Monthly Archives: December 2015

NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT 2015

By | December 31, 2015

THE GAZETTE OF INDIA EXTRAORDINARY PART II — Section 1 MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th December, 2015/Pausha 8, 1937 (Saka) The following Act of Parliament received the assent of the President on the 26th December, 2015, and is hereby published for general information:— THE NEGOTIABLE INSTRUMENTS (AMENDMENT) ACT, 2015… Read More »

Mandatory e filing of Appeal before CIT (appeals) in Income Tax

By | December 31, 2015

Electronic Filing of First Appeal before CIT (appeals) It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient taxpayer services. As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return… Read More »

Government directions for Pollution Control in Delhi and NCR

By | December 31, 2015

Government Issues Directions for Pollution Control and Improving Ambient Air Quality in Delhi and NCR   The Centre today issued directions, to all agencies falling under Delhi airshed area, under Section 18 of Air Act, 1981, to control air pollution and improve the Ambient Air Quality in Delhi and National Capital Region (NCR).   The directions… Read More »

Waste Management System mandatory in Hotels & Guest Houses

By | December 30, 2015

Provisions of Sewage Treatment Plant, Waste Management & Rainwater Harvesting System in Hotels & Guest Houses As enunciated in the respective guidelines issued by the Ministry of Tourism for approval/classification, the provisions with respect to Sewage Treatment plant, Waste Management system and Rainwater Harvesting system in the Starred hotels, Heritage Hotels, Guest Houses, as well… Read More »

EDLI benefit in case of Death of EPF Member

By | December 30, 2015

EDLI benefits  ( Employees Deposit Linked Insurance) under the Employees Deposit Linked Insurance Scheme 1976 are admissible to dependants of EPF members EDLI benefit in case of Death of Member before completing one year :- At present, in case of demise of a subscriber before completing one year of continuous service in the same establishment,… Read More »

Instruction No 20/2015 Income Tax : 29.12.2015 : scope of scrutiny for CASS cases

By | December 29, 2015

INSTRUCTION NO.20/2015 [F.NO.225/269/2015-ITA-II], Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi, the 29 th of December, 2015 Subject: Scrutiny Assessments-some important issues and scope of scrutiny in cases selected through Computer Aided Scrutiny Selection (‘CASS’)-reg .- The Central Board of Direct Taxes (‘CBDT’), vide Instruction No. 7/2014 dated 26-9-2014… Read More »

Period of default of TDS for Interest recovery is from date of deductibility till date of actual payment of tax

By | December 29, 2015

SUPREME COURT OF INDIA Commissioner of Income tax, New Delhi v. Eli Lilly & Co. (India) (P.) Ltd.  S.H. KAPADIA AND AFTAB ALAM, JJ. CIVIL APPEAL NOS. 5114 OF 2007 AND OTHERS MARCH 25, 2009 A perusal of section 201(1) and section 201(1A) shows that both these provisions are without prejudice to each other. It… Read More »

Appointment of Common Adjudicating Authority by CBEC

By | December 29, 2015

[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)  Notification No. 146/2015-Customs (N.T.) New Delhi, the 23rd December, 2015 S.O.     (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of… Read More »

CBEC may challenge Imposition of costs by CESTAT on grounds of quality of adjudication order

By | December 29, 2015

As per F. No.390/CESTAT/69/2014-JC of Central Board of Excise & Customs dated 22nd December , 2015 During the recent past there have been certain decisions of the CESTAT wherein cost was imposed either on department or on the adjudicating officer/ appellate officers. The cost so imposed was ordered to be paid to the assesse or to the Registry… Read More »

Steps to reset Income tax efiling Password

By | December 29, 2015

Reset Income tax efiling Password Step 1 to reset income tax efiling password go to the website www.incometaxindiaefiling.gov.in and click on login Step 2 to reset income tax efiling password Click on forgot password as highlighted below   Step 3 to reset income tax efiling password Enter user ID (which is your PAN) and image… Read More »

