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Though final decision rests with the assessing officer, keeping the proof that those efforts to get a tenant went in vain can help Many people with a second non- rented property resign themselves to the fact that they have to pay income tax on the amount they have supposedly received. This amount is the higher of the municipal rates and the market rate of a similar property in the same locality. There is a way out. According to tax experts, if you have not rented out the property and can provide sufficient proof that you tried but did not get a tenant, the taxman may give you relief. If a person has tried to let out the house but failed to do so despite genuine efforts, he or she can claim deduction as vacancy allowance under Section 23( 1)( c) of the Income Tax Act. “ To ensure that such claims are accepted, a person needs to preserve the proof of efforts made. For example, a clipping of an advertisement in a newspaper, listing details of the house on property websites, and pi

Draft paper allows wider set of investors, higher limits Hours after Economic Affairs Secretary Shaktikanta Das said in New Delhi that the government was in discussions with the Reserve Bank of India ( RBI) to ease some of the rules for external commercial borrowings ( ECBs), the central bank came out with a draft paper that allowed Indian companies to raise funds from a wider class of lenders. The RBI said companies wouldnow be able to borrow up to $50 million in ECBs with threeyear maturities and more than $50 million for five- year maturities, from the earlier $ 20 million. According to the proposal, companies can now take the ECB route for raising 10- year funds which is capped at five years now. Overseas regulated financial entities, pension funds, insurance funds, sovereign wealth funds and similar other long- term investors are included in the list of recognised lenders for long- term funding into India. The draft paper also said the central bank would now allow real est

Updates Of the Day 1.ICAI Membership and COP Fee for the year 2015-2016 is payable on or before 30th September, 2015. 2.The Central Govt. has notified the Mines and minerals (contribution to district mineral foundation) rules, 2015, wef 12.01.2015. 3.Goods imported without valid licence liable to confiscation & redemption fine : Supreme Court : CCI, Raigad vs. Finacord chemcals (P) ltd. 4.Amended section 11B applicable in cases where implementation of order under un-amended section 11B is pending – CCE vs. Dalmia Cement (Bharat) Ltd.: Supreme Court of India. 5.Extended period invoked cannot be more than what is specified in Act– Dharampal Lalchand Chug vs CCE: Bombay High Court. 6.Disallowance u/s. 40(a) (ia) justified for deduction of TDS under wrong section : Kerala High Court : CIT vs. P V S Memorial Hospital Ltd. For more New Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

The Reserve Bank will issue Rs. 500 and Rs. 1,000 bank notes with additional features to aid the visually impaired in identification. The RBI had recently put into circulation Rs. 500 bank notes with numerals in ascending size in number panels but without bleed lines and enlarged identification mark. “It has now added two more features to aid visually impaired in easy identification of bank notes apart from securing them against counterfeiting,“ RBI said in a release. The central bank said the new Rs. 500 de Rs. 1,000 and nomination bank notes will have numerals in both the numbering panels. The Economic Times, New Delhi, 23rd Sept. 2015

The government has extended the validity of industrial licence for defence sector for the second time this year, increasing it to 15 years with provision for a further extension of three years to promote defence manufacturing and ease of doing business. In April, the government had increased the validity of the licence to seven years, with provision for extending it up to 10 years. “This is being done as a measure to further promote ease of doing business, in view of the long gestation period of defence contracts to mature,“ the Department of Industrial Policy and Promotion (DIPP) said in a press note. In case a licence has already expired the licensee will have to apply for a fresh licence, the note said. Stepping up defence production in India to make do with minimum imports is a crucial element of the Narendra Modi government's `Make in India' campaign. Since assuming office in May last year, the government has in a series of measures aimed at freeing up the sect

The government will not extend the deadline for income tax assesses to disclose unaccounted foreign assets abroad beyond September 30, the expiry date of the threemonth compliance window to avoid punitive action, V Anandarajan, joint secretary, Central Board of Direct Taxes said on Tuesday. Business Standard, New Delhi, 23rd Sept. 2015

All “consequences“ of law will follow and the taxman will go after black money hoarders who do not declare their illegal funds before the expiry of a one-time 90-day compliance window' on September 30, the CBDT chief warned on Monday. The CBDT, the apex policymaking body of the income tax department, also made it clear that all anti-harassment and pro-confidentiality procedures have been put in place by it for those people who want to avail this window before the September 30 deadline followed by payment of taxes and penalty before December 31. “Tomorrow, if it is known that there is some wrong or no filing by a person holding black money, then the accountability rests with that person. If you do not use the (one time black money declaration) win dow, then we assume that you deliberately hid your foreign asset. When you avoid law then all consequences of law should follow...,“ CBDT chairperson Anita Kapur told PTI. The top boss of the I-T department said the Board is consta