"27 January 2016" Archive

Extension of validity of Agencies as listed in the Appendix 2G of A&ANF of FTP 2015-20 up till 31.05.2016

Public Notice No. 57/2015-2020 (27/01/2016)

The validity of recognition of those Pre-shipment Inspection Agencies (PSIAs) included in the Appendix 2G of Appendices and Aayat Niryat Forms (A&ANF) of Foreign Trade Policy (2015-20) who have completed their tenure of three years as PISAs as on date or whose validity would expire on or before 31st May, 2016, is extended up till 31st Ma...

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Delhi VAT: Reg. issuance of statutory forms under Central Sales Tax Act, 1956

Circular No. 35 of 2015-16 (27/01/2016)

Circular No. 35 of 2015-16 The facility of auto-downloading of the forms shall not be available to the dealer for the tax period in cases in which the ratio of sale to purchase, including stock transfer and local transactions, falls below 45%. The statutory forms in such cases shall be available for auto downloading on the basis of sale a...

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Eligibility Of S.T.P Units and Computation of Their Profits For Deduction U/s. 10A of Income-Tax Act, 1961

Ten year tax holiday is available under section 10A to certain undertakings in free trade zones, electronic hardware technology parks, software technology parks or in special economic zones. The exemption is however subject to fulfillment of certain conditions. What are these conditions and how to meet them to avail the maximum benefit is...

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Posted Under: DGFT |

How To Avail Of Maximum Benefit U/S 80-IB(10) of Income Tax Act

Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

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Posted Under: DGFT |

Penalty U/s. 271C whether leviable for non-deduction of tax from salary paid abroad

number of foreign companies have established their liaison offices in India. The liaison offices of these foreign companies engage a number of employees in their offices in India. Some of the employees are deputed to these liaison offices by the parent companies from abroad. Such expatriate employees continue to be on the pay-roll of the...

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Posted Under: DGFT |

Expenditure on repairs and renovations of accommodation provided to employee is not a perquisite

The present opinion relates to the issue whether expenditure on repairs and renovations by the employer, in respect of an accommodation occupied by the employee, could be brought to tax as a perquisite in the hands of the employee. This opinion is being provided, because there are situations where the employer has to incur expenditure on ...

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Posted Under: DGFT |

Licence/ Royalty fees to facilitate Trading Operation & Effective Management is Revenue in Nature

DCIT Vs Hitz FM Radio India Ltd. (ITAT Delhi)

ITAT Delhi held in case of DCIT v Hitz FM Radio India Ltd. that expenditure related to licence fee and royalty which helps merely in facilitating the assessee’s trading operations or enabling the management to be carried more effectively is revenue in nature even if advantage may endure for an indefinite future....

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Security services by Trust in confirmation to its objects for general public utility will be considered as “charitable” in Nature

Gujarat Industrial Security Force Society Vs Dy. DIT (Exemption), (ITAT Ahmedabad)

In the case of Gujarat Industrial Security Force Society v Dy. DIT (Exemption) it was held that the activity related to providing security services whose objective was to provide employment to youth and retired army personnel will not be treated as business activity but an activity which is charitable in nature....

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Disallowance u/s 14A on exempt investment

i. There is no interest expenses relatable to exempt investment. Assessee has made investment in the heads of tax free income. Investment in equity shares, insurance policies etc. are related to earlier years and were invested from the own capital funds. Therefore that investment is not related to this year. Hence, provisions of sec 14A [...

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Posted Under: DGFT |

AO issuing original assessment order can only initiate reopening proceedings

Dushyant Kumar Jain Vs DCIT (Delhi High Court)

Delhi High Court held In the case of Dushyant Kumar Jain vs. DCIT held that it is only the AO who has issued the original assessment order under Section 143 (3) ,who is empowered to exercise powers under Section 147/148 to re-open the assessment....

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