"28 June 2016" Archive

Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs ITO (ITAT Jaipur)

The case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act and also confirmed the disallowance u/s 40(a)(ia) consequent to deposit...

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Guide for students looking for higher education abroad

There has been a recent trend towards students opting for studying in foreign countries. Generally, it’s because it improve the student’s employment prospects. But like all things in foreign, even the cost of education is also very high. But that doesn’t meant that you cannot have access to these courses abroad. Most lenders look at...

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Posted Under: Income Tax |

Queries related to Selling/buying of goods & services in excess of Rs. 200,000/-

Vide Finance Act 2016, tax at source is required to be collected by a seller at the rate of 1%, if consideration for goods/services in cash exceeds INR 2,00,000/-. The said provisions have raised a lot of flak considering the ambiguity involved in the drafting and forced CBDT to issue time to time clarification on various issues involved....

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Posted Under: Income Tax | ,

Deduction for Hypothetical Tax – Is it Fair??

An individual is usually accustomed to the tax rates and tax structure of his/her home country. Tax rates are different in different countries. If an employee is deputed from his home country to another country certainly his net income will be impacted because of difference in tax rates. e. g. If an Indian employee (effective tax rate is ...

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Posted Under: Income Tax |

A person registered as FSD not required to take registration as an importer, and vice versa

Notification No. 30/2016 - Central Excise (N.T.) (28/06/2016)

In pursuance of sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby specifies that‑ (i) a person who is registered as a first stage dealer shall not be required to take registration as an importer; or (ii) a person who is registered as an importer shall not be required to take regist...

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Common registration & return for First Stage Dealer & Importer

Circular No. 1032/20/2016-Central Excise (28/06/2016)

An assessee who conducts business both as an importer and a First Stage Dealer may take only one registration as he has been exempted from the requirement of taking a second registration. It may be noted that the facility is optional and any assessee needing separate registration for his own business purposes, may so register....

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CIT cannot revise assessment for issues already examined by AO

M/s. Rachana Finance & Investments Pvt. Ltd. Vs CIT (ITAT Mumbai)

ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. ...

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Services by Government to Business Entity- effect of changes

As per section 68(2) person liable to pay service tax shall be the person notified under rule 2(1)(d) of Service Tax Rules 1994. Rule 2(1)(d) specifies the cases where the service tax is required to be paid by service receiver under the reverse charge mechanism(either under full reverse charge or under partial reverse charge)....

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Posted Under: Income Tax |

Brexit- All you want to know

Brexit was the United Kingdom’s decision to discontinue with the EU Regime. The Brexit is an abbreviation of British exit which mirrors the term Grexit, refers to Britain's withdrawal from European Union....

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Posted Under: Income Tax | ,

Who is required to file Income Tax Return

The due date for filing Income Tax return is very close, in this situation everyone must be aware whether they are required to file ITR or not. ...

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Posted Under: Income Tax | ,

CBI court convicts DSP, CBI for evasion of customs duty

The Special Judge for CBI cases, Chennai has convicted Sh. G. Vinod Kumar Gollapudi & Sh. Natha Venkata Vathsa Vardhan, both private persons and Sh. K.A.A. Salaam, DSP, CBI for evasion of customs duty. Sh. K.A.A. Salaam has been sentenced to undergo two years Rigorous Imprisonment with fine of Rs.20,000/- and Sh. G. Vinod Kumar Gollapudi ...

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Posted Under: Income Tax |

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