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No mandatory show cause notice requirement us 263. Only reasonable opportunity of hearing to be afforded to the assessee-Supreme Court

No mandatory show cause notice requirement us 263-SC. Only reasonable opportunity of hearing to be afforded to the assessee The Supreme Court in its latest judgment delivered in the case of legendary Indian Movie actor Amitabh Bachchan (Big-B) has upheld and restored the CIT revisionary order u/s 263 …

Govt plan making black money fake notes circulating ineffective. No guidelines to minimise cash transactions to curb money laundering, black money.

Govt plan making black money fake notes circulating ineffective. Denies about any guidelines to minimise cash transactions to curb money laundering, black money.  The Government has not issued any guidelines regarding minimising daily financial transactions in cash to curb money laundering, black money and so on. However, the plans of …

ITR AL schedule capture assets, liabilities details not net worth. For AY 2016-17 Schedule AL is applicable if total income exceeds Rs.50 lakh

ITR AL schedule capture assets liabilities not net worth details.  Press Release of Finance Ministry dated 10/05/2016 Declaration of Assets & Liabilities in the new ITR forms Central Board of Direct Taxes (CBDT) have released new income-tax return forms with mandatory provisions of declaring Assets & Liabilities (A&L) …

CA Firms Empanelment for CBI Forensic Audit. Applications last date is within one week’s time-ICAI Announcement dated 10/05/2016

CA Firms Empanelment for CBI Forensic Audit. Applications last date is within one week’s time-ICAI Announcement dated 10/05/2016 Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient …

Feedback on Income-tax Arrear Demand Verification Portal invited by ICAI to identify problem areas/issues in the facility at incometaxindiaefiling website

Feedback on Income-tax Arrear Demand Verification Portal invited by ICAI ICAI Announcment The Income Tax Department has launched an “Arrear Demand Verification Portal at https://incometaxindiaefiling.gov.in/ which can be accessed by the assessees with their respective user-id. This portal provides various options in the assessee’s dashboard for settling/modifying the …

India-Mauritius double taxation avoidance convention amendment protocol for prevention of tax evasion on income and capital gains-CBDT

India-Mauritius double taxation avoidance convention amendment protocol for prevention of tax evasion on income and capital gains. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 10th May, 2016 Subject: Protocol for amendment of the Convention for the avoidance …

Segregation of impurities from honey grade brass scrap i.e. iron, steel, rubber, plastic, dust etc. CBEC Clarification Circular 1029/17/2016-CX dt. 10052016

Segregation of impurities from honey grade brass scrap i.e. iron, steel, rubber, plastic, dust etc. CBEC Clarification Circular 1029/17/2016-CX dt. 10052016 Circular No.1029/17/2016-CX F. No. 267/33/2014-CX.8 Government  of lndia Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 10th May, 2016 …

15% deduction for CPWD and State PWD rate variation allowable when AO estimated construction cost based on valuation cell report using CPWD Rates

15% deduction for CPWD and State PWD rate variation allowable when AO estimated the cost of building construction based on the report of the valuation cell. This was stated by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: I.T.A.No.430/Vizag/2014  Assessment Year: 2007-08 B. Madhusudhana Reddy  vs. ACIT Date …
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