Daily Archives: August 21, 2015

When Income declared after search was not undisclosed

By | August 21, 2015

Income declared after search was not undisclosed if covered by advance tax and TDS Q;  Assessee declared certain income in belated return  after date of search. Whether such income can be treated as undisclosed ? Section 158B(b), read with section 139, of the Income-tax Act, 1961 Subject :Income declared in belated return in Block assessment in search… Read More »

scientific Research expenditure can not be deferred

By | August 21, 2015

scientific Research expenditure can not be deferred Q  Whether  scientific Research expenditure can be deferred and claimed as deferred revenue expenditure over the succeeding years? There is no provision under section 35 which provides for allowance of deferred research expenses u/s 35 expenditure Facts of the Case Section 35 of the Income-tax Act, 1961 Issue… Read More »

Exchange Rate for conversion of foreign currency wef 21 August 2015

By | August 21, 2015

Exchange Rate for conversion of foreign currency wef 21 August 2015 GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 81/2015 – Customs (N.T.) Dated the 20th August, 2015 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and… Read More »