"01 December 2015" Archive

Simplification of procedure for Form No.15G & 15H – regarding

Notification No. 4/2015 - Income Tax (01/12/2015)

Notification No. 4/2015 - Income Tax Section 197A of the Income tax Act provides for no deduction in certain case by submitting a declaration using Form 15G/15H as laid down in Rule 29C of the Income tax Rules. The manner of filing such declaration and the particulars have been laid down in Rule 29C of the Income tax Rules. The person re...

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Valuation as per deeming provision u/s 50C not applicable on mere transfer of rights in land

ITO Vs Tara Chand Jain (ITAT Jaipur)

ITAT Jaipur held In the case of ITO vs. Tara Chand Jain that the right in land cannot be equated with the land or building. Therefore, it is concluded that section 50C is applicable to transfer of capital asset only in respect of land or building or both and is not applicable to right in land. In the present case...

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Immediate suspension of custodian license is justified where serious lapses found in safety of goods

M/s. Chandra CFS and Terminal Operators Pvt. Ltd. Vs Commissioner of Customs & CESTAT (Madras High Court)

Madras High Court held In the case of M/s. Chandra CFS and Terminal Operators Pvt. Ltd. vs. Commissioner of Customs that as per Regulation 11(2) the Commissioner of Customs may in appropriate cases where immediate action is necessary, suspend the approval granted to a Customs Cargo Service...

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No addition u/s 68 on account of money received on allotment of shares, once identity of Investor Company established

M/s Lotus Integrated Taxpark Ltd. Vs The DCIT (ITAT Chandigarh)

ITAT Chandigarh held In the case of M/s Lotus Integrated Taxpark Ltd. vs. The DCIT that the assessee on the basis of the documentary evidence on record has been able to prove that Non Resident Company i.e. M/s Glacis Investment Limited was an existing company...

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Services directly or indirectly used in relation to manufacture of final products are eligible for Cenvat credit

Commissioner Central Excise Commissionerate Vs M/s Bellsonica Auto Components India P. Ltd. (Punjab & Haryana High Court)

Punjab & Haryana High Court in the case of Bellsonica Auto Components India Private Limited held that services directly or indirectly used in relation to manufacture of final products are eligible for Cenvat credit....

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Standard Operating Procedures on Litigation in Appellate Forums

N.A. (01/12/2015)

The Standard Operating Procedures for handling litigation in the Supreme Court, High Court and CESTAT has been a long felt need. This Manual of SOP is one of the flagship documents published from the Directorate of Legal Affairs, to streamline handling of litigation in the Department....

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Discussion Paper on ‘Review of framework for public issuance of Convertible Securities’

Convertible securities offer a unique combination of debt and equity to investors. Holder of such a security can convert the security into equity and benefit if the issuer of the securities performs well. However, if the issuer is not performing as per expectations, the security holder has the option of redeeming the security at a pre-det...

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Posted Under: Income Tax |

Discussion Paper on “Exit Offer to Dissenting Shareholders”

1. Section 13 and Section 27 of Companies Act, 2013 have prescribed that dissenting shareholders shall be given an exit opportunity by promoters and shareholders having control over the company in accordance with the regulations to be specified by SEBI. Both these sections have come into force w.e.f. April 01, 2014....

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Posted Under: Income Tax |

Introduction of system-driven disclosures in securities market

Circular No. CIR/CFD/DCR/17/2015, (01/12/2015)

CIRCULAR No. CIR/CFD/DCR/17/2015, The first step would be to build an accurate database of the existing holdings at ISIN level of all the promoters / promoter group. The listed company through its RTA will be required to provide to the depositories the information about promoters and promoter groups of the companies. ...

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CBDT formulated mechanism on TDS related issues of branches via Corporate Head Quarter

Notification No. 3/2015 - Income Tax (01/12/2015)

Notification No. 3/2015 - Income Tax Stringent Authentication mechanism through Corporate Head Quarter Server for filing of Correction statements & download of TDS certificates, Consolidated files etc. by Banks/Corporates- regarding....

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Agreement between India and Thailand for Exchange of Information with respect to taxes

Notification No. 88/2015 - Income Tax (01/12/2015)

Notification No. 88/2015 - Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of the Kingdom of Thailand for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed in Thailand on the 29th day of June, 2015 (hereinafter referred to as th...

