- Loss suffered u/s 37(1)/43(5) of the Income tax act in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being “notional” or “speculative” in nature.{ CIT vs. M/s. D. Chetan & Co (Bombay High Court)}.
- CBDT has clarified the applicability of TDS under the provisions of Section 194-I of the Income Tax Act, 1961 on lump sum lease premium paid on acquisition of long term lease.
- Under GST assessee to e-file audit report cum reconciliation statement by CA/ICWA in FORM GSTR-9B with audited accounts, if turnover exceeds Rs 1 crore.
- SEBI allowed clearing members of commodity derivatives exchanges to keep a higher quantum of bullion as collateral and to have up to 30 per cent of their total liquid assets as commodities collateral, out of which non-bullion collateral shall not exceed 15 per cent of the total liquid assets of the clearing member.
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Latest India Tax News 18th October 2016
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Latest India Tax News 18th October 2016
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