It is hereby informed that the declaration of results of Chartered Accountants Final examination held in November 2017, Common Proficiency Test held in December 2017 and the ISA-AT held in December 2017, earlier scheduled at 2.00 PM on 17th January 2018, Wednesday, stands rescheduled.
Section 35AD of the Act extends investment linked incentives to taxpayers with respect to the capital expenditure incurred for setting up and operation of specified businesses. Further, once investment linked incentive for the capital expenditure is availed under this Section, no benefit shall be allowed in respect of such specified business under Chapter VIA (Deductions in respect of certain incomes) and Section 10AA of the Act.
The amendments under the Companies (Amendment) Act, 2017, are broadly aimed at: addressing difficulties in implementation owing to stringent compliance requirements; facilitating ease of doing business in order to promote growth with employment; harmonisation with the Accounting Standards, the Securities and Exchange Board of India Act, 1992 and the regulations made thereunder, and the Reserve Bank of India Act, 1934 and the regulations made thereunder;
Under GST regime, transactions between employer-employee and GST implications on the same are one of the major disputed areas. Based on the provisions, we will now discuss some Employee-Employer Transactions in brief:- A. Allowances v Reimbursements on Actual
In the opinion of author restriction on ITC benefit in respect of motor vehicle DOES NOT get extended to repairs, insurance etc. for motor vehicles and as such there is no bar in availability of ITC on these services. Following analysis is relevant in this regard.
Currently, there is no clarity whether a company engaged in the business of development and sale of software or providing IT / Information Technology Enabled Services (ITES) services, is eligible for weighted deduction on the R&D expenditure incurred by it.
Undisputedly, interest-free funds available with assessee were far in excess of amount advanced to sister concern and a presumption would arise in favour of the assessee that interest-free funds had been utilized for advancing interest free loan to the sister cocnern, therefore, disallowance of deduction under section 36(1)(iii) was not justified.
In the pharmaceutical Sector, discovery is a lengthy, risky and expensive proposition. In this business environment, necessitated by the current business needs, companies have to incur expenditure towards scientific research outside their Research & Development (R&D) facility for e.g. expenditure incurred outside the approved R&D facility towards clinical trials
Section 35(2AB) of the Act has been gradually amended to provide increased tax benefits on expenditure incurred towards in-house R&D facilities i.e. from 125 per cent to 200 per cent. However, Section 35(1)(iia) of the Act, which provides tax incentives in respect of payments made to R&D company, has remained same at 125 per cent.
The Kerala High Court, in M/S Indus Towers Limited Vs. The Assistant State Tax Officer, held that the power of detention contemplated under Section 129 of the SGST Act can be exercised only in respect of goods which are liable to be confiscated under Section 130 of the SGST Act.
