Income Tax

Under “block of assets”, user of individual assets is not required: Delhi High Court.

CIT vs. Bharat Aluminium (Delhi High Court)
The assessee purchased machinery which was not put to use during the year though it formed a part of the “block of assets”. On the question whether depreciation on the said machinery was allowable, the Tribunal held that once a particular asset falls within the block, it is added to the WDV and depreciation is to be allowed on the block. The individual asset loses its identity and the question whether an individual asset is put to use in a particular year or not is irrelevant inasmuch as the requirement of law is to establish the use of the block of assets and not the use of particular equipment. On appeal by the Revenue, HELD affirming the Tribunal’s order.

Parliament Winter Session

Bills to be introduced and no of amendments to be made in this winter session of parliament.
-Bill on GST,Direct Tax Code
-Bill to empower RBI to inspect associate entities of Bank.
-Amendment in constitution,SEBI Act,

Direct Tax Code

Under Section 10 (23C) of the Income Tax Act, any trust or institution that works wholly for public religious and charitable purposes and is approved by the chief commissioner or director general, is tax exempt.However the Code has removed "relegious" purpose from exemption purview.
However Now the Finance Ministry can drop this proposal to tax religious trust.

Direct Tax Code

CBDT Feels that DTC needs some changes.
-Corporate tax Will ramain at 30%
-No EET Scheme on retirement savings
- Re-examining the defination of salary income