26 of 2015-16 Commissioner, Value Added Tax, do hereby extend the last date of filing of online return in Form 9 for the year 2014-15, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 31/10/2015....

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Delhi VAT- Submit Form DP-1 online by 21/10/2015

No.F.3(352)Policy/VAT/2013/818-829 (30/09/2015)

No.F.3(352)Policy/VAT/2013/818-829 Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section(1) read with sub­section (2) and (3) of section 70 and sub-section (2) of section 59 of Delhi Value Added Tax Act, 2004, notify that the Form DP-1 shall be submitted online by all the dealers lat...

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Notification No. 96/2015-Customs (N.T.) Dated- 30th September, 2015

Notification No. 96/2015-Customs (N.T.) (30/09/2015)

Notification No. 96/2015-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the...

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Notification No. 48/2015-Customs, Dated- 30th September, 2015

Notification No. 48/2015-Customs (30/09/2015)

Notification No. 48/2015-Customs Government of India, in the Ministry of Finance (Department of Revenue), No.12/2012-Customs, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185(E), dated the 17th March, 2012, namely:-...

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Regularisation of assets held abroad by a person resident in India under FEMA, 1999

RBI/2015-16/195 A.P. (DIR Series) Circular No.18 (30/09/2015)

A.P. (DIR Series) Circular No.18 The Government of India has enacted The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act) on May 26, 2015 to address the issue of undisclosed assets held abroad. It provides for separate taxation of income and assets acquired abroad from income not disclo...

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​Clarification on the Black Money Act

Various issues related to the Black Money (Undisclosed Foreign Income and Assets) and Imposition of the Tax Act, 2015 (hereinafter the Act) have been raised by various stakeholders. The concerns raised along-with the comments are as under‑ Issue– Section 67 of the Act states that the declaration filed under section 59 cannot be us...

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Posted Under: Income Tax |

Why we need to think beyond Shares,Mutual Funds & FD’s

When it comes to invest or to build wealth 90% people do mistakes. In starting they need fast money, without any effort and they enter in shares. That results in loss of money. Then they start hating share market but then some funds advisor come and advises them for mutual funds. ...

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Posted Under: Income Tax |

TDS/ TCS FVU version 2.144 for FY 2007-08 to FY 2009-10 released

Key Features – File Validation Utility (FVU) version 2.144 Discontinuation of C9 Correction Statements: As directed by Income Tax Department (ITD), C9 correction i.e. addition of new Challans in Correction Statement(s) has been discontinued. This version of FVU will be applicable with effect from September 29, 2015. Download Link- https...

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Posted Under: Income Tax |

e-TDS/TCS RPU Java Version 1.3 for TDS/TCS Statement(s) from FY 2007-08 onwards released

Kindly use NSDL e-Gov Return Preparation Utility (RPU) version 1.3 (JAVA based) for preparation of your e-TDS/TCS Statement(s). VB based NSDL e-Gov Return Preparation Utility (RPU) has been discontinued from TIN website with effect from September 28th, 2015....

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Posted Under: Income Tax |

FVU version 4.8 for e-TDS/TCS statement of FY 2010-11 onwards

Key Features – File Validation Utility (FVU) version 4.8 ♣ Section code 192A: In addition to Form no. 26Q, this section will also be applicable for Form no. 27Q where the date of payment to deductee is on or after 01/06/2015. ♣ Discontinuation of C9 Correction Statements: As directed by Income Tax Department (ITD), C9 […]...

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Posted Under: Income Tax |

Sec. 271(1)(c) No Penalty for addition U/s. 50C if Assessee furnishes all details

Bhavya Anant Udeshi Vs The Income Tax Officer (International Taxation) (ITAT Hyderabad)

In the case of Bhavya Anant Udeshi Vs ITO (International Taxation) it was held by ITAT Hyderabad that provision of section 50C being a deeming provision, it cannot be used for the purpose of imposition of penalty under section 271(1)(c) unless it is proved that Assessee has received any amount over...

