Circular No. 15 of 2015 – Vide circular No. 13 of 2015 dated 6th July, 2015 CBDT provided clarifications to 32 queries related to Undisclosed Foreign Income and Assets. Subsequently, further queries have been received from the public about the tax compliance provisions under Chapter VI of the Act. The Board has considered the same and the following clarifications are issued.-
Sanjeev Mittal Vs CIT (Delhi High Court) The assessee was a medical practitioner with professional income and income from capital gains as returned income. The A.O. contended the income from capital gains to be the income from business or profession as he noticed that the professional receipts
ITAT Ahmedabad held In the case of Shri Isharbhai Chotabhai Patel Vs. CIT that ld. Commissioner not justified in interfering in the discretion exercised by the AO without any plausible reason. The estimated opinion formed by the AO can only be interfered
In the case of CIT vs Rathi Graphics Technologies Ltd. Delhi High Court inter-alia held that the conversion of a portion of interest into shares should be taken to be “actual payment” within the meaning of Section 43B of the IT Act.
In the case of CIT vs Divine Infracon Pvt. Ltd , Delhi High Court reiterated its own order in case of CIT vs. Edward Keventer (Successors) Pvt. Ltd that it would not be open to a respondent to travel outside the scope of the subject matter of the appeal under the guise of invoking Rule 27 of the Income Tax (Appellate Tribunal) Rules, 1963.
Goods and Service Tax (GST) has been a topic of debate in the recent past. With the NDA government looking firm to bring in the GST, the members of Rajya Sabha still have a number of objections to raise, and for their very reasons. Finance Minister Arun Jaitley has been strongly contending that the implementation of GST would remove cascading effect of taxes thereby making way for a business-friendly economy.
It is human nature to expect things from people. We expect from our loved ones, friends, peers, colleagues and even strangers. Sometimes, people fulfill our expectations, sometimes they don’t. But, is it really their mistake if they are unable to fulfill our expectations?
In view of CBDT order F.No.225/154/2015/ITA-II dated 2.9.2015 issued under section 119 of the Income-tax Act, extending the due date for e-filing returns of income from 31st August, 2015 to 7th September, 2015 in respect of all taxpayers who were required to e-file their returns of income by 31st August, 2015, the ‘due date’ for filing return of wealth by such assessees for assessment year 2015-16 also stands extended from 31st August 2015 to 7th September 2015.
Circular No. 22/2015-Customs Duty In order to facilitate genuine trade and to reduce dwell time, it is necessary to streamline the procedures at every stage of assessment till out of charge of goods is given by Proper Officer of Customs. Increasing number of queries and resultant delay in assessment process is a matter of concern.
Cell phones are the handy devices of the present world for faster communication. One can talk and, share pictures and information immediately, thanks to the amazing technology and engineering advancements.
