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Archive: 26 January 2018

Posts in 26 January 2018

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 459 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7488 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Computerized notice / document should provision for digital signature: ICAI

January 26, 2018 2049 Views 0 comment Print

Section 282A provides for issue of any income tax notice or other document without it being signed by the requisite authority. Although, the said section has been provided in the context of computerized generation of notices and other documents

Section 281B Provisional attachment of property -Treatment of amount realized by invoking bank guarantee- Clarification required

January 26, 2018 2952 Views 0 comment Print

Section 281B empowers Assessing Officer to invoke bank guarantee wholly or in part if  demand raised on the assessee is not paid within time limit provided in the demand notice served. Very wide powers are conferred upon Assessing Officer.

Amend definition of accountant U/s. 288 of Income Tax Act 1961: ICAI

January 26, 2018 18288 Views 0 comment Print

The definition of accountant was amended vide the Finance Act, 2015. The reason for introducing the amended definition of an accountant as per the Explanatory Memorandum to Finance Bill 2015 was to avoid conflict of interest and for better governance.

MAT Rate should be reduced to match with phasing out of tax exemptions: ICAI

January 26, 2018 570 Views 0 comment Print

The purpose behind introduction of MAT was to bring all zero tax companies within the tax net and to neutralize the impact of certain benefits/ incentives. The Finance Minister while introducing the Finance Act, 2015 announced to reduce the rates of corporate tax from 30 per cent to 25 per cent in a phased manner.

ICAI cautions on Phasing of exemption/ incentives vis-à-vis industry needs

January 26, 2018 435 Views 0 comment Print

The Finance Minister while introducing the Finance Bill, 2015, proposed to reduce the rate of corporate tax from 30 per cent to 25 per cent over the next 4 years.

Input tax credit cannot be denied to recipient on default of payment by supplier

January 26, 2018 83820 Views 4 comments Print

High Court of Delhi held Section 9(2)(g) of Delhi VAT Act to the extent it disallows Input tax credit to purchaser due to default of selling dealer in depositing tax, as violative of Articles 14 and 19(1)(g) of Constitution of India.

Adopt Tax consolidation Scheme & Introduce Group consolidation tax: ICAI

January 26, 2018 3126 Views 0 comment Print

In India, separate entