New item in COBRAPOST.com on 26-11-2014 titled Operation Black Ninja: Sell Me Houses to Launder My Iii-Gotten Millions – Request to carry out enquiries and take necessary action deem fit – reg. Please find enclosed a copy of the above referred news item alleging that 35 real estate companies are willing to take illicit money and convert it into legit by allowing their clients to buy properties. You may visit the following link on the interne for full details http://www.cobraoost.com.
(a) against item (i) of column (3), for the entry in column (4), the entry “₹ 4.95 per litre” shall be substituted;
Accordingly, Reserve Bank has since amended the Principal Regulations through the Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2014 notified vide Notification No. FEMA. 324/2014-RB dated October 31, 2014, c.f. G.S.R. No. 803 (E) dated November 14, 2014, with respect to submitting certificates on tax payments.
Finance Act 2014 has introduced various changes in Income Tax Act,1961 and some of those related to deduction and exemptions available to Salaried Individual taxpayers, which includes Amendments in Section80C, Section 80CCD, Section 80CCE and in Section 24 related to Interest deduction. Here I have compiled attached in Excel file Comprehensive list of Deductions , Tax free Allowances and Perquisites highlighting important Amendments for Salaried Individual applicable for Assessment Year 2015-16 and subsequent Year unless amended :-
(A) Concept of Stamp Duty Value- It should be noted that the Stamp Duty Basis Valuation is applicable only in the transactions pertaining to Immoveable Property in the Income Tax Act 1961. It is similar to the concept of Fair Market Value (FMV).
Monetary and Liquidity Measures On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent; keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand […]
No addition can be sustained in this case, as, neither there is any investigation whatsoever made by the Assessing Officer nor was any evidence gathered by him. Merely because the market value as per the stamp valuation authorities and the sale price are at variance, no addition can be made to the business income.
What is BEPS -BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no economic activity, resulting in little or no overall corporate tax being paid.
Notification No. 76/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioners of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (vi) and sub-clause (via) of clause (23C) of section 10 with effect from the ‘specified date’. NOTIFICATION NO. 76/2014 Dated – 1st December, 2014.
Notification No. 75/2014-Income Tax Central Board of Direct Taxes hereby authorises the Commissioner of Income-tax (Exemptions), to act as ‘prescribed authority’ for the purposes of sub-clause (iv) and sub-clause (v) of clause (23C) of section 10 with effect from the ‘specified date’.
