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Archive: March, 2017

Posts in March, 2017

CBDT appoints Addl. DGP, EOW & ACB, Chhattisgarh U/s. 138(1)(a)(ii)

March 27, 2017 933 Views 0 comment Print

Central Government hereby specifies Addl. DGP, Economic Offences Wing & Anti Corruption Bureau, Government of Chhattisgarh for purposes of Section 138(1)(a)(ii)

Extending Banking Hours and e-payment deadline for Tax Payment

March 27, 2017 2298 Views 0 comment Print

It has been decided that all agency banks shall keep the counters of their designated branches conducting government business open up to 8,00 pm on March 30. 2017 and up to 6.00 p.m. on March 31, 2017. ALL electronic transactions would, however, continue till midnight of March 31, 2017,

No disallowance U/s. 14A unless Assessee earns exempt Income during relevant previous year

March 26, 2017 3942 Views 0 comment Print

ITAT followed Delhi High Court in Cheminvest and held that, unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14A r/w rule 8D can be made.

Cost incurred in abandoned projects should be allowed : ITAT Mumbai

March 26, 2017 1845 Views 0 comment Print

In CBDT circular no.16 of 6th October 2015, the Board has clearly stated that cost incurred in abandoned projects should be allowed as revenue expenditure under section 37 of the Act.

Property holding period should be computed from Allotment Letter date

March 26, 2017 6675 Views 0 comment Print

This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds

Mere voluntary disclosure does not release assessee from penalty

March 26, 2017 3507 Views 0 comment Print

Apex Court in MAK Data P. Ltd., v/s. Commissioner of Income Tax 358 ITR 593, that voluntary disclosure itself does not release the assessee from penal consequences.

Insights of Trademark Rules, 2017

March 26, 2017 4284 Views 3 comments Print

The new Trademark Rules, 2017 came into existence from March 6, 2017, which makes the entire trademark registration process easy & hassle-free and The Trademark Rules, 2002 are hereby repealed without prejudice to anything done under such rules before the coming into force of these rules.

CBEC renamed as Central Board of Indirect Taxes & Customs (CBIC)

March 26, 2017 12258 Views 0 comment Print

FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval

3 most important things to consider before buying your dream house

March 26, 2017 5217 Views 0 comment Print

Buying a house is considered as one of the top priorities for any individual. At the same time, buying a house is the most time consuming and high energy demanding task of our lives.

Payment systems to remain open on all days from 25.03.2017 to 01.04.2017

March 25, 2017 3186 Views 0 comment Print

It has been decided that all payment systems, including RTGS and NEFT would operate, as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all holidays).

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