The Assessing Officer had issued notice u/s 148 of IT act to reopen the assessment giving reasons to believe that assessee’s claim for set off of brought forward unabsorbed depreciation against long term capital gain was not allowable as it was being set off after a lapse of 8 years.
As you may be aware, Voluntary Compliance Encouragement Scheme, 2013 was introduced vide Chapter VI of the Finance Bill, 2013, to encourage voluntary compliance by the assessees who have failed to pay ‘tax dues’ for the period 01.10.2007 to 31.12.2012 without interest, penalty and other legal proceedings including prosecution. The assessees had to deposit at least 50% of the declared dues by December 31, 2013 and the remaining portion of tax dues had to be paid by June 30, 2014 without any interest.
1. What is meant by delisting of securities? The term “delisting” of securities means permanent removal of securities of a listed company from a stock exchange. As a consequence of delisting, the securities of that company would no longer be traded at that stock exchange.
Consequent upon, the decision of the Board to create a GST Directorate in Delhi by shifting the headquarters of DGST, Mumbai to Delhi, it has been decided that Directorate General of Service Tax (DGST) will henceforth be re-named as Directorate General pf Goods & Service tax (DGGST) w.e.f. 01.08.2015.
Punjab & Haryana High Court held In the case of Subhash Chander vs. CIT that it is open for the AO to complete assessment either u/s 144 or u/s 143(3), in case compliance of notice has not been done by the assessee.
Reporting Under CARO, 2015- The Ministry of Corporate Affairs, on 10th April, 2015, notified the Companies (Auditor’s Report) Order, 2015 (CARO, 2015).
The Fast Track Exit (FTE) mode is introduced by the Ministry of Corporate Affairs (MCA) vide General Circular No. 36/2011 dated 7th June, 2011 (the Circular) and made effective from 3rd July 2011 as a Fast Track opportunity for Defunct Companies
The introduction of GST along with other government initiatives like the ‘make in India’ programme have the potential to drastically bring down costs, re-define and re-shape the economy of India. The benefits of implementing GST have been much talked but the probable threats have only been popularized as opposition party’s publicity stunts to hamper the implementation of GST.
Speed has become a fashion and necessity in the digital era. The limited resources and the growing population have necessitated the development of speedy service as Fast food, Express ticketing, Quick visas, Fast lane traffic, etc. Even the time is moving on the fast track: years get completed before we count the days. Burgers and pizzas profit from our hastiness and laziness.
An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self – assessment tax or payment of tax on regular assessment. To claim refund, an assessee need to E – file Return of Income submitting the proof of payment of taxes like Advance Tax, TDS/TCS etc. An Assessee can also claim tax refund even if return is filed after the due date.
