Monthly Archives: July 2015

TCS on sale of Imported Timber

By | July 30, 2015

Question Whether  TCS on sale of Imported Timber should be collected from the buyers ?   Answer: yes, Tax at Source has to be deducted on sale of Imported timber as Section 206C does not draw any distinction between timber grown in india and timber imported from abroad HIGH COURT OF KERALA Hillwood Furniture (P.) Ltd. v. Income-tax… Read More »

New ITR forms 3, 4, 5, 6 and 7 for AY 2015-16

By | July 30, 2015

CBDT notifies new ITR forms 3, 4, 5, 6 and 7 for Financial year 2014-15 (AY 2015-16) mandates reporting of CSR exp. in ITR 6 [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] Income-tax… Read More »

KYC Records Registry

By | July 30, 2015

Central KYC Records Registry under Money Laundering   PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) AMENDMENT RULES, 2015 – AMENDMENT IN RULES 2, 9 & 10 AND INSERTION OF RULE 9A NOTIFICATION NO.4/2015 [P.12011/5/2011-SO(ES.CELL)]/GSR 544(E), DATED 7-7-2015 In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section… Read More »

Tax on membership fees

By | July 30, 2015

QUESTION : How the Tax on membership fees will be paid  ?  Whether Non Refundable membership fees  will be taxed in the year of receipt or it will have to be apportioned  over the Period of Membership. ? Answer :  Non refundable membership fee has to be apportioned and taxed during period of membership. The assessee company is engaged… Read More »

section 14A Expenditure incurred for exempt income

By | July 30, 2015

Question : Whether business loss incurred in the course of purchase and sale of mutual fund units is an expenditure incurred for earning exempt dividend income and, hence, not allowable under section 14A of the Income-tax Act,1961  ? Answer No, Section 14A can not be applied if no proximate cause exists between expenditure and exempt income Where assessee… Read More »