Every year we celebrate 2nd October as the birthday of our own Mahatma Gandhi, who is also called the Father of our Nation, as a mark of respect for his selfless contribution to our nation. Mahatma, who sacrificed his everything for the freedom of our nation, has said so many things apart from his core battle, to send across the message of truth, non-violence and love to the world. Most of his thoughts are relevant even today for all of us to observe and follow.
Jagdish Prasad Mittal Vs. Union of India (Orissa High Court), Writ Petition No. WP(C)-17178/2015, Date- 21/09/2015 In this case writ is been filed on 21.09.2015 for Non extension of due date of ITR and Tax Audit for Assessment Year 2015-16 by CBDT. The writ is scheduled for Hearing on 23rd September 2015.
Rebate of duty on goods exported out of India is covered by Rule 18 of the Central Excise Rules, 2002. The Central Government may, by notification, grant rebate of- i. Duty paid on such excisable goods which are exported out of India, or ii. Duty paid on materials used in the manufacturing or processing of such goods.
Constitutional amendment bill for levying Goods and services tax has already been passed in loksabha. Had it not been for the rigid stand of the opposition the same would have been passed in the monsoon session of the parliament held in august 2015. Past apart, with the current business mood along with support from the states and sheer determination of the central government to bring the revolutionary tax reform at the earliest date possible,
CA Himanshu Gupta Introduction The Central Government recently notified 10 Income Tax Computation & Disclosure Standards (ICDS) effective financial year 2015–16. This will affect the compliance practice of all taxpayers following the mercantile system of accounting for computing income chargeable to income tax under the heads: Profits and gains of business or profession or Income […]
Notification No. 77/2015 – Income Tax Whereas, an Inter-Governmental Agreement and Memorandum of Understanding (MoU) between the Government of the Republic of India and the Government of the United States of America to improve International Tax Compliance and to implement Foreign Account Tax Compliance Act of the United States of America was signed at New Delhi on the 9th day of July, 2015 (hereinafter referred to as the said Agreement and enclosed herewith as Annexure);
In this case During scrutiny assessment proceedings, the Assessing Officer inter alia disallowed writing off of bad debts of M/s. Kinetic Motor Co. Ltd. amounting to Rs.1,27,58,427/- as the same was Group Concern and AO further claimed that The debts have been written off as bad debts only to suppress the income.
Bhujbal Brothers Construction Company V/s. DCIT (ITAT Pune) Deduction u/s. 80I1B(10) on housing project at Damodar Residency has been denied primarily on two counts(i) the area of the housing project is less than 1 acre, and (ii) the land on which the housing project has been developed does not belong to the assessee.
M. Natarjan Vs. DCIT (ITAT, Chennai) Addition on behalf of undisclosed income of various amounts has been made against the assessee. Before ITAT assessee raised additional ground that addition was made before approval of concerned authorities prescribed u/s 158BG and hence invalid.
CIRCULAR NO. 26 of 2015-16 Commissioner, Value Added Tax, do hereby extend the last date of filing of online return in Form 9 for the year 2014-15, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 to 31/10/2015.
