Category: Income Tax

Fall in GP ratio or non-incurring basic business expenditure like travelling, telephone salary etc. not reasons for rejecting books of accounts us 145

Fall in GP ratio or non-incurring basic business expenditure like travelling, telephone salary etc. not reasons for rejecting books of accounts us 145

September 6, 2016 Income Tax, ITAT, Judgments
The marginal fall in GP ratio compared to preceding year and non-incurring of expenditure like travelling, telephone, salary, etc. are not the relevant reasons for rejecting of books of accounts under section 145 of the Income Tax Act – ITAT ABCAUS Case Law Citation: 1010 2016 (09) ITAT …
Interest waiver-reduction u/s 220(2A) denial for threat by assessee not justified. Satisfaction must be arrived at as per prescribed 3 conditions-High Court

Interest waiver-reduction u/s 220(2A) denial for threat by assessee not justified. Satisfaction must be arrived at as per prescribed 3 conditions-High Court

September 2, 2016 High Courts, Income Tax, Judgments
Interest waiver-reduction u/s 220(2A) denial for threat by the assessee not justified. The satisfaction must be arrived at with reference to the prescribed three conditions -Kerala High Court. ABCAUS Case Law Citation: 1007 2016 (09) HC Brief Facts of the Case: The Petitioner assessee was aggrieved by the rejection by …
No enquiry-investigation for IDS 2016 documents found during Search u/s 132 or Survey u/s 133A. Circular 32/2016

No enquiry-investigation for IDS 2016 documents found during Search u/s 132 or Survey u/s 133A. Circular 32/2016

September 2, 2016 Income Tax
No enquiry-investigation for IDS 2016 documents found in Search u/s 132 or Survey action u/s 133A of the Income-tax Act 1961. Circular No. 32 of 2016 F.No.299/124/2016/IT-Inv.III Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Investigation Division) Ground Floor, E-2, ARA Centre, Jhandewalan …
Form 15G-15H filing due date extension for quarterly furnishing of declarations to Oct and Dec 2016

Form 15G-15H filing due date extension for quarterly furnishing of declarations to Oct and Dec 2016

August 31, 2016 Income Tax
Form 15G-15H filing due date extension  F. No. DGIT(S)/CPC(TDS)/DCIT/15GH/2016-17 Government of India Ministry of Finance Central Board of Direct Taxes (CBDT) Directorate of lncome-tax (Systems) New Delhi.                                       Notification No. 10/2016                                        …
CPC Bengaluru deemed PrCIT-CIT for IDS 2016 e-declaration furnished electronically under digital signature u/s 183 of the Finance Act 2016

CPC Bengaluru deemed PrCIT-CIT for IDS 2016 e-declaration furnished electronically under digital signature u/s 183 of the Finance Act 2016

August 31, 2016 Income Tax
CPC Bengaluru deemed PrCIT-CIT for IDS 2016 e-declaration furnished electronically under digital signature u/s 183 of the Finance Act 2016 Circular No.31 of 2016 F.No.142/8/2016-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, dated 30th August, 2016 In continuation …
Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules 1962 under alternative procedure of FATCA where self certifications not obtained

Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules 1962 under alternative procedure of FATCA where self certifications not obtained

August 31, 2016 Income Tax
Closure of financial accounts under Rule 114H(8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA where self certifications not obtained. Ministry of Finance Press Release 31-August, 2016 Closure of financial accounts under Rule 114H (8) of the Income-Tax Rules, 1962 under alternative procedure of FATCA The …
e-mail ID and telephone number in income tax notices-letters-communications issued to taxpayers – CBDT asks for strict compliance

e-mail ID and telephone number in income tax notices-letters-communications issued to taxpayers – CBDT asks for strict compliance

August 30, 2016 Income Tax
e-mail ID and telephone number in income tax notices-letters-communications issued to taxpayers – CBDT asks for strict compliance. F. No. 225/214/2016/ITA.II        . Government of India Ministry of Finance Department of Revenue (CBDT) North-Block, New Delhi, the 30th of August, 2016 To All Pr. Chief Commissioners of Income-tax/ Pr.CCIT …
India-Mauritius-DTAA and fiscal evasion convention amendment for prevention of fiscal evasion of tax and encouragement of mutual trade and investment.

India-Mauritius-DTAA and fiscal evasion convention amendment for prevention of fiscal evasion of tax and encouragement of mutual trade and investment.

August 29, 2016 Income Tax
India-Mauritius-DTAA and fiscal evasion convention amendment for prevention of fiscal evasion of tax and encouragement of mutual trade and investment. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 29th August, 2016. Subject: Notification of Protocol for amendment of …