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Archive: 11 March 2017

Posts in 11 March 2017

S. 24(b) Interest on Loan taken to repay earlier Loan on property allowable

March 11, 2017 5838 Views 1 comment Print

Whether interest paid by assessee on loan taken for repaying the loan earlier borrowed for acquisition of the property is allowed as deduction u/s 24(b) of the Income Tax Act,1961?

Rule-8D is not attracted if assessee has voluntarily computed disallowance

March 11, 2017 2142 Views 0 comment Print

Under sub-section (2) of Section 14A of the Act, the Assessing Officer is required to examine the accounts of the assessee and only when he is not satisfied with the correctness of the claim of the assessee in respect of expenditure in relation to exempt income,

Download Unofficial/Tentative Draft State Goods and Services Tax Bill, 2017

March 11, 2017 17139 Views 0 comment Print

We have received a copy of Draft State Goods and Services Tax Bill, 2017 on Social Media which is a Tentative Draft dated 28.02.2017. Source of Draft bill is unknown and seems to be leaked by someone who is associated with preparation / Finalization of Bill.  We have uploaded the same on our website for […]

Nari Shakti Puraskars 2016: International Women’s Day– March 08

March 11, 2017 894 Views 0 comment Print

Women have played an integral role in Indian history from ancient times. We find that in the Vedic or Upanishadic age Maitreyi, Gargi, and others ladies of revered memory have taken the places of rishis through their skill in discussing about Brahman.

BCAS Post-Budget Memorandum On Finance Bill – 2017

March 11, 2017 3969 Views 1 comment Print

We compliment you for the focused and non populist Budget that was presented on 1st February. The idea of combining the Rail Budget and the Finance Budget is also a welcome one.

Avoid unethical tax return preparers touting inflated tax refunds: IRS

March 11, 2017 3294 Views 0 comment Print

Taxpayers should be on the lookout for anyone promising inflated refunds. Be wary of anyone who asks taxpayers to sign a blank return, promises a big refund before looking at their records or charges fees based on a percentage of the refund.

Cash Deposit by 17.92 Lakh persons not matches their tax profile

March 11, 2017 37992 Views 2 comments Print

Operation Clean Money; Income Tax Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period

Show cause notices to 1018 companies for violation of CSR norms

March 11, 2017 3873 Views 0 comment Print

Show cause notices have been issued to 1018 companies for 2014-15 for violation of Section 135 read with Section 134(3) (o) of the Companies Act, 2013.

Paytm & Reliance Jio to reply on use of PM Photo in advertisements

March 11, 2017 1149 Views 0 comment Print

Department of Consumer Affairs sought clarification from Paytm and Reliance Jio regarding use of the photograph of the Prime Minister in their respective full page advertisement contravening the ‘prior permission’ stipulation in such cases under ‘The Emblems and Names (Prevention of Improper Use) Act, 1950’.

Visit ECI website to get Election Result, Analysis and Trends

March 11, 2017 1098 Views 0 comment Print

Dissemination of Trends and Results of General Elections of 5 Assemblies to start at 8 am tomorrow through ECI website. A Novel Initiative: ECI website to provide Comparative Analysis on Results of 5 Assembly Elections, 2017 with the 2012 polls

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