"23 January 2018" Archive - Page 3

Section 245Q – Need for Rationalisation of filing fees for AAR

Vide the Finance Act, 2017, section 245Q has been amended so as to enlarge/expand the scope of Authority for Advance Rulings to cover cases relating to central excise, custom duty and service tax and thus have single AAR...

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Posted Under: Income Tax |

Input Credit of GST on Purchase of Motor Vehicle

This articles discuss about availability of input credit for purchase, repair etc. of Motor Vehicle for the registered persons not engaged in GTA or passengers transport service...

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Posted Under: Income Tax |

Fix specific time limit for initiating & completing TDS proceedings U/s. 201: ICAI

Presently, there is no time limit specified by the Act for initiating & completion of TDS proceedings under section 201 of the Act in respect of payments made to nonresidents. Thus, the TDS returns are scrutinized by the assessing officers for past years without any limit...

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Posted Under: Income Tax |

ICAI suggestion to reduce Mismatch in TDS / TCS data

The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to file statements of TDS/TCS in time....

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Posted Under: Income Tax |

ICAI suggest Interest on delayed payment of interest on daily basis

As per the provisions of section 201(1A), interest is charged on monthly basis. Even for delay in payment or deduction of tax at source by one day, interest is charged for the whole month....

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Posted Under: Income Tax |

Sections 1 & 4 of Companies (Amendment) Act, 2017 applicable wef 26.01.2018: MCA

S.O. 351(E) 23/01/2018

Central Government hereby appoints the 26th January, 2018 as the date on which the provisions of Section 1 and section 4 of the Companies (Amendment) Act, 2017 shall come into force....

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Payment to non-residents: ICAI suggest consideration of section 54 to 54F while issuing Lower or Nil tax deduction certificate

Section 195(1) of the Income-tax Act, 1961 provides for the applicability of TDS provisions on any person responsible for paying to a non-resident subject to exceptions as provided in the section....

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Posted Under: Income Tax |

Sec.115O Inter Corporate DDT / Grossing up DDT Rate / Abolish DDT: ICAI

The Finance Act, 2008 amended the provisions of section 115-O to eliminate the hardship of double taxation arising on account of cascading effect of DDT in case of intercorporate dividend. This is a step in right direction. However, the same mitigates the hardship partially....

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Posted Under: Income Tax |

Dispose application for Lower deduction U/s. 197 within 30 days of application

The Certificate under section 197 is at present issued with a validity date from the date of issue. Though the assessee is applying in the month of April, i.e., at the beginning of the financial year, the certificate is issued much later. ...

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Posted Under: Income Tax |

GST exemption on ticket price up to Rs. 500 of circus, dance, award etc. wef 25.01.2018

Recommendation made by the GST Council in its 25th Meeting held on 18th January, 2018 at Delhi for granting relief from GST on circus, dance, theatrical performances including drama or dance, award function, pageants, concerts, musical performances, recognised sporting events. In the meeting held on 18th January, 2018, the GST Council has...

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Posted Under: Income Tax |

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