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CIT not authorized to verify charitable activities

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  • CIT not authorized to verify charitable activities

    overnment approved for amending the Double Taxation Avoidance Convention (DTAC) signed between India and Turkmenistan.

    CIT not authorized to verify charitable activities of trust while granting registration u/s 12AA: [Jaipal Singh Sharma Trust vs. CIT (ITAT Delhi)].

    No TDS liability u/s 194A on interest paid which is compensatory in nature. [ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd.].

    W.e.f. 15th November, 2015 ‘Swachh Bharat Cess’ @ 0.5% will apply on value of all taxable services and effective rate of service tax will be 14.5%.

    RBI has relaxed the conditions of facilities for residents for hedging of foreign currency borrowings.
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