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SEBI : Registration of Members of Commodity Derivatives Exchanges

CIR/MIRSD/4/2015 (29/09/2015)

The application for registration shall be made in the manner prescribed in the Stock Broker Regulations, through the commodity derivatives exchange, of which it holds membership,...

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Form No.15G / 15H & related procedures wef 01.10.2015

Notification No. 76/2015 - Income Tax (29/09/2015)

Notification No. 76/2015 - Income Tax S.O. 2663 (E). - In exercise of the powers conferred by section 295 read with section 197A of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely...

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Refund/Claim of Safeguard Duties as Duty Drawback

Circular No. 23/2015-Customs (29/09/2015)

Circular No. 23/2015- Customs Duty Where imported goods subject to Safeguard Duties are exported out of the country as such, then the Drawback payable under Section 74 of the Customs Act would also include the incidence of Safeguard Duties as part of total duties paid, subject to fulfilment of other conditions....

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Guajrat HC also Directs CBDT to extend due date to 31st October 2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court at Ahmedabad)

After Punjab & Haryana High Court the Gujarat High Court also directs CBDT to extend the due date for Filing of ITR to October 31st in its Judgement today. ...

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FAQs for members of Commodity Derivatives Exchanges

Q1. What are the registration requirements for existing members of commodity derivatives exchanges? Ans: Existing members of commodity derivatives exchanges are required to satisfy the registration related requirements of the exchange of which it holds membership, at the time of making an application for registration to SEBI. They can app...

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Posted Under: Income Tax |

Extend ITR due date to 31st October 2015- P&H HC to CBDT

Vishal Garg & Ors. Vs Union of India & Anr. (Punjab & Haryana HC)

In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended ...

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Incomes chargeable to tax U/s. 172 cannot be subject to TDS under chapter XVII-B

CIT Vs Dempo and Co. Private Limited (Bombay High Court)

The Hon'ble Bombay HC in the case of CIT vs. Dempo and Co. P. Ltd that when the non- resident payee is assessable under special provisions contained in Sec 172 , then the payer cannot be made responsible for deducting tax at source on the payments made to non-resident. ...

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Section 194C- Casual labourer are not sub-contractor : HC

Principal Commissioner Of Income Tax Vs Shri Tulsi Ram Modi (Rajasthan High Court at Jaipur)

In the case of Pr. CIT Vs. Shri Tulsi Ram Modi, HC of Rajasthan at Jaipur has held that labourer hired by the assessee employed as casual labourers could not be considered to be sub- contractor and therefore provisions of Section 194C and Section 40(a)(ia) of the Act were not applicable....

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Rectification order u/s 154 cannot be made on debatable issue: HC

K.K.J. Foundations Vs The Assistant Director of Income (Kerala High Court at Ernakulam)

In the case of KKJ Foundations vs. ADIT it was held by High court of Kerala that It is a settled proposition of law that rectification is a process by which a mistake is set at right. It thus means correcting an error which was apparent from record ...

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Delhi VAT- Date extended for filing of Forms EC-II and EC-III to 15-10-2015

No.F.3(515)/Policy/VAT/2015/805-816 (29/09/2015)

No.F.3(515)/Policy/VAT/2015/805-816 , Commissioner, Value Added Tax in exercise of the powers conferred under section 27 of the Delhi Value Added Tax Act,2004, do hereby extend the last date for filing of online returns for the 1st quarter of the year 2015-16, in Forms EC-H and EC-111 to 15/10/2015....

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RBI Fourth Bi-monthly Monetary Policy Statement, 2015-16- Reduces Rates by 50 BPS

On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: reduce the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points from 7.25 per cent to 6.75 per cent with immediate effect; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent ...

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Posted Under: Income Tax |

Rate of exchange of conversion of foreign currency wef 30th September, 2015

Notification No. 95/2015-Customs (N.T.) (29/09/2015)

Notification No.95/2015 - Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No. 93/2015-CUSTOMS (N.T.) dated the 17th September, 2015, with effect ...

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ECB Policy – Issuance of Rupee denominated bonds overseas

RBI/2015-16/193 A.P. (DIR Series) Circular No.17 (29/09/2015)

A.P. (DIR Series) Circular No.17 In order to facilitate Rupee denominated borrowing from overseas, it has been decided to put in place a framework for issuance of Rupee denominated bonds overseas within the overarching ECB policy. The broad contours of the framework are as follows:...

