second set of clarifications under Black Money Act
CBDT issues second set of clarifications under Black Money Act Click to View
Monthly Archives: September 2015
Due date of ITR not extended for all taxpayers
Due date of ITR not extended for all taxpayers The due date for filing of return of income for individuals and HUFs, who are not liable for tax audit, is July 31 of every assessment year. As the Income-tax return forms were revised twice for the Assessment Year 2015-16, the CBDT had extended the due… Read More »
TDS on Commission paid to agent for rendering services abroad
TDS on Commission paid to agent for rendering services abroad Q Whether TDS should be deducted u/s 195 on Commission paid to agents for rendering services abroad for soliciting orders ? In our opinion, nature of services mentioned above will come not within the definition of “fees for technical services” given under explanation 2 to Section… Read More »
Second proviso to section 40(a)(ia) is applicable retrospectively
Second proviso to section 40(a)(ia) is applicable retrospectively Q : Whether the second proviso to Section 40(a)(ia) (inserted by the Finance Act, 2012), which states that TDS shall be deemed to be deducted and paid by a deductor if resident recipient has disclosed the amount in his return of income and paid tax thereon, is… Read More »
value of stamp is not part of turnover
Q : When the assessee is a licensed stamp vendor who is selling stamp received from treasury after deducting commission and therefore amount received against stamp is not a part of his sales and thus penalty imposed Under Section 271B should be deleted ? The sale of stamp papers by licensed vendors is a Government… Read More »
Difference in Persons name does not mean transaction is not genuine
Difference in Persons name does not mean transaction is not genuine I.T.O Vs Smt. Mala Gupta (Kolkata ITAT), I.T.A No. 1611/Kol/2011, A.Y. 2005-06, Date of decision –09-07-2015 Brief of the Case In the case ITO Vs. Smt. Mala Gupta the Hon’ble Kolkata ITAT held that slight difference in the name of the person does not… Read More »
Tax on Capital Gain on transfer of Asset to Retiring partner
Tax on Capital Gain on transfer of Asset to Retiring partner Q :whether the transfer of land belonging to the firm to the retiring partner is liable to be taxed under the head “capital gains ” and if so in whose hands ? in the hands of the firm or retiring partner ? The transfer… Read More »
Due Date for Filing Income tax Return Extended for all taxpayer
Due Date for Filing Income tax Return for AY 2015-16 Extended for all taxpayer to 7th September 2015 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 2nd September, 2015 Sub: Extension of due date for filing of returns – reg. The ‘due-date’ for filing of… Read More »
Extension of time for filing of cost audit report
General Circular No,12/201 5 No.52/22/CAB//2015 Government of lndia Ministry of Corporate Aflairs 5’h Floor, ‘A’ wing, Shastri Bhawan, New Delhi: 110001. Dated: lst September, 2015 To All Regional Directors, All Registrar of Companies, All Stakeholders. Subject: Extension of time for filing of cost audit report to the Central Government for the Financial Year 2014-2015 in… Read More »
Section 54 Gair mumking shed is residential house
Q :Whether Gair mumking shed is residential house and capital gain arising on its sale is eligible for section 54 ? Assessee was entitled to exemption under section 54 in respect of long-term capital gain on sale of a farm house which in revenue records was mentioned as gairmumkin shed and house and income from letting… Read More »