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The Institute of Chartered Accountants of India considers it a privilege to submit its suggestions on GST Law. We have segregated the 152 suggestions in 3 parts: Policy related issues, Law Related Issues, Procedural Issues
The author in these editorial gives a brief overview of the Companies Amendment Act, 2017 and has classified the amendments in the most simplest and understandable manner.
Eligibility for Condonation Of Delay Scheme, 2018: Condonation Of Delay Scheme, 2018 is available to all the defaulting companies other than the companies which have been stuck off or whose names have been removed from the register of companies.
Seeking enhanced outlay for education in the coming Budget, the ASSOCHAM has sent a communication to the Finance Minister Mr Arun Jaitley, also making out a case for relief to higher education under Goods and Services Tax (GST).
Students registered in only one of the Groups of Intermediate (Integrated Professional Competence) / Intermediate (Professional Competence) Course and register for Group 2 / Group 1 in New Scheme of Education and Training implemented w.e.f 1st July 2017 have to compulsorily convert Group 1 / Group 2 in New Scheme of Education and Training
The amendment to Section 35AD(3) of the Act introduced by the Finance Act, 2010, seeks to prevent a taxpayer from claiming dual deduction in respect of the same business. It appears that if a taxpayer carrying on a specified business does not claim deduction under Section 35AD of the Act, he may opt for deduction under the relevant provisions of Chapter VI-A or Section 10AA of the Act, if the same exist for such business and it is more beneficial.
M/s. Gujrani & Co. Vs. Income Tax Officer (ITAT Kolkata) It is observed that the audit expenses of Rs. 5,19,238/- were claimed to be incurred by the assessee- company towards traveling and conveyance of the Articled Clerks, who were C.A. students receiving training from the assessee- firm. It was contended by the assessee during the […]
At present, Tax Saving FDR is allowed as deduction u/s 80C but its interest is taxable. It is pertinent to note that the deduction u/s 80C on reinvestment of interest on NSC is available.
The DSIR guidelines provide that eligible capital expenditure on R&D will include expenditure on plant, equipment or any other tangible item only. It also provide that capital expenditure of intangible nature is not eligible for weighted deduction.
The provisional figures of Direct Tax collections up to 15th January, 2018 show that net collections are at ₹ 6.89 lakh crore which is 18.7% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 70.3% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore).
