INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Charitable trust : Registration can be cancelled only if activities of trust are not genuine or activities are not being carried out in accordance with objects of trust : DIT, Exemption v. Kodava Samaja (Karn) p. 218
F Amounts paid to sub-contractors for speedy disposal of goods by labourers : Disallowance of 30 per cent. not justified : CIT v. Clifford D'Soza (Karn) p. 224
F Notifications :
F Income-tax Act, 1961 :
Notification under section 35AC(1), Expln., clause (b) :
Eligible projects or schemes . . . 163
F Additional income in revised return and authorities finding revised return valid : No penalty could be levied : CIT v. Bhavinkumar M. Dagli (Guj) p. 389
F Disallowance of loss to fullest extent without discussion : Assessee submitting working of gross profit : Matter remanded : CIT v. Akar Laminators Ltd. (Guj) p. 394
F Disallowance of expenditure in relation to exempt income : Whether funds available for making investments : Matter remanded : CIT v. Akar Laminators Ltd. (Guj) p. 394
F Reassessment solely on direction by CIT (A) in another case : Tribunal set aside direction which was confirmed by High Court : Reassessment and notice not valid : Devendra Somabhai Naik v. Asst. CIT (Guj) p. 402
F State subsidy includible in income of assessee : Joint CIT (Assessment) v. Colourman Dyechem P. Ltd. (Guj) p. 411
F Claim of assessee not accepted by Revenue not a ground for imposing penalty : Principal CIT v. G. K. Properties P. Ltd. (T & AP) p. 417
F Limitation under section 154 starts from date of reassessment order : Rastriya Ispat Nigam Ltd. v. Asst. CIT (T & AP) p. 420
F Rectification of mistakes : Writ : Question whether the alleged mistake was debatable issue could not be considered : Rastriya Ispat Nigam Ltd. v. Asst. CIT (T&AP) p. 420
F Capital gains assessed in mother's hands based on her return : Inclusion of capital gains by son in declaration under VDIs : Assessment cannot be challenged in revision before Commissioner : Kurien Jose v. Asst. CIT (Ker) p. 442
F Duty of Tribunal to disclose basis when making an estimate : CIT v. Premkumar B. Rathi (Guj) p. 447
F Co-operative society engaged solely in provision of credit facilities to its members : Interest on deposits in banks entitled to special deduction : Guttigedarara Credit Co-operative Society Ltd. v. ITO (Karn) p.464
F Stock exchange registered as charitable trust used its profits for services of public utility : Entitled to exemption : CIT v. Jaipur Stock Exchange Ltd. (Raj) p. 469
F Software Technology Parks : Claim in respect of thirty-one undertakings : Finding that there were only thirteen undertaking : Exemption available only for thirteen undertakings : HCL Technologies v. Asst. CIT (Delhi) 483
F Funds allotted to a Government company for a scheme : Specific direction that interest on amount should be utilised for the scheme : Interest not assessable as income : CIT v. Karnataka State Agricultural Produce Processing and Export Corporation Ltd. (Karn) p. 496
F Foreign Government unable to pay for services : Agreement with Government of India and issue of compensation bonds : Loss attributable to receipt of such bonds not deductible under head "Capital gains" : Ircon International Ltd. v. Deputy CIT (Delhi) p. 503
F Subsidy received by assessee from its holding company against specific obligation to incur expenditure on specific activities : Unutilised subsidy not income of assessee in year of receipt : CIT v. Canon India P. Ltd. (Delhi) p. 514
F Conversion of land held as capital asset into stock-in-trade of business of development of property : Year of conversion of land into stock-in-trade to be determined : CIT v. Saffire Hotels P. Ltd. (Bom) p. 523
F Receipt of excess payment on sale of property alleged : No evidence of such receipt : No addition could be made to income : CIT v. Saffire Hotels P. Ltd. (Bom) p. 523
F Amount shown in second set of account books : Addition of amount justified : Quality Liquor Agencies v. Asst. CIT (Karn) p. 528
F Rules :
Income-tax (Thirteenth Amendment) Rules, 2015 . . . 137
F Circulars :
F C. B. D. T. Circulars/Instructions :
Instruction No. 10 of 2015, dated 16th September, 2015-Monitoring of Dossier cases-Re-fixation of monetary limits for various income-tax authorities . . . 138
Instruction No. 11 of 2015, dated 16th September, 2015-Reference to Transfer Pricing Officers in specified domestic transaction cases-reg. . . . 139
Instruction No. 12 of 2015, dated 17th September, 2015-Custody of refund vouchers-regarding. . . . 139
F Press Notes/Releases :
Applicability of Minimum Alternate Tax (MAT) on foreign companies having no PE in India-regarding . . . 140
F Notifications :
F Income-tax Act, 1961 :
Notification under section 10(6C) :
Income by way of royalty or fees for technical services received not includible . . . 137
F FIIs, PNs and Black Money : The SIT Report-T. C. A. Ramanujam and T. C. A. Sangeetha, Advocates . . . 27
F Sale of a capital asset converted into stock-in-trade : Tax treatment-S. K. Tyagi, Advocate . . . 17
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NSEL's money receipt from investors prima-facie 'deposit'; Non-repayment to invite criminal proceedings
HC dismisses NSEL's writ petition seeking to quash criminal proceedings against it for non repayment of deposits under Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 ('MPID Act'); Rejects NSEL's contention that invocation of MPID Act was without jurisdiction as NSEL did not accept any deposits, and only enabled trading; Observes that the term "deposit" defined u/s 2(c) of MPID Act "includes any receipt of money or acceptance of any valuable commodity by any financial establishment to be returned after specified period of otherwise, either in cash or kind or in the form of specified services with or without any benefit in the form of interest, bonus, profit or any other form."; Notes that since, in present case, NSEL assured its clients that if they invested in T+2 and T+25 schemes they would get assured returns of 14 to 16% pa, the receipt of money from investors was prima facie "deposit"; Also observes that NSEL had alternate efficacious remedy to apply for discharge before trial Court :Bombay HC
The ruling was delivered by Justice Ranjit More and Justice Anuja Prabhudessai.
Senior Advocates Aspy Chinoy, V. A. Thorat, Mahesh Jethmalani along with Mr. Ameet Naik, Mr. Abad Ponda, Mr. Anuj Jhunjhunwala, Mr. Vaibhav Bhure, Mr. Aasattulla Thugel, Mr. Rohit Mangsule argued on behalf of the Petitioner. The respondents were represented by Advocate General Anil Singh along with Mr. Avinash Avhad, Mr. K. V. Saste, Mr. Sandesh Patil, Mr. Afroz Shah.
LSI Note:
Division Bench of Madras HC had upheld an FIR against Chennai based IT co. under Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act 1997 ('TNPID Act') and confirmed police jurisdiction. [LSI-701-HC-2015-(MAD)]
AccountantsWorld Daily News| 10/5/2015 |
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How Landlords Can Write Off Rental Property Losses
(Accounting Web) There are strict limitations on losses from investments in tax shelter deals, such as limited partnerships. Generally, tax shelter losses can be offset only against income from similar investments. Shelter losses can't be used to wipe out taxes on nonshelter income, such as wages and stock market profits. However, the tough anti-shelter restrictions are subject to several exceptions for investors.
(Accounting Web) There are strict limitations on losses from investments in tax shelter deals, such as limited partnerships. Generally, tax shelter losses can be offset only against income from similar investments. Shelter losses can't be used to wipe out taxes on nonshelter income, such as wages and stock market profits. However, the tough anti-shelter restrictions are subject to several exceptions for investors.
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MORE HEADLINES
Will Your Favorite Tax Break Be Restored For 2015?
(Forbes) Congress is dithering over extending the nine individual income tax breaks that expired on Dec. 31, 2014.
(Forbes) Congress is dithering over extending the nine individual income tax breaks that expired on Dec. 31, 2014.
What we expect from Microsoft's massive device launch: new Surfaces, Lumias, and Band
(PC World) Hurricane Joaquin may be skipping New York City, but Microsoft's own maelstrom of hardware is still expected to hit October 6—most likely three new Lumia phones, an updated Surface Pro 4 tablet, and a new Microsoft Band.
(PC World) Hurricane Joaquin may be skipping New York City, but Microsoft's own maelstrom of hardware is still expected to hit October 6—most likely three new Lumia phones, an updated Surface Pro 4 tablet, and a new Microsoft Band.
US payrolls grew by 142,000 jobs in September
(CNBC)The economy gained 142,000 jobs last month, according to the Labor Department, which was below economists' expectations. The unemployment rate remained unchanged at 5.1%. Previously reported payroll gains during August and July were revised downward.
(CNBC)The economy gained 142,000 jobs last month, according to the Labor Department, which was below economists' expectations. The unemployment rate remained unchanged at 5.1%. Previously reported payroll gains during August and July were revised downward.
Employers may tweak health coverage to avoid "Cadillac Tax"
(Salt Lake Tribune) Employees may see changes to their health insurance coverage as employers look to avoid a 40% tax on high-cost health plans that is set to begin in 2018. To cut costs, companies may take a number of steps, ranging from promoting healthy living to increasing deductibles.
(Salt Lake Tribune) Employees may see changes to their health insurance coverage as employers look to avoid a 40% tax on high-cost health plans that is set to begin in 2018. To cut costs, companies may take a number of steps, ranging from promoting healthy living to increasing deductibles.
Taxation
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS
NEW DELHI
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF EXCISE AND CUSTOMS
NEW DELHI
CIRCULAR NO
186/5/2015-ST, Dated: October 05, 2015
To,
Principal Chief Commissioner / Chief Commissioner of Central Excise, Service Tax and Customs (All),
Director General of Service Tax
Director General of Audit
Director General of Central Excise Intelligence Principal Principal Commissioners of Service Tax (All)
Commissioners of Service Tax (All)
Commissioner (DPPR)
Director General of Service Tax
Director General of Audit
Director General of Central Excise Intelligence Principal Principal Commissioners of Service Tax (All)
Commissioners of Service Tax (All)
Commissioner (DPPR)
Subject: - Service tax levy on services provided by a Goods Transport Agency - reg.
The All India Transport Welfare Association (AITWA) has represented regarding the difficulties being faced by the Goods Transport Agencies (GTAs) in respect of service tax levy on the services of goods transport. Doubts has been raised by the All India Motor Transport Congress (AIMTC) regarding treatment given to various services provided by GTAs in the course of transportation of goods by road.
2. The issue has been examined. Since July 1, 2012, service tax has shifted to a negative list regime, by which all the services except those covered in negative list as mentioned in section 66D of the Finance Act, 1994 or those exempted by notification are chargeable to service tax.
3. Goods Transport Agency (GTA) has been defined to mean any person who provides service to a person in relation to transport of goods by road and issues consignment note, by whatever name called. The service provided is a composite service which may include various ancillary services such as loading/ unloading, packing/unpacking, transshipment, temporary storage etc., which are provided in the course of transportation of goods by road. These ancillary services may be provided by GTA himself or may be sub-contracted by the GTA. In either case, for the service provided, GTA issues a consignment note and the invoice issued by the GTA for providing the said service includes the value of ancillary services provided in the course of transportation of goods by road. These services are not provided as independent activities but are the means for successful provision of the principal service, namely, the transportation of goods by road.
4. A single composite service need not be broken into its components and considered as constituting separate services, if it is provided as such in the ordinary course of business. Thus, a composite service, even if it consists of more than one service, should be treated as a single service based on the main or principal service. While taking a view, both the form and substance of the transaction are to be taken into account. The guiding principle is to identify the essential features of the transaction. The interpretation of specified descriptions of services in such cases shall be based on the principle of interpretation enumerated in section 66 F of the Finance Act, 1994. Thus, if ancillary services are provided in the course of transportation of goods by road and the charges for such services are included in the invoice issued by the GTA, and not by any other person, such services would form part of GTA service and, therefore, the abatement of 70%, presently applicable to GTA service, would be available on it.
5. It is also clarified that transportation of goods by road by a GTA, in cases where GTA undertakes to reach/deliver the goods at destination within a stipulated time, should be considered as 'services of goods transport agency in relation to transportation of goods' for the purpose of notification No. 26/2012-ST dated 20.06.2012, serial number 7, so long as (a) the entire transportation of goods is by road; and (b) the GTA issues a consignment note, by whatever name called.
6. Pending disputes on the above issues may accordingly be decided expeditiously.
7. Trade & field formations may be informed suitably.
8. Hindi version will follow.
F. No. 354 / 98 /20015-TRU
(Dr Ravindra Kumar)
Technical Officer, TRU-II
Technical Officer, TRU-II
with regards,
---
CA. Mukesh SaranM.Com.,FCA, DISA(ICAI)
Lucknow
09415465330
SEBI enhances overseas investment limit for venture capital funds, issues guidelines & clarifications
SEBI issues guidelines for alternate investment funds (AIFs)/ Venture Capital Funds (VCFs) on overseas investments; States that VCFs registered under erstwhile SEBI (Venture Capital Funds) Regulations, 1996 are now permitted to invest in Offshore Venture Capital Undertakings which have an Indian connection upto 25% of VCF's investible funds (earlier it was 10%); Clarifies that VCFs shall not invest in Joint venture/Wholly Owned Subsidiary while making overseas investments; Further states that RBI already allows AIFs to invest in equity and equity linked instruments of offshore venture capital undertakings, which shall be subject to overall limit of USD 500 million; Clarifies that AIFs desirous of making investments in offshore venture capital undertakings shall submit their proposal for investment to SEBI for prior approval, no separate permission from RBI is necessary in this regard; Clarifies that the tenure of any scheme of AIF shall be calculated from the date of final closing of the scheme; Also enumerates responsibilities of managers, trustees & sponsors under such overseas investment schemes : SEBI
Click here to read more.
SEBI prescribes risk management norms for Commodity Derivatives Exchanges
With an objective of aligning and streamlining the risk management framework across National Commodity Derivatives Exchanges ('Exchanges'), SEBI finalizes comprehensive risk management framework; States that such provisions need to be implemented by Exchanges by January 1, 2016, clarifies that norms specified by FMC shall continue to be in force to the extent not modified / repealed by this circular; Core of risk management system of the Exchanges comprises of liquid assets, initial margins, extreme loss margins, additional margins, delivery period margin, minimum liquid networth requirement, base minimum capital and settlement guarantee fund: SEBI
Click here to read more.
Post FMC-merger, SEBI issues FAQs for Commodity Derivatives Exchanges' members, clarifies on registration requirements
SEBI issues FAQs for members of Commodity Derivatives Exchanges; Clarifies regarding the registration requirements for existing members of exchanges, and registration requirements for entities desirous of seeking membership after September 28, 2015; Refers Rule 8(1)(f) of Securities Contract (Regulation) Rules, 1957, which states that same legal entity cannot be engaged in securities and commodity derivatives, accordingly clarifies that stock broker dealing in equities cannot conduct broking activities in commodity derivatives and vice versa; States that existing member of commodity derivatives exchange, having membership with multiple exchanges shall apply separately through each commodity derivatives exchange, where he wants to continue to operate, within 3 months from September 28, 2015: SEBI
Click here to read more.
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