"07 December 2015" Archive

Funding Compliance for Start ups in India

Raising Capital is the key to scale up the operations of the business & for expansion. Here is the solution, how start up has to do compliance procedures while raising funds for the business. Below is the detailed procedure with regard to Fund raising compliance once we have finalized the funds need to be raised […]...

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Posted Under: Finance |

Value of property under deeming provision u/s 50C need to be considered as on the date of agreement of sale

Shri Mohd. Imran Baig & others Vs ITO (ITAT Hyderabad)

ITAT Hyderabad held In the case of Shri Mohd. Imran Baig & others vs. ITO that it is now settled in favour of the assessee by the decisions of the Hon'ble Supreme Court in the case of Sanjeev Lal and Smt. Shantilal Motilal V/s. CIT (365 ITR 389)...

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Addition u/s 68 on account of share application money not justified where validity of transaction beyond doubt

ITO Vs M/s. Superline Construction P. Ltd. (ITAT Mumbai)

ITAT Mumbai held In the case of ITO vs. M/s. Superline Construction P. Ltd. that the assessee had duly discharged the burden of proof, onus of proof and explained the source of share capital and advances received by established the identity...

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No deviation in Book profit u/s 115JB permitted from profit & loss A/c except permissible adjustments

M/s. B & B Infotech Ltd. Vs ITO (ITAT Bangalore)

ITAT Bangalore held In the case of M/s B & B Infotech Ltd. vs. ITO that once P&L A/c is admittedly prepared as per Schedule VI of the Companies Act, then neither the AO has any power to tinker with it nor the assessee is permitted to claim exclusion or inclusion of any item of income...

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Proceedings u/s 153C not valid in absence of any relevant seized material

CIT Vs M/s Refam Management Services (P) Ltd. (Delhi High Court)

Delhi High Court held In the case of CIT vs. M/s Refam Management Services (P) Ltd. that under Section 153C the assessment or reassessment of income of a person other than a searched person would proceed in accordance with the provisions of Section 153A....

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Claim for Set off of unabsorbed business loss b/f against profit of section 10A after AY 2001-02 is allowable

CIT Vs M/s Shantivijay Jewels Ltd. (Bombay High Court)

CIT Vs. M/s Shantivijay Jewels Ltd. (Bombay High Court) In this case Hon’ble Court considered question of law that whether claim for set off of unabsorbed business loss which was brought forward in subsequent AY against the profit of section 10 A is allowable or not....

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Income which an assessee could have, but has not earned cannot be made taxable as income accrued

DCIT Vs Maharashtra State Electricity Board (ITAT Mumbai)

DCIT VS. Maharashtra State Electricity Board (ITAT MUMBAI) The assessee was entitled to get subsidy @3% from the state government. As per the agreement with WB it was decided that it would get higher subsidy i.e. 4.5 %....

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Presumption u/s 292 is discretionary in nature; authorities can reject books of account founding them inchoate

M/s Harish Textile Engrs. Ltd Vs DCIT (Bombay High Court)

Bombay High Court held In the case of M/s Harish Textile Engrs. Ltd. vs. DCIT that Section 292 uses the word 'may presume' and not 'shall presume' or 'conclusively presume'. The words 'may presume' are in the nature of discretionary presumption different from a compulsory presumption....

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Expenses on eye treatment abroad not allowable u/s 37 being not exclusively incurred for profession

Dhimant Hiralal Thakar Vs CIT (Bombay High Court)

Bombay High Court held In the case of Dhimant Hiralal Thakar vs.CIT that eyes are an important organ of the human body and is essential for the efficient survival of a human being. Eyes are thus essential not only for the purpose of business or profession but for purposes other than these which are so many....

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Bills discounted cannot be equated with loan & advances, interest received on default not taxable under Interest Tax Act, 1974: SC

State Bank of Patiala Vs CIT (Supreme Court of India)

Supreme Court held In the case of State Bank of Patiala vs. CIT that it is well settled that a subject can be brought to tax only by a clear statutory provision in that behalf. Interest is chargeable to tax under the Interest Tax Act...

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No Rectification u/s 154 for mistake from long drawn process of reasoning

K.S. Venkatesh Vs DCIT (Karnataka High Court)

Karnataka High Court held In the case of K.S. Venkatesh vs. DCIT that The Hon’ble Apex Court in T.S.Balaram Vs Volkart Brothers and others reported in 1971 (82) ITR 50 has observed that a mistake apparent on the record must be obvious and patent mistake and not something...

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Notification No. 24/2015-Central Excise (N.T.), Dated: 07.12.2015

Notification No. 24/2015-Central Excise (N.T.) (07/12/2015)

In exercise of the powers conferred by rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby makes amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 27/2014-Central Excise (N.T.), dated the 16th September, 2014, published in the Gazette of...

