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In a recent judgment, ITAT Amritsar has quashed penalty imposed u/s 271(1)(c) for non declaration of bank fixed deposit interest when the assessee due to her old age, forgot to obtain the information and certificates from the bank on account of accrual of interest Case Details: ITA No.170(Asr)/2014 Assessment …
The Karnataka State Chartered Accountant Society (KSCAS) has lost its case against inclusion of Cost Accountants as auditor of State Cooperative Societies by Karanataka State Government. Case Details: Writ Petition No. : 2026-2031 of 2015 Karnataka State Chartered Accountant Society and Ors vs. State of Karnataka, Department of …
In a recent judgment, ITAT Delhi has held that it is not pre-requirement for seeking registration u/s 12A of the Income tax Act, 1961 that the applicant must show and establish having undertaken charitable activities before filing such application for registration u/s 12A. Case Details: ITA No. 3766 …
CENVAT Credit Rules amendment regarding option to pay tax by the manufacturer of goods or the provider of output service, opting not to maintain separate accounts. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION No. 23 /2016- Central Excise (N.T.) New Delhi, the 01st April, 2016 G.S.R. …
In a recent judgment, ITAT Delhi has held that land possession given and major sales consideration received through unregistered agreement to sell amounts to transfer u/s 2(47) of the Income Tax Act, 1961, though it was claimed that possession was taken back for non receipt of balance sales consideration. …
F.No. 1/04/2016-NS.II Government of India Ministry of Finance Department of Economic Affairs (Budget Division) North Block, New Delhi Dated: 1st April, 2016 OFFICE MEMORANDUM Subject: Discontinuation of physical pre-printed NSC and KVP certificates- reg. The undersigned is directed to refer to this Department’s OM of even number dated …
Gold Monetisation Scheme Liberalized to make it more attractive for potential depositors. Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of modifications have been made in the scheme to facilitate monetization of gold by people. The scheme has been further modified …
Step-wise guide on installation procedure of Startup India mobile application Step-1 Check your mobile Android version In your mobile Go to settings -> System -> About device -> Software info Video Tutorial Step-2-Download Application Download the Mobile App file depending on what version of Android you have: Mobile …
Two days after the Gujarat High Court stayed service tax on senior advocates, today, a division bench of the Delhi High Court comprising of Justice S. Muralidhar and RK Gaub also stayed the withdrawal of service tax exemption to Senior Advocates. The Delhi High Court stayed provisions of Notification Nos. 18/2016-ST and …
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st April, 2016 Sub: Request to taxpayers to avail facility for online rectification – regarding Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from …
