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Archive: 22 January 2018

Posts in 22 January 2018

Section 80TTA- Allow deduction of Interest on all types of deposits

January 22, 2018 2718 Views 1 comment Print

Section 80TTA was inserted by the Finance Act, 2012 to provide deduction of up to Rs.10,000 in the hands of individuals and HUFs in respect of interest on savings account with banks, post offices and co-operative societies carrying on business of banking.

Section 80U: Incorporate Rights of Persons with Disabilities Act, 2016

January 22, 2018 1626 Views 1 comment Print

Section 80U, inter alia, provide for a deduction to an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability.

Section 80- IBA – Relaxation of certain conditions from 1.4.2018 – Relaxation may be effective from 1.4.2017

January 22, 2018 6921 Views 0 comment Print

Under section 80-IBA, inserted by the Finance Act, 2016 from 1.4.2017, deduction of 100% of profits derived from development of affordable housing projects approved on or after 1st June 2016 is available, subject to fulfilment of specified conditions.

Companies (Appointment and Qualification of Directors) Amendment Rules, 2018

January 22, 2018 13407 Views 0 comment Print

Every applicant, who intends to be appointed as director of an existing company shall make an application electronically in Form DIR-3, to the Central Government for allotment of a Director Identification Number (DIN) along with such fees as provided under the Companies (Registration Offices and Fees) Rules, 2014.

Affordable Housing Sec. 80-BA(2)(h): Condition of 80% need to be revised to 60% of FAR

January 22, 2018 3078 Views 0 comment Print

This clause (h) prescribes a condition towards utilisation of Floor Area Ratio (FAR) to be 90% in case of four metros and 80% in other places.

Incentivise investments in respect of agricultural infrastructure: ICAI

January 22, 2018 474 Views 0 comment Print

There is an urgent need to invest heavily in building up of a viable and efficient infrastructure in the agriculture sector in India. This would necessitate building up of proper computerized infrastructural facilities and electronic highways for procurement,

Empanelment of Insolvency Professionals with SBI

January 22, 2018 6510 Views 0 comment Print

Empanelment of Insolvency Professionals registered with Insolvency and Bankruptcy Board of India established under Insolvency & Bankruptcy Code, 2016

Section 80D Mediclaim- Allow Pro-rata deduction of single premium paid

January 22, 2018 3183 Views 0 comment Print

Pro-rata deduction of single premium paid in year one should be allowed over the term of the policy. E.g. if the premium paid is Rs.42,000/- for a 3-year policy, Rs.14,000/- should be allowed each year starting from the year in which the payment has been made

Section 80 IA Unit-wise deduction should be allowed: ICAI

January 22, 2018 10380 Views 0 comment Print

Plain reading of section 80-IA gives the impression that deduction under section 80-IA is available ‘unit wise’. But, nowadays, losses of other units are clubbed to deny deduction under section 80-IA of the Income-tax Act, 1961

No deduction U/s. 80G/80GGA for donations exceeding Rs. 10000 in cash- Individual contribution or aggregate contributions?

January 22, 2018 2040 Views 0 comment Print

Sub-section (5D) was inserted in section 80G and sub-section (2A) was inserted in section 80GGA to provide that no deduction shall be allowed under these sections in respect of donation of any sum exceeding Rs.10,000 unless such sum is paid by any mode other than cash.

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