Month: June 2016
Addition of purchases made in March month to closing stock on the assumption that items purchased in month of March could not be consumed utilized fully not accepted and quashed by ITAT. ABCAUS Case Law Citation: 955 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory …
Penalty us 2711c imposable on voluntary surrender-disclosure to avoid litigation and to buy peace of mind, as it does not meet requirements of Explanation (1) to section 271(1)(c). This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 954 2016 (06) ITAT Assessment …
ICAI fake websites advisory for Members Students. icai-org.in and icairesults.info according to ICAI are deceptively similar to its official website Advisory for Members & Students of ICAI in respect of a fake website Kind Attention: All Members, Students of the Institute of Chartered Accountants of India (ICAI) and …
Employees’ Pension Scheme 1995-Amendments MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 16th June, 2016. G.S.R. 603(E).—In exercise of the powers conferred by section 6A read with sub-section (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central …
FDR Interest Business Income-No addition when books rejected In an interesting judgment which is quite opposite to the view held by another ITAT reported in ABCAUS 951 (2016) (06) ITAT, it has been held by ITAT that where the books of accounts were rejected and profits were estimated applying 10% net …
Premature Closure of PPF Account Conditions-Deductions Ministry of Finance Department of Economic Affairs Notification New Delhi, the 18th June, 2016 GSR….(E) In exercise of the powers conferred under sub-section of (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby …
No Fee for MSME Udyog Aadhar Memorandum Form Registration Ministry of Micro,Small & Medium Enterprises 20th June, 2016 Ministry of MSME has clarified today, that Udyog Aadhar Memorandum is the only form of registration for MSMEs in India and there is no fee for the registration. This has …
CBDT Exempts Startups shares issued above FMV CBDT has notified tax exemption on investments above fair market rate for startups. Now a resident can purchase shares in startups companies at higher than fair value without having to pay tax under the provisions of section 56(2)(viib). The section 56(2)(viia) provides …
Peak credit theory not applicable when cash not withdrawn but only deposited in bank account and used for investment in mutual funds-ITAT ABCAUS Case Law Citation: 952 2016 (06) ITAT Assessment Year: 2009-10 Date/Month of Judgment/Order: June, 2016 Brief Facts of the Case: In this cross objection filed …
