TDS recovery can be made at any time from Defaulter Q ; When can TDS recovery be made from TDS defaulter ? TDS recovery be made from TDS defaulter at any time if payee does not pay due taxes Where deductor fails to deduct tax at source, after deductee’s tax liability is determined and found… Read More »
Tax on income of NRI in India Q:When will the Non Resident Indian be required to file the income Tax return in India? In the Following cases an NRIs income would be considered as ‘earned’ in India and included in the tax return in India. * You have accounts or deposits in India. Any returns in… Read More »
Exchange Rate for conversion of foreign currency wef 21 August 2015 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 81/2015 – Customs (N.T.) Dated the 20th August, 2015 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and… Read More »
Gift of Property to Spouse and Section 54F Q Whether gift of house to husband prior to date of transfer of original capital asset (other than any residential house) cannot be disregarded for purpose of reckoning assessee’s eligibility for deduction under section 54F even if assessee along with her husband continue to reside in same… Read More »
Wharfage charges recovered by port authority were not port services Service Tax : Wharfage charges and lease rent recovered by port authorities cannot be regarded as ‘service’ in relation to ‘a vessel or goods’ and cannot be said to be a service provided by ‘port or person authorised by it’; hence, same is not liable… Read More »
Date of serving of order can not be counted to file appeal Q: Whether date of serving of order can be counted while computing time limit to file appeal ? Law : Service Tax In computing time-limit to file appeal under Act, date on which impugned order is served on assessee has to be excluded,… Read More »
CENVAT credit on Capital Goods when depreciation on duty element reversed in revised ITR Q: Whether CENVAT credit on Capital Goods will be allowed if depreciation claimed on duty element has been reversed in the revised income tax return ? Where depreciation was originally claimed on duty paid on capital goods but, later revised return… Read More »
Q: When will Delay in filing appeal against auction be condoned? SARFAESI : Where respondent-bank had neither published an auction notice in newspaper in respect of auction of property of which petitioner was joint owner nor had bank served a personal notice on petitioner in respect of same, there was no occasion for petitioner to… Read More »
Q : When will Interest on loan from Debtor disallowed? Where assessee-company received loan of certain sum from its holding company, ‘F’ and claimed interest on said loan, since ‘F’ was a debtor of assessee-company of more than double amount of loan, allowance of deduction was amount to diversion of income of assessee-company; interest paid… Read More »
Q : when registration under section 12A can be denied to school? Assessee-trust filed an application for registration under section 12A and claimed exemption on ground that school ran by it was imparting education and, therefore, trust was meant for charitable purpose . Commissioner made an enquiry and was of opinion that assessee intended to… Read More »