Receipt of foreign currency plays a very vital role in development of the economy of any of the country and therefore, many of the countries maintain foreign exchange reserves in order to meet international payment obligation including sovereign and commercial debts, financing imports etc.
Representations have been received by the Board from various quarters regarding difficulties being faced on account of surveys and income-tax scrutiny assessments by fish farmers, being involved in business and profession of running inland fresh water fish tanks specifically in cases where the books-of-accounts are not being maintained by the assessees concerned.
The government will on Wednesday give the entire list of black money account holders to the Supreme Court, Finance Minister Arun Jaitley said emphasising that no one will be protected. Rejecting the Centre’s stand on disclosure of name of blackmoney holders abroad, the Supreme Court on Tuesday ordered Centre to disclose all the names of […]
Senior IRS officer Anita Kapur is likely to be the new chairperson of Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department. Anita Kapur, a 1978-batch officer of the Income Tax cadre, is currently serving as Member of Legislation and Computerisation and Income Tax in the CBDT. She is expected […]
– In exercise of the powers conferred by section 11, section 11A , section 30 of the Securities and Exchange Board of India Act, 1992 read with section 62 of Companies Act, 2013 and rule 12 of Companies (Share Capital and Debentures) Rules, 2014, the Securities and Exchange Board of India hereby makes the following regulations to provide for regulation of all schemes by companies for the benefit of their employees involving dealing in shares, directly or indirectly, with a view to facilitate smooth operation of such schemes while preventing any possible manipulation and matters connected therewith or incidental thereto.
In this article, the author has enlightened the nature of expenses incurred for erection and commissioning of lift with regard to the purview of the expression works contract in accordance with the provisions of Andhra Pradesh General Sales Tax Act, 1957 & u/s 194C of the Income Tax Act, 1961 and the treatment of excess amount of refund paid by the builder to the buyers of flats, in case no allotment of flat is made by the builder to such buyers,
Even if, growing of mushroom necessarily involve use of some soil, it could not by itself amount to carrying on a primary agricultural operation in the sense of cultivation of the soil. The assessee has failed to explain as to how it can be claimed that basic agricultural operations were carried out in mushroom production and how expenditure is incurred on primary operations i.e. planting of mushroom etc.
It is to bring it to your notice that the new Departmental website www.incometaxindia.gov.in has been made operational with entirely a new frame and flavour added with new contents, information and number of new links. The website contains separate pages for Pr. CCIT (CCA) regions and Director Generals which contains content such as Directory of Officers, CPIO etc.
It is hereby informed that henceforth the link of restoration of Registration shall be available with the Assistant Commissioner/AVATO of Zone, who has been nominated as nodal officer for system issues, as per the following details. Before restoration of any registration the concerned ward authorities will process the proposal and seek approval of competent authority as per the provisions/rules/guidelines in this regard.
We have heard rival submission and perused the material on record. It is not disputed that the assessee had started the business of trading in shares from A.Y. 2007-08. For A.Y. 2007-08, assessee had earned profit of Rs.7,73,143/- which has been declared as “business income”