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Summary- Guidance Note on Audit of Internal Financial Controls over Financial Reporting

Clause (e) of Sub-section 5 of Section 134 explains the meaning of the term, internal financial controls as the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds a...

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Posted Under: Income Tax |

Policy on remuneration of Directors, KMP & other employees

As a good corporate governance measure the new Companies Act 2013 and the listing agreement have provided elaborately for a company to formulate a Policy of remuneration of its Directors, KMP and other employees. The relevant provisions shall have to be kept in view as well as each company shall have the flexibility to lay down its criter...

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Posted Under: Income Tax |

Managerial Remuneration Under Companies Act, 2013

Managerial Persons covered are Managing Director, Whole-time  Director, Part time Directors and managers who shall be paid remuneration subject to and in accordance with provisions of Section 197 of the Companies Act, 2013. As compared to various sections and chapters viz section 198, 309, etc of Companies Act, 1956 which deals with M...

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Posted Under: Income Tax | ,

Reg. Action initiated against officers responsible for serious lapses in furnishing remedial/corrective ATNs on Audit paras

No.1/20/2014 -MC/288 (29/09/2015)

No.1/20/2014 -MC/288 With reference to the above mentioned subject, it is stated that the Public Accounts Committee (16th Lok Sabha) have recommended vide Para No.16 of Report No, 20 that Ministry expedite the implementation of their Standing Audit Cammittee (SAC) recommendation to have action initiated against officers responsible for ...

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Karnataka HC directs CBDT to Consider representation on Tax Audit/ ITR Due Date Extension

Karnataka State Chartered Accountants Association Vs Union of India (Karnataka High Court at Bangalore)

In these writ petitions, the writ petitioners are asking for some extension of time for submission of income tax returns in respect of certain categories of assesses, including the companies, firms and individuals...

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Interest payable if drawback not paid within one month from the date of filing a claim – HC

M/s. Karur K.C.P. Packagings Limited Vs The Commissioner of Customs (Madras High Court)

In the case of M/s.Karur K.C.P.Packagings Limited vs. The Commissioner of Customs, it was held by Madras High Court that that where any drawback payable to the claimant is not paid within a period of one month from the date of filing a claim for payment ...

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Section 11A not mandatory to be invoked for recovery of wrong refund- HC

The Commissioner Customs & Central Excise, Tirupati Vs M/s. Panyam Cements & Minerals Industries Ltd. (Andhra Pradesh High Court)

In the case of The Commissioner Customs & Central Excise V/s M/s. Panyam Cements & Minerals Industries Ltd. it was held that invoking Section 11A is not mandatory for recovering the wrong refund granted....

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TDS u/s. 194C deductible when contract amount exceeds thrash hold limit

ITO Vs Someshwar Real Estate Pvt. Ltd. (ITAT Ahmedabad)

ITAT Ahmedabad has held in the case ITO v Someshwar Real Estate Pvt. Ltd. that the TDS would be deducted u/s 194C only when the amount of single contract exceeds Rs. 20,000 or the amount exceeds Rs. 50,000 in aggregate which has been given to a particular person in a year....

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Books cannot be rejected when PAN mentioned and TDS was deducted

VV Constructions Vs ACIT (ITAT Pune)

In the case of VV Constructions v ACIT, ITAT Pune held that the Books of account cannot be rejected for only the reason that there was some over writing in one of the transactions. Also, it can’t be rejected because the Assessee have furnished the PAN numbers and made TDS in all the transactions...

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Mentioning Correct provisions of law in SCN mandatory for invoking any charge against assessee – HC

The Commissioner of Central Excise Vs M/s. Super Spinning Mills Ltd. (Madras High Court)

In the case of The Commissioner of Central Excise Vs. M/s. Super Spinning Mills Ltd., it was held that non-mentioning of Section 72 of the Customs Act, 1962 along with Section 28 of the Customs Act, 1962 would render the Show-Cause Notice outside the purview of Section 72. ...

