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DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement. This was held by ITAT Mumbai in its recent judgment as under: Case Law Details: ITA No. 5133/Mum/2014 Assessment Year : 2009-10 Dy. Commissioner of Income Tax vs. M/s Shree Aditya …
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return. This was ruled by ITAT Mumbai in a recent judgment as under. Case Law Details: ITA No. 5977/Mum/2013 Assessment Year : 2010-11 …
Penalty u/s 271(1)(c) not imposable merely because quantum was decided against assessee by ITAT. The assessment proceedings and penalty proceedings are independent proceedings. ITAT Amritsar, in a recent judgment, upheld the deletion of the peanlty when additions were made on estimation basis. Case Law Details : I.T.A No.148 (Asr)/2014 Assessment Year: …
Research Internship Scheme of RBI-Essential Qualifications, Experience, Mode of Applications, Selection Process, Duration and Stipend payable. Objectives: The Reserve Bank of India has introduced a Research Internship Scheme to provide an opportunity to young individuals to expose themselves to cutting edge research in central banking. The scheme is …
Certificate for receipt of interest etc u/s 195 without TDS. Persons subjected to concealment penalty can also apply-CBDT Notification 31/2016 As per section 195(3) any person entitled to receive interest / other sums on which TDS is required to be deducted may apply to Assessing Officer in Form …
F. DGIT(S)/ADG(S)-2/TDS e-filing Notification/110/2016 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 8/2016 New Delhi, 4 May, 2016 Procedure for submission of Form 15CC by an authorised dealer in respect of remittances under sub-sect ion (6) of section …
Revised Sitting hours of CLB Bench-Amendment to CLB Regulations No. 9 As per Regulation 9, the Sitting hours of the Benches are ordinarily from 10.30 a.m. to 1.30 p.m and from 2.30 p.m to 4.30 p.m. on all working days except Saturday, Sunday and other public Holidays. However CLB by …
Amendments in Finance Bill 2016 as passed by Lok Sabha. Clause wise summary and analysis Clause 3 Clause (29A) of section 2 of the Income-tax Act defines “long-term capital asset” to mean a capital asset which is not a short-term capital asset. Clause (42A) of section 2 of …
The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court. The Government officials seems to have double standards when it comes to maintain transparency in their conduct in dealing with sexual harassment at work place. The recent judgment …
Taxing Pakistani, other Foreign Artists Performing in India Ministry of Finance – Press Release dated 06-05-2015 Pakistani and other foreign artists who come to India for working in Indian films and other stage shows charging fees are subjected to income tax as per Indian rules. These artists are …