Article discusses two clauses of finance bill 1. Restriction on the Loss On House Property and 2. Penalty For Furnishing Incorrect Information In Reports Or Certificates which are detrimental to the economy, tax payer and the intermediary between the tax payer and the tax authorities i.e. the tax representatives.
The key highlights of this Budget are that the focus is towards broadening the tax base by increased reliance on digitization, removing irritants, simplicity, rationalizing tax provisions so as to reduce litigation and, bring certainty and clarity to the taxpayers as regards the tax regime, rewarding honest and penalizing the errant, all of which we have discussed with the respective proposed amendments herein below.
It was an arranged meeting of friends, all, accounting professionals with more than 30 years of experience when I met two of my friends on a sunny day, recently. We discussed serious accounting issues also, among other things and got into “depreciation standards” in India and abroad for expensing in the tax year. When I […]
After it was almost clear after 9th meeting of GST Council that GST may now be implemented from July, 2017 only, at the earliest, all eyes were on the Union Budget 2017-18 which has since been presented in the Parliament of India on 1st February, 2017.
As part of the Ministry’s efforts towards promoting Ease of Doing Business to stakeholders, MCA (Ministry of Corporate Affairs) notified the New version of SPICe (Form INC-32) with date of effect as 30th January 2017
Economic Survey 2016-17 discussed on major distortions in internal trade in the existing tax system and also hoped that GST will normalize the situation. Major distortions identified are:-
Rate of tax for all assessee Individual reduced from 10% to 5% in slab of Rs. 2,50,000 to Rs. 5,00,000. Introduction of Surcharge at 10% for assessee having income between Rs. 50 lacs to Rs. 1 Crore. Simplified form for filing income tax return to be announced which will be a one-page form only.
The appellant has assailed the legality and validity of the impugned judgement of conviction under Section 302 of the IPC and sentence of life imprisonment which has been awarded to him by the trial Court in ST No.379/99 for committing murder of deceased Etwa Ram.
Fact that direct one to one relationship between purchases and sales have not been established, I am of the view that estimation of 12.5% as profit embedded in impugned purchases shown from these tainted parties and adding the same to the total income returned, would meet the ends of justice.
These Appeals under Section 260A of the Income Tax Act, 1961 (the Act), challenge a common order dated 11th October, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The common impugned order deleted the penalty imposed upon the Respondent Assessee for the Assessment Years 200304, 200405, 200506 and 2006-07.
