"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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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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