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Archive: 12 January 2018

Posts in 12 January 2018

What is the Right Time to Buy Term Insurance Plan?

January 12, 2018 5418 Views 1 comment Print

The short answer would be, “as early as possible.” But that doesn’t mean a child should also buy a term plan. There are various conditions that define the right time for anyone to buy a term life cover. For a clear understanding, it is important that you understand ‘what is term plan after all? And […]

Maharashtra VAT Audit due dated extended to 15th February 2018 (Read Circular)

January 12, 2018 41697 Views 0 comment Print

Date for filing VAT Audit Report (e-704) in Maharashtra for F.Y. 2016-17 is extended up to 15th February 2018 vide Trade Circular No. 02T of 2018 dated 12.01.2018.

Guidelines For Appointment of Trustees Under PFRDA (National Pension System Trust) Regulations, 2015

January 12, 2018 306 Views 0 comment Print

Guidelines For Appointment of Trustees Under PFRDA (National Pension System Trust) Regulations, 2015 issued to clarify Regulation 5, 7, and 10, pertaining to appointment and tenure of trustees and shall be in force and effect, until modified or superseded by any other guidelines issued by the Authority.

Sharp increase in prosecutions of tax evaders by Income Tax Department

January 12, 2018 1707 Views 0 comment Print

The Income Tax Department has accorded the highest priority to tackle the menace of black money. With this objective in mind, the Department has initiated criminal prosecution proceedings in a large number of cases of tax offenders and evaders.

CBI arrests an ITO & Superintendent of Excise & Customs in alleged bribery case

January 12, 2018 4656 Views 1 comment Print

The Central Bureau of Investigation has arrested an Income Tax Officer, Sirhind (Punjab) and two IT Inspectors (one serving, one retired) in a bribery case of Rs. 70,000/-.

Imposition of penalty U/s. 271(1)(c) on defective show cause notice without specifying charge against assessee cannot be sustained

January 12, 2018 3597 Views 0 comment Print

These are appeals by the Assessee against three orders all dated 13.06.2016 of C.I.T.(A)-I, Kolkata relating to A.Y. 2006-07 to 2008-09.

MCA ‘reactivated’ DINs of disqualified Directors

January 12, 2018 2376 Views 1 comment Print

Stakeholders of Condonation of Delay Scheme (CODS) (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivation’ of the DINs in respect of disqualified Directors has been completed and the status of the relevant DINs can be checked now. Stakeholders are therefore requested to file necessary ‘overdue documents’ […]

No penalty for disclosure of agricultural income from Ancestral Property in HUF

January 12, 2018 2880 Views 1 comment Print

Indore bench of Income Tax Appellate Tribunal (ITAT) deleted the penalty imposed by the Assessing Officer (AO) by considering the fact that the assessee conceded the transaction of Sale of Agricultural Land in the hands of his Hindu Undivided Family (HUF).

Central Excise Duty paid in Cash Eligible for Deduction

January 12, 2018 1248 Views 0 comment Print

We are unable to approve the findings of Ld. CIT(A). Whether the payment is in cash or by way of cheque, the Central Excise amount paid would be eligible for deduction, out of the receipts of the business concern.

Income from Sub-Letting of Property is not Assessable as House Property Income

January 12, 2018 4446 Views 0 comment Print

ITO. Vs. M/s Batram Properties Pvt. Ltd. (ITAT Kolkata) Under section 22 of the Act the charge to tax of income from house property is based on the ownership of such property. The admitted position in the present case is that the assessee is only a tenant and not the owner of the property. It is […]

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