"02 September 2015" Archive

Once Labour Payments are made, clear-cut Contract exists between the parties

I.T.O Vs M/s. Talwar Brothers Pvt. Ltd. (ITAT Kolkata)

The Assessee had paid a sum of Rs.9,22,160/- on account of Sewing and Processing Charges without deducting TDS on the same. The AO invoked the provisions of Section 40(a)(ia) of the Act and disallowed the entire amount paid on account of Sewing and Processing Charges....

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Provisions related to ‘Private Placement’ under Companies Act 2013

Tug of war between Private Placement and Preferential Offer: Section 42 of the Companies Act, 2013, read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 prescribe the procedure for private placement of securities to any persons through the issue of a private placement offer letter and subject to an overa...

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Posted Under: Income Tax |

Scope of additions that can be made in a pending assessment and in a completed assessment pursuant to a search u/s 132

CIT Vs Kabul Chawla (Delhi High Court)

Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course...

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Analysis of ICDS and comparison with AS and IND AS

CBDT vide its Notification No: 32/2015 dated 31-03-2015 notified 10 Income Computation and Disclosure Standards (ICDS) which is to be followed by all assesses at the time of computation of income chargeable to income tax under the head Profit and gains of business or profession or Income from other sources. The effective dates of such ICD...

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Posted Under: Income Tax |

ADIT (Recovery) found guilty in Disproportionate Assets case

The Special Judge for CBI Cases, Hyderabad has today convicted Sri A.Mallikarjuna Rao, (IRS-2001), then Assistant Director of Income Tax (Recovery), New Delhi in a Disproportionate Assets case and sentenced him to undergo five years Rigorous Imprisonment with fine for Rs.Six lakhs. The said accused is presently posted as Deputy Commission...

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Posted Under: Income Tax |

Income Tax Return due date extended to 7th September 2015

F.No.225/154/2015/ITA.II (02/09/2015)

Government has extended the due date for filing of Income Tax Return for Assessment Year 2015-16 to 7th September 2015 from 31st August 2015 for taxpayers who were required to file their tax-return by 31st July, 2015. It has been done considering hardships faced by taxpayer in E-Filing Returns of Income on the last date i.e. […]...

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Government pushing GST to meet April, 2016 deadline

Even though Parliament’s Monsoon Session could not turn into success, the Indian Government did not step-back and has been significantly working towards the success of Goods and Services Tax (GST) to be able to meet the April, 2016 deadline. The Government has pressed the pedal on the much needed administrative ground work for rolling o...

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Posted Under: Income Tax |

Central Excise Refund & Sales Tax Remission are admissible deductions u/s 80IC

Shri Manoj Garg Vs. C.I.T., Kolkata (ITAT Kolkata)

In the case Manoj Garg Vs. ITO the Hon’ble Kolkata ITAT held that both Central Excise Refund and Sales Tax Remission are eligible deductions u/s 80IC and that the CIT was not justified in initiating proceedings u/s 263 of the Act ...

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Notice u/s 274 should specify Grounds of Imposition of Penalty

Shri B L Dasraj Urs Vs I.T.O (ITAT Bangalore)

In the case Shri B L Dasraj Urs Vs. ITO the Hon’ble Bangalore ITAT held that show cause notice u/s 274 is defective if it does not spell out the grounds on which penalty is sought to be imposed....

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Importer Exporter Code (IEC)

Importer Exporter Code IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India. As per the Foreign Trade Policy no import or export shall be made by any person without obtaining an IEC unless specifically exempted. ...

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Posted Under: Income Tax |

Slight difference in Person’s Name does not prove transaction is not genuine

I.T.O Vs Smt. Mala Gupta (ITAT Kolkata)

In the case ITO Vs. Smt. Mala Gupta the Hon’ble Kolkata ITAT held that slight difference in the name of the person does not mean that it is not the same person provided the genuineness of the transaction is proved....

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Savings Bank Deposit Account (BSBDA) – FAQs (RRBs/StCBs/DCCBs)

Q.1 Query What is the definition of ‘Basic Savings Bank Deposit Account’ (BSBDA)? Response All the existing ‘No-frills’ accounts opened pursuant to guidelines issued vide circular RPCD.RF.BC.54/07.38.01/2005-06 dated December 13, 2005 and RPCD.CO.No.RRB.BC.58/03.05.33(F)/2005-06 dated December 27, 2005 and converted into B...

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Posted Under: Income Tax |

Technical services utilized for making a source of income outside India is not taxable in India

DIT Vs Lufthansa Cargo India (Delhi High Court)

The Hon'ble Delhi HC in the case of Lufthansa Cargo India held that the fee for technical services would not be taxable in India where such services are utilized forearning income from any sources outside India....

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Disallowance on account of non-deduction of tax can be removed under non-discriminatory clause of India-Japan DTAA

Mitsubishi Corporation India Vs DCIT (ITAT Delhi)

The ITAT New Delhi in the case of Mitsubishi Corporation India has ruled that the non-discriminatory clause is not applicable only for the limited purpose of transfer pricing adjustments and other additions to income can be removed by taking benefit of non-discriminatory clause of India-Japan DTAA....

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CBDT advises not to Pursue Recovery of Outstanding Demands in MAT cases of FIIS/FPIS

Instruction No. 9/2015 (02/09/2015)

Instruction No. 9/2015 Following the Acceptance of the Recommendation of the Justice A.P.Shah Committee by the Government, CBDT Advises its Field Authorities to keep in Abeyance, for the Time being, the Pending Assessment Proceedings in Cases of FIIS/FPIS Involving the Applicability of Minimum Alternate Tax (MAT) on FIIS/FPIS for the Peri...

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Delhi VAT- Regarding restoration of registration of dealers

No.F.3(569)/Policy/VAT/2015/658-63 (02/09/2015)

After ensuring the field inspection report, the VATO shall also make a telephonic enquiry from the neighbouring dealers /market associations regarding the functioning of the dealer and submit a certificate that the applicant dealer is a genuine dealer and still functioning despite the cancellation of registration. ...

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Government shifts Regulation of Commodity Derivaties Market to SEBI

Government issues notification to Repeal the FCRA, 1952 and shift the Regulation of the Commodity Derivaties Market to SEBI with effect from 28th September,2015. In exercise of powers conferred by Sections 131 and 133 of the Finance Act, 2015 (20 of 2015), the Central government hereby appoints the 28th Day of September, 2015 as the [&hel...

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Posted Under: Income Tax |

Justice A.P. Shah Report on Applicability of MAT on FIIs / FPIs

The MAT provisions were subsequently reintroduced in 1996 by the Finance Act (No. 2) of 1996, through Section 115JA; and then by the Finance Act of 2000, which replaced Section 115JA with Section 115JB. Section 115JB...

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Posted Under: Income Tax |

Applicability of Para 5.10 (d) of HBP, 2015-20 relating to third party exports under EPCG Scheme

Policy Circular No. 03(RE-98)/15-20 (02/09/2015)

It is clarified that the provisions of Para 5.10(d) of HBP 2015-20 Shall be applicable to third party exports made on or after 01.04.2015 (even in respect of exports made under EPCG authorisations issued prior to 01.04.2015). Third party exports which have been made prior to 01.04.2015 will be governed by the provisions of relevant policy...

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How to e-file Form No. 61B -Reporting Financial Institution

Register as Reporting Financial Institution A user other than Individual and HUF who has already registered in e-Filing portal can register as a Reporting Financial Institution to e-File Form No. 61B. Functionalities The below table provides the functionalities of a user registered as Reporting Financial Institution S.No Process Available...

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Posted Under: Income Tax |

MAT not appliable on FIIs/FPIs for the Period Prior to 01.04.2015

Government accepts the Recommendation of the Justice A.P. Shah Committee to clarify the Inapplicability of MAT to FIIs/FPIs and has decided that an appropriate Amendment to the Income-Tax Act will be carried out; Final Report of the Justice A.P. Shah Committee on Direct Tax Matters Constituted with the Initial Mandate to Examine the Matte...

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Posted Under: Income Tax |

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Notification No. SEBI/LAD-NRO/GN/2015-16/013 (02/09/2015)

SEBI has notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015 vide Notification No. SEBI/LAD-NRO/GN/2015-16/013, after following the consultation process. ...

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FIIs Exempted from paying MAT before April 2015

Foreign investors will be exempted from paying minimum alternate Tax (MAT) prior to April 2015 following acceptance of AP Shah Committee’s recommendation by the government. The AP Shah Committee report has suggested that there is no legal basis to impose MAT on FIIs ...

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Posted Under: Income Tax |

U.P. VAT Act/ Rules Requires Simplification

Everyone has to follows the laws of the land and unfollowing of the same attracts penalties, prosecution etc. Law is above all and everyone has to respect the respective / concerning / governing laws....

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Posted Under: Income Tax |

Problems Related to PAN while registering on Income Tax e-filing website

I'm not able to register, as I get an error message Invalid PAN details. What should I do? A: It is possible that you're typing in the Name details differently from what you have mentioned while applying for PAN card. Please call ASK, 1800 180 1961 and get the correct details and then try registering in the e-Filing application....

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Posted Under: Income Tax | ,

Basic Savings Bank Deposit Account (BSBDA) – FAQs

Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. If a customer has any other existing savings account in that bank, he / she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'....

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Posted Under: Income Tax |

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