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Archive: 16 April 2017

Posts in 16 April 2017

Income tax withheld abroad in respect of which no foreign tax credit is admissible, cannot be allowed U/s. 37(1)

April 16, 2017 3069 Views 0 comment Print

These cross appeals are directed against the order dated 29th December 2015 passed by the CIT(A) in the matter of assessment under section 143(3) of the Income Tax Act, 1961, for the assessment year 2012-13. Both of these appeals are being disposed of, as a matter of convenience, by this consolidated order.

Loss on money lent as share capital by finance company is ‘Revenue’ loss

April 16, 2017 1014 Views 0 comment Print

Where monies were advanced through the mechanism of equity participation, the intention of the lender – in the present case, the assessee, was to derive income rather than to increase its investment on the capital Such being the case, if there were profits, with the assessee/lender from the investment, it would properly lie in the Revenue side of income

Salary to partners as per deed and Income Tax Act cannot be disallowed

April 16, 2017 8892 Views 0 comment Print

Salary to the partner is being regulated by the provisions of section 40(b) of the Income Tax Act. It is to be paid in accordance with the provision stipulated in the deed which should be in commensurate with the provisions of section 40(b) of the Income Tax Act. On such salary payment, provisions of section 40 A(2) cannot be invoked.

Handle Cash With Special Tax Care

April 16, 2017 6843 Views 6 comments Print

Finance Act, 2017, preceded by demonetization, has proved to be a night-mare for businesspersons especially those of Tiny and SME Sector. Now, there are a number of disincentives in shape of taxes alongwith penalties, which have to be known by every businessman and layman while conducting day to day cash dealings.

No HRA Exemption on non genuine Rent Paid to Mother

April 16, 2017 5379 Views 1 comment Print

Assessee had claimed deduction u/s 10(13A) of 1961 Act which is a wrong claim as no rent was paid by the assessee and the said alleged rent of Rs. 31,500/- per month being paid to mother was shown only to take exemption of HRA u/s 10(13A) of 1961 Act.

Various forms in assessment and audit (under GST)

April 16, 2017 17130 Views 0 comment Print

The draft GST rule of Assessement and Audit under GST has notified by CBEC recently, the details of various forms in assessment and audits are hereunder

Maintain E-Register of RTI Application & Disposal: Maharashtra CIC

April 16, 2017 1146 Views 0 comment Print

Chief Secretary,Govt of Maharashtra should create an online RTI register in every office which has a Public Information Officer and put on a single platform all the RTI applications filed in every office at every level where RTI applications are submitted and filed and also upload this information on the websites of Public Authorities so that Citizens can also access this vital information.

Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

April 16, 2017 91968 Views 1 comment Print

Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D  as applicable from […]

How to Disclose Demonetised / SBN / Old notes in Audit Report with FAQs

April 16, 2017 39858 Views 0 comment Print

Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 issued by the Auditing and Assurance Standards Board

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April 2017