No TDs on interest on FDR made on direction of Courts :CBDT

By | December 29, 2015

F. No. 279/Misc/140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Circular No. 23/2015 New Delhi Dated- 28th December, 2015 Subject: TDS under section 194A of the Act on interest on fixed deposit made on direction of Courts-regd Section 194A of Income Tax Act, 1961 (“the Act”) stipulates deductions… Read More »

Integrated Incorporation form of Companies

By | December 29, 2015

Integrated Incorporation Process of Companies Can the applicant file separate application for allotment of DIN, reservation of name etc  or he is required to apply under  Integrated Incorporation Process of Companies ? The facility to file integrated application for incorporation in Form INC-29 is available as an option to the process for separate applications for allotment of Director Identification… Read More »

Application for incorporation of companies

By | December 29, 2015

What is the form for filing application for incorporation of companies ? As per Rule – 12, Companies (Incorporation) Rules, 2014:- Application for incorporation of companies shall be filed in Form No.INC.2 (for One Person Company) and Form no. INC.7 (other than One Person Company) along with the fee as provided in the Companies (Registration offices and fees)Rules,… Read More »

How many articles CA can train : ICAI Announcement

By | December 28, 2015

Institute of Chartered Accountants of India ANNOUNCEMENT Date: 21.12.2015 43. Engagement of Articled Assistants Subject to the provisions of these Regulations and subject to such terms and conditions, as the Council may deem fit to impose in this behalf, the members designated as an associate or a fellow, who has been in practice continuously, whether… Read More »

Expenses on eyes is not allowed as business expendtiure

By | December 28, 2015

Issue Whether the expenditure of Rs. 43,600/- on medical treatment of eyes for improving the vision has an element of personal expenditure, and accordingly the expenditure incurred by the appellant on foreign tour for pre- operation investigation relating to his eyes cannot be allowed as business expenditure u/s 37 (1) ? Assessee plead It is… Read More »

e-Sampark IT policy of Govt of India

By | December 28, 2015

MINISTRY OF COMMUNICATION AND INFORMATION TECHNOLOGY (Department of Electronics and Information Technology) Vide NOTIFICATION  F. No. 3 (46)/2015-EG-II New Delhi, the 3rd December, 2015 issued  Updation and Usage Policy for the Sampark Database (IT platform for Messages) Ver 1.0 What is e-Sampark ? The IT platform for Messages is an initiative under the “Digital India” programme of… Read More »

SEBI Open Offer exemption if increase in voting rights due to Sec 106 of Companies act

By | December 28, 2015

  SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION  No. SEBI/LAD-NRO/GN/2015-16/026.— Mumbai, the 22nd December, 2015 In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 10, in sub-regulation (1), after clause (i) the following clause shall be inserted, namely:- “(j) increase in voting rights arising out of… Read More »

Govt notify Nongkhyllem Wildlife Sanctuary Ecosensitive Zone

By | December 28, 2015

MINISTRY OF ENVIRONMENT, FOREST AND CLIMATE CHANGE NOTIFICATION New Delhi, the 18th December, 2015 S.O. 3497(E).—The following draft of the notification, which the Central Government proposes to issue in exercise of the powers conferred by sub-section (1), read with clause (v) and clause (xiv) of sub-section (2) and sub-section (3) of section 3 of the… Read More »

DTAA of India with Macedonia

By | December 28, 2015

[Notification No. 94/2015/ F. No. 503/08/2004-FTD-I] Dated 21st December, 2015 In exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby directs that all the provisions of the said Agreement between the Government of the  Republic of India and the Government of the Republic of Macedonia… Read More »

