a) The petitioner claims to be entitled to extension of due date of filing income-tax return (‘ITR’) (i.e., September 30, 2015) due to the delay on the part of the respondents in prescribing the ITR forms. |
b) It was contended that the said forms were prescribed only vide Notification dated 29th July, 2015 and were made available only with effect from August 7, 2015. The argument of the counsel for the petitioner was that since the Assessment Year 2015-2016 commenced on 1st April, 2015 and the due date for filing the return is 30th September, 2015, so 180 days are to be made available to the assessee to file the return. |
The Delhi High Court held as under: |
No Interfere by Hon'ble H.C in extension of due date
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Compliance window under Black Money Act
The Hon'ble Finance Minister in his
budget speech for 2015-16 had proposed introduction of Black Money Bill in the
Parliament. The Bill was passed by the Parliament in its budget session. The
Bill received the assent of the President on May 26, 2015 and it became the
law. It is to be called as "The Black Money (Undisclosed Foreign Income
and Assets) and Imposition of Tax Act, 2015" ("the Black Money
Act"). It has been clarified by the Government that such Black Money Act
would be applicable from July 1, 2015.
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NO TDS on payments made to corporations whose income is exempt u/s-10(26BBB) of the Income Tax Act,1961
The CBDT has issued Circular No. 07 dated 23.04.2015 stating that the CBDT has decided that since corporations covered under Section 10(26BBB) satisfy the two conditions of Circular No. 4/2002 i.e. unconditional exemption of income under Section 10 and no statutory liability to file return of income under Section 139, therefore any corporation whose income is exempted under Section 10(26BBB) of the Act will also be entitled to the benefit of the said Circular. Hence there would be no requirement for tax deduction at source from the payments made to such corporations since their income is anyway exempted under the Act.
copy of circular can be find under link below
Circular
copy of circular can be find under link below
Circular
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A note on DUTY DRAWBACK
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The term drawback is applied to a certain amount
of duties of Customs/central excise, some times the whole, some times only a
part remitted or paid by Government on the exportation of the commodities on
which they were levied. To entitle goods to drawback, they must be exported to
a foreign port, the object of the relief afforded by the Drawback being to
enable the goods to be disposed of in the foreign market as if they had never
been taxed at all. For Customs purpose drawback means the refund of duty of
customs and duty of central Excise that are chargeable on imported and
indigenous materials used in the manufacture of Exported goods.
This scheme applies to
a. export goods imported into India as such
b. export goods imported into India after having been taken for use
c. export goods manufactured / produced out of
imported material
d. export goods manufactured / produced out of indigenous material
e. Export goods manufactured /produced out of
imported or and indigenous materials.
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it is not open to the assessee to bifurcate Depreciation into current & C/F depreciation to claim u/s 32 of I.T.Act
S. 32: The assessee has the
right to disclaim depreciation in its entirety. However, it cannot claim
depreciation for the current year and disclaim unabsorbed depreciation
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The assessee claimed
the depreciation allowance insofar as it pertained to the current year. At the
same time, it did not want to claim the set off of the unabsorbed depreciation
allowance of the previous years. The Supreme Court had to consider whether it
is open to the assessee to invoke the provisions of Section 32 of the Act by
claiming depreciation of the current year, but at the same time choose not to
make a claim of set off of unabsorbed depreciation allowance of the previous
years. HELD by the Supreme Court rejecting the plea:
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