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Today's Informative Taxtaion Update

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  • Today's Informative Taxtaion Update

    W.e.f 2nd fortnight of January 2014, banquet halls etc to give details of functions where cost exceeds Rs. 1 lac. [DVAT Notification of 27-12-2013].

    W.e.f 01-04-2014 banks to exchange notes issued prior to 2005. w.e.f 01-07-2014 to exchange more than ten 500 and 1000 such notes, non-customers to give ID and residence proof.

    All currency notes without year of printing on reverse (issued before 2005) to continue to be legal tender i.e banks to exchange them for customers and others.

    Leave taken by CA Students during exams not to be included in the calculation of maximum leave.

    AO without giving adequate opportunity of being heard to the assessee and without serving the mandatory notices as per law, addition u/s 68 of the Income Tax Act is not justified.[M/s JKD Capital and Fin lease Limited Vs ITO, ITA No. 2723/Del/2012, date of decision: 13-01-2014, ITAT –Delhi].
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