Search in the name of Bank account Q : Does the search warrant issued in the name of account No.5905 of M/s. Budhiya Marketing Pvt. Ltd is valid ? The provision of section 153(1)(a) talks of issue of notice to a person in which the search has been initiated and requires the same person to… Read More »
Q : Whether there should be contractual relationship for applying section 194C ? Or A : When payments to newpapers publisher are made as an agent of customer whether provisions of Section 194C for deduction of TDS will apply ? Facts of the case Briefly stated, the assessee is carrying on the business of marriage… Read More »
Guidance Note on SEBI (Prohibition of Insider Trading) Regulations, 2015 [August 24th, 2015] SEBI (Prohibition of Insider Trading) Regulations, 2015 (“the Regulations”) were notified vide notification dated 15th January, 2015. The regulations came into effect from May 15th, 2015. Subsequently SEBI received certain queries from the market participants seeking guidance on the interpretation of some… Read More »
Office of the Deputy Commissioner Central Excise& Service Tax Division SCO 48-49 , Sector 17-A, Chandigarh No .ST-20/STD/Misc./Sevottam/62/12/4693 Dated : 13-08-2015 To M/s Apex Restaurants Pvt. Ltd SCO , Sector-26,… Read More »
Section 40(a)(ia) No disallowance of expense if Income is Exempt Q When the income of the Assessee is exempt, Whether any disallowance of expenses under section 40(a)(ia) can be made for non deduction of TDS ? Assessee’s total income is exempt under section 10(26), for assessee’s lapse of not complying with his tax withholding obligations,… Read More »
Service tax on preparation of mid day meals for school Q : Whether activity of preparing and supplying meals for midday scheme from owned premises without actual serving of food at schools would be covered by the definition of taxable service under Section 65(106)(zzt) ? Preparation of cooked food at owned premises and supply thereof to schools… Read More »
Delay of one day in filing Income tax return Q; Whether delay in filing return of one day should be condoned by CBDT u/s 119(2) ? Section 139, read with sections 119 and 239, of the Income-tax Act, 1961 Subject Condonation of delay in filing return Return of income Assessment year 2006-07 Petitioner assessee filed… Read More »
Damage awarded by Trial Court for Specific performance Q What is the Taxability of damage awarded by Trial Court for Specific performance ? Section 4, read with section 263 of the Income-tax Act, 1961 Subject : Changeability of Income received as Damages Assessment year 1995-96 Assessee had entered into an oral agreement with ECL to… Read More »
Taxability of Interest on FDR by Govt company acting as nodal agency of State Govt Q: Govt company, acting as nodal agency of state govt, kept the funds in Fixed Deposit, whether the interest earned will be treated as income of Govt company ? Section 4 of the Income-tax Act, 1961 Subject Chargeablility of Interest… Read More »
Premium received by society on transfer of plot Q :Whether premium collected by Society collected on transfer of plots is a capital Receipt and hence not taxable ? Section 4 of the Income-tax Act, 1961 Subject: Whether Income on Transfer of plots is Capital reciept or revenue reciept Assessment year 1986-87 Facts of the case : Assessee co-operative… Read More »