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SEBI Board Meeting-Introduction of Section 9A in Income Tax Act 1961 and Amendments to the SEBI (Real Estate Investment Trusts) Regulations, 2014 PR No. 116/2016 SEBI Board Meeting The SEBI Board met in Mumbai today and took the following decisions: A. Consultation Paper for “Amendments to the SEBI …
Disallowance 40A3-two proprietorship concerns of same assessee. In the absence of alleged tax evasion, additions for cash purchases not warranted-ITAT ABCAUS Case Law Citation: 949 2016 (06) ITAT AY: 2008-09 Important Case Laws/Judgments Cited: Hasanand Pinjomal Vs. CIT 112 ITR 134 Gujarat High Court Smt. Ch. Mangayamma Vs. …
CPC TDS reminder-downloading TDS Certificates Form 16A by deductors for TDS Statements filed during Q1, FY 2015-16 from TRACES website Date of communication: 11/06/2016 Dear Deductor (TAN XXXXXXXXXX), As per the records of Centralized Processing Cell (TDS), TDS Statements have been filed by you for Quarter 1 of …
RBI Simplifies-Rationalise New NBFCs Registration Process Reserve Bank of India Press Release Dated 17th June, 2016 RBI decides to simplify and rationalise the process of registration of new NBFCs In order to make the process of registration of new NBFCs smoother and hassle free, the application form for …
Foreign exchange fluctuation loss event occurring before balance-sheet date. If the event has occurred before the balance-sheet date and a subsequent event materially affects the profits, then the same has to be provided in the balance-sheet which is finalized after the closing of the year. This was held …
Order passed on deceased person name without bringing legal heirs on record null and void. This was held by ITAT in a recent judgment. ABCAUS Case Law Citation: 947 2016 (06) ITAT Assessment Year: 2008-09 Date of Judgment: June 2016 Brief Facts of the Case: During the course …
W.e.f. June 1, 2016, the e-TDS/TCS, Form 24G and Annual Information (AIR) acceptance fees have been revised as under: 1. Statements having up to 100 records:- 44.00 (inclusive of service tax) 2. Statements having 101 to 1000 records:- 205.00 (inclusive of service tax) 3. Statements having more than …
Deduction us 80IA-Notional brought forward of losses even when it were set off against income of the assessee in earlier years not allowed. This was held by ITAT in a recent judgment as under. ABCAUS Case Law Citation: 946 2016 (06) ITAT Date of Judgment – June, 2016 …
Disallowance us 361iii for bank interest on unutilized loan In a recent judgment, ITAT held that once the Assessing Officer satisfied with the nature of loan being of business in nature then no disallowance u/s 36(1)(iii) was called just for keeping the funds unutilized at the end of the …
The processing of TDS statements are fully centralized at CPC (TDS) Vaishali Ghaziabad and the AO has no power to revise the order. ITAT rejected Revenue’s appeal on this ground taken against CIT(A) order directing ITO(TDS) to make factual verification and pass suitable order. ABCAUS Case Law Citation: 944 2016 (06) ITAT …
