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ICAI Clarifications-MEF 2016-17. Benefit of seniority and exclusiveness to members applying as Proprietary Concern or in individual capacity

administrator October 10, 2016 ICAI

ICAI Clarifications-MEF 2016-17 PD/A-40/2016 6th October, 2016 ANNOUNCEMENT – CLARIFICATIONS IN RESPECT OF MEF 2016-17 Applicants of MEF who are (i) Applying as “Proprietary Concern” and also having Sole/Individual practice registered in Institute’s records (ii) Applying as “Individual” (either Sole/Individual practice registered or not in Institute’s records) though …

Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts

administrator October 8, 2016 Income Tax

Annual Information Return Amendment Rules 114D 114E. Furnishing statements by registering officer, aggregation of AIR amounts. CBDT vide Notification No. 95/2015 had notified new Rules 114B, 114C, 114D and 114E. The Rules governs the following areas. Rule Subject 114B Transactions in relation to which permanent account number is …

Bogus share capital entry to obtain bank loan. Addition us 68 remanded back to verify facts in view of re-casted audited balance sheet and ROC filing-ITAT

administrator October 8, 2016 Income Tax, ITAT, Judgments

Bogus share capital entry to obtain bank loan. Addition made u/s 68 remanded back to verify facts in view of re-casted and revised audited balance sheet and ROC filing-ITAT ABCAUS Case Law Citation: 1031 (2016) (10) ITAT Brief Facts of the Case: The was a provate limited company …

Form No 68 application us 270AA2-grant of immunity from penalty provisions u/s 270A of the Income-tax Act 1961. CBDT Notification 90/2016

administrator October 7, 2016 Income Tax

Form No 68 application us 270AA2-grant of immunity from penalty provisions u/s 270A of the Income-tax Act 1961 The Budget 2016-17 (Finance Act, 2016) has provided for the rationalisation of the penalty provisions under the Income Tax Act, 1961. Section 271 related to penalty for failure to furnish return, …

Section 68 is about satisfaction of AO not CIT us 263 to sit on the judgment of AO. Revision order can not be made merely on audit objection basis-ITAT

administrator October 7, 2016 Income Tax, ITAT, Judgments

Section 68 is about satisfaction of AO not CIT us 263 to sit on the judgment of Assessing Officer. Revision order can not be made merely on audit objection basis-ITAT ABCAUS Case Law Citation: 1030 (2016) (10) ITAT Important case Laws cited: CIT v. Sohana Woollen Mills – …

Suggestions invited-Industry-Trade Associations Budget 2017-18 regarding changes in direct and indirect taxes by Finance Ministry

administrator October 7, 2016 Finance Ministry

Suggestions invited-Industry-Trade Associations Budget 2017-18 regarding changes in direct and indirect taxes by Finance Ministry F.No.334/12/2016-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit Room No. 146G, North Block New Delhi, dated the 6th October, 2016 To Trade and Industry Associations Subject: Suggestions from the …