By notification No. 892(E) dated 31st March, 2015 issued by virtue of the powers conferred under Section 145(2) of the Income tax Act, 1961, the Central Government notified Income Computation and Disclosure Standards with effect from 1-4-2015 (AY 2016-17). These standards are applicable to the computation of income under the heads Profits and gains of business or profession and Income from other sources.
It is desirable that any refund due to an assessee, under the Income-tax Return filed by him comes to be processed and issued to him within a stipulated time frame of maximum six months from the end of the month in which the tax return is filed. Infact, in the recent past, it has been the endeavour of the Income-tax Department to issue prompt and timely refunds within this time frame, which is keeping in line with its commitment made under the Citizen’s Charter.
The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding 50,000, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual or HUF as income from other sources.
Rationalisation Of Section 50c To Provide Relief Where Sale Consideration Fixed Under Agreement To Sell- Section 50C makes a special provision for determining the full value of consideration in cases of transfer of immovable property. It provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government
In this article, we are providing you basic guidance as to the execution of new listing agreement as directed by Securities and Exchange Board of India (SEBI) to all listed entities in its circular dated 13th October, 2015. The SEBI has through a Circular directed all the listed entities to execute a fresh listing agreement in accordance with the Circular No. CIR/CFD/CMD/6/2015 dated 13th October, 2015.
In an important judgement in the case of Sri Anjaneya Agro Tech Private Limited Vs. The Dy. Commissioner of Commercial Taxes (Audit) [2016-VIL-63-KAR], Hon ‘ble High Court of Karnataka has ruled that assessee-dealer is entitled to claim benefit of a subsequent judgement of the court, even after completion of assessments, by filing rectification application.
Import allowed only through sea ports of Chennai and Nhava Sheva (Jawaharlal Nehru Port).
Notification No 31/2015-20 The prohibition on export of pulses till further orders as notified vide Notification No 78(RE-2013)/2009-14 dated 31.03.2014 read with Sl. No. 54 in Chapter 7 of Schedule 2 of ITC(HS) Classification of Export & Import Items, as amended from time to time, will not apply to export of Roasted Gram (whole/split) in consumer packs of 1 (one) Kg.
1. A PRESUMPTIVE INCOME SCHEME FOR PROFESSIONALS The existing scheme of taxation provides for a simplified presumptive income scheme for persons engaged in business. The Committee was of the view that this scheme is quite popular amongst small traders. It was felt that there is a strong case for introducing a similar simplified presumptive income […]
1. RECOMMENDATION TO INCREASE THE ELIGIBILITY UNDER THE PRESUMPTIVE SCHEME FOR SMALL BUSINESSES FROM THE EXISTING RUPEES ONE CRORE TO RUPEES TWO CRORE The existing presumptive income scheme under section 44AD of the Income Tax Act is applicable to an individual, Hindu undivided family or a partnership firm (not to limited liability partnership). This scheme […]