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Children with Seat to Pay Full Rail Fares from April, 2016

Ministry of Railways has decided to revise the child fare rule. Under the revised provision, full adult fare will be charged for children of age 5 years and under 12 years of age if for whom berth/seat (in reserved class) is sought at the time of reservation. However, in case berth/seat is not sought for the children of age 5 years and un...

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Posted Under: Finance |

EPF : Process for Change in Name and Basic Detail of Members

EPFO has madea provision forchange the name of EPF members in the application software. Members who wish to get their name to be changed in the EPF Database can apply for the same through their employer alongwith supporting documents. In this regard a circular has already been issued to the field offices mentioning the supporting [&hellip...

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Posted Under: Finance |

Maharashtra Govt. allows women to work in night shifts

Section 66(1) (b) of the Factories Act 1948 which explicitly prohibits the employment of women in night shift between (7pm to 6am) has been challenged inter-alia, by the women organisations, in the High Court on the ground that it is unconstitutional being violative of Art 14, 15 and 19(1) (g) of the constitution. Since it discriminates w...

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Posted Under: Finance |

Wages Limit Chart for Employee Provident Fund from 01.11.1952

The Central Government has amended the ceiling for contributions under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPF Act) and the Employees’ Provident Fund and Miscellaneous Provisions Scheme, 1952 (EPF Scheme) from Rs.  6,500 to Rs. 15,000, with effect from 1 September 2014. The Employees’ P...

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Posted Under: Finance |

PF Claims: Employer attestation not required; EPFO simplifies forms

After leaving employment, employees were supposed to get their forms for withdrawals attested through employer as earlier it was only the employer who could identify the worker and his/her details. After launch of UAN, EPFO has started collecting the KYC details such as Aadhaar, PAN, Bank details etc....

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Posted Under: Finance |

Excise / Service Tax: Extension of due date for payment & Return Filing in Tamil Nadu

For all Central Excise and Service Tax assessees in the State of Tamil Nadu, the date for payment of Central Excise duty and Service Tax for November 2015 is extended to 20th December 2015 while date of filing of the Central Excise return for November 2015 is extended to 31st December 2015 ...

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Posted Under: Finance |

CBDT extends Due date for Payment of TDS/TCS for Tamil Nadu

F.No. 385/26/2015-IT(B) (05/12/2015)

F.No. 385/26/2015-IT(B) Central Board of Direct Taxes hereby extends the due date [under section 200 (1) of the Act] for paying to the credit of the Central Government, tax deducted at source and the due date [under 206C (3)] for paying to the credit of the Central Government, tax collected at source, in respect of deductions or collectio...

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Empanelment of CSa/ CA Firms to carry out special audit u/s 142(2A)

Income Tax Department ,  New Delhi – Delhi Last Date : Dec 21, 2015 Work from qualified chartered accountants /firms of CAs for empanelment to carry out special audit u/s 142(2A) of the I.T.Act 1961.    ...

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Posted Under: Finance |

Notification No.137/ 2015-Customs (N.T.) Dated- 7th December, 2015

Notification No.137/2015-Customs (N.T.) (07/12/2015)

Notification No.137/ 2015-Customs (N.T.) Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.12/97-CUSTOMS (N.T.), dated the 2nd April, 1997, published in the Gazette of India, Extraordinary, Part II, Section 3,...

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ICAI reschedules CPT exam in Tamil Nadu, Pondicherry and Andhra Pradesh

It is hereby notified for general information that in view of heavy rains and consequent disruption of normal life in Tamil Nadu, Pondicherry and Andhra Pradesh, the CPT scheduled on 13th December 2015 (Sunday), in the said states stand rescheduled to 27th December 2015 ( Sunday)....

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Posted Under: Finance |

Cost Body re-schedule exams in Tamil Nadu and Puducherry

Natural Calamity of severe magnitude has struck the states of Tamil Nadu and Puducherry. The normal life is severely affected. The student community and people at large are in great distress. In view of the above disastrous situation, the Institute has decided to reschedule the following examinations of December 2015 term to be held at Ce...

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Posted Under: Finance |

Initiation of safeguard investigation concerning imports of Hot Rolled flat sheets and plates

G.S.R. 938(E). (07/12/2015)

G.S.R. 938(E). Initiation of safeguard investigation concerning imports of Hot Rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel into India. An application has been filed before me on 28th October, 2015 under Rule 5 of the Customs Tariff (Identification and Assessment of Safeguard...

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ICSI solicit Views on Exposure Draft of Guidelines for Network amongst Firms of Company Secretaries

Introduction of Secretarial Audit, Annual return certification etc. under the Companies Act, 2013 has given a big boost the practice of Company Secretaries. At present Practising Company Secretaries are doing practice in the form of sole proprietorship firm or in form of partnership firm and only a few firms have 10 or more partners....

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Posted Under: Finance |

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