Registration under section 12A and 80G of Income Tax Act Both applications can be applied together or it can also be applied separately also. If some organization is willing to apply both applications separately, then application for registration u/s 12A will be applied first. Getting 12A registration is must for applying application for registration u/s… Read More »
Q : Whether Carrying out seismic survey is a service or works contract ? Tripura VAT: Assessee agreed to carry out seismic surveys for an entity to assist it in gas exploration. It used certain equipments for surveys. Since, equipments always remained in control of assessee, therefore, there was no transfer of right to use goods and,… Read More »
Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities (Issued May 15, 2015) (The Council of the Institute of Chartered Accountants of India (ICAI) has issued this Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities which comes into effect from the date of its issuance. Pending finalisation of the Guidance… Read More »
Q Whether penalty for delay in filing TDS return to be levied from date of deposit of TDS or from the due date of filing return ? Where assessee filed quarterly e-TDS returns belatedly because TDS could not be deposited in time due to non-availability of funds, penalty under section 272A(2)(k) could be levied… Read More »
CBDT Circular regarding Exemption and approval to Educational Institutions CIRCULAR No. 14/ 2015 F.No.197/38/2015-ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi August 17th , 2015 Sub: Clarification on certain issues related to grant of approval and claim of exemption u/s 10(23C)(vi) of the Income-tax Act,… Read More »
Q :whether interest paid on money borrowed for investment in shares, which had not yet yielded any dividend is admissible expenditure under section 57(iii) ? Interest paid on money borrowed for investment even in shares which had not yet yielded any dividend, was admissible under section 57(iii) HIGH COURT OF CALCUTTA Sri Saytasai Properties & Investment… Read More »
Question Whether it is not necessary that any income should have been earned as a result of expenditure to claim expenses under section 57(iii)? Answer : No ,It is not necessary that any income should in fact have been earned as a result of expenditure. Therefore, interest paid on money borrowed for investment in shares, which… Read More »
THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, AUGUST 14, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14th August, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (FOURTH AMENDMENT) REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/008.─ In exercise of the powers conferred… Read More »
THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI,AUGUST 14 , 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14th August, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA (DELISTING OF EQUITY SHARES) (SECOND AMENDMENT) REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/010.─ In exercise of the powers conferred by section… Read More »
Q: Whether Time limit to file refund claim is applicable to refund of tax paid at insistence of department ? Where tax has been paid at insistence of department without any adjudication/assessment order, refund of said tax would not be governed by time-limit of section 11B CESTAT, MUMBAI BENCH C.K.P. Mandal v. Commissioner of Service Tax,… Read More »