"12 July 2018" Archive

Stock Brokers shall not accept cash from their clients : SEBI

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2018/113 (12/07/2018)

The stock brokers shall accept cheques drawn only by the clients and also issue cheques in favour of the clients only, for their transactions. Stock Brokers shall not accept cash from their clients either directly or by way of cash deposit to the bank account of stock broker....

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DGFT widens scope for issue of authorizations for repeat orders

Public Notice No. 20/2015-20 (12/07/2018)

Paragraph 2.79 of the Handbook of Procedures (HBP) of the Foreign Trade Policy (FTP) 2015-20 has been amended to widen the scope for issue of authorizations for repeat orders of SCOMET items....

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Tax deduction on Interest income

Many of us keep our money either with banks or with cooperative credit societies, be it in fixed deposits or recurring deposits or in saving accounts. Not only this, we also invest in various Government run schemes like NSC, PPF and Senior Citizen Saving schemes. While making these investments everyone wants to plan these investments in ...

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Posted Under: SEBI | ,

Section 139(5) – Revised Income Tax return

An assessee who is required to file a return of income is entitled to revise the return of income originally filed by him to make such amendments, additions or changes as may be found necessary by him. Such a revised return may be filed by the assessee at any time before the assessment is made. There is no limit under the income tax Act i...

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Posted Under: SEBI |

Five rare benefits of filing regular ‘Income Tax Returns’

What is the benefit of filing income tax return? This is the first question when a client ram into the office of a CA or Tax lawyer. Generally professionals have predefined answers like it benefits for Loan, CC limit, or being loyal with the govt etc. But do every one of us know what is […]...

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Posted Under: SEBI | ,

Extension of ad-hoc appointments of ITOs to ACIT grade for 2015-16

Office Order No. 109 of 2018 (12/07/2018)

Order No. 109 of 2018 - Extension of ad-hoc appointments of Income Tax Officers to the grade of ACIT for the vacancy year 2015-16 - reg...

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Extension of ad-hoc appointments of ITOs to ACIT grade for 2014-15

Office Order No. 110 of 2018  (12/07/2018)

Order No. 110 of 2018 - Extension of ad-hoc appointments of Income Tax Officers to the grade of ACIT for the vacancy year 2014-15 - reg...

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No TDS U/s. 194H on discount on sale of prepaid starter kits/sim cards to distributors

DCIT Vs M/s Tata Tele Services (Mah) (ITAT Mumbai)

As the sale of starter kits/sim cards is purely a purchase/sale transaction on principal-to-principal basis and there is no relationship of agency, hence no obligation was cast upon the assessee to have deducted tax at source under Sec. 194H in respect of the discounts given to the distributors on the sale of the same....

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Posted Under: SEBI | ,

Exemptions u/s 11(1)(d) cannot be denied for mere non claim in ITR

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore)

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Government of India, as a part of grant of Rs.10...

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Posted Under: SEBI | ,

Transfer of an undertaking in consideration of allotment of shares is exchange not sale

M/s. Oricon Enterprises Limited Vs ACIT (ITAT Mumbai)

Challenging the order,dated 16/02/2015,of CIT(A)-51,Mumbai, the assessee has filed the present appeal.Assessee-company,engaged in the business of manufacturing of aluminium caps, metal containers,petrochemicals etc., filed its return of income on 15/11/2007,declaring total income at Rs.NIL...

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