"05 June 2016" Archive

Brief on Income Computation & Disclosure Standard

Under Provisions of Sec. 145(2), Two Tax Accounting Standards have been notified on 25th January 1996 – Disclosure of Accounting Policies. Disclosure of Prior Period Items & Extraordinary items & changes in Accounting Policies....

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Posted Under: Income Tax | ,

Provision of Services and Krishi Kalyan Cess

Krishi Kalyan Cess (herein after referred to as KKC) is a cess on taxable services, at the rate of 0.5% of the value of such taxable services. The cess is in addition to any cess or service tax leviable on such taxable services under Chapter V of the Finance Act, 1994 or under any other law for the time being in force. ...

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Posted Under: Income Tax | ,

Coaching Class Income of ICAI is exempt

Dy. Director of Income Tax (E) Vs ICAI (ITAT Delhi)

The assessee is registered u/s. 12A of the Income Tax Act, 1961 (hereinafter referred the Act) and has been claiming exemption u/s. 11 of the Act which has been denied by the Assessing Officer mainly on the ground that the assessee is involved in commercial activities as the assessee receives coaching fees from the students of CA while gi...

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Warehousing Norms for Agricultural & Agri-Processed Commodities

Consultative Paper on Warehousing Norms for Agricultural & Agri-Processed  Commodities Traded on National Commodity Derivatives Exchanges 1.   Warehousing infrastructure and its ancillary services play a critical role in the delivery mechanism of the Commodity Derivatives Market. A robust &credible warehousing infrastructure is...

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Posted Under: Income Tax |

Paper on amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014

SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT regulations) were notified on 26th September, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The regulations, inter alia, prescribe conditions for making a public offer and private placement, initial and continuous disclosu...

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Posted Under: Income Tax |

FAQs on Priority Sector Lending Certificates (PSLC)

1. What is the expiry date of Priority Sector Lending Certificates (PSLC)? All PSLCs will be valid till March 31st and will expire on April 1st. 2. Whether PSLCs can be issued for a limited period i.e for one reporting quarter and multiples thereof? The duration of the PSLCs will depend on the date of issue with all PSLCs being valid till...

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Posted Under: Income Tax |