Govt allows export of onion without any Minimum Export Price

By | December 28, 2015

MINISTRY OF COMMERCE & INDUSTRY  vide Notification No No. 29/2015-20 [F. No. 01/91/180/922/AM08/PC-III/Export Cell] Dated  the 24th December, 2015 allowed the Export of onion without any Minimum Export Price (MEP) Para 2 of Notification No. 26 dated 11.12.2015 is amended to read as: “Export of onion for the item description at Serial Number 51 & 52 of Chapter 7… Read More »

No common interest expenditure than no portion of interest allocation under Rule 8D(2)(ii)

By | December 28, 2015

Facts of the case :- The Assessee had shown dividend income of Rs.89, 02,540 out of which Rs. 68, 44,790 was claimed as exempt under Section 10 (34) of the Act. The Assessee disallowed a sum of Rs. 6,84,479 constituting 10% of the net exempted dividend income on account of indirect expenditure incurred in earning… Read More »

CII (COST INFLATION INDEX) INCOME TAX- 1981 to 2017

By | December 28, 2015

Cost Inflation Index under Income Tax Act   What is Cost Inflation Index ? Cost Inflation Index (CII) is a measure of inflation that is used for computing long-term capital gains on sale of capital assets under Section 48 of the Income-Tax Act. What are the COST INFLATION INDEX notified by the Government ? Read New CII Index Base Year… Read More »

Virginiamycin classifiable under Customs Tariff Heading 2941.90

By | December 26, 2015

SUPREME COURT OF INDIA Commissioner of Central Excise, Mumbai v. Pfizer Ltd. A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 5858-5859 OF 2007 OCTOBER  16, 2015 K. Radhakrishnan, Sr. Adv., Tara Chandra Sharma, Ms Binu Tamta, Rajiv Singh and B. Krishna Prasad, Advs. for the Appellant. Mrs. Shiraz Contractor Patodia, Adv. for the… Read More »

CA held guilty of misconduct when he submitted forged income tax return to bank for taking loan

By | December 25, 2015

Facts of the Case The complainant-bank sanctioned a loan of Rs. 1,84,000 on the request of the respondent relying on the bona fides and authenticity of the income-tax returns submitted by the respondent to the complainant-bank which were forged and fabricated. The respondent intentionally submitted the forged and fabricated income-tax returns to induce the complainant-bank… Read More »

No bail if no grounds available for believing that applicant not guilty of offence under section 45 of the Prevention of Money Laundering Act

By | December 25, 2015

HIGH COURT OF GUJARAT Afroz Mohmad Hasanfatta v. Deputy Director MS. HARSHA DEVANI, J. CRIMINAL MISC. APPLICATION (FOR REGULAR BAIL) NO. 17000 OF 2014 OCTOBER  5, 2015 P.M. Thakkar, Sr. Advocate and R.J. Goswami, Advocate for the Applicant. Devang Vyas and Ms. Trusha K. Patel, Advocate for the Respondent. JUDGMENT 1. By this application under… Read More »

Assessee not required to prove genuineness /credit worthiness of sub-creditor,

By | December 25, 2015

Summary of Decision As per Gauhati High Court inNemi Chand Kothari v. Commissioner of Income Tax (2003) 264 ITR 254 :- Section 106 of the Evidence Act makes the Assessee liable to disclose only the source(s) from where he has himself received the credit and it is not the burden of the Assessee to show… Read More »

Dera is not a deemed trust, Dera Mukhi Income Taxable if no charitable activities carried out u/s 2(15)

By | December 25, 2015

Facts of the Case The appellant case was selected for scrutiny. The Assessing Officer made an addition of Rs. 1,21,67,653/- by treating the bank deposits as his income from profession and vocation while, inter alia, disallowing the expenses towards insurance and 1/5th expenses towards telephone, travelling and vehicle etc. amounting to Rs. 6,12,725/- besides, adding back… Read More »

section 271(1)(c) penalty can not be levied without mentioning charge by Assessing Officer

