Request for Comments Cost Auditing and Assurance Standards Board (CAASB), the standard-setting body of the Institute, has approved the release of Exposure Draft of Standard on Cost Auditing (ED SCA) ‘The Cost Auditor’s Responses to Assessed Risks’ in its 25th meeting held on 18th January 2016. The exposure draft is hosted on the Institutes website […]
Additional Special Judge for CBI Cases, Chennai has convicted Shri Balaji Rao, then Assistant Commissioner of Central Excise & Customs and his son Shri Arthanarishwar Rao in a Disproportionate Assets case. Shri M.Balaji Rao was sentenced to undergo two years Rigorous Imprisonment while his son Shri Arthanarishwar Rao to undergo one year Rigorous Imprisonment with total fine of Rs.75,000/-.
A.P. (DIR Series) Circular No. 40 Foreign Direct Investment –Reporting under FDI Scheme, Mandatory filing of form ARF, FCGPR and FCTRS on e-Biz platform and discontinuation of physical filing from February 8, 2016
Notification No. 01/2016-Central Excise (N.T.) In exercise of the powers conferred by Section 37 of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:-
Notification No. 17/2016 – Customs (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the Notification of the Central Board of Excise and Customs No.14/2016-CUSTOMS (N.T.), dated 21st January, 2016, with effect from 2nd February, 2016, namely:-
Section 11 of the Income-Tax Act, 1961 (the Act) excludes from the income of charitable or religious trusts, income to the extent it is applied towards the objects of such trusts, during the previous year in India. It may be stated here that there are several conditions laid down under section 11 of the Act, for the purpose of claiming exemption in respect of the income of a charitable or religious trust.
In this regard it may be stated that in the case of a charitable / religious trusts, even capital expenditure is considered as application of income towards the objects of the trust. Therefore, it is the view of the Assessing Officers that if depreciation is allowed on the assets of such a trust, then the same will lead to double deduction; first by way of deduction of capital expenditure and thereafter, by way of deduction of depreciation on the assets of the trust.
It has been observed that for the purpose of disallowance of expenditure under section 14A of the Income-Tax Act, 1961 (the Act), in respect of income exempt from tax, the Assessing Officers (AOs) have been following a totally erroneous method of straight away applying rule 8D of the Income-Tax Rules, 1962 (the Rules), without considering the correctness of the claim made by the assessee in respect of the expenditure incurred in relation to such income.
Sometime back, one of my clients approached me with a query whether education cess presently charged along with the income-tax and surcharge, could be claimed as a deduction under section 37(1) of the Income-Tax Act, 1961 (the Act). The aforesaid query was raised, because some Income-Tax Advisor provided the aforesaid client with an Opinion that the aforesaid education cess is allowable as a deduction under section 37(1) of the Act.
Authority for Advance Rulings held In the case of Aberdeen Claims Administration Inc., USA and Aberdeen Asset Management Plc., UK that there is no doubt that the settlement amount is relatable to Satyam shares
