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CBDT has notified new Income tax returns forms which are ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7 by notification dated 29.07.2015.
Claim for depreciation on assets purchased is allowed if expenditure incurred on purchase of the assets has been exempted under Section 11 of the Act.[ Mool Chand Khairati Ram Trust vs. DIT(E), Delhi High Court ]
Government clears GST amendments, States to be compensated for 5 years.(Cabinet approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime).
Gold bond scheme may have annual cap of 500 gm/person: Finance Ministry.
Input Tax Credit- Mere production of bills and other papers not sufficient.
Dealer must establish actual movement of goods and to prove genuineness of the transaction.[Gujrat High Court- Shree Bhairav Metal Corp. vs. State of Gujrat]
No denial of refund on non-realisation of export proceeds. Honorable CESTAT, Delhi : P&P Overseas vs. CCE.
The Cabinet on wednesday gave its nod to a new Consumer Protection Bill, which seeks to replace the Consumer Protection Act, 1986.
VAT to be levied on transfer of right to use of intangible goods-even if transferred to multiple users.[ Bombay High Court: Tata Sons Ltd ]
SEBI cautions investors not to invest in schemes offered by entities barred by SEBI from raising money or entities not registered with SEBI.
Merely because the assessee made a claim which is not acceptable ipso facto cannot be said to have made a wrong claim by furnishing inaccurate particulars attracting penalty under Section 271(1) (c) of the Income Tax Act.
[ Principal CIT vs. G.K. Properties PVT LTD, Andhra High Court]
Versions of company forms 20B, 23AC, 21A, 23ACA, 66, 23ACA (XBRL), 4 LLP, FC-4, 23B, and FC-1 are modified w.e.f. 01.08.2015.
VAT not applicable on transfer of right to use of goods if effective possession and control of the goods are not transferred.[ High Court of Delhi: Hari Durga Travels vs. CTT]
Exemption applicable to “execution of works contracts relating to buildings, bridges, roads and canals” under Rajasthan Sales Tax Act, also extends to fixing profile safety steel barriers at hazardous locations on national highway, as the same are relatable to roads itself. [Rajasthan High Court CTO vs. Penar Industries Ltd]
RBI has reviewed the guidelines on restructuring of advances given by NBFC subject to the extant prudential norms on restructuring of advances, by way of revision of DCCO beyond the time limits and retain the ‘standard’ asset classification.
Claim for depreciation on assets purchased is allowed if expenditure incurred on purchase of the assets has been exempted under Section 11 of the Act.[ Mool Chand Khairati Ram Trust vs. DIT(E), Delhi High Court ]
Government clears GST amendments, States to be compensated for 5 years.(Cabinet approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime).
Gold bond scheme may have annual cap of 500 gm/person: Finance Ministry.
Input Tax Credit- Mere production of bills and other papers not sufficient.
Dealer must establish actual movement of goods and to prove genuineness of the transaction.[Gujrat High Court- Shree Bhairav Metal Corp. vs. State of Gujrat]
No denial of refund on non-realisation of export proceeds. Honorable CESTAT, Delhi : P&P Overseas vs. CCE.
The Cabinet on wednesday gave its nod to a new Consumer Protection Bill, which seeks to replace the Consumer Protection Act, 1986.
VAT to be levied on transfer of right to use of intangible goods-even if transferred to multiple users.[ Bombay High Court: Tata Sons Ltd ]
SEBI cautions investors not to invest in schemes offered by entities barred by SEBI from raising money or entities not registered with SEBI.
Merely because the assessee made a claim which is not acceptable ipso facto cannot be said to have made a wrong claim by furnishing inaccurate particulars attracting penalty under Section 271(1) (c) of the Income Tax Act.
[ Principal CIT vs. G.K. Properties PVT LTD, Andhra High Court]
Versions of company forms 20B, 23AC, 21A, 23ACA, 66, 23ACA (XBRL), 4 LLP, FC-4, 23B, and FC-1 are modified w.e.f. 01.08.2015.
VAT not applicable on transfer of right to use of goods if effective possession and control of the goods are not transferred.[ High Court of Delhi: Hari Durga Travels vs. CTT]
Exemption applicable to “execution of works contracts relating to buildings, bridges, roads and canals” under Rajasthan Sales Tax Act, also extends to fixing profile safety steel barriers at hazardous locations on national highway, as the same are relatable to roads itself. [Rajasthan High Court CTO vs. Penar Industries Ltd]
RBI has reviewed the guidelines on restructuring of advances given by NBFC subject to the extant prudential norms on restructuring of advances, by way of revision of DCCO beyond the time limits and retain the ‘standard’ asset classification.