Daily Archives: June 6, 2016

No service tax on sale of under construction flat if sold with land

By | June 6, 2016

whether the consideration paid by flat buyers to a builder/promoter/developer for acquiring a flat in a complex, which under construction/development, could be subjected to levy of service tax. ? According to the Petitioner : The agreements entered into by them with the builder are for purchase of immovable property and the Parliament does not have… Read More »

Coaching classes Income of ICAI is exempt u/s 2(15)

By | June 6, 2016

Held The Institute as such merely it is receiving coaching fee from students for imparting education, cannot be said to have been carrying on business and accordingly it is not required to maintain separate books of accounts as alleged by DIT(E). The income of the coaching classes earned by the assessee institute is within its… Read More »

Section 14A disallowance can’t exceed total expenses : CBDT

By | June 6, 2016

[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 02nd June, 2016 S.O. 1949(E)- In exercise of the powers conferred by section 295 read with subsection (2) of section 14A of… Read More »

Tax on maturity of Insurance Policy

By | June 6, 2016

Tax on maturity of Insurance Policy When the sum received on maturity of Insurance Policy is Taxable Tax on maturity of Insurance Policy has to be paid on case of :-  (a) receipt of any payment under a keyman insurance policy; (b) receipt of  any payment under section 80DD(3) Note : Section 80DD(3 ) is If the dependant, being a person… Read More »

Rectification Rights Transferred to AST ? Steps to follow

By | June 6, 2016

Rectification Rights Transferred to AST Rectification Rights Transferred to AST -Meaning Q: I have filled a rectification  request of Income tax Return to CPC for allowing deduction for one of my client, now the status says: ‘ Rectification Rights Transferred to AST ‘. So what does that mean? and what procedure is required now? Normally… Read More »

Rectification requests of e fled Income Tax Return

By | June 6, 2016

Rectification requests of Income tax Return under Income Tax Act Rectification requests procedure PRESS RELEASE, DATED 1-4-2016 Income-tax Act provides the taxpayer with an option to seek rectification of mistakes apparent from record under section 154 of the Act. The e-filing portal of the Income Tax Department provides the utility for online filing and tracking… Read More »