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Tangible evidences required for proving clandestine manufacture & not mere assumptions – HC

Flevel International Vs Commissioner Of Central Excise (Delhi High Court)

In the case of Flevel International V/S Commissioner Of Central Excise, it was held by Delhi High Court that the denial of an opportunity of cross-examination of a witness whose statements have been relied upon in the adjudication order would vitiate the order of adjudication. In the present case...

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SAD exemption not applicable when goods sell from a place where no sales tax is chargeable – SC

Commissioner Of Customs Vs M/s. Seiko Brushware India (Supreme Court of India)

In the case of Commissioner of Customs vs. M/s. Seiko Brushware India , it was held by Supreme Court that benefit of exemption Notification No. 34/98-Cus. Dated 13.06.1998 for NIL SAD is not granted in respect of such goods which the importer sells post importation from a place located in an area where no tax is chargeable on sale of good...

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Assessee contributing to delay in legal proceedings not eligible for remedy – HC

Srikant Bagla Vs Commissioner of Customs & Ors. (Calcutta High Court)

In the case of Srikant Bagla Vs. Commissioner of Customs & Ors., it was held that an assessee cannot be benefitted when it is proved that the assessee had a substantial contribution to make towards the delay in the legal proceedings....

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CENVAT credit on inputs inherently lost in manufacturing process allowed – HC

M/s. Rupa & Co. Limited Vs The Commissioner of Central Excise (Madras High Court)

In the case of M/s. Rupa & Co. Limited Vs. The Commissioner of Central Excise, it was held that what is contained in finished product is only a quantity of all the inputs of the same weight as that of the finished product ...

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Tax Audit / Income tax due date extension order is FAKE : CBDT

NA (28/09/2015)

It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit report under section 119 of ...

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Formalizes Merger of Forward Markets Commission (FMC) with SEBI

Finance Minister Arun Jaitley Formalizes Merger of Forward Markets Commission (FMC) with SEBI; FM: Amalgamation of FMC And SEBI would bring Convergence of Regulations in the Commodities and Equity Derivatives Markets; FM: Markets Thrive where there is Confidence and Integrity and the Regulator must ensure that Manipulative Activities are ...

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Posted Under: Income Tax |

New Law on Anvil for Fast Track Arbitration in Baking Sector

Finance Minister Arun Jaitley : New Law on Anvil for Fast Track Arbitration in Order to Address the Stressed Areas of the Banking Sector; Reiterates the Government’s Commitment to Give Operational Freedom to the Public Sector Banks (PSBs); Efforts are on to Give Shape to the Banking Bureaus and to Professionalize all Personnel Issues. T...

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Posted Under: Income Tax |

Tax Audit Date Extended?- Fake Order doing rounds

10 Reasons, why you cannot rely on order dated 26.09.2015 which says that due date for Income Tax Return been extended to 15th October 2015.1. We confirmed with CBDT officials and they denied issue of any such Notifications. 2. We checked the official Websites of Income Tax, Government of India and Finance ministry and have not found any ...

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Posted Under: Income Tax |

Writ in Karnataka HC for Extension of TAR/ITR Due Date by CA C. R. Dhavalagi

Chandramappa Ramanna Dhavalagi Vs Union of India (Karnataka High court , Dharwad ), W.P No. 110253/2015, Date of Filing- 21.09.2015. HC disposes the petition and directed CBDT to consider the representation submitted by ICAI for extension of due date upto 31.10.2015 by tomorrow 30.09.2015 and report to court. The case is argued by Advo...

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Posted Under: Income Tax |

Writ in Calcutta High Court for Extension of TAR/ITR Due Date

V. K. Tulsyan & Co. Vs UOI (Calcutta High Court), WP No.1187 of 2015, Date of Filing- 24.09.2015 Hearing could not take place due to demise of a Senior Advocate of Calcutta High Court. Matter is been fixed for hearing on 01.10.2015 but petitioner will try to get an hearing on 30.09.2015....

