"02 November 2015" Archive

All about Taxation for Capital Market

With lots of confusion regarding Capital Market likes how to tax income from capital market, how to compute turnover for tax audit u/s 44AB and what are the compliances to be fulfilled for income tax. Frequent ask question regarding capital market. Question 1. What are segments of Capital Market? Answer1. Capital market is to be divided i...

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Posted Under: Income Tax |

Delhi VAT- Extensionj of last date of filing of online return in Form 9 for year 2014-15

CIRCULAR NO. 28 of 2015-16 (30/10/2015)

CIRCULAR NO. 28 of 2015-16 In partial modification to this department's Circular No.26 of 2015-16 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005 read with section 9(2) of Central Sales Tax Act, 1956, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend th...

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Interest from Non-SLR securities of Banks Taxable as Business Income

Circular No. 18/2015-Income Tax (02/11/2015)

CIRCULAR NO. 18/2015 It has been brought to the notice of the Board that in the case of Banks, field officers are taking a view that, expenses relatable to investment in non-SLR securities need to be disallowed u/s 57(i) of the Act as interest on non-SLR securities is income from other sources....

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Transfer Pricing: Analysis of Income-tax (16th Amendment) Rules, 2015

The Finance (No. 2) Act, 2014 proposed to introduce a more streamlined method to compute Arm’s Length Price (ALP) in a situation where more than one price is determined, on adoption of Most Appropriate Method(MAM). The first and second provisos were made redundant for all transactions undertaken on or after 01/04/2014. This was done so ...

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Posted Under: Income Tax |

Spell Check in Excel –How to Use it?

Excel is one of the common application used in our day to day office life and business like word, Power point, outlook etc. In the case of word or Power point any spell mistake is visible with a red underline below the word that is misspelled. However in the case of Excel we mainly deals with figures and such kind of misspelled word are n...

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Posted Under: Income Tax |

Treatment Of Education Cess For Service Providers

In this respect the issue which arise is that Whether the cenvat credit of education cess which is available on 31st May’ 2015 and cannot be fully used for the payment of service tax liability of May’ 2015, can be used for the payment of Service Tax?...

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Posted Under: Income Tax |

Decoding Returns under Goods and Service Tax (GST)

This document will give blue print on various return forms, mode of filing return and at last the processing of returns and corrections in filed return. As of now almost all the States and Central Govt. has prescribed online filing of returns along with relevant annexures. This article has been written to give clarity on likely procedures...

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Posted Under: Income Tax |

All about resolving mismatches under E-Sahyog facility

Assessees beware!! The Government has started a new campaign called E-Sahyog to ask for information/response from assessees where there is mismatch found in information given by the assessees in the Income Tax return and that given to/by other third parties in respect of the assessee....

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Posted Under: Income Tax |