Daily Archive: Tuesday, April 25, 2017

Withdrawal of FAQ on the Revised Schedule VI to the Companies Act, 1956- ICAI Announcement

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FAQ on Revised Schedule VI to the Companies Act 1956 withdrawn by ICAI In view of issuance of Schedule III to the Companies Act, 2013 CL&CGC/ 20/ 2017-2018  25th April, 2017 Announcement Sub: Regarding withdrawal of Frequently Asked Questions on the Revised Schedule VI to the Companies Act, 1956

Letting out buildings/developed space with other amenities in Industrial Park SEZ to be treated as business income-CBDT

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Letting out  buildings/developed space with other amenities in Industrial Park SEZ to be treated as business income  Circular N o. 16/2017 F.No. 279/Misc./140/2015/ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 25th April, 2017 SUBJECT: Lease  rent  from  letting out  buildings/developed

Income Tax Rule 17CB Method of valuation of accreted income of the trust/institution for additional tax u/s 115TD(2)

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Income Tax Rule 17CB Method of valuation of accreted income of the trust/institution for additional tax u/s 115TD(2)  Chapter XII-EB of the Income tax Act, 1961 (‘the Act’) contains Special provisions relating to tax on accreted income of trusts or institutions registered under section 12AA of the Act. As

Interest on personal loan taken for business purpose allowed as business expenditure

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Interest on personal loan taken for business purpose allowed as business expenditure. The assessee could very well attribute the interest free funds for personal purpose. ABCAUS Case Law Citation: ABCAUS 1223 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of

Secretive commission payment not allowable us 37(1). Bribe to procure business is prohibited under explanation to Section 37(1)

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Secretive commission payment not allowable us 37(1). It was in the nature of bribe to procure business which is prohibited under explanation to Section 37(1) ABCAUS Case Law Citation: ABCAUS 1221 (2017) (04) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of
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