Circular No. 35 of 2015-16 The facility of auto-downloading of the forms shall not be available to the dealer for the tax period in cases in which the ratio of sale to purchase, including stock transfer and local transactions, falls below 45%. The statutory forms in such cases shall be available for auto downloading on the basis of sale and purchase of next quarter.
Hon’ble Kerala High Court in the case of The United Planters Association of Southern India Vs. Union of India, Stayed the Operation and Implementation of Payment of Bonus (Amendment) Act, 2015 to the extent the same gives retrospective from 01.04.2014
Ten year tax holiday is available under section 10A to certain undertakings in free trade zones, electronic hardware technology parks, software technology parks or in special economic zones. The exemption is however subject to fulfillment of certain conditions. What are these conditions and how to meet them to avail the maximum benefit is explained by the learned author. Some doubts which normally arise or which the Assessing Officer may raise are also dealt with properly which may help in arranging the affairs.
number of foreign companies have established their liaison offices in India. The liaison offices of these foreign companies engage a number of employees in their offices in India. Some of the employees are deputed to these liaison offices by the parent companies from abroad. Such expatriate employees continue to be on the pay-roll of the parent company also and the parent company continues to pay them a part of salary in lieu of retainership, etc.
The present opinion relates to the issue whether expenditure on repairs and renovations by the employer, in respect of an accommodation occupied by the employee, could be brought to tax as a perquisite in the hands of the employee. This opinion is being provided, because there are situations where the employer has to incur expenditure on repairs and renovations in respect of an accommodation leased for providing rent-free accommodation to the employee.
ITAT Delhi held in case of DCIT v Hitz FM Radio India Ltd. that expenditure related to licence fee and royalty which helps merely in facilitating the assessee’s trading operations or enabling the management to be carried more effectively is revenue in nature even if advantage may endure for an indefinite future.
for the purpose of classification of fertilisers, it is important to see where the products consists of nitrogen phosphorous and potassium as laid down in the explanatory notes, it should be classified as fertilizers.
i. There is no interest expenses relatable to exempt investment. Assessee has made investment in the heads of tax free income. Investment in equity shares, insurance policies etc. are related to earlier years and were invested from the own capital funds. Therefore that investment is not related to this year. Hence, provisions of sec 14A […]
Delhi High Court held In the case of Dushyant Kumar Jain vs. DCIT held that it is only the AO who has issued the original assessment order under Section 143 (3) ,who is empowered to exercise powers under Section 147/148 to re-open the assessment.
In this article, efforts have been made to clarify the types of ambiguities which are commonly faced by the dealers while applying section 9 of DVAT Act, 2004 which contains provisions for claiming Input Tax Credit under the act.
