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Archive: 24 July 2017

Posts in 24 July 2017

Non-residents allowed to claim Income Tax Refund in Foreign Bank A/c

July 24, 2017 4548 Views 0 comment Print

Income-tax Return Forms for the Assessment Year 2017-18 were notified on 30th March, 2017. A number of representations were received from the non-residents that they are facing difficulties in getting refund as they do not have bank account in India and there is no column in the notified form of return of income for reporting details of foreign bank account by the non-residents for this purpose.

Salient features of system of issuing e-patent certificates

July 24, 2017 738 Views 0 comment Print

The Government has launched the system of issuing e-patent certificates after grant of patent, by issuing a public notice on 3-7-2017.The salient features are enumerated below:-

Introducing Future Wealth Gain insurance plan from Bajaj Allianz Life Insurance

July 24, 2017 1707 Views 0 comment Print

Bajaj Allianz Life Insurance has launched Future Wealth Gain, a unit-linked endowment plan which comes in two variants – Wealth Plus and Wealth Plus Care. Bajaj Allianz Life Insurance is one of the leading private life insurers in the country.

UPI – The new Era of Digital Payments

July 24, 2017 1527 Views 0 comment Print

Think of a situation where you are out for a dinner party with your friends and realize that you are out of cash or have lost or forgotten your wallet at home. It might be even more embarrassing and awkward if you are in the company of few unknown faces.

Capital Gain Tax applicable on Transfers made by corporate entities under family arrangement /settlement

July 24, 2017 2259 Views 0 comment Print

This appeal under Section 260A of the Income Tax Act, 1961 (Act) challenges the order date 23.4.2002 of the Income Tax Appellate Tribunal, Nagpur (Tribunal) relating to Assessment Year 1995- 96.

Deduction U/s. 80P(2) cannot be denied to registered Primary Agricultural Credit Society for doing banking business

July 24, 2017 1452 Views 0 comment Print

ITAT held that as the assessee had produced a certificate showing that it was registered as Primary Agricultural Credit Society under the provision of Co-operative Societies Act, therefore, the assessee was entitled to the benefit of deduction under section 80P(2).

No Interest on Late TDS Payment due to System / Connectivity issues at Bankers’ End

July 24, 2017 1314 Views 0 comment Print

In ACIT Vs. M/s. Nokia Siemens Networks (P) Ltd, the Delhi ITAT held that assessee cannot be treated as Assessee- in- Default for Late payment of TDS due to system and connectivity issues at the bankers’ end.

Whether reassessment proceedings can be initiated on basis of CIT(A)’s directions

July 24, 2017 1353 Views 0 comment Print

It is the case on behalf of the petitioner that the assessment for A.Y 2008-2009 is sought to be reopen beyond the period of six years, solely on the directions issued by the learned CIT [A], which has been subsequently set-aside by the learned Tribunal. It is submitted that otherwise, the re-assessment proceedings beyond six years is not permissible.

ITAT Confirms Penalty for not attending SCN related to Undisclosed Swiss Bank A/C

July 24, 2017 1092 Views 0 comment Print

The facts about the Bank Accounts and other circumstances are in the exclusive knowledge of the assessee and non co-operation leads to derailment of It is the duty of every assessee to duly respond to statutory notices failing which the law provides imposition of penalty u/s 271(1)(b) of Rs. 10,000/- each default. In this case, assesse’s non- compliance of statutory notice is for more than 3 times in each A. Y.

CBDT Chairman’s Certificate of Appreciation on independence Day

July 24, 2017 1914 Views 0 comment Print

Kindly refer to this officer letter F.No.HRD/PM1425/2/2017-18/ dated 06.07.2017. Kindly find enclosed herewith the Scheme of Award of Chairmans Certificate of Appreciation on the occasion of the Independence Day.

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