Month: April 2017
54EC deduction for investment made after 6 months allowed when sales consideration was received late.The tax-payer cannot be asked to do impossible -ITAT 54EC deduction for investment made after 6 months ABCAUS Case Law Citation: ABCAUS 1211 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved …
Interim Action Plan for the first Quarter of FY 2017-18 issued by CBDT setting up time frames for various Key Result Areas MOST IMMEDIATE F.No. 380/1/2017-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ********* North Block, New Delhi 13th April, 2017 …
Notice us 148 not invalid if assessee do not challenge it. Settled law is that if assessee chooses not to challenge notice issued it is to be treated as valid – ITAT ABCAUS Case Law Citation: ABCAUS 1210 (2017) (04) ITAT The Grievance: The appellant assessee company was …
Aadhaar Integration for availing MCA21 services Advisory by MCA MCA is actively considering Aadhaar Integration for availing various MCA21 related services. As a preparatory step, all individual stakeholders viz. DIN holders/Directors/Key Managerial Personnel/Professionals of the Institute of Company Secretaries of India-Institute of Chartered Accountants of India-Institute of Cost …
Unexpired AMC charges not income but advance. Due to refund obligation, the whole income did not accrue at the time of entering into contract – ITAT ABCAUS Case Law Citation: ABCAUS 1209 (2017) (04) ITAT The Grievance: The appellant assessee company was aggrieved by the order of the …
Inter-Disciplinary Committee to examine Virtual Currencies including Bitcoins related existing framework. Government constitutes an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to Virtual Currencies. The Committee to submit its report within three months The circulation of Virtual Currencies which …
Tax Exemption to Startups in recent past. Introduction of new section 54EE 54GB 80-IAC. Angel investors funding exemption etc. Tax Exemption to Startups Various tax exemptions have been given to Startups in the recent past – Following direct tax incentives were provided in Income-tax Act,1961 (‘the Act’) to …
Merchant Navy salary of non-resident in NRE account in Indian Bank not taxable if services rendered outside India on a foreign ship-CBDT Circular 13/2017 as amended by Circular No. 17/2017 F. No: 500/07/2017-FT & TR-V Government of India Ministry of Firlance Department of Revenue Central Board of Direct …
No pension from May 2017 if Jeevan Pramaan patra not submitted either digitally or in paper form along with clarification for non digital form – EPFO Employees‘ Provident Fund Organisation (Ministry of Labour & Employment, Govt. Of India) No. Pension – 1/17(10)/201 6-17/Jeevan Pramaan 201 …
Reopening for cash deposits for non response to notice u/s 133(6) is illegal where assessment was completed u/s 143(3)/147 and 4 years have lapsed. Soon after the demonetization, the Income Tax Department (‘Department’) had launched a scheme called “operation Clean money” for online verification of cash deposits in …
