Taxguru.in

The Complete Tax Solution

[taxgurusandeep]

ICAI Notifies date for June 2016 CPT Exams

ICAI Notifies date for June 2016 CPT Exams

The Institute of Chartered Accountants of India

[Set up by an Act of Parliament]

Post Box No.7112, BHAWAN’, Indraprastha Marg

New Delhi – 110002

TO BE PUBLISHED IN PART III SECTION 4 OF THE GAZETTE OF INDIA

NOTIFICATION

Dated: 15th March, 2016

No.13-CA (EXAM)/CPT/JUNE/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered…

View On WordPress

[taxgurusandeep]

Fertilizer companies to print MRP and available subsidy on bag

Fertilizer companies to print MRP and available subsidy on bag

Press Information Bureau Government of India Ministry of Chemicals and Fertilizers 15-March-2016 17:57 IST

Fertilizer companies are required to print the MRP and available subsidy on each bag of P&K fertilizers. 

            The Minister of State for Chemicals & Fertilizers  Shri Hansraj Gangaram Ahir informed the Lok Sabha  today in reply to an Unstarred Question  that  the existing mechanism…

View On WordPress

[taxgurusandeep]

Instructions for Processing of Income Tax return filed in FY 2014-15

Instructions for Processing of Income Tax return filed in FY 2014-15

AST INSTRUCTION NO. 140

DATED: 15-3-2016

As you are aware that returns furnished by the assessees during the FY 2014-15 are pending for processing under section 143(1) and the limitation date for the same is 31-3-2016. In this regard, to facilitate the processing of returns which are otherwise not possible to be processed on AST due to various technical and non-technical reasons the Online TMS…

View On WordPress

[taxgurusandeep]

Rectification of Income Tax Return, Related issues & Solution

Rectification of Income Tax Return, Related issues & Solution

Vignesh Iyer

Rectification has become easy since switchover to online but it has its own limitation. In this article I will be covering almost every point related to rectification in terms of:

Online request for rectification.

Required information before filing a rectification application.

Mistakes committed while filing a rectification.

Need for a proper system at your office place to avoid…

View On WordPress

[taxgurusandeep]

Cenvat Credit of Service Tax Paid on Freight for Sale on for Basis

Cenvat Credit of Service Tax Paid on Freight for Sale on for Basis

CENVAT CREDIT OF SERVICE TAX PAID ON THE OUTWARD TRANSPORTATION IS ADMISSIBLE IN CASE SALE IS ON FOR BASIS- CESTAT, DELHI

BRIEF FACTS

The Department filed an appeal against the order of the Commissioner (Appeals) and raised the legal issue by submitting that the place of removal is the factory gate and the transportation of the final product manufactured by the assessee beyond the factory gate…

View On WordPress

[taxgurusandeep]

Automatic Depreciation Calculator as per Income Tax Act, 1961

Automatic Depreciation Calculator as per Income Tax Act, 1961

The Calculator is in Excel Format and it helps in Calculating depreciation as per Rates Prescribed under Rule 5 of Income Tax Rules Read with Section 32 of Income Tax Act, 1961. The Calculator is easy to use and determine depreciation rate and depreciation automatically. User have to just input Name of the Assets , Block of the Asset, Opening WDV, Purchase in which half of the year and calculator…

View On WordPress

[taxgurusandeep]

Clarification regarding other persons (co-noticees) U/s. 28 of Customs Act, 1962

Clarification regarding other persons (co-noticees) U/s. 28 of Customs Act, 1962

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NEW DELHI

CIRCULAR NO. 11/2016-CUSTOMS, Dated: March 15, 2016

To,

Principal Director General/ Director General, DRI All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive) All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise All Principal…

View On WordPress

[taxgurusandeep]

CBDT Guidelines for application of section 9A & Statements to be filed

CBDT Guidelines for application of section 9A & Statements to be filed

[TO BE PUBLSIHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) NEW DELHI

(INCOME – TAX)

NOTIFICATION NO. 14/2016,

Dated: March 15, 2016

S.O. 1101(E).-In exercise of the powers conferred by section 9A read with section 295 of the Income-tax Act, 1961(43 of 1961), the…

View On WordPress

[taxgurusandeep]

