1. The assessee is an individual, who earned rental income from certain properties and claimed deduction for interest on loan paid by the assessee as interest u/s 24(b)of the Income Tax Act, 1961. 2. The A.O., on perusal of interest certificate given by the bank, noticed that out the total interest of Rs. 29,89,223/-
By plain reading the words ‘any other business or commercial rights of similar nature’ in clause (b) of Explanation 3 to section 32 indicates that goodwill would fall under the expression ‘any other business or commercial right of a similar nature’.
As you are aware, the law on BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX has already been enacted. The Rules are in framing. We want to make urgent representations with reference to the issues which can be taken care in the Rules.
CBDT notifies revised ITR-1, ITR2 and ITR-4 Salong with new form ITR-2A for A.Y 2015-16; In lieu of foreign trip details, newly notified forms seek passport number,if available; New forms exempt disclosure of dormant bank accounts details; Further, account balance in bank accounts, now not required to be disclosed;
Appellant assessee Company, incorporated with main objective as stated in MOA is to acquire the properties in the city of Chennai (Earlier named as Madras) and to let out those properties. The company had returned it income, as income from Business
Recently there have been a slew of decisions on the matter of allowability of Input Tax Credit by various High Courts including Hon’ble Rajasthan High Court and Rajasthan Tax Board. This article aims to critically analyse the effect of recent judgments in terms of provisions of Rajasthan Value Added Tax Act 2003 and earlier judgments relating to Input Tax Credit delivered by Bombay and Delhi High Court.
Applications are invited from the Firms of Chartered Accountants for the purpose of Stock and Book Debts audit of accounts with various branches of Allahabad Bank in the states of Andhra Pradesh and Telangana. Those firms having branch (es) either in A.P. or in Telangana and are interested to empanel as Stock Auditors with Bank may submit application as per the format attached and the last date for receipt of the application at our office at the above address shall be 06.07.2015.
e-TDS/TCS Return Preparation Utility Ver. 1.2 based on JAVA platform for Regular & Correction Statement(s) from FY 2007-08 onwards released (24/06/2015) Key Features – Return Preparation Utility (RPU) version 1.2 ♠ Preparation of Regular and Correction TDS/TCS Statement(s) for Form 24Q, 26Q, 27Q & 27EQ pertaining to Financial Year 2007-08 onwards (for all quarters).
Notification No. 51/2015 – Income Tax Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in clause (23FBA) of section 10 of the said Act received by any investment fund as defined in clause (a) of the Explanation 1 of section 115UB of the said Act. NOTIFICATION NO. 51/2015 Dated- 24th June, 2015
Notification No. 50/2015 – Income Tax S.O. 1683(E).— In exercise of the powers conferred by section 295 read with sub-clause (viii) of Explanation to sub-section (2) of section 288 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to
