Thursday, 20 August 2015

PROFESSIONAL UPDATES & CA NEWS by CA Kasliwal Ambar- 20th August 2015

# IT: Interest u/s 234B - no direction had actually been given in the assessment order for payment of interest - Form I.T.N.S.150 contained a calculation of interest payable on the tax assessed - this Form must be treated as part of the assessment order in the wider sense - levy of interest confirmed (Supreme Court)

# ST: Franchise service - Nature of Receipt of course fees - Only because all the fees are provided in one Agreement does not necessarily lead to a conclusion that the different components of fees are only for the purpose of grant of franchise (CESTAT Mumbai)

# IT: Finance ministry mulls 1% Income Tax rebate for credit/debit card payments.

# IT: CBDT amends IT Rules to notify that computation of Period of Stay in India of an Indian Citizen being Member of Crew of a Ship shall be as per Voyage Discharge Certificate (VDC).

# IT: CBDT to clarify on the period for which foreign bank account details disclosures required under black money law through second set of FAQs on the black money.

# GST: Government pushing ahead with GST; Two verticals created for implementation.

# Vacancies: HDFC bank needs Credit Manager in Punjab, Haryana & Rajasthan. Contact: Mr. Raghav Mahajan (+917307211397) / Email: raghav.mahajan1@hdfcbank.com

- CA Kasliwal Ambar

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