CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12, 2016 Omission to produce an auditor's certificate for claiming a deduction is a mistake rectifiable under sec. 154 HIGH COURT OF MADRAS -Craftsman Automation… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 11, 2016 DIRECT TAX: Reassessment u/s 147 not permissible merely on change of opinion –ITAT. [ACIT vs. Reliance Industrial infrastructure Ltd.(ITAT Mumbai) I.T.A. No.5872/M/2012]. Penalty… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 10, 2016 DIRECT TAX: IT: Mere deposit of surplus funds in FDRs cannot be treated as application of fund for charity as per section 11(1)(a)… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 09, 2016 DIRECT TAX: Exemption u/s 11& 12 : Merely because an institution, which otherwise is established for a charitable purpose, receives income that would… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 8, 2016 INCOME TAX ACT SECTION 10B EXPORT-ORIENTED UNDERTAKING Computation of deduction: Interest on FDRs which were under lien with Bank for facilitating letter of credit… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 7,2016 INCOME TAX ACT SECTION 40A(3) BUSINESS DISALLOWANCE - CASH PAYMENT EXCEEDING PRESCRIBED LIMITS Agent in villages : Where assessee made cash payments in excess of… Read More
Formation of Charitable Trust in India Brief Introduction A Trust is a sought of obligation or responsibility placed on one in whom confidence or authority is place; it's a confidence reposed in a person by conveying… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 3, 2016 INCOME TAX ACT SECTION 2(45) CAPITAL GAINS - CHARGEABLE AS Business income v. Capital gains - Land dealings: Where in terms of the construction… Read More
CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 1, 2016 INCOME TAX ACT SECTION 2(47) CAPITAL GAINS – TRANSFER Sweat equity Stock option : Where sweat equity shares were offered to assessee by employer… Read More
NRI Returning to India NRI returning to India on a temporary or permanent basis are obliged to comply to the corresponding exchange control standards governed by the Foreign Exchange Management Act 1999… Read More