"12 April 2016" Archive

Delhi VAT: Amendment in Form DVAT 16, 17, 30, 31 wef 12.04.2016

No. F.3(30)/Fin(Rev-I)/2015-16/dsvi/121 12/04/2016

Those rules may be called the Delhi Value Added Tax (Amendment) Rules, 2016. In Form DVAT 16- Transmit (i) quarter wise and invoice wise Purchase and Sales data maintained In Form DVAT-30 and 31 OR (II) quarter wise and dealer wise summary of purchase and sales In Annexure-2A and 2B appended to this Form....

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Section 44AD of Income Tax Act, 1961 After Budget 2016

This section is nothing but provides a relaxation to the tax payers to declare income on presumptive basis, which should not be less than 8% of the gross turnover or gross receipt during the financial year. However this relaxation is provided to certain persons and certain business subject to specified conditions which are provided unde...

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Cutaway portion or downloaded Aadhaar on ordinary paper is valid

The Unique Identification Authority of India (UIDAI) cautions people not to fall to ploys of some unscrupulous entities who are charging anywhere between Rs. 50 to Rs.200 for printing Aadhaar on a plastic card in the name of smart card, as the Aadhaar letter or its cutaway portion or downloaded version of Aadhaar on ordinary paper is perf...

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Principles of promissory estoppel or legitimate expectaion would not apply to allot shops by Municipality contrary to Rules of allotment

Vashishtha Narayan Jha Vs State Of Chhattisgarh (Chhattisgarh High Court)

1. These Writ Petitions have been preferred challenging the auction notice dated 10.6.2015 issued by the Nagar Panchayat, Bishrampur, as also for a direction to the respondent authorities to consider the petitioners’ cases for allotment of shops in the light of earlier decision taken by the Nagar Panchayat, with further prayer for a dir...

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ROC waives additional fees for delayed submission of Form

General Circular No. 03/2016 12/04/2016

It has been decided to relax the additional fee payable on e-forms which are due for filing by companies between 25th March 2016 to 30th April, 2016 as one time waiver of additional fee and it is also clarified to stakeholders that if such due e-forms are filed after 10.05.2016, no such relaxation shall be allowed....

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SEBI issues revised Guidance Note on Insider Trading Rules

PR No. 77/2016 12/04/2016

SEBI (Prohibition of Insider Trading) Regulations, 2015 were notified vide notification dated 15th January, 2015. The regulations came into effect from May 15th, 2015. Subsequently SEBI received certain queries from the market participants seeking guidance on the interpretation of some provisions of the Regulations....

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Shortage of staff affecting performance of Customs Department

Instruction No. 18/2016-Customs 12/04/2016

The Committee observes that shortage of staff is severely affecting the performance of the Customs Department. They note that CBEC had directed that the time On-site Post Clearance Audit (PCA) was made applicable to all categories of importers. Further, the percentage of B/Es selected for PCA at Customs House should be suitably enhanced t...

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Maharashtra VAT- Administrative Relief to Un-registered Dealers

Trade Circular No. 8T of 2016 12/04/2016

The issue of.grant of Administrative relief to un-registered liquor dealers was dealt vide trade circular 37 T of 2008, wherein the directions were issued following the orders of Hon'ble Bombay High Court dated 11,04.2008 in W.P. No. 1337 of 2002 C.A. 878 of 2008....

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S.80IB-Subsidies for reimbursement of production cost are business income

CIT Vs M/s Meghalaya Steels Ltd. (Supreme Court of India)

The Supreme Court held In the case of CIT vs. M/s Meghalaya Steels Ltd. that the Calcutta High Court in Merino Ply & Chemicals Ltd. v. CIT, 209 ITR 508 [1994], held that transport subsidies were inseparably connected with the business carried on by the assessee....

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S.24(b) Co-owners with unspecified shares entitled to equal interest deduction

Priya Mahajan Vs Commissioner of Income Tax (Appeals) (Punjab and Haryana High Court)

Since the individual shares were not specified in the sale deed and the house property as well as the housing loan is to be taken as jointly by all the co-owners, the logical conclusion is that everyone had equal share in the property and the assessee was entitled to 1/4th deduction, i.e. 25% of the entire interest. ...

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