Professional Update For the Day: Direct Tax: Supreme court held that premium collected by the assessee on its subscribed share capital doesn’t constitute capital employed in the business… Read More
Professional Update For the Day: Direct Tax: Last date for submission of a valid return for AY 2015-16 expires on 31st March 2017 u/s 139. Those taxpayers whose returns for AY 2015-16… Read More
Professional Update For the Day: Direct Tax: Share application money received from bogus shareholders, ITO to reopen assessment of such shareholders and not to add the same to the assessee’s… Read More
Professional Update For the Day: Direct Tax: Compensation paid to employees on closure of business couldn’t be termed as VRS package for income-tax relief. [2017] 79 298 (Madras) Mere signing of 'Sauda… Read More
Professional Update For the Day: Direct Tax: Provision made by the assessee for payment of any gratuity, that has become payable during the year is allowable. In fact the CBDT… Read More
Professional Update For the Day: Direct Tax: Advertisement expenses incurred to publicize change of name from UTI bank to Axis Bank allowable as revenue exp. [2017] 79 187 (Ahmedabad - Trib.) Sum… Read More
CORPORATE AND PROFESSIONAL UPDATE MARCH 24, 2017 Direct Tax: CBDT issues clarifications on Income Computation and Disclosure Standard (ICDS) u/s 145(2) of the Income Tax Act, 1961 on 23… Read More
Income Tax Deductions Sections 80C to 80U in India for Tax Saving: The most comprehensive guide for all income tax deductions covered in Chapter VI A of income tax for… Read More
CORPORATE AND PROFESSIONAL UPDATE MARCH 22, 2017 Direct Tax: Royalty and fee for technical assistance paid in pursuance of the license agreement are revenue expenditure and not capital in… Read More
Professional Update For the Day: Direct Tax: Bombay court held that TDS cannot be Adjusted against Tax payable under VDIS, 1997Earnest Business Services Pvt. Ltd., Vs The Commissioner of Income Tax (Bombay High Court) ITAT Delhi… Read More