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Revised Regulatory Framework For NBFC
CBEC Order No. 200 Dated 10-11-2014
CBEC Order No. 201 Dated 10-11-2014

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India 156th in ease of paying taxes
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Release of Foreign Exchange for Haj/ Umrah pilgrimage
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RBI Reference Rate for US
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Modification of SION A-1475 and SIONs A-1839, A-1841 and A-1842.
Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Export of Goods / Software / Services – Period of Realisation and Repatriation of Export Proceeds – For exporters including Units in SEZs, Status Holder Exporters, EOUs, Units in EHTPs, STPs and BTPs
Issue of 20 Banknotes with incorporation of Rupee symbol (₹) with inset letter R
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India’s Import/export regulation for items under Crime Control (CC) & Regional Security (RS) of USA.
RBI Reference Rate for US
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We note that in the present case, the notice for reopening has been issued beyond the period of four years from the end of the relevant A.Y 1998-99. The contours of the reopening notice u/s 148 has to satisfy two jurisdictional requirements i.e., the AO must have reason to believe that income chargeable…

Society is not engaged in any trade, commerce or business. However, the it simply providing the services to various Government Agencies both Indian & Overseas to hold seminars, to educate people in the areas of Urban Hosing Development for poor and for their upliftment. There is no element of profit…

The fact that the assessee has submitted the copy of agreement containing detailed break-up of expenditures with the revenue, is not disputed. This break-up clearly shows that assessee has incurred substantial expenses on wages, salary, generator maintenance, electricity, transportation charges and …

It is also clear from the order passed by the Commissioner under Section 263 that the issue relating to apportionment of common expenditure was specifically gone into and examined by the AO, who was fully satisfied with the apportionment made. Thus, it was not a case of “no” inquiry but specific and…

The Assessing Officer has specifically noted and recorded that UET in their affidavit dated 15th February, 1985 had stated that they had not imported the goods in question under the said invoice. In fact, they had stated that they had not imported the goods under any of the two invoices. In categorical…

A perusal of the reasons recorded demonstrate that the Assessing Officer, during the course of assessment proceedings, in the case of other employees of M/s Adobe System Pvt. Ltd. gathered information that the shares of the parent company M/s Adobe System Inc., USA are under cash less exercise option…

The issue of investment in shares having been crystallised in favour of the assessee by the order of the DIT(E) passed u/s 154 as well as by the Tribunal in ITA No. 670/Hyd/2012, the present DIT(E) cannot reopen the issue again for the purpose of cancellation of registration, more so, after the order…

The CIT(A) in our considered opinion was right in holding that a) AS-7 is not applicable to Real Estate b) Bench mark for recognizing revenues adopted by the assessee are reasonable, c) The rule of consistency applies in this case, d) In order to invoke sec. 145(3), the AO must necessarily express dissatisfaction…

Hon’ble Delhi ITAT while deciding a case involving issue of sec 263 of the Income Tax Act,1961 has held that A.O. is not only an adjudicator but also an investigator.The observation of the Hon’ble bench is as under

The Tribunal had to consider whether disallowances for payments in respect of remuneration and interest on capital paid to the partners, in computation of taxable income of the firm, can be made under section 184(5) when even though assessment is completed under section 144 but the assessee has not …

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Finance (No. 2) Bill, 2014 as Passed by Lok Sabha
Notice of Amendments: Full Text
Changes made by Finance (No. 2) Bill, 2014 as passed by the Lok Sabha
Budget 2014: Analysis of Central Excise Provisions
Budget 2014: Analysis of Customs Provision
Budget 2014: Accepting / repaying loans and deposits through ECS
Budget Article : Concessional tax rate for foreign dividends extended without any sunset clause
Budget Article: Assessments / Penalties / Compliances
Budget Article : Power to survey so as to verify deduction of tax at source
Budget Article : Amendment in Charitable trusts/institutions
Budget Article: Alternate Minimum Tax
Budget Article: Provisions Impacting Individuals
Budget Article : Changes in Transfer Pricing regime
Budget Article : Tax Deducted at Source
Budget Article: Expansion of tax incentive schemes
Budget Article: Amendments in Service Tax
Budget Article: Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (INVIT)
Service Tax : Service Tax: Important Changes Introduced
Budget Article: Amendments in CENVAT Credit Rules
Valuation of fertilizers for the purpose of levy of excise duty – inclusion of subsidy component in the assessable value – Clarification – Regarding.
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