Home Highlights June 2011 Year 2011 This

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1. Amendment of section 194LA. - TDS - no deduction shall be made in case where the amount of compensation or aggregate of such sum relating to acquisition of immovable...

2. Amendment of section 35. - to reduce the said weighted deduction from one hundred seventy-five per cent. to one hundred fifty per cent. from financial year 2017-2018 to...

3. Deduction on salary and family pension enhanced for taxpayers opting for new tax regime. Standard deduction on salary increased from fifty thousand to seventy five...

4. Classification of goods - ball point pen ink - The Tribunal found that the Central Excise Tariff entries for ball point pen ink are not aligned with the Harmonized...

5. Historic announcements on ending corruption and black money by PM; Five hundred and one thousand rupee notes will no longer be legal tender from midnight tonight

6. Classification of goods - rate of GST - Technical Varnish - The Tariff Heading 3215 covers all Goods, including printing ink, writing or drawing ink and other inks,...

7. Amendment of section 87A. - an individual resident, whose total income does not exceed five hundred thousand rupees (5 lacs), is eligible for rebate in income-tax equal...

8. Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

9. Amendment of section 194C. - TDS - the person responsible for paying the sums referred to in subsection (1) of the said section shall be liable to deduct income-tax,...

10. Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

11. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

12. Amendment of section 194DA. - TDS - any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus...

13. This trade circular provides clarifications regarding the applicability of GST on certain services based on the recommendations of the 53rd GST Council meeting. The key...

14. Addition on interest expenditure - principle of “consistency” - interest in the nature of penalty - when on identical facts, the Department has not made any disallowance...

15. Amendment of section 194BB. - TDS any person responsible for paying to any person any income by way of winning from horse race in excess of five thousand rupees shall...