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Posted Under: Income Tax |

ICAI Election 2015- List of Candidates for Regional & Central Council

Details of region-wise members whose nominations have been received, within the appointed time and date i.e. 6.00 p.m. on 24th September, 2015 at the designated location, for contesting the Election to the Twenty Third Council and Twenty Second Regional Councils scheduled to be held in December, 2015 is given herein below for information ...

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Posted Under: Income Tax |

Hard coding of transactions under Delhi VAT -An initiative to mitigate unnecessary litigation

CA Vinod Kaushik Introduction: Almost all the dealers registered under Delhi VAT must have faced heat from their buyer due to mismatch in the sales shown by seller and purchased booked by buyer. This concept is commonly called as mismatch in form 2A and 2B which is creating trouble for the buyers and department in […]...

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Posted Under: Income Tax |

Do You Know The Price of Our Development?

Development and greediness of humanity have telling effects on the present and future generations. Encroachment on the forests and agricultural lands for putting up high-rise concrete jungles, commercialization and politicization of the resources, selfishness replacing the morality, etc., are the common causes for the ecological imbalance...

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Posted Under: Income Tax |

Export Promotion Capital Goods Scheme (EPCG) under FTP 2015-2020

The objective of the EPCG Scheme is to facilitate import of capital goods for producing quality goods and services to enhance India’s export competitiveness. EPCG scheme allows the import of capital goods for pre-production, production and post -production at Zero custom duty....

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Posted Under: Income Tax |

Exhilarating Experience @ IIM Ahmedabad

While wondering whether the course would meet the objectives and feeling little jittery since I was attending a course after a long time, the cab entered the IIM Ahmedabad campus. The campus has an old wing and a new wing....

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Posted Under: Income Tax |

Taxability of Licence to use Trademarks / Franchise

It is well settled that Goods that are subject matter of tax under Entry 54 of the State List can be Tangible goods or even Intangible goods like Trademarks, Patents, Copyrights, Software (Canned /Off-the-shelf software), Technical Knowhow, etc. VAT is payable on their sale or even if there is a transfer of right to use goods falling in A...

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Posted Under: Income Tax |

ICAI presidents ask members to put extra efforts to meet ITR/TAR deadline

On account of extraneous factors a number of our members are finding challenges in filing returns of income and the tax audit reports in time. I would request you to put in little extra effort to meet the present due date which is quite near. I am sure you would be able to meet the deadline....

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Posted Under: Income Tax |

India Finland DTA- Technical services if technical knowledge skill, know how or design been made available

Income Tax Officer, TDS Vs Nokia India Pvt. Ltd. (ITAT Delhi)

ITAT Delhi has held in the case of ITO, TDS vs. Nokia India Pvt. Ltd that services rendered does not qualify as FTS for technical services under the India Finland Tax Treaty if service provider has not made available to assessee any technical knowledge skill...

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Assessee & Revenue have right to File cross objection before ITAT

Fast Booking (I) Pvt. Ltd. Vs Dy. Commissioner Of Income Tax (Delhi High Court)

The Delhi High Court Has Held In the case of Fast Booking (I) Pvt. Ltd. Vs Dy. Commissioner Of Income Tax that both the assessee as well as the department have a right to file an appeal/cross-objections before the Tribunal. ...

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Specific Concealment of Income has to be established for levy of Penalty

M/s. Chaurasia & Sons. Vs I.T.O. (ITAT Kolkata)

In the case of Ms. Chaurasia & Sons. Vs. I.T.O the Hon’ble Kolkata ITAT held that mere confirmation of addition will not lead to conclusion that penalty is leviable, unless it is established that assessee has concealed its income. ...

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Receiving & Disposing of Applications by PIOs under RTI Act, 2005

The Applicants’ seeking information under Section 6(1) of the Right to Information Act, 2005, could make their request in writing in a language of English, Hindi or in the regional official language of the area, and could submit their “Applications’ to the Public Information Officer (PIO) appointed at an office, where you think or a...

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Posted Under: Income Tax |

Form 15CA & 15CB Requirements & relevant Provisions

Firstly to understand the provisions & needs of Form 15CA & 15CB, we have to understand the income Tax Act & Rules made behind the compliances and transactions required the compliances of Form 15CA & 15CB. 1. Section 195(6) of Income Tax Act- The person responsible for paying to a non-resident, not being a company, or to a foreign company...

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Posted Under: Income Tax | ,

Receipt without consideration (Gift) from Non-Relatives – A Tool for Tax Planning

Any receipt without consideration or receipt with inadequate consideration from relatives (as defined under Income Tax Act) is not taxable. However, certain receipt without consideration or receipt with inadequate consideration even from non-relatives is not taxable. ...

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Posted Under: Income Tax |

Accrued Interest on Sticky advances of Co-Operative Banks not taxable

The Commissioner of Income Tax vs M/s.Deogiri Nagari Sahakari Bank Ltd. & Others (Bombay High Court, Aurangabad Bench)

In the case of CIT Vs. M/s.Deogiri Nagari Sahakari Bank Ltd. & Others , Bombay High Court inter-alia held that the assessee herein being a Cooperative Bank also governed by the Reserve Bank of India and thus the directions with regard to the prudential norms issued by the Reserve Bank of India...

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Income Tax- Reporting Financial Institution -Registration & submission of form 61B

According to the amended provisions of Section 285BA(1)(k)of the Income Tax Act, 1961, some prescribed reporting financial institutions need to furnish a statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)) in connection with some specified financial transactions done by them d...

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Posted Under: Income Tax |

Comparative study of Listing Regulations 2015 vis-à-vis Equity Listing Agreement

The Listing Regulations 2015 will apply to the following securities on recognized Stock Exchange(s): Specified securities listed on Main Board or SME Exchange or Institutional Trading Platform; Non-Convertible Debt Securities, Non-Convertible Redeemable Preference Shares, Perpetual Debt Instrument, Perpetual Non-Cumulative Preference...

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Posted Under: Income Tax |

Follow your own rules to rule the world

Here, I want to share some RULES which I followed for my CA and CS preparations. These are not noting tips or like, but these are some rules by which you can control yourself as well as your work or study. So please take a look at following rules:-...

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Posted Under: Income Tax |

Place of Effective Management (POEM)

The Finance Act 2015 has introduced a major change to the definition of residential status of companies vide amendment to Section 6(3) of the Income Tax Act, 1961 (‘Act’) which is likely to have significant impact with respect to foreign companies....

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Posted Under: Income Tax |

A Quick insight on Secretarial Audit

Who can conduct Secretarial Audit? Only a member of the Institute of Company Secretaries of India holding certificate of practice (company secretary in practice) can conduct Secretarial Audit and furnish the Secretarial Audit Report to the company. [Section 204(1) of Companies Act, 2013]...

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Posted Under: Income Tax |

Issue of Extension of Time For Filling Tax Audit Reports & ITR

There has been much controversy over the above issue. Much complications have taken place in comparison to earlier years in respect of filling of Audit Reports and as well as Income Tax Return. Some years ago, in the tax audit cases, the due date for filling was October which was reduced to September. Tax- payers are complying to the requ...

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Posted Under: Income Tax |

Haryana VAT Amends 1% Composition Scheme for Developers (Rule 49A)

Vide Notification No.23/H.A.6/2003/S.60/2015 dated 24th September, 2015 the State of Haryana has amended Rule 49A of Haryana Value Added Tax Rules, 2004 in what appears as a fresh effort to rope more developers to opt for the 1% composition / Lumpsum scheme by introducing few changes and allowing fresh 60 Days to join this Notification fr...

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Posted Under: Income Tax |

CBDT Instruction- specifying monetary limits for filing appeals has prospective effect

CIT Vs. Suman Dhamija (Supreme Court of India)

In the case of CIT vs. Suman Dhamija, the Supreme Court held that CBDT Instruction specifying monetary limits for filing appeals applicable only to appeals filed after that date and not to pending appeals....

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No addition U/s. 68 if credits are not related to relevant Assessment year

Glen Villiams Vs ACIT (ITAT Bangalore)

Glen Villiams Vs. ACIT (ITAT Bangalore)- Assesse was a dealer of bakery products, filed its return. During assessment, it was found that assesse represented certain amount towards sundry creditors in its books....

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Section 36(2)(i)- Loan- Bad Debts allowable if assessee offered interest income to tax in earlier years

Commissioner of Income Tax Vs Pudumjee Pulp & Paper Mills Ltd. (Bombay High Court)

CIT Vs.Pudumjee Pulp & Paper Mills Ltd. (Bombay High Court) Assesse received interest on inter-coporate deposit which was offered to tax in earlier years. Subsequently, assesse made certain provision for bad debts....

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Revenue Appeal not maintainable against addition deleted based on Remand Report

ACIT Vs R.P.G.Credit & Capital Ltd. (ITAT Delhi)

ACIT vs. R.P.G.Credit & Capital Ltd. (ITAT Delhi) - In course of assessment, AO made addition under Section 68 .CIT (A) remanded matter back for obtaining confirmation of creditors. AO gave a remand report that he was satisfied with confirmation given by creditors and loan appeared to be genuine. ...

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Penalty u/s 271(1)( c) justified in case of deliberate false claim of exemption in ROI

JCIT Vs Cybertech Systems & Software P. Ltd. (ITAT Mumbai)

JCIT vs. Cybertech Systems & Software P. Ltd.,(ITAT Mumbai) Assesse’s claim for exemption u/s 10B was denied. A.O. also passed a penalty order u/s 271(1)(c) for raising a false claim for exemption. Tribunal found that assesse had not even challenged rejection of claim in appeal....

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In case of rejection of books, estimation of gross profit based on past history justified

CIT Vs M/s Hind Agro Industries (ITAT Chandigarh)

CIT vs. M/s Hind Agro Industries (ITAT Chandigarh) The assessee pleaded since it is not feasible to maintain stock register, therefore books should not be rejected CIT (A) upheld rejection of books , but considered G.P. rate taken by A.O. of previous year...

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Wthout assigning reasons Tribunal cannot remand matter to A.O. on matters on which in earlier years it decided in favour of Assessee

Hinduja Global Solutions Ltd. Vs Union of India (Bombay High Court)

In the case of Hinduja Global Solutions Ltd. Vs. UOI Assesse’s case for exemption under section 10A was allowed in earlier years by Tribunal. During the relevant year, the Tribunal disallowed assessee claim. ...

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Before A.Y. 2015-16 Sec. 54EC exemption limit of Rs. 50 Lakh is per year & not based on transaction

C.R. developments Vs JCIT (ITAT Mumbai)

ITAT Mumbai has held in the case of C.R. developments Vs. JCIT that time limit for investment is six months from the date of transfer and even if such investment falls under two financial years, the benefit claimed by the assessee cannot be denied. ...

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Mere Repayment of loan not escape substantial shareholder from Section 2(22) (e)

CIT Vs Sh. Chandrakant V. Gosalia (ITAT Mumbai)

ITAT Mumbai has In the case of CIT Vs. Sh. Chandrakant V. Gosalia held that Loan given by Company to its substantial shareholder will attracts provisions of section 2 (22)(e) of Income Tax Act,1961 if the same were not lent in ordinary course of business and mere payment of loan amount would not escape assesse from provision of Section...

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Exemption cannot be denied merely for claim under wrong section

M/s. Annam Software Pvt. Ltd. Vs Commissioner of Income-Tax (ITAT Chennai)

Annam Software Pvt. Ltd. vs. CIT (ITAT Chennai) Assesse, an EOU, filed its return claiming exemption u/s 10 B. A.O. rejected assesse’s claim. In appellate proceedings , assesse raised a plea that in relevant year it had claimed deduction u/s 10 A...

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Pay Your Annual CS Membership & COP Fees by 30th September, 2015

Practising Company Secretaries may note that the annual certificate of practice fee of Rs. 1000/- for the year 2015-16 became due for payment w.e.f. 1 st April, 2015. The last date for payment of the same is 30th September, 2015. It is presumed that the Practising Company Secretaries have already paid their Annual Associate/Fellow members...

