Daily Archive: Friday, June 17, 2016

SEBI Board Meeting-Introduction of Section 9A in Income Tax Act 1961 and Amendments to the SEBI (Real Estate Investment Trusts) Regulations, 2014

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PR No. 116/2016 SEBI Board Meeting The SEBI Board met in Mumbai today and took the following decisions:  A. Consultation Paper for “Amendments to the SEBI (Portfolio Managers) Regulations, 1993 pursuant to introduction of Section 9A in the Income Tax Act, 1961” Pursuant to the announcement by Hon’ble Finance

Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted

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Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted-ITAT ABCAUS Case Law Citation: 949 2016 (06) ITAT AY: 2008-09 Important Case Laws/Judgments Cited: Hasanand Pinjomal Vs. CIT 112 ITR 134 Gujarat High Court Smt. Ch. Mangayamma Vs. Union

CPC TDS reminder-downloading TDS Certificates Form 16A by deductors for TDS Statements filed during Q1, FY 2015-16 from TRACES website

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CPC TDS reminder-downloading TDS Certificates Form 16A by deductors for TDS Statements filed during Q1, FY 2015-16 from TRACES website Date of communication: 11/06/2016 Dear Deductor (TAN XXXXXXXXXX), As per the records of Centralized Processing Cell (TDS), TDS Statements have been filed by you for Quarter 1 of Financial

RBI simplifies and rationalise new NBFCs registration process. Application form for registration and the checklist of documents to be submitted revised

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RBI Simplifies-Rationalise New NBFCs Registration Process Reserve Bank of India Press Release Dated 17th June, 2016 RBI decides to simplify and rationalise the process of registration of new NBFCs In order to make the process of registration of new NBFCs smoother and hassle free, the application form for registration

Foreign exchange fluctuation loss-If event has occurred before balance sheet date and a subsequent event materially affects profits, it has to be provided

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Foreign exchange fluctuation loss event occurring before balance-sheet date. If the event has occurred before the balance-sheet date and a subsequent event materially affects the profits, then the same has to be provided in the balance-sheet which is finalized after the closing of the year. This was held by

Order passed on deceased person without bringing legal heirs on record null and void. ITAT quashed CIT(A) order so passed

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Order passed on deceased person name without bringing legal heirs on record null and void. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 947 2016 (06) ITAT Assessment Year: 2008-09 Date of Judgment: June 2016 Brief Facts of the Case: During the course of

e-TDS-TCS Form 24G AIR filing fees-charges wef 01062016

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W.e.f. June 1, 2016, the e-TDS/TCS, Form 24G and Annual Information (AIR) acceptance fees have been revised as under: 1. Statements having up to 100 records:- 44.00 (inclusive of service tax) 2. Statements having 101 to 1000 records:- 205.00 (inclusive of service tax) 3. Statements having more than 1000
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