Mode of acceptance or repayment of loans and deposits ECS, RTGS and NEFT etc. are now proposed to be allowed as permissible mode to accept or repay the deposit or loan specified under section 269SS and 269T respectively. The existing provisions contained in section 269SS of the Act, inter alia, provide that no person shall […]
Minimum Alternate Tax on Special Economic Zones Minimum Alternate Tax (MAT) has been levied on developers of Special Economic Zones (SEZs) and units operating in SEZs with effect from 1st April, 2012 vide Finance Act, 2011. Representations have been received from the business community and others regarding restoration of exemption from payment of MAT to […]
The existing provisions of sub-section (1) of section 115JEE of the Act provide that the provisions of Chapter-XI I BA shall be applicable to any person who has claimed a deduction under part C of Chapter VI-A or claimed a deduction u/s 1 0AA. Further the present provisions of sub-section (2) of section 1 15JEE […]
Interest payable by the assessee under section 220 Interest under section 220 is proposed to be increased or decreased as consequent to any appeal, rectification or revision from the date of expiry of period stated in the notice of demand under section 156 of the Income Tax Act, 1961.
Estimate of value of assets by Valuation Officer Power given to AO to get a valuation report of any asset, property or investment. Earlier powers of AO were restricted to bullion, jewelry or any other valuable article or thing. Under the existing provisions contained in section 142A, the Assessing Officer may, for the purpose of […]
With respect to clause 3(d), joint investors shall mean where each of the investor contributes towards the AIF. With respect to clause 3(g), such investee company shall hold or propose to hold not less than one project, directly or indirectly.
CA Sanjeev Singhal Download PPT on Budget 2014 highlights on Income Tax Download PPT Budget 2014 highlights on Service Tax
Jagdishkumar Gor 1. Pre-deposit Made Mandatory in Appeal Procedures for Central excise, Customs & Service Tax. Significant amendment to Section 35F of the Central Excise Act, 1944 and Section 129E & 129B of the Customs Act, 1962 and proposed Mandatory (1) 7.5% pre-deposit of duty demanded or penalty imposed or both for filing appeal before […]
Clarification – Increase in the limit from USD 75,000 to USD 125,000 for resident individuals under Liberalized Remittance Scheme (LRS) {Notification No. “RBI/2014-15/132 A.P. (DIR Series) Circular No.5 dated 17th July, 2014} Before going into the revision made in Liberalized Remittance Scheme, let us know what it is actually?
Circular No. 12/2014-Income Tax Section 10AA of the Income-tax Act, 1961, inter-alia, provides for deduction in respect of the profits derived by a unit set up in SEZ from export of computer software or from providing any ITES services. The said deduction available to a new SEZ unit is subject to certain conditions including: i) it is not formed by the splitting up, or the reconstruction of a business already in existence; ii) it is not formed by the transfer to a new business, of machinery or plant previously used for any purpose.
