Penalty started for concealment levied for inaccurate particulars and concealment both is invalid-ITAT

Author: | Categories: Income Tax, ITAT, Judgments No comments | 40 views
Penalty initiated for concealment levied for inaccurate particulars and concealment both is invalid. AO must frame a precise charge u/s 271(1)(c)-ITAT ABCAUS Case Law Citation: ABCAUS 1073 (2016) (12) ITAT Assessment Year: 2009-10 Date of Judgment: 29-11-2016 Important Case Laws cited: Zoom Communications P Ltd 327 ITR 510 (Del), Bhairav lal Verma V/s UOI  (230 […]

Guidance Note on FATCA and CRS updated 30-11-2016

Author: | Categories: Income Tax No comments | 76 views
GUIDANCE NOTE ON FATCA and CRS updated 30-11-2016 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research Division Guidance Note on Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) updated as on 30th November 2016 Purpose of the Guidance Note This Guidance Note is […]

Misuse of Jan-Dhan Accounts for depositing undisclosed cash money by persons who have never filed returns of income-CBDT warning

Author: | Categories: Finance Ministry, Income Tax No comments | 86 views
Misuse of Jan-Dhan Accounts post demonetisation. Among rumors of freezing of JDY accounts, CBDT wanrns such account holders not to consent to deposit of undisclosed money in their accounts Ministry of Finance 04-December, 2016 Tax Investigations unearth mis-use of Jan-Dhan Accounts; Account holders once again urged by CBDT not to consent to any kind of mis-use of […]

Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for year end goods in transit valid

Author: | Categories: Income Tax, ITAT, Judgments No comments | 76 views
Sales incomplete till goods delivery unless insurable risk passes to buyer. FOR destination basis sales invoice reversal for goods in transit at the year end valid-ITAT ABCAUS Case Law Citation: ABCAUS 1072 (2016) (12) ITAT Assessment Year: 2011-12 Date of Judgment: 29-11-2016 Important Case Laws cited: Morvi Industries Limited vs. CIT (SC) CIT v. Excel […]

Excel Form 10E-Salary Arrears Relief calculator AY 2017-18 for claiming rebate under section 89(1) of Income Tax Act 1961-Download

Author: | Categories: Calculators, Income Tax No comments | 357 views
Excel Form 10E-Salary Arrears Relief calculator AY 2017-18 for claiming rebate under section 89(1) of Income Tax Act 1961-Download As per section 89(1) of the Income Tax Act, 1961 relief for income tax has been provided when in a financial year an employee receives salary in arrears or advance. As per Rule 21AA of the […]

ICAI online duplicate mark sheets-pass certificates application-Fees payable and download format of affidavit

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ICAI online duplicate mark sheets-pass certificates application-Fees payable and download format of the affidavit for this online facility  ICAI Announcement 02nd December 2016 Introduction of the facility of on-line submission of requests for issue of duplicate mark sheets/pass certificates. An on-line facility for submission of requests for issue of duplicate mark sheets/pass certificates has been […]

Electronic Payment Systems Data for November-2016-RBI. 664.39 million payments valued at 93993.89 billion

Author: | Categories: RBI No comments | 134 views
Electronic Payment Systems Data for November-2016-RBI. As per provisional data released, 664.39 million payments were made valued at 93993.89 billion Reserve Bank of India Date : Dec 02, 2016 Daily Release of Electronic Payment Systems Data from RBI The Reserve Bank of India today released provisional data for the month of November 2016 for select […]

Offer Period under SEBI Takeover Regulations commencement date is from the date of concluded share purchase agreement-SC

Author: | Categories: Judgments, SEBI, Supreme Court No comments | 81 views
Offer Period under SEBI Takeover Regulations commencement date is from the date of concluded share purchase agreement for violation u/s 22(7)-Supreme Court ABCAUS Case Law Citation: ABCAUS 1071 (2016) (12) SC The Grievance: In the present case, SEBI had challenged order of the Securities Appellate Tribunal reversing the order of the Adjudicating Officer which held […]

Procedure for filing and verification of Form 26A CA Certificate. Removing default of TDS Short Deduction Non Deduction-CBDT Notification

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Procedure for filing and verification of Form 26A CA Certificate. Removing default of TDS Short Deduction Non Deduction-CBDT Notification F. No. DGIT(S)/CPC(TDS)/NOTIFICATION/2016 -17 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of lncome-tax (System s) New Delhi. Notification No. 11/2016 New Delhi, 2nd December, 2016 Subject: – Procedure for the purposes […]

Increased PAN applications due to demonetisation and amendments in Rule 114B and Rule 114E. Timely resolution of probable duplicate PAN

Author: | Categories: Income Tax No comments | 242 views
Increased PAN applications due to demonetisation and amendments in Rule 114B and Rule 114E. Timely resolution of probable duplicate PAN marked by system Income Tax is gearing up of the PAN services due to sharp increase in PAN Applications after the recall of high denomination bank notes and and requirements for quoting of PAN in […]
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