whether the assessee, who made a self assessment of tax and paid tax, far in excess of that determined under the regular assessment; is entitled to interest on the refund.
Expression Computer Software is wide enough to embrace diverse activities and to eliminate any doubt the reference can be made to Customized Electronic Data as mentioned in Second Explanation to Section 10B (2) of the Act. Further, CBDT issued notification and the notification relied on in the present case uses the expressions (iii) content development or animation (iv) data processing …. (vii) human resources services” and (ix) legal data-bases
Where assessee was earning exempt income and no dis allowance was made by it and AO was of view that assessee failed to prove that own funds were utilized for investment, therefore, AO proceeded to compute dis allowance of interest paid on borrowed funds, however, it ignored the interest income earned by assessee, AO was not justified since for the purpose of dis allowance net interest expenses were to be taken.
Based on the feedback from the field formations with regard to the user experience for the CBEC-GST application, intense efforts are underway to bring about the required changes to improve the following areas, urgently:
Mere rejection of the application for securing NBFC status would not render the assessee business less and the income derived by the assessee would not lose business character.
While dismissing the appeal filed by the revenue, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has held that interest under section 234B is not leviable in respect of payments to the non-resident assessee being subject to tax deduction at source under Section 195 of the Income Tax Act 1961.
The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2016-2017.
There is no mention of Flavoured Chewing Tobacco in the definition of Pan Masala as per Appendix B. The ingredients mentioned in the definition of Pan Masala are used for human consumption in one form or the other and therefore come within the definition of food as per Section 2(v) (a) of the Prevention of Food Adulteration Act, 1954.
The details of the shareholding of the promoters and promoter group, public shareholder and non-public non-promoter shareholder must be accompanied with PAN Number (first holder in case of joint holding). Further, the shareholding of the promoter and promoter group, public shareholder and non-public non-promoter shareholder is to be consolidated on the basis of the PAN and folio number to avoid multiple disclosures of shareholding of the same person.
It is hereby clarified that Part -E shall contain the information related to the actual investments and other receipts/payments made in the wage month with which the online return For example in monthly return of March 2017, Part – E will contain the actual contribution receipts, payments and details of the investments made between 01 March 2017 and 31 March 2017.
