Govt not to intervene to monetize gold held by charitable/religious institutions Press Information Bureau Government of India Ministry of Finance 04-December-2015 17:14 IST Clarification on Media Reports on Gold Monetization Scheme Some sections of the media have reported that Government will directly intervene to monetize the gold held by charitable, religious and other institutions. It […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
E-Sahyog Project; Aims at Reducing Compliance Cost, Especially for Small Taxpayers The Government has launched ‘E-Sahyog’ project on a pilot basis. It is aimed at reducing compliance cost, especially for small taxpayers. The objective of ‘e-Sahyog’ is to provide an online mechanism to resolve any mismatch or discrepancy in information as per Income-tax return of […]
No Penalty on Tax Audit Report Obtained on last day of due date Chopra Properties Vs ACIT (ITAT Delhi), ITA No. 6199/Del/2013, Date of Pronouncement : 21.10.2015 Brief facts of the case are that the assessee is a partnership firm filed its return of income on 30th March, 2009 showing total income of Rs. 58,57,760/- […]
Expenses debited as cost of ESOP in profit and loss account allowable Case Law Citations- CIT vs. Lemon Tree Hotels Ltd (Delhi High Court), ITA 107/2015, Date-18.08.2015 In case of CIT vs. Lemon Tree Hotels Ltd Following the Madras High Court in CIT-III Chennai v. PVP Ventures Ltd. (TC(A) No. 1023 of 2005) it was […]
Disallowance of Interest at average rate for advance from mixed fund for non business Purposes Case Law Citation- CIT vs. M/s Kudu Industries (P&H High Court), DATE OF DECISION: 31.07.2015 In case of CIT vs. M/s Kudu Industries, P&H High Court held that In the absence of anything to indicate that the interest free advance […]