"10 May 2016" Archive

Why Health Insurance Plans are More than Just for Tax saving

When it comes to buying health insurance, we Indian find another easy to save on taxes. Although investing in health insurance plans is one of the easiest ways to get a rebate on income tax under section 80D, it is not always recommended to invest in insurance plans to saves thousands on taxes.Needless to say, […]...

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Posted Under: Income Tax |

Delhi VAT: Govt mandates display of Registration Certificate

Circular No. 4. of 2016-17 (10/05/2016)

In compliance of Rule 14(3) of Delhi Value Added Tax Rules, 2005 all the ACs/ward incharges are hereby directed to ensure, within their respective jurisdiction, that all the registered dealers, shall prominently display the certificate of registration at their principal place of business and a certified copy thereof at all other places of...

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Rate of interest on delayed payment of duty as applicable during the impugned period – Issues therein

Jeevan Diesels & Electricals Ltd. Vs. Commissioner of Central Excise, Pondichery (Chennai – CESTAT)

1. Whether applicable rate of interest for delayed payment under Section 11AA of the Central Excise Act, 1944 is the one prevalent during period(s) of delay? 2. Whether it is justified to levy penalty under Section 11AC of the Excise Act, when the Returns filed by the Assessee clearly indicated the duty amount payable but not paid?...

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Posted Under: Income Tax |

ICAI invites Feedback on I-T Arrear Demand Verification Portal

The Income Tax Department has launched an Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the outstanding demand against the assessee’s name....

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Posted Under: Income Tax |

Empanelment with CBI for Forensic Auditing

Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the earliest preferably in a week’s time....

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Posted Under: Income Tax |

GN on Accounting for Real Estate Transactions for entities to whom Ind AS is applicable

The objective of this Guidance Note is to recommend the accounting treatment by entities dealing in ‘Real Estate’ as sellers or developers. The term ‘real estate’ refers to land as well as buildings and rights in relation thereto. Entities who undertake such activity are generally referred to by different terms such as ‘real es...

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Posted Under: Income Tax |

India-Mauritius DTAA amended to tackle round tripping of funds

NA (10/05/2016)

Revised Protocol will tackle the long pending issues of treaty abuse and round tripping of funds attributed to the India-Mauritius treaty, curb revenue loss, prevent double non-taxation, streamline the flow of investment and stimulate the flow of exchange of information between India and Mauritius....

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CBEC Clarification on segregation of impurities

Circular No.1029/17/2016-CX (10/05/2016)

Representations have been received from the members of the trade involved in manufacture of brass products, regarding applicability of provisions relating to clearance of segregated foreign materials as "inputs as such- from imported honey grade brass scrap....

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Receipts from sale of carbon credits – revenue or capital in nature?

The alarming rate of ever increasing pollution is a matter of concern for each of us especially those living in the territory of Delhi NCR. Recently, the Hon’ble Supreme Court termed that living in Delhi is like living in a gas chamber. In past, several measures have been taken to curb the pollution and make life of dilliwallahs comfor...

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Posted Under: Income Tax |

Non-Consideration of Preposition laid down by Jurisdictional HC by Tribunal in its order is an apparent mistake

Green Meadows Pvt Ltd Vs ITO (ITAT Delhi)

Non consideration of proposition laid down by Hon'ble jurisdictional High Court Delhi in the case of CIT vs. Holcim India (P) Ltd., reported as (2014) 90 CCH 0081 (Delhi H.C.) is an apparent mistake in the order of the Tribunal....

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