Professional Update For the Day: Direct Tax:- CBDT has issued a prèss release dated 14th December 2016 regarding filling of Revised Income Tax Returns by the Taxpayers post-de-monetization of currency. This is done to discover any omission or any wrong statement therein. ITAT Kolkatta held that deposit in the bank account of the supplier in …
Professional Update For the Day: Direct Tax:- CBDT has advised its Assessing Officers, not to reopen past assessments merely on the ground that the current year’s turnover has increased. Mere increase in turnover, due to use of digital means, as a result of demonetization in a particular year cannot be a sole reason to believe that …
PROCESS FOR NEW BUSINESS REGISTRATIONS & DOCUMENTS REQUIREMENT FOR GST REGISTRATION IN DELHI/INDIA. WHO ARE LIABLE TO BE REGISTERED? Following categories of suppliers shall mandatory required to get registered under this Act irrespective of the threshold limit:* Persons making any inter-State taxable supply. Casual taxable persons. Persons who are required to pay tax under reverse charge. Persons registered to pay existing …
Professional Update for the Day: DIRECT TAX: Reopening u/s 147 of the assessment is not valid if the reasons recorded are incoherent and do not indicate what the basis for reopening is – Delhi High Court in Sabharwal Properties Ind Pvt. Ltd vs. ITO. Continuous payments made to transporters would be aggregated to consider TDS …
Professional Update For the Day: Direct Tax:- Section 50C does not apply to transfer of land and building, being leasehold property the issue before the tribunal was whether section 50C of the act would be applicable to transfer of leasehold rights in land and buildings. CIT vs. Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court). …
Professional Update For the Day: Direct Tax:- TPO has to give reasons why one particular TP method is chosen over others Honda Motorcycle & Scooters India (P.) Ltd. v.Assistant Commissioner of Income-tax, Circle-2, Gurgaon [2016] 76 taxmann.com 75 (Punjab & Haryana) License fee to use a software not liable to TDS as it wasn’t taxable as royalty …
Professional Update For the Day: Direct Tax:- ITAT Amritsar in the belo mentioned case held that Once the books of accounts has been rejected the Assessing Officer cannot fall back upon the same books for making addition on account of interest accrued on the FDRs reflected in the books of account.( M/s National India Construction …
Professional Update For the Day: Direct Tax:- CBDT issued clarification regarding Chapter VI-A deduction on enanced profits vide Circular No. 37/2016 dated 02/11/2016.(Click here to view) Kerala High Court in the below citied case held that the assessment proceedings generated by the issuance of a notice u/s 153A (1)(a) can be concluded against the interest of the …
Professional Update For the Day: Direct Tax:- Delhi High Court held that in case of assessees engaged in providing telecom services deduction under Section 80IA shall be allowed in respect of even those incidental incomes earned during the course of telecom business not derived from core business operations. (Pr. CIT vs. Bharat Sanchar Nigam Ltd. (Delhi …
Professional Update For the Day: Direct Tax:- CBDT has issued Circular on 2nd Nov 2016 on Chapter VI-A deduction on enhanced profits, by virtue of which expenditure disallowed if related to the business activity against which the Chapter VI-A deduction has been claimed, the deduction needs to be allowed on the enhanced profits. Capital gain …