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Showing posts from May 5, 2016 News... News...
1.NIRC jointly with Vikas Marg CPE study circle is organizing seminar on taxation of real estate transactions and DVAT on 6th May 2016 from 5PM- 9PM at Crystal Banquets, near Nirman Vihar Metro Station, Delhi. Fees: Rs.500/-
2.Govt. notifies limit on sugar stock for dealers: [F. No. 1[6]/2016-SP-I] Dated: 29th April, 2016.
3.In absence of contumacious conduct, penalty u/s. 271C not leviable. [ITO (TDS), vs. Pushpanjali Hospital and Research Centre Pvt. Ltd. (ITAT Agra)].
4.Tax on damages for breach of contract received by immovable property buyer. [Rajesh Mayor vs. ITO (ITAT Amritsar)].
5.Transactions having contingent impact on profit/ losses are not international transactions. [Siro Clinpharm Pvt. Ltd. vs. DCIT (ITAT Mumbai)].
6.No local VAT on goods purchased inter-state or in the course of import in works contracts. [Commissioner, DVAT vs. ABB Ltd. (SC)].

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Rules get tighter for claiming HRA, LTA I- T department has introduced a new format to claim tax rebate

To check falsity by salaried taxpayers in claiming deductions, the income tax ( I- T) department has introduced a new form that all employees will need to give their employers this financial year onwards. Along with the new declaration (From 12BB), employees will also need to furnish evidence and information related to the deductions they claim. According to the government notification, if an individual claims housing rent allowance (HRA) of over ? 1 lakh, he or she will need to furnish name, address and permanent account number ( PAN) of the house owner. Those claiming leave travel allowance/ concession ( LTA or LTC) will need to give ‘ evidence of expenditure’. And, if you have a housing loan and claim deduction on the interest, you will need to provide PAN of the lender, along with its name and address. Similarly, relevant proof is needed for claiming deductions under Chapters VI- A ( A) and VI- A, which cover Sections 80C, 80CCC, 80CCD, 80E, 80G, 80TTA, et al. These rules take effec…

Firms getting more disciplined on currency hedging

Currency consultants are seeing some discipline in India’s companies when it comes to hedging, even as the rupee continues to remain stable and might remain so in the coming months. While larger ones are well- hedged, smaller firms are preferring to enter into short- term hedging and rolling it over. Importers are willing to hedge in the one- month basket, and exporters, too, are selling dollars for the near future, say currency dealers. This is a departure from the earlier practice of keeping foreign currency exposures largely un- hedged, inviting criticism from the Reserve Bank of India ( RBI) stating that the central bank wouldn’t be available to protect these firms if currency volatility tosses the currency bets upside down. Unsure of whether the repeated warnings would work, the central bank directed banks that the lenders have to set aside more money for their clients un- hedged exposures. This indirect pressure tactics worked, as capital- deficient banks tightened their purse str…

Ultra-Rich Must Declare Cost Price of Assets: CBDT

People with annual income of over Rs. 50 lakh will have to disclose the acquisition cost of all assets like land, building and ewellery in the Income-Tax return forms for assessment year 2016-17. The luxury items to be disclosed will also include utensils, apparels and furnitures studded with precious stones and ornaments made of gold, silver, platinum or any other precious metal or alloy. “The amount in respect of assets to be reported will be the cost price of such assets to the assessee,“ the CBDT has said while issuing instructions on the new ITR forms. The Economic Times New Delhi,05th May 2016

Sebi Asks Clearing Corp to Invest in FDs, Debt MFs

To ensure the “highest degree of safety“, Sebi on Wednesday asked clearing corporations to invest their money broadly in fixed deposits, government securities and liquid schemes of debt mutual funds. The market regulator has issued the circular in this regard after taking into consideration the recommendations made by an expert panel on issues pertaining to investment policy of clearing corporation. Clearing houses are associated with an exchange to handle the confirmation, settlement and delivery of transactions, fulfilling the main obligation of ensuring transactions in a prompt and efficient manner. While framing the `investment policy', the clearing corporations will have to consider highest degree of safety and least market risk, Securities and Exchange Board of India (Sebi) said. The investments need to be broadly in fixed deposits, central government securities and liquid schemes of debt mutual funds. These fixed deposits should be made with banks having a net worth of more than…

Must for Builders and Developers :

Must for Builders and Developers:

After section 80-IB of the Income-tax Act, section 80-IBA shall be inserted with effect from the 1st day of April, 2017. The section was inserted by Finance Act, 2016.

Where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business.
Approval of Project between : 01/06/2016 to 31/03/2019
Project Should be Completed within 3 Year of Approval. If approval for more than 1 time than 3 year from first approval.Project was deemed to be Completed when a certificate of completion of project as a whole is obtained in writing from the competent authority.

Where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing project shall be allotted to the individu…