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Archive: 13 March 2016

Posts in 13 March 2016

Govt subsidy to reduce production cost eligible for 80IB deduction: SC

March 13, 2016 4648 Views 0 comment Print

Exemption available under Chapter VI-A in respect of profits of industrial undertakings is available only in respect of income qualifying the litmus test of “profits or gain derived from undertaking”. The revenue and assessees have been locking their horns over the issue of Subsidies

Uneasy Increase in limitation period for issuing SCN

March 13, 2016 14863 Views 2 comments Print

Amongst the flurry of changes brought in by the Union Budget 2016 seeking to reform the Country’s taxation system and thereby improve ease of doing business, changes made in respect of extension of period within, which the Department can issue a Show Cause Notice in non-fraud cases, seems detrimental towards ease of doing business.

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