"20 January 2016" Archive

Alternative Investment Policy Advisory Committee Report on Creating Favourable Tax and Investment Environment

India’s economic environment is positive and is going through a period of accelerated growth and innovation. Long-term and stable risk capital is much needed for development to meet the demands of a large population in a competitive and modernizing world. Reforms to promote AIFs in these propitious conditions are well justified as they ...

Posted Under: SEBI |

How to account for Government Grants under Ind AS 20

The objective of IND AS 20 is to lay down the accounting treatment and disclosure norms of govt. grant & govt. assistance such as subsidies, subventions, etc. This standard shall not apply to: Special problems arising in accounting for government grants in financial statements reflecting the effects of changing prices or in supplementary...

Posted Under: SEBI |

Institutional Trading Platform- Start-up India; Stand-up India

In order to facilitate capital raising by small and medium enterprises including start-up companies which are in their early stages of growth and to provide for easier exit options for informed investors like angel investors, VCFs and PEs etc., from such companies, SEBI has decided to permit listing without an Initial Public Offer and tra...

Posted Under: SEBI |

Obviate Hardships Arising In Relation to Claiming of Credit For Tax Deducted U/S. 199

Section 199 read with rule 37BA deal with the provisions in regard to granting credit for tax deducted. However, there are a number of situations, where in actual practice, it becomes extremely difficult or at times, even virtually impossible for the person entitled to claim credit for tax so deducted....

Posted Under: SEBI |

Allow making of fresh claim during assessment proceedings

It has been observed that in many cases an assessee may wish to make a claim which was not made in the return of income filed under section 139. Where the assessee makes a claim of any expenditure or a deduction during the assessment proceedings which had not been made in the return of income […]...

Posted Under: SEBI |

Resolve Practical Difficulties Faced by Persons Granted Certificates For Lower TDS Deduction U/s. 197

Section 197 read with Rules 28, 28AA and 28AB prescribe guidelines and procedure for issue of a certificate for TDS at a lower rate in the case of a person, when the Assessing Officer is satisfied that the total income of such person liable to TDS justifies the deduction of income-tax at any lower rate or no deduction of Income tax....

Posted Under: SEBI |

No Reopening of Assessment to be made on Audit Objections: Committee Recommends

One of the key sources of dispute is the existing arrangement for follow up on audit objections by Internal Audit Party and the Revenue Audit Party. In terms of the existing arrangement, the Assessing Officer is required to take corrective steps following audit objections. The corrective measures take the form of rectification or reassess...

Posted Under: SEBI |

Deffer Implementation of ICDS : Committee Recommends

By notification No. 892(E) dated 31st March, 2015 issued by virtue of the powers conferred under Section 145(2) of the Income tax Act, 1961, the Central Government notified Income Computation and Disclosure Standards with effect from 1-4-2015 (AY 2016-17). These standards are applicable to the computation of income under the heads Profits...

Posted Under: SEBI |

Proposal to not to retain Income Tax Refund for Completion of Scrutiny Proceeding

It is desirable that any refund due to an assessee, under the Income-tax Return filed by him comes to be processed and issued to him within a stipulated time frame of maximum six months from the end of the month in which the tax return is filed. Infact, in the recent past, it has been the endeavour of the Income-tax Department to issue pr...

Posted Under: SEBI |

No Addition U/s. 56 for Immovable Property received at less than stamp duty value

The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding 50,000, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual...

Posted Under: SEBI |

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