Daily Archives: October 13, 2015

Tips before buying car insurance

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

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 »

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

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 »

No deduction of brokerage paid for procuring tenant

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 »

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

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

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 »