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High rate of 9.1% announced on "Sukanya Samridhi Account"
News & FAQs | By ALOK PATNIA | Jan 26, 2015
Finance Minister in his budget speech 2014-15 has announced a new scheme named “Sukanya Samridhhi Account” vide Notification ...
Cash deposit in excess of Rs. 10lakhs does not imply that income has escaped assessment
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 26, 2015
In a recent case, Bir Bahadur Singh Sijwali Vs. ITO, the assessee has deposited cash of more than Rs. 10lakhs in bank. The AO has reopene...
Books of accounts shall be at registered office to avoid penalty
News & FAQs | By ALOK PATNIA | Jan 22, 2015
The registered office address of a private company is usually different from the actual place of business. Registered office address for ...
DIR 11 may be signed by CA/CS/CMA instead of Foreign Director
News & FAQs | By ALOK PATNIA | Jan 22, 2015
The Companies Act 2013 was in force from 1st April, 2014 and every professional is still trying to compile with all the provisions of the...
Government may exempt startups from startup tax incorporated earlier
News & FAQs | By ALOK PATNIA | Jan 21, 2015
Source : Economic Times Startups currently in the market for angel funding may soon not have to worry about the taxman or relocating over...
Forex loss is not out of the purview of operating cost
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 21, 2015
In a recent case it was held that the foreign exchange fluctuation loss shall be considered as a part of the Operating Cost. Facts of the...
Business Loss not to be set off against Lottery Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 19, 2015
In the case, Commissioner of Income-tax, Chennai vs. Dr. M.A.M. Ramaswamy, it was held that business loss could not be set-off from winni...
Renting Income from terrace is taxable under house property thus deductions u/s 24(a) available
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 18, 2015
In a case it was held that the terrace is certainly a part of the building. The rental income received from renting such terrace for inst...
Mistakes shall have to be apparent from record for rectification under section 154
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 17, 2015
Recently in a case, it was held that the proceedings initiated u/s 154 by the Assessing Officer was dismissed on the ground that mere cha...
Fees for Legalizing Construction is not an allowable expense
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 17, 2015
In Nahar Spinning Mills Ltd. vs. Commissioner of Income-tax, Ludhiana, High Court held that the expense incurred for legalizing the const...
Functional Dissimilarity is not Optimal Basis for Comparison for ITES Provider
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 16, 2015
Recently in Flagstone Underwriting Support Services India (P.) Ltd. vs. Deputy Commissioner of Income-tax, Circle 1 (3), Hyderabad, it wa...
Why do I need Life Insurance and also the tax impact
News & FAQs | By ALOK PATNIA | Jan 16, 2015
Life insurance is a contract between an insured and an insurer, where the insurer pays the designated beneficiary, a sum of money in exch...
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