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Posted Under: Income Tax |

Department still amending ITR Schema & Validation Rules but no extension

In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), Schema of Form BB (Return of Net Wealth) for AY 2015-16 and ITR Validation Rules for AY 2015-16 from the details we can make out that department has updated the […]...

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Posted Under: Income Tax |

Highlights of Income Tax E-filing till 31st August 2015

Highlights of e-Filing No of Registered Users as on 31/08/2015- 46926524 Peak rate of receipt of returns per day : (31/08/2015)- 1417227 Peak rate of receipt of returns per hour : (31/08/2015)- 150293 Peak rate of receipt of returns per minute: (31/08/2015)- 3475 Percentage of returns received outside office hours- 52.613% Percentage of r...

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Posted Under: Income Tax |

Things to do before exams

RELAX TO STUDY- It’s only a month left for the CA exam and two months for the CS examinations. And so it is very natural for the students to be in a bad shape and deep stress. But apart from the academic suggestion we do not normally find people who could take us around as to how to maintain our mental stress during these crucial days b...

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Posted Under: Income Tax |

Simple way to understand Substantially Interested Public Companies

Under Section 2(18) of the Income tax a company is said to be a company in which the public are substantially interested in the following circumstances: (a) if it is a company owned by the Government or the Reserve Bank of India or in which not less than forty per cent of the shares are held (whether singly or taken together) by the Gover...

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Posted Under: Income Tax |

MAT may be made inapplicable to foreign Cos having no PE in India from 1st April, 2001

Government Decides to Amend Income-Tax Act 1961 so that with Effect from 1st April, 2001, the Provisions of Section 115JB Shall Not be Applicable to a Foreign Company If the Foreign Company is a Resident of a Country Having DTAA with India and Such Foreign Company Does Not have a Permanent Establishment within the Definition of the Term i...

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Posted Under: Income Tax |

100% EOU-DTA Clearance-conditions, safeguards& procedures for supply of items for export

Notification No. 20/2015-Central Excise (N.T.) (24/09/2015)

Central Excise-Notification No. 20/2015 CE (NT) Dated: 24-9-2015 -100% EOU - DTA Clearance - conditions, safeguards and procedures for supply of items like tags, labels, printed bags, stickers, belts, buttons and hangers for the purpose of their exportation out of India ...

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Vakalatnama V/s Power of Attorney

As per Advance Law Lexicon Vakalatnama includes memorandum of appearance or any other document by which an advocate is empowered to appear or plead before any court, tribunal or other authority....

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Posted Under: Income Tax |

Updated Mega Exemption Notification – Service Tax

The Central Government has exempted many of the services from the levy of Service Tax vide Notification no. 25/2012 – Service Tax dated 20th June, 2012. This notification has undergone various amendments vide various notification. The Original Notification no.25/2012 is updated with those amendments and is represented below for ready re...

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Posted Under: Income Tax |

Service Tax On Director’s Remuneration-Instigating Litigation!

The issue regarding leviability of service tax on remuneration paid to the directors has been matter of concern since 07.08.2012 when reverse charge mechanism was introduced vide notification no. 45/2012-ST dated 07.08.2012 for the service tax liability as regards services provided by a director to a company. ...

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Posted Under: Income Tax |

Restrictions on Input Tax Credit under Haryana VAT Only to the Extent of Output Tax in Case of Interstate Sale

Notification No. 22/ST-1/H.A.6/2003/S.59/2015 dated 7th September, 2015 will have a significant impact on the Haryana VAT Payers and Buyers of Haryana Goods outside the state of Haryana. The issue is in relation to restricting the input tax credit only to the extent of Output tax liability for dealer engaged in Interstate Sale of Goods....

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Posted Under: Income Tax |

Clarification regarding determination of turnover for LBT in Maharashtra

In order to settle at rest confusion regarding meaning of Turnover for eligibility under LBT exemption, now a clarification has been issued by Urban Development Department (UDD) vide Notification No. LBT. 2015 / C.R. 42 / UD-32 dated 15 September 2015 in Maharashtra. The UDD has stated that the turnover of the dealer within the municipal ...

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Posted Under: Income Tax |

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