Daily Archives: March 13, 2016

Proviso for denying depreciation on asset already claimed as application is prospective

By | March 13, 2016

Assessment year : 2009-10 Issue Whether the depreciation is  allowable as deduction in computing the total income of a charitable trust under Section 11 of the Act, as the amount spent on the capital asset is already allowed as application of income in the year of such acquisition. View of Revenue :- Claim of deduction… Read More »

Assessee not to be called for TDS deducted but not Deposited by Deductor : CBDT

By | March 13, 2016

SECTION 199 OF THE INCOME-TAX ACT, 1961  DEDUCTION OF TAX AT SOURCE CREDIT FOR TAX DEDUCTED  NON-DEPOSIT OF TAX DEDUCTED AT SOURCE BY THE DEDUCTOR  RECOVERY OF DEMAND AGAINST DEDUCTEE ASSESSEE OFFICE MEMORANDUM F.NO.275/29/2014-IT(B), DATED 11-3-2016 Vide letter of even number dated 1-6-2015, the Board had issued directions to the field officers that in case… Read More »

CBDT to verify Agriculture income above Rs 1 Crore

By | March 13, 2016

SECTION 2(1A) OF THE INCOME-TAX ACT, 1961 AGRICULTURAL INCOME  VERIFICATION OF GENUINENESS OF AGRICULTURAL INCOME SHOWN IN INCOME TAX RETURN BY ASSESSEES FOR ASSESSMENT YEARS 2011-12 TO 2013-14 LETTER F.NO.DGIT(S)/DIT(S)-3/AST/PIL MATTER/AGRICULTURAL INCOME/97/2015-16, DATED 10-3-2016 Kindly refer to subject matter. 2. It has been noticed that several assesses have declared income from agriculture of more than Rs.… Read More »

Govt notify debt to capital and free reserves ratio for Govt NBFC

By | March 13, 2016

SECTION 68 OF THE COMPANIES ACT, 2013  POWER OF COMPANY TO PURCHASE ITS OWN SECURITIES  NOTIFIED DEBT TO CAPITAL AND FREE RESERVES RATIO FOR GOVERNMENT COMPANIES WHICH CARRY ON NON-BANKING FINANCE INSTITUTION ACTIVITIES AND HOUSING FINANCE ACTIVITIES ORDER [F.NO.01/04/2013 CL-V(PT-II)], DATED 10-3-2016 In exercise of the powers conferred under the proviso to clause (d) of… Read More »

Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations

By | March 13, 2016

 Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations  The Board considered and approved the proposal for initiation of public consultation process regarding Brightline Tests for Acquisition of ‘Control’ under the SEBI (SAST) Regulations, 2011. Assessment of ‘Control’ as defined under the SEBI (SAST) Regulations, 2011 requires consideration of facts and circumstances of… Read More »

SEBI new norms for audit qualifications in Auditors report

By | March 13, 2016

Review of manner of dealing with Audit Reports containing Qualifications  SEBI has put in place a mechanism to review the audit qualifications contained in the audit reports. The said mechanism has been incorporated in the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’).With the objective that the impact of the audit qualification is… Read More »