RBI asks banks to provide details of tax collections from April 1 to 3, 2015

IT/E&C/BANKING : Scheme for Collection of Dues of (I) Central Board of Direct Taxes (II) Central Board of Excise and Customs (III) Departmentalised Ministries Account – Furnishing of Statement of Residual Transactions - Financial Year 2014-15

NBFCs to have net owned funds of 2 crores to commence business of non-banking financial institution

NBFCs/INDIAN ACTS & RULES : Revised Regulatory Framework for NBFCs

Trust registration cancelled as it was formed to pass on concessional land and profits of hospital t

IT : Where society formed for providing concessional/free treatment EWS category people was allotted land at very concessional rate but its hospital was given out to Max group of companies to exploit same commercially, society was merely a "special purpose vehicle" to take advantage of concessional land and to pass off profit; its registration was to be cancelled

Cash award received by editor for excellence in journalism is tax-free as it is a capital receipt

IT : Rs. 1 lakh received by the appellant- assessee as an award from B.D. Goenka Trust for Excellence in Journalism would be a capital receipt and hence not income taxable under the Act, i.e. Income Tax Act, 1961

Income of spouse who owns independent source of income couldn't be clubbed with income of husband

IT : Assessee's claim for agricultural income was allowable where land was cultivable, irrigated and had high yielding fruit bearing trees and potentional to earn income

Using expression ‘inclusive of all taxes’ in a contract doesn’t mean that service tax was collected

Service Tax : Expression 'inclusive of taxes' only means that there would be no further rise in value of contracts in case any demands stands raised against service provider; it does not mean that 'service tax' stands collected from service recipient so as to be payable under section 73A, despite fact that services are eligible for exemption

Authority to pass speaking order for deciding the fate of stay applications

IT : When a stay application is to be considered and decided, it would be required for concerned authority to record reasons and then to reach to ultimate conclusion as to whether stay should be granted or not and if yes on what condition

Consideration received on sale of prospectus/admission forms can't be subjected to service tax

Service Tax : Prima facie, sale of prospectus and admission forms cannot be considered as commercial training and coaching services because prospectus are sold for consideration to many students out of which : (a) some may not apply for admission; and (b) some other may not get admission due to limited number of seats

Loss incurred in currency swap isn't speculative; set-off allowed with other heads of income

IT : Provisions of section 43(5) do not apply to currencies and, therefore, loss incurred by assessee in currency swap contract cannot be denied to be set off against other heads of income taking it as speculative loss

No penalty on NR for wrongly claiming exemption u/s 10(8A) for technical services under bona-fide be

IT : Where assessee received certain amount from Asian Development Bank for rendering engineering consultancy services, in view of fact that assessee was under a bona fide belief that said amount was exempt from tax in terms of agreement between parties and having regard to obligation of Government to bear tax on behalf of assessee, AO could not pass penalty order under section 271(1)(c) taking a view that amount in question was taxable in assessee's hands

Govt. announces setting-up of two additional benches of AAR at NCR and Mumbai

IT/ILT : Section 245-O of the Income-Tax Act, 1961 – Authority for Advance Rulings – Creation of Two Additional Benches of Authority for Advance Rulings (Income Tax) at Specified Places