"October, 2015" Archive - Page 4

Reopening for not considering a SC Judgment in original assessment not valid

Coperion Ideal Pvt. Ltd. Vs CIT (Delhi High Court)

Delhi High Court held In the case of Coperion Ideal Pvt. Ltd. vs. CIT that the mere fact that there was a judgment of the Supreme Court of 1997 which was not noticed by the AO when he framed the original assessment cannot per se constitute the only material on the basis of which the assessment could have been reopened....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Tenth Amendment) Regulations, 2015

Notification No. FEMA.354/2015-RB (30/10/2015)

Total Foreign Investment shall include all types of foreign investments, direct and indirect, regardless of whether the said investments have been made under Schedule 1, Schedule 2, Schedule 2A, Schedule 3, Schedule 6, Schedule 8, Schedule 9 and Schedule 10 of Foreign Exchange Management (Transfer or Issue of Security by a Person Residen...

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Notification No. 87/2015 – Income Tax Dated 30.10.2015

Notification No. 87/2015 - Income Tax (30/10/2015)

Notification No. 87/2015 - Income Tax S.O. 2965 (E) - In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-...

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RBI to issue 8 Years Sovereign Gold Bonds for Resident Indians


Government of India, in consultation with Reserve Bank of India (RB), has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be sold through banks and designated post offices as may be notified. The bor...

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Posted Under: Income Tax |

Notification No. 53/2015-Customs (ADD) Dated- 30th of October, 2015

Notification No. 53/2015-Customs (ADD) (30/10/2015)

Notification No. 53/2015-Customs (ADD)- Seeks to order provisional assessment on imports of Clear Float Glass of nominal thickness ranging from 4 mm to 12 mm (both inclusive), the nominal thickness being as per BIS 14900:2000, falling under the headings 7003, 7004, 7005, 7009, 7013, 7015, 7016, 7018, 7019, 7020 of the First Schedule to t...

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Govt. notifies tolerance limit of 1% and 3% under new Transfer Pricing Rule

Notification No. 86/2015 - Income Tax (29/10/2015)

Notification No. 86/2015 - Income Tax Central Government hereby notifies that where the variation between the arm's length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent. of the latter in respect of wholesal...

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Tax Audit Report Filing Due Date also extended to 31-10-2015

F.No.225/207/2015/ITA.II (29/10/2015)

Vide order under section 119 of the Income-tax Act, 1961 ('Act') dated 01.10.2015 infile of even number, Central Board of Direct Taxes had extended the 'due-date' for E­ filing Return of Income from 30th September, 2015 to 31st October, 2015 in case of income-tax assessees which are covered under clause (a) of Explanation 2 to sub-sectio...

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CBEC allows Education and SHE cess to be utilized for payment of service tax

Notification No. 22/2015-Central Excise (N.T.) [G.S.R. 818(E)] (29/10/2015)

Notification No. 22/2015-Central Excise (N.T.) Credit of Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the premises of the provider of output service on or after the 1st day of June, 2015 can be utilized for payment of service tax on any output service:...

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Taxation of income from off-shore Rupee Denominated Bonds-reg.

The Reserve Bank of India has recently permitted Indian corporates to issue rupee denominated bonds outside India. The matter of taxation of income from such bonds under Income-tax Act, 1961 has been considered by the Government. In so far as taxation of interest income from these INR off-shore bonds in the case of non-resident investors ...

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Posted Under: Income Tax |

Hamdard eligible for exemption u/s 10(23C) (iv) for business held in trust, as dominant purpose of assessee is charitable

Hamdard Laboratories India And Anr Vs ADIT (E) & DGIT (E) (Delhi High Court)

Delhi High Court held In the case of Hamdard Laboratories India and Anr vs. ADIT (E) & DGIT (E) that Hamdard‟s objects are charitable in nature and its activities relating to manufacture and sale of unani medicines ...

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