Abcaus

Substandard classification of bank loans deferred 60 days due to demonetisation. Relief given in repayment by RBI relaxing Prudential Norms

administrator November 21, 2016 RBI

Substandard classification of bank loans deferred 60 days due to demonetisation. Relief given in repayment by RBI relaxing Prudential Norms Reserve Bank of India Prudential Norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances RBI/2016-17/143 DBR.No.BP.BC.37/21.04.048/2016-17 November 21, 2016 All Entities Regulated by the Reserve Bank …

Demonetised notes not unexplained money us 69A-No penalty 271(1)(c) for concealment warranted-High Court Judgment on 1978 Demnetisation

administrator November 21, 2016 Income Tax, Judgments, Supreme Court

Demonetised notes not unexplained money us 69A-No penalty 271(1)(c) for concealment warranted-High Court Judgment on 1978 Demnetisation The recent demonetisation of high denomination bank notes Rs. 500/- and Rs. 1000/- is not new to India. In past also there has been demonetisation of High Denomination Notes in 1946 …

Security deposit written off allowed as business loss us 37(1) even though rent security w/o in books was claimed wrongly as bad debts u/s 36.-ITAT

administrator November 20, 2016 Income Tax, ITAT, Judgments

Security deposit written off allowed as business loss us 37(1) even though rent security w/o in books was claimed wrongly as bad debts u/s 36-ITAT ABCAUS Case Law Citation: 1059 (2016) (11) ITAT A.Y : 2010-11 Important Case Laws considered: Fab India Overseas P. Ltd. vs. ACIT CIT …

No leakage of ICAI question paper-7 Direct Tax Laws of CA Final examination held on 13-11-2016. Institute refutes social media reports

administrator November 20, 2016 ICAI

No leakage of ICAI question paper-7 Direct Tax Laws of CA Final examination held on 13-11-2016. Institute refutes social media reports on alleged leakage ICAI Announcement 19th November 2016 No leakage of question paper relating to Paper 7, Direct Tax Laws of CA Final examination held on 13th …

Sikkim connection of Demonetisation Scheme and Black Money Conversion. No income tax payable by Sikkimese person u/s 10(26AAA)

administrator November 19, 2016 Income Tax

Sikkim connection of Demonetisation Scheme Tax Evasion. No income tax payable by Sikkimese person u/s 10(26AAA) of Income Tax Act, 1961 Post demonetisation and withdrawal of old bank notes of the denomination of Rs. 500/- and 1000/- as reported, the Income Tax Department is all set to tighten …

Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT

administrator November 19, 2016 Income Tax, ITAT, Judgments

Penalty us 221(1) on tax due as per revised return of income. It is not correct to levy penalty on the amount due as per original return of income-ITAT ABCAUS Case Law Citation: 1058 (2016) (11) ITAT Brief Facts of the Case: The assessee filed its original return …