By | December 25, 2015

Facts of the Case Brief facts relating to the case are that the assessee filed his income-tax return for the impugned assessment year on 26.07.2005 on the income of Rs. 1,02,000/-. Subsequently assessment under section 143(3) was completed at a total income of Rs. 16,51,637/- by making an addition of Rs. 15,49,637/- as undisclosed income.… Read More »

Business Responsibility report by Top 500 listed companies

By | December 25, 2015

THE GAZETTE OF INDIA EXTRAORDINARY PART – III – SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, DECEMBER 22nd , 2015 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 22nd December, 2015 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT)  REGULATIONS, 2015 No. SEBI/LAD-NRO/GN/2015-16/27.─ In exercise of the powers conferred by… Read More »

CBDT Instructions on applicability of MAT on foreign companies

By | December 24, 2015

Instruction No. 18/2015 F.No.153 /12/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) New Delhi, Dated- 23rd December, 2015 Subject: Applicability of Minimum Alternate Tax (MAT) on foreign companies for the period prior to 1.04.2015-reg On the issue of applicability of Minimum Alternate Tax (MAT) under section… Read More »

Now Email ID of Income Tax officers on Notices of departments

By | December 24, 2015

F.No.Dir. (Hqrs.)/CH(DT)/29/2015/2030 GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES North Block, New Delhi, Dated : 15/12/2015 To 1. All Members of CBDT 2. All Pr. CCsIT (CCA)s CBDT 3. All Pr. DGsIT CBDT 4. JS (Admin) CBDT Subject: Facilitating Taxpayers’ electronic interface with the Department – reg.- Sir/… Read More »

Guide on how to file Income Tax Return

By | December 24, 2015

 File Income Tax Return 1.  Register yourself to file Income Tax Return Register yourself on the website www.incometaxindiaefiling.gov.in . Create your account .Permanent Account Number (PAN) will be your user ID. 2. Check 26AS to file Income Tax Return  your tax credit statement — View Form 26AS . The statement will reflect the taxes deducted and actually deposited… Read More »

Place of effective management Draft Guidelines of CBDT

By | December 24, 2015

F. No. 142/11/2015-TPL Government of India , Ministry of Finance ,Department of Revenue ,Central Board of Direct Taxes Dated: 23rd December, 2015 issued  Draft Guiding Principles for determination of Place of Effective Management (POEM) of a Company. Why place of effective management  for Companies ? Section 6(3) of the Income-tax Act, 1961, prior to its… Read More »

Exchange pre-2005 banknotes before June 30, 2016

By | December 24, 2015

RBI/2015-16/275 DCM (Plg) No.G-8/2331/10.27.00/2015-16 December 23, 2015 The Chairman / Managing Director / Chief Executive Officer All Scheduled Commercial Banks Primary (Urban) Co-operative Banks / RRBs Madam / Dear Sir, Withdrawal of all old series of Banknotes issued prior to 2005 Please refer to our circular DCM (Plg) No.G-15/5486/10.27.00/2014-15 dated June 26, 2015 and the… Read More »

Insurance Companies to Comply Foreign Account Tax Compliance Act

By | December 24, 2015

Registration and submission of information to CBDT for compliance with obligations under Foreign Account Tax Compliance Act (FATCAI/ Common Reporting Standards(CRS) 1. The Authority, vide circular dt. 31.12.2014, had advised all insurers (excluding GIC) to get themselves registered with the United States Internal Revenue Service (US-IRS) and obtain a Global Intermediary Identification Number (GIIN), in… Read More »

Reporting of Compliance for Indian Ownership and Control by Insurance Companies

By | December 24, 2015

Attention is drawn to the Guidelines on Indian Owned and Controlled issued by the Authority Ref. IRDA/F&A/GDL/GLD/180/10/2015 on the 19th October, 2015. The Guidelines envisage confirmation of compliance with the criteria of Indian Ownership and Control by all the Indian Insurance Companies within a period of three months, i.e. by the 18th of January, 2016.… Read More »