SEBI cautions against 233 Companies

SEBI cautions against 233 Companies

PR No. 59/2016 Caution to the Investors

1. Some unlisted companies are luring retail investors by issuing  securities  including non-convertible and convertible debentures/ non-convertible and convertible preference  shares/ equity shares in the garb of private placement,  without  complying with the provisions of Companies Act, 1956 read  with  the Companies Act, 2013, SEBI (Issue and Listing…

View On WordPress

[taxgurusandeep]

CBEC instruct officials to solve Grievances Published in Newspapers

CBEC instruct officials to solve Grievances Published in Newspapers

F.No.C-30013/8/2016 Ad.IV-A Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs

5th floor , HUDCO Viashala Building, Bhikaji Cama Place, New Delhi. Dated 11th March, 2016

To

All Principal Chief Commissioners/Chief Commissioners, All Commissioners/Directors General under CBEC.

Subject:  Regarding action on grievances published in newspapers.

Sir,

I am…

View On WordPress

[taxgurusandeep]

CBDT notifies Rules in respect of fund manager regime U/s. 9A

CBDT notifies Rules in respect of fund manager regime U/s. 9A

Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes)

New Delhi, the 16th March, 2016

PRESS RELEASE

Subject: Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961-reg.

Section 9A of the Income-tax Act, 1961 (the Act) provides for special taxation regime with effect from 01.04.2016 to facilitate location of fund managers of…

View On WordPress

[taxgurusandeep]

Sec.24- Interest for acquisition of property allowed despite use in construction

Sec.24- Interest for acquisition of property allowed despite use in construction

Brief of the Case

ITAT Delhi held in the case of Mrs. Samiksha Mahajan & Mrs. Anita Rani vs. ACIT that as per provisions u/s 24, it is crystal clear that deduction is allowable on account of interest paid on the borrowed capital within three years from the end of the financial year in which capital was borrowed. As per the explanation appended to the proviso of the aforesaid section, it is also…

View On WordPress

[taxgurusandeep]

Sec. 271B No penalty on club having bonafide belief of mutuality

Sec. 271B No penalty on club having bonafide belief of mutuality

Brief of the Case

Karnataka High Court held In the case of M/s Koramangala Club vs. ITO that it is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business, but only a mutuality. As per section 271B, no penalty shall be leviable to a person…

View On WordPress

[taxgurusandeep]

Sebi allows FPIs to invest in REITs, InvIts, AIFs & Corporate Bonds

Sebi allows FPIs to invest in REITs, InvIts, AIFs & Corporate Bonds

CIRCULAR

CIR/IMD/FPIC/39/2016 March 15, 2016

To,

1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)/ Custodian of Securities.

2. All Recognized Stock Exchanges.

3. The Depositories (NSDL and CDSL).

Sir/ Madam,

Sub: Investments by FPIs in REITs, InvIts, AIFs and corporate bonds under default.

A. REITs, InvIts and AIFs

1. RBI had vide notification…

View On WordPress

[taxgurusandeep]

SEBI bans 20 entities from securities market

SEBI bans 20 entities from securities market

Notice No:  20160316-6, Notice Date: 16 Mar 2016

Category:  Compliance, Segment:  General

Subject SEBI Order in the matter Unickon Securities Private Limited (USPL)

To

All Trading Members of the Exchange

Sub:   Order Under sections 11(1), 11(4) and 11(B) of the Securities and Exchange Board of India Act, 1992 in the matter of Unickon Securities Private Limited(USPL).

Attention of the trading…

View On WordPress

[taxgurusandeep]

Income Declaration Scheme, 2016- Double edged Sword

Income Declaration Scheme, 2016- Double edged Sword

Double edged Sword for Tax Evaders – The Income Declaration Scheme, 2016

Shri Arun Jaitley, Hon’ble Finance Minister of the Government of India, introduced The Income Declaration Scheme, 2016 vide Finance Bill, 2016

After the budget presentation, in an interview to Doordarshan, the Finance Minister said that to bring the Black money back into the system, a new scheme of income declaration was…

View On WordPress

[taxgurusandeep]

Physical brand embossing not must to be called as branded goods

Physical brand embossing not must to be called as branded goods

CA Urvashi Porwal

Brief of the Case

In the case of Titan Industries Ltd. Vs. Commissioner of Central Excise, Chennai-III, it was held that a name or writing need not be a brand name or trade name in a sense it is normally understood. Even ordinary mark or letter is sufficient to indicate a connection between the product and the company. Further, brand name physically manifestation on the goods is…

View On WordPress