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 agreement, the assessee handed over a piece of land to the builder, for construction of the multi-storied building, since construction and sale of flats did …
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 was accepted immediately and assessee exercised option after three years and on same date shares were also sold, gains would be short-term capital gain or, …
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 . In addition, returning NRIs should keep track of their assets, investments and revenue sources outside India in order to understand the resulting tax consequences …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 29, 2016 Central Govt. establishes Central Registration Centre for Reservation of Names under the Companies Act, 2016 w.e.f. 26th January, 2016 [Notification No.SO.218(E), and published in the Gazette of India Extraordinary, dated 22nd January, 2016]. Brief highlights of CRC are that it — Has territorial jurisdiction all over India Is located at Indian …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 28,2016 Amendments made to the The Companies (Incorporation) Rules, 2014, w.e.f. 26th January, 2016 [Notification dated 22nd January, 2016]. Highlights of these amendments, in brief, are : Where the name proposed is — Not in consonance with the principal objects of the company [(ii) of clause (b) of sub-rule (2) of Rule 8] Vague [e.g. …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 20, 2016 Government of India has vide its Notification F.No. 4(19)-W&M/2014 dated 14.01.2016 announced that the Sovereign Gold Bonds, 2016 will be open for subscription from 18.01.2016 to 22.01.2016. Refunds up to Rs.5,000/- and refunds in cases where arrear demand is up to Rs.5,000/- may be issued without any …
Hon’ble PM Modi launches Startup India Program STARTUP INDIA: Hon’ble PM Modi launches Startup India Program on Sat, 16 JAN 2016 to boost innovation-based business with many incentives and ease of doing business. Income Tax exemption for the first 3 years. Fund of ₹ 10,000 Crore (with ₹ 2,500 crores each year) to be invested in …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 18, 2016 Addition u/s 68 cannot be made solely on the ground of non-production of payer’s bank statement [Shri Ashutosh Garg vs. ACIT (ITAT Delhi), IT Appeal No.-5642/2012, A.Y 2003-04]. SEBI looking to lower expense charges for mutual funds. Extension of the last date of filing of online return in …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 17, 2016 INCOME TAX ACT SECTION 2(42C) CAPITAL GAINS – SLUMP SALE Where assessee sold its entire shareholding in its subsidiary company to a third party, since sale consideration was received by assessee itself and not by said subsidiary, it could not be treated as slump sale within meaning of …
CORPORATE AND PROFESSIONAL UPDATE JANUARY 16, 2016 INCOME TAX ACT SECTION 24 INCOME FROM HOUSE PROPERTY – DEDUCTION Interest : Where assessee undertook to pay loan of financial institutions as a condition for acquiring its mortgaged property, interest paid on such loan would be deductible under section 24(1)v(i) against rental income from said property – [2016] 72 …