Daily Archives: October 13, 2015

Section 201(1A) Default period of assessee in default shall be counted as per British Calendar month

By | October 13, 2015

Issue : ‘every month or part thereof’ appearing in Section 201(1A)- does it mean a calendar month or part thereof, or does it mean a ‘period of one month’ or part thereof. ? There is no dispute that the expression ‘month’ is not defined for the purpose of section 201(1A) nor there is any direct… Read More »

Tips before buying car insurance

By | October 13, 2015

Car insurance For every car owner, motor insurance is definitely a big headache. But if treaded carefully, you can not only save, but also get added benefits for the same price. Here’re  tips that you can refer to while you renew your car insurance. Compare different policies before buying car insurance It may seem like a… Read More »

Rate of tax on transfer of right to use goods has been increased by 1% under Uttarakhand Value Added Tax

By | October 13, 2015

UTTARAKHAND VALUE ADDED TAX (AMENDMENT) ACT, 2015 – AMENDMENT IN SECTIONS 4, 6, 35, 50, 53 AND 58 NOTIFICATION NO.102/XXXVI(3)/2015/22(1)/2015, DATED 31-3-2015 An Act further to amend the Uttarakhand Value Added Tax Act, 2005— Be it enacted by the Uttarakhand Legislative Assembly in the Sixty sixth year of the Republic of India, as follows:— Short… Read More »

Independent director for maximum two terms

By | October 13, 2015

Whether an independent director may continue to be so appointed for a maximum period of 10 years, or whether he can continue to be an  independent director for maximum two terms, even if each such term is less than 5 years. Answer: MCA vide its clarification no. 14/2014 dated 9th June, 2014 has clarified that while appointment… Read More »

NO TDS liability under Section 195 if Book entry passed reversed Subsequently

By | October 13, 2015

Facts of the Case :- Assessee credited Rs.2,24,96,669/- to the account of Telefonaktiebolaget L.M. Ericsson, Sweden (hereafter ‘TLME’) in the books . The said a mount was credited on account of royalty payable ; however, the said entry was subsequently reversed, as according to the Assessee, the payment of royalty to TLME was not permissible as… Read More »

Sale to related party can not be valued at cost plus method,to be valued at price charged from unrelated parties

By | October 13, 2015

Where assessee’s entire sales are below cost owing to international market prices being very low, sales to related parties cannot be value on basis of ‘cost plus method’ and are to be valued as per best judgment principle at ‘price charged from unrelated parties’ SUPREME COURT OF INDIA Tamil Nadu Petroproducts Ltd. v. Commissioner, Central… Read More »

Govt conditions for grant of license for cultivation of opium poppy

By | October 13, 2015

Central Government notifies the general conditions for grant of license for cultivation of opium poppy in the crop year 2015-16 The Central Government vide Notification No. 1/2015-Narcotics Control-1 dated 5th October, 2015 has notified the general conditions for grant of license for cultivation of opium poppy on account of the Central Government during the Opium… Read More »

No deduction of brokerage paid for procuring tenant

By | October 13, 2015

Whether while computing taxable income under head ‘Income from house property’, payment of brokerage for arrangement of lease could be reduced from rent received for determination of actual rent ? Held: No IN THE ITAT MUMBAI BENCH ‘D’ Radiant Premises (P.) Ltd. v. Assistant Commissioner of Income-tax, Cir. 3 (3), Mumbai B.R. BASKARAN, ACCOUNTANT MEMBER… Read More »

Capital gains on gifted asset shall be computed by taking Cost inflation Index of year in which asset held by previous owner

By | October 13, 2015

Whether in case of an assessee covered under section 49(1), i.e., in case of gains arising on transfer of a capital asset acquired under a gift or will, capital gains liability has to be computed by considering that assessee held said asset from date it was held by previous owner and on same analogy indexed… Read More »

Coconut oil packed in small bottles cannot be classified as Hair Oil

By | October 13, 2015

CIRCULAR NO. 1007/14/2015-CX, F.No. 103/01/2015-CX-3 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NEW DELHI Dated: October 12, 2015 To Principal Chief Commissioner/Chief Commissioner of Central Excise, Customs and Service Tax (All) Principal Commissioner of Central Excise, Customs and Service Tax (holding charge of Chief Commissioner) (All) Web… Read More »

Govt allows deduction under section 80DDB for treatment of disease on basis of certificate of private hospitals

By | October 13, 2015

As per the Following [Notification No.78 /2015/F. No.142/20/2015-TPL Dated 12.10.2015  Govt allows deduction under section 80DDB for treatment of Specified disease on basis of certificate of private hospitals   Key Changes : No Need to take certificate from the specialists working in a Government hospital No Need to fill the  Form No. 10-I. Note: Specified diseases and ailments for… Read More »