Daily Archives: August 18, 2015

Backward areas of Bihar for Tax incentives for Industrial units

By | August 18, 2015

Backward areas of Bihar for Tax incentives for Industrial units [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 DIRECT TAXES) NOTIFICATION New Delhi, the 17th August, 2015 INCOME-TAX S.O. 2241(E).— In exercise of the powers conferred by… Read More »

Period of stay of crew members of foreign bound ships in India

By | August 18, 2015

CBDT notifies rules to determine period of stay of crew members of foreign bound ships in India [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 DIRECT TAXES] INCOME-TAX Notification New Delhi, the 17th August, 2015 S.O.… Read More »

Registration under section 12A and 80G of Income Tax Act

By | August 18, 2015

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 »

Guidance Note on CSR (Corporate Social Responsibility )

By | August 18, 2015

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 »

Approval to Educational Institutions u/s 10(23C)(vi) CBDT Circular

By | August 18, 2015

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 »

Interest paid on money borrowed for investment in shares

By | August 18, 2015

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 »

No need to have income to claim expenses under section 57(iii)

By | August 18, 2015

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 »