Loss arising on intra-day trading in shares wasn’t speculative if such transactions were in nature of jobbing Section 73 of the Income-tax Act, 1961 – Losses – In speculation business -Intra-day trading of shares Before disallowing assessee’s claim of loss on account of intraday trading in shares as speculative loss, a clear finding was to …
Solatium should also be taken into consideration while computing market value of an asset as on 1-4-1981 Section 48 of the Income-tax Act – Capital gains – Computation of Fair Market Value Solatium is also to be taken into account for purpose of computing the fair market value of the land. Section 48 of the …
A STEP TOWARDS GST, IN UNION BUDGET 2015 Taking a step towards GST, in Union Budget 2015, Honourable Finance Minister has proposed to abolish Education Cess and Secondary and Higher Education Cess (collectively referred as ‘cess’); in case of Excise Duty w.e.f. 1st March, 2015 and in case of Service Tax w.e.f. a date to …
CORPORATE AND PROFESSIONAL UPDATE SERVICE TAX AMENDMENTS Clarification about the Rate of Service Tax The rate of Service Tax will continue at @12.36% until the new rate is notified. The increase in service tax rate from 12.36% to 14% is yet to be notified. Service Tax amendments are applicable from 01 April 2015. New Exemptions …
Method of accounting – Estimation of profit -Net profit rate-Section 145 of the Income-tax Act, 1961 AO couldn’t disallow direct exp. without rejecting books if assessee had shown profit higher than earlier year. Where profit rate as declared was better than rate accepted in last year, amount of profit disclosed deserved to be accepted.-HIGH …
IMPORTANT UPDATE ON INCOME TAX: NOTIFIED ITR-1, ITR-2 & ITR-4S FOR A. Y. 2015-16 AND CHANGES IN RULE 12 OF INCOME TAX RULES, 1962 RELATED TO CONDITIONS OF FILING OF ITR – CBDT NOTIFIES CBDT has vide Notification No. 41/2015 dated 15-04-2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e. Financial Year 2014-15.The Notification also made Several Changes in Rule 12 of …
CLARIFICATION ON RATE OF SERVICE TAX – REGARDING 1. Doubts have been expressed in various forums regarding the proposed increase in the rate of service tax from 12.36% (including education cesses) to 14% on the value of taxable service. 2. It may be noted that changes proposed in the Budget have/are coming into effect on …
No disallowance if TDS is deposited before due date of filing return; amendment to sec. 40(a) (ia) has retro-effect Section 40(a) (ia) of the Income-tax Act, 1961 – Business disallowance – Interest etc. paid to a resident without deduction of tax at source -Deposit of TDS in Government account Where assessee having deducted tax at …
PENALTY FOR CONCEALMENT OF INCOME – EFFECT OF DISALLOWANCE OF CLAIM No penalty on disallowance of capital gains if disclosure was made to identify investment and stock-in-trade Section 271(1)(c), read with section 45, of the Income-tax Act, 1961 – Penalty for concealment of income – effect of Disallowance of claim Where assesse had disclosed all …
EXPECTATIONS FROM – BUDGET 2015 As most of us are aware, the present government has come to power on agenda of development and controlling black money. Hence, budget proposal is expected to focus on higher economic growth and eradicating corruption. Mode Government has identified and started working on key initiatives of “Make in India” and …