MCA clarifies that Amounts received by Private Companies as loan from Members, Directors or Relatives prior to 01 April 2014 shall not be treated as Deposit

Much awaited relief is granted by the Ministry of Corporate Affairs vide its General Circular No. 05/2015, wherein it has clarified that amounts received by the Private Limited Companies from their members, directors or their relatives prior to 1st April Continue Reading

Draft Circular – Section 234A – INTEREST FOR DEFAULTS IN FURNISHING RETURN OF INCOME

DRAFT CIRCULAR NO. 2/2015 [F.NO.385/03/2015-IT(B), DATED 10-2-2015 Based on the Suprement Court Ruling in case of CIT v. Prannoy Roy, 309 ITR 231 (2009), CBDT has decided that interest under Section 234A shall not be levied on the Self Assessment Continue Reading

SAFE HARBOUR RULES FOR SPECIFIED DOMESTIC TRANSACTION NOTIFIED

SAFE HARBOUR RULES FOR SPECIFIED DOMESTIC TRANSACTION NOTIFIED INCOME-TAX (SECOND AMENDMENT) RULES, 2015 – AMENDMENT IN RULES 10D, 10TA AND INSERTION OF RULES 10TH, 10THA, 10THB, 10THC, 10THD AND FORM 3CEFB NOTIFICATION NO. 11/2015 [F.NO.142/7/2014-TPL]/SO 350(E), DATED 4-2-2015 In exercise of Continue Reading

CLARIFICATION AS TO WHETHER PROVISION OF SECTION 143(1D) PERMITS PROCESSING OF RETURNS HAVING A REFUND CLAIM, WHERE NOTICE UNDER SECTION 143(2) HAS BEEN ISSUED

Vide INSTRUCTION NO.1/2015 [F.NO.225/319/2014-ITAT.II], DATED 13-1-2015, CDBT has clarified that the processing of a return cannot be undertaken after notice has been issued under sub-section (2) of section 143 of the Act. CBDT Further clarified that it shall be desirable that scrutiny Continue Reading