Provided below are some of the main highlights of budget 2014-15 more from business point of view. We will update it during the budget day and provide detailed analysis later. E Payment Gateways for all government payments Focus on SEZ Definition of MSME to be revised to increase the capital limit Liberalization of AGR GDR…Details
CBDT has extended due date of filing Tax Audit Report electronically only to 31st October, 2013 and has given an option to file Tax Audit Report physically before 30th September, 2013. There is no extension of date of filing of Income Tax Return and Tax Audit report, its only an alternative remedy to file Tax…Details
VCES – Voluntary Compliance Encouragement Scheme,2013 The Honorable Finance Minister has introduced Service Tax Voluntary Compliance Scheme in his budget speech for the year 2013. This scheme is aimed to recover service tax dues based on self declaration by assessees of any service tax not declared for the period 01.10.2007 to 31.12.2012 and not paid…Details
It has been held by the Honorable ITAT Pune in the case of Amruta Organics Pvt. Ltd. Vs DCIT that penalty u/s 271(1)(c) cannot be levied where there is a bonafide mistake made by the assessee without any intention to evade tax. In this case the company was already showing losses for the previous years…Details
Investment allowance @15 % allowed as deduction for new investment in Plant & Machinery over Rs. 100 Crores in addition to depreciation.
In case of First Home Loan upto Rs. 25 Lacs additional deduction upto Rs. 1 lac in Interest is allowed.
In the recent case law of Sanofi Pasteur Holding SA Vs Dept of Revenue, Andhra HC there are various landmark analysis of various provision of DTAA, Income Tax as well as, various distinguishing features as compared to the Vodafone case. Facts of the case In August, 2009 M/s Sanofi Pasteur Holding SA, France acquired the entire…Details
[img w=”599″ h=”377″]http://www.ahujaandahuja.in/wp-content/uploads/2012/09/tax-saving-house2.jpg[/img] A penny saved is a penny earned. Nothing can be truer than this when it comes to smart investing through better tax planning. Many investors look at only the gross returns while evaluating the merit of a financial investment. A home loan facility provides many tax benefits to the individual assessee under…Details
The Honorable Supreme Court in its judgement dated 11th September, 2012 has held that change in legal position due to reversal of a judgement by a higher court is not a valid ground for reopening of assessment u/s 147 when the assessment was finalised on the basis of law in force at the time of…Details
The Honorable Supreme Court in its judgement dated 12th September, 2012 has held that the onus to prove that the donors of gift has financial capacity to give gifts is on the assessee. Also, simply stating the fact that the donors were assessed to Singapore Income Tax is not sufficient enough to prove the financial…Details
Currently many Advocates, Doctors and Other Professionals are hired by employers an full time basis but the payment made to them are treated as retainership fees and TDS is deducted on the same under section 194J of Income Tax Act. However, the Hyderabad ITAT in the case of Dy. CIT v Wockhardt Hospitals Ltd. has…Details