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Archive: June, 2018

Posts in June, 2018

Affordable Housing For for Homeless through Free FSI

June 30, 2018 5310 Views 3 comments Print

R. Narasimhan, K.R.Prakash & S Sriram Affordable “Housing For All In India” Through Distribution of Free Floor space Index (FSI) for Homeless, Houseless, Marginal, Rent Paying Households (Construction of 60 million houses of 120 Sq.mtrs priced at 20,000 US Dollars Each for next 5 to 10 years) Rational Behind Distribution Of Free Floor Space Index […]

Addition for Cash Deposited in Joint Account cannot be made to an A/c holder if he/she Proves that same belongs to other Joint A/c Holder

June 29, 2018 6957 Views 0 comment Print

The question, however, as we see it, is not the amount at which the land was actually sold, which is in the following year, but whether the cash deposit of Rs.49 lacs could be said to form part of the transaction of sale of land by the assessee’ s father. S

RBI Enforcement action framework in respect of statutory auditors of banks

June 29, 2018 1209 Views 0 comment Print

In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs for any lapses observed in conducting a bank’s statutory audit.

GST: Provisions of TDS and TCS suspended till 30.09.2018

June 29, 2018 8025 Views 1 comment Print

The competent authority has decided that the provisions of sections 51 and 52 of the Central Goods and Services Tax Act, 2017 relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended till 30.09.2018.

Reverse charge mechanism u/s 5(4) of IGST Act suspended till 30.09.2018

June 29, 2018 6855 Views 3 comments Print

Seeks to exempt payment of tax under section 5(4) of IGST Act, 2017 till 30.09.2018 vide Notification No.13/2018 – Integrated Tax (Rate) dated 29th June, 2018.

Disallowance U/s. 14A not applicable on investment on which dividend received is chargeable to tax but allowed Rebate under DTAA

June 29, 2018 1413 Views 0 comment Print

Investments on whom dividend received, though chargeable to tax but allowed as rebate in view of DTAA agreement cannot be included for the purpose of computing disallowance u/s 14A of Income Tax Act.

The Impact of the Government Polices on Direct Tax Collections

June 29, 2018 675 Views 0 comment Print

The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore.

Deduction U/s. 80IA not available on interest on FDR by a company engaged in providing infrastructure facilities

June 29, 2018 2160 Views 0 comment Print

The assessee company was engaged in the business of Developing, Maintaining and Operating of Infrastructure Facilities. Return declaring an income of Rs. 29,53,100/- was filed on 30/09/2009. The same was processed u/s 143(1) on 13/09/2010. Case was selected for scrutiny under CASS and notice u/s 143(2) was sent on 20/08/2010.

Why FDs should always be part of your financial plan

June 29, 2018 7167 Views 3 comments Print

A fixed deposit (FD) is an investment option which helps you in increasing your wealth and preserving your funds for your future. Despite the cuts in the FD rates, FDs continue to top the ranks among the best investment options. Most of the people are unaware that FDs are the most reliable investment option which […]

Income from Share cannot be treated as Business merely for Frequent Transactions

June 29, 2018 1092 Views 0 comment Print

DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata) Assessing Officer treated the income on account of purchase and of shares under the head ‘business income’ instead of under the head ‘capital gain’ as claimed by the assessee. On Appeal CIT(A) held that assessee is making purchase and sale on a continuous basis and besides being […]

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