Daily Archives: January 13, 2016

Anonymous donation for religious purposes not taxable if not received with Specific direction

By | January 13, 2016

Summary of Decision:- The assessee is established for religious and charitable purposes and the anonymous donation was not received with specific direction that such donation is for any university or other educational institution or any hospital or other medical institution run by the assessee trust. Therefore, the AO was not justified in making the addition… Read More »

Exchange Rate Notification with effect from 13th January, 2016

By | January 13, 2016

Exchange Rate Notification with effect from 13th January, 2016 which seeks to amend Notification No. 02/2016-Cus (NT) dt. 07-01-2016 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS)  Notification No. 12/2016 – Customs (N.T.) Dated the 12th January, 2016  In exercise of the powers conferred by section 14 of… Read More »

Surcharge & education cess is not leviable when tax rate is prescribed under DTAA

By | January 13, 2016

Summary of Decision  we hold that the surcharge and education cess is not leviable when the tax rate is prescribed under DTAA IN THE ITAT KOLKATA BENCH ‘C’ Deputy Director of Income-tax (IT)-1(1), Kolkata v. BOC Group Ltd. MAHAVIR SINGH, JUDICIAL MEMBER AND M. BALAGANESH, ACCOUNTANT MEMBER IT APPEAL NO. 571 (KOL.) OF 2013 [ASSESSMENT… Read More »

SEBI amends delisting of Equity Shares regulations

By | January 13, 2016

THE GAZETTE OF INDIA EXTRAORDINARY PART -III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, JANUARY 12, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 12th of January, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA(DELISTING OF EQUITY SHARES)(AMENDMENT) REGULATIONS, 2016 No. SEBI/LAD-NRO/GN/2015-16/30.-In exercise of the powers conferred by section 31 read with section… Read More »

Twitter account of income tax department is @IncomeTaxIndia

By | January 13, 2016

OFFICE MEMORANDUM F.NO.PUB-1(37)/PR,PP&OL/2015-16, DATED 4-1-2016 In recent times, the use of Social Media has become widespread in various organizations including Government Ministries and Departments for public relations and communication. Keeping with the stated endeavour of the Department to induct state-of-the-art and green technology with a user friendly interface, the Department is extending its external communication… Read More »

Notification No.03/2016-Customs

By | January 13, 2016

[TO BE PUBLISHED 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 EXCISE AND CUSTOMS)                                                  … Read More »