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Finance Bill, 2015 was passed in Lok Sabha on 30.04.2015 with certain amendments via notice of amendment dated 30.04.2015. In this article I have covered some of the amendment in Provisions related to Direct Taxes. Read- Lok Sabha approves Finance bill 2015
1. Whether the Tribunal was right in negating the assessee’s claim for accumulation of unspent income? 2. Whether repayment of borrowed funds utilised for construction of commercial complex augmenting income of trust and amounts to application of income for charitable purpose eligible for exemption under section 11?
These days there is a flurry of new businesses or start-ups being launched. As a start-up, you won’t want to get into a legal tangle especially with a very aggressive tax regime and a long incorporation process. To make sure your new business is handling its regulatory, tax obligations properly, run through these common mistakes that most start-ups make:
An extremely simplified income tax return form (ITR) will soon replace the controversial 14-page ITR 1 that sought information like all bank accounts and foreign trip details, Finance Minister Arun Jaitley announced in the Lok Sabha on Thursday.
Held, that the assessee company in acquiring the head leases and in granting the sub-leases was carrying on a business within its memorandum of association and that the increased salami received from the sub-lessees represented profits of that business, liable to be included in the assessable income for purposes income-tax and business profits tax.
Sultan Brothers (P) Ltd. v. Commissioner of Income Tax’ [1964 (5) SCR 807]. Whether a particular letting is business has to be decided in the circumstances of each case. It would not be the doing of a business if it was exploitation of his property by an owner.
The income derived by the company from shops and stalls is income received from property and falls under the specific head described in section 9. The character of that income is not altered because it is received by a company formed within object of developing and setting up markets.
Finance Mister Arun Jaitely has Presented on Thursday 30.04.2015 in Lok Sabha the Finance Bill 2015 for Approval and same been approved by Lok Sabha.
The assessee was not satisfied as the assessing officer did not allow the depreciation which was subsequently claimed during the course of assessment proceedings. The assessee in Cross Objection has challenged the order of the learned CIT (Appeals) in upholding the disallowance of claim of Rs.2, 57, 90,420/- made by the trust in respect of excess utilization made in the earlier years.
Income Tax Rate Chart for Assessment Year 2014-15/ 2015-16 and 2016-17 i.e. Financial Year 2013-14, 2014-15 and 2015-16 for Individuals, Association of Person (AOP) or Body of Individual (BOI) or any other artificial juridical person, Hindu Undivided Family (HUF), Partnership Firm, Limited Liability Partnership (LLP, Domestic Company, Foreign Company, Local Authorities and Co-Operative Societies.
