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If the identity and other details of the share applicants are available, the share application money cannot be treated as undisclosed income in the hands of the Company. Depreciation continues to be allowed on the block of assets even if... Read More →

Changes in rate of service tax from 01/06/2015. Service tax refund claim can not be rejected merely on ground of mentioning wrong notification number. The Companies (Amendment) Act, 2015 received the assent of the President. Reserve Bank of India liberalises... Read More →

Clarifications on the Income Declaration Scheme, 2016. Extension of time limit for the e- filing of appeals before Commissioners of Income Tax. Admissibility of claim of bad debt if written off as irrecoverable in books. Income Tax Computation and Disclosure... Read More →

Assessee is not obliged to deduct TDS in respect of voluntary amount paid (tips) by Customers to it’s employees for the services provided to them. No penalty for non- deduction of tax based on CA certificate. Clarification regarding applicability of... Read More →

Assessee is not obliged to deduct TDS in respect of voluntary amount paid (tips) by Customers to it’s employees for the services provided to them. No penalty for non- deduction of tax based on CA certificate. Clarification regarding applicability of... Read More →

Loans and advances given for the business transaction between the parties does not fall within the definition of deemed dividend. CIT(A) to issue its order within 15 days from the date of last hearing. Refund admissible even when services were... Read More →

The 122nd Constitution Amendment Bill which will enable the introduction of Goods and Services Tax(GST) has been passed in Rajya Sabha as well. Benami Transactions Prohibition Bill, 2016 passed by Lok Sabha. Revised formats for Financial Results & Ind-AS implementation... Read More →

Penalty for failure to pay TDS in time can be levied even if the assesse pays the TDS before issue of any notice by Department. Cost Inflation Index for F.Y. 2015-16 notified. Case law on Service tax recovered but not... Read More →

When tax has been paid as per book profit then penalty for concealment u/c 271(1)(c) is not attracted if any addition / deletion made in income computed under normal provision of Income Tax Act,1961. Grace period provided to employer for... Read More →

Monetary limit of Rs 10 Lacs in tax liability has been fixed for appeals to be filled by Income Tax department before ITAT, High court and Supreme Court. CBDT allows service of Notice, Summons, Requisition, Order etc. by e-mail. Payments... Read More →