Compliance Updates

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 →

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 →

Services in relation to remittance of foreign currency from outside India to India is chargeable to service tax. Gazette Notifications of Government of India will only be e-published www.egazette.nic.in. Internal Financial Control over Financial Reporting (ICFR) is applicable for Financial... Read More →

Services in relation to remittance of foreign currency from outside India to India is chargeable to service tax. Gazette Notifications of Government of India will only be e-published www.egazette.nic.in. Internal Financial Control over Financial Reporting (ICFR) is applicable for Financial... 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 →

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 →

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 →

Introduction of Undisclosed Foreign Income and Assets (Imposition of tax) bill, 2015. New bench of Supreme Court has been constituted to deal exclusively with income tax matters. Increase in transport allowance exemption limit from Rs. 800 to Rs. 1,600. Period... 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 →