N K GOEL AND BROS.

Comments on accounting standards ICDS invited till Dec 15 http://mybs.in/2S28gWE -- CA Yashu Goel 9899263490 yashu.goel@icai.org

The CBDT has issued a press release dated 14.10.2015 stating that the condition of obtaining the certificate for claiming expenditure under section 80DDB in respect of specified ailments from a specialist working in a Government hospital has been amended. As per amended Rule 11DD, the prescription can be issued by any specialist mentioned in the amended Rule. Henceforth, it will not be mandatory to obtain a certificate from a specialist working in a Government hospital Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 14th October, 2015 Subject: Claiming of medical expenditure for tax purposes made easy. One of the pillars of the of the taxation proposals included in the Finance Minister's budget speech for 2015-16 was extension of benefits to the middle class. In this process the Finance Minister announced extension of certain benefits in respect of medical treatment under section 80DDB. This section allows a deduc...

Department of Trade & Taxes Delhi, has notified a scheme dated 08-10-2015 introducing an award scheme for the general public " Bill Banvao Inaam Pao" The scheme would be for Bill/ Cash Memo /Retail Invoice of purchases made from  a registered dealer in Delhi. Prize money is maximum Rs 50000 CA Yashu Goel

Santa: I have heard recently that Mr. Rajan has reduced Repo Rate by 50 basis points and everyone is saying that this is good for the market. Loan EMI may also come down. What is this rate cut means actually? I want to understand this. Banta: To understand this you first need to know, how does a bank function. Santa: Why? Banta: Because all these are inter-related. Tell me – what does a bank do? Santa: Bank takes money from depositors and gives loan to earn interest. That way they keep everyone happy and make a profit also. Banta: Correct, but there are more to it. Let me explain this in a very simplistic way. Bank needs money. Bank can get money from depositors like you and me and also from RBI. But bank also needs to pay certain interest to us and also to RBI. Santa: Ok. Banta: Let us try to understand first – what happens when we deposit, say, Rs. 100 with a bank. Santa: I know that. Bank gives that Rs. 100 to someone who needs a loan. Banta: No, it is not that sim...

    The IT department has decided to launch a new system of issuing email notices to which an assessee can respond electronically, obviating the need for a physical interface with the taxman which often led to complaints about harassment.    The Central Board of Direct Taxes, the apex policy-making body of the IT department, is working on a strategy to create the required processes and capacity in this regard.      Explaining the procedure,CBDT Chairperson Anita Kapur said if a taxpayer provides the department with a bonafide email address in his Income Tax Return (ITR), the Board will be able to send him an e-notice and not a paper document dispatched through post for which he usually has to travel and meet the Assessing Officer (AO).    "The taxpayer can respond through the email and if we have some more queries we give you another notice by the electronic medium so that both the AO and the taxpayer remain in an e-environment ...

A section 54 claim cannot be rejected on grounds that new house was purchased in a foreign country in foreign currency [2014] 51 taxmann.com 56 (Chennai - Trib.)  IN THE ITAT CHENNAI BENCH 'C'  N. Ranganathan  v.  Income-tax Officer * -- M/s N.K. Goel & Bros. WWW.TaxingNarad.COM Chartered Accountants CA Yashu Goel 9899263490

MCA amends Companies Deposit Rules to exclude loans from relatives of directors by private company from definition of deposits Important amendments applicable from 15th September 2015 includes: • Loans from relatives of directors of a private company only • Such money should not be out of borrowed funds • Details of deposits from directors and their relatives to be given in Board Report • All Limits under rule 3 for accepting deposits to include share premium