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Obligations of Listed Entity which has Listed its Non-Convertible Debt Securities & Non-Convertible Redeemable Preference Shares

Analysis of Chapter V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) explains Obligations Of Listed Entity Which Has Listed Its Non-Convertible Debt Securities Or Non-Convertible Redeemable Preference Shares Or Both vide Regulation 49 to 62. ...

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Posted Under: Income Tax |

Guidelines for handling and storage of valuable goods that are seized/ confiscated by the Department- reg.

F.No.394/97/2015-Cus (AS) (01/12/2015)

F.No.394/97/2015-Cus (AS) In terms of Section 110 of Customs Act, 1962 if the proper officer has reason to believe that any goods are liable to confiscation under this Act, he may seize such goods that may include valuables such as gold. In the recent past, the smuggling of high value goods, especially gold is on the rise, as evidenced by...

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Automobile cesses are a type of excise duty for which also rebate available under Rule 18

M/s TVS Motors Co. Ltd. Vs Union of India And Others (Karnataka High Court)

Karnataka High Court in the case of M/s TVS Motors Co. Ltd. held that the automobile cess leviable under the automobile cesses rules are governed by the provisions of central excise act and rules made under the act and are in the nature of excise duty and thus, allowable as rebate under Rule 18 of Central Excise Rules,2002....

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New Functionalities released under National Pension System

Pension Fund Regulatory and Development Authority (PFRDA) has been established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pen...

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Posted Under: Income Tax |

Why taxes are required?

Government needs resources to run the administration of the nation. Taxes are levied since the history of administration began with the rule of kings. It's a system for collection and distribution of the surplus held by the rich to the have-not's in the society. ...

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Posted Under: Income Tax |

ICAI President's Message – December 2015

Dear Friends, The word bravery that was once associated more with people who had great physical strength and courage, is now meant for people who have courage-to respect others, their fundamental rights (right to equality and freedom, cultural and educational rights) and existence. Bravery is not just the act of daring to act, but also [&...

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Posted Under: Income Tax |

Deemed Public Issues and way to avoid Penal Action : SEBI

Post April 01, 2014, any offer or allotment of securities shall be considered as public issue if the number of offerees / allottees exceeds 200 persons in a financial year under the Companies Act, 2013 as against the cap of 49 persons provided in the Companies Act, 1956....

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Posted Under: Income Tax |

ICSI issues Draft Guidance Note on Annual Return

Section 92 read with rule Rule 11(1) of the Companies (Management and Administration) Rules, 2014 requires every company to prepare and file the Annual Return in Form No. MGT-7 containing the particulars as specified under section 92 as they stood on the close of the financial year and file with the Registrar within sixty days […]...

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Posted Under: Income Tax |

Penalties under Service Tax w.e.f. 14.05.2015

Finance Act 2015 has drastically amended the penalty provisions under the Finance Act 1994 (Service Tax law) in order to ensure nondiscriminatory form of penalties. Earlier penalties u/s 76 (for short payment of S/Tax) and u/s 78(Suppression of facts) used to be at Rs 100/- per day or 1% per month whichever is higher. This lead to the num...

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Posted Under: Income Tax | ,

GST – 2016 A Truth or Myth?

Advocate Anandaday Misshra Recently, Prime Minister of India, Mr Modi, during his trip to Singapore aired that GST is about to roll out in 2016 in India. This was a big statement, amidst various speculations and political changes in the country. The timing of the meeting between existing PM and previous PM Mr Manmohan Singh alongwith [&h...

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Posted Under: Income Tax |

Credit Balance of Ed Cess & SHE Cess-Never Ending Story!

The announcement of the exemption to the levy of Education Cess and SHE Cess levied on Excise duty with effect from 01.03.2015 and that levied on service tax with effect from 01.06.2015 created new hopes in the minds of the assessees as regards ‘Ease of doing business’ with reduction in the compliance procedure for maintaining separat...

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Posted Under: Income Tax | ,

Receipts on account of acquisition and processing of seismic data shall be taxed U/s. 44BB

ADIT, International Taxation, vs. M/s. Fugro Geoteam AS (ITAT Delhi) Assessee had offered gross receipts from the said contracts with M/s. ONGC Limited and M/s Petrogas E&P LLC and had applied provisions of 44BB thereon and computed income at DPR of 10%....

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Posted Under: Income Tax |

FM expects economy to grow in the vicinity of 7.5% during current Financial Year 2015-16

The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3 per cent in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8 per cent in the Second Quarter of current Financial Year 2015-16. Further, the Servi...

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Posted Under: Income Tax |

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