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Depreciation and exemption both not allowable to charitable trust. Statutory provision u/s 32 to prevail over customary practice-commercial principle-ITAT The allowability of the depreciation claim to a charitable trust/institution in calculating prescribed limit of 85% towards income application u/s 11 of the Income tax Act, 1961 was settled …
Satisfaction recording 153C-same AO for searched-other person. Even if AO is one then also satisfaction has to be recorded as held by Supreme Court ABCAUS Case Law Citation:1050 (2016) (11) ITAT The Grievance:In the instant case both Revenue and the assessee were aggrieved by the order of learned …
Chairman Black Money SIT & Former SC Judges praise old note ban. Letter to Finance Minister that Govt took bold step to demonetize Rs. 500 Rs.1000 notes Ministry of Finance 11-November, 2016 The Chairman and Vice-Chairman, SIT on Black Money & Former Judges of the Supreme Court of …
Old bank Notes-What if you do not have bank account? There are many issues along with peak credit theory which may be debated and litigated With the withdrawal of old currency notes of Rs. 500/- and Rs. 1000/- and declaring them not to be “Legal Tender”, the long …
Old bank notes now valid till 14-11-2016 for specified payments. Earlier, time limit of 72 hours ending 11-11-2016 was prescribed for using 500-1000 notes. Ministry of Finance Press Release 11-November, 2016 Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series …
Govt Departments allowed to draw cash beyond limit of 10000 on production of evidence justifying requirement at the choice of an officer in rank of GM and above. Reserve Bank of India Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes –Limit for …
Demonetization to bring down inflation-crackdown on black money. Role of NITI Aayog in strengthening co-operative federalism NITI Aayog Press Release 11-November, 2016 Crackdown on black money by demonetization will bring down inflation: Arvind Panagariya; Outlines the role of NITI Aayog in strengthening co-operative federalism The Vice Chairman of …
Enough Cash is Available-RBI reassures and urges Public to exercise Patience, not to rush and exchange old bank notes of 500 and 1000 at convenience Reserve Bank of India Date : Nov 11, 2016 Enough Cash is Available, RBI reassures; urges Public to exercise Patience and Exchange Notes …
Train Ticket Cancellation refund not in cash for Rs 10,000 and above for the tickets booked from 09.11.2016 to 11.11.2016-Railway Board Circular COMMERCIAL CIRCULAR No. 59 of 2016 GOVERNMENT OF INDIA MINISTRY OF RAILWAYS RAILWAY BOARD No. TC-II/2003/2016/refund …
Tax Reforms Process to continue-pending GST issues to be resolved. Major issues have been resolved and GST will be implemented by April 1st 2017 Ministry of Finance Press Release 10th November, 2016 FM: Process of Tax Reforms will continue and pending GST issues will be resolved soon. FM: …
