Daily Archives: August 18, 2015

Backward areas of Bihar for Tax incentives for Industrial units

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 »

RVAT Extended Due date of filing quarterly return

RVAT Extended due date of filing quarterly return  On 14th August 2015 Notification No. F. 26(315) ACCT/MEA/2014/Part/Tax/6465 has been issued, to extend the date of submission of quarterly return in Form VAT 10, for the first quarter of the year 2015-16, i.e.; quarter ending on 30th June, 2015, which is to be furnished by the… Read More »

Carrying out seismic survey is a service

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 CSR (Corporate Social Responsibility )

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 »

Penalty for delay in filing TDS return

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 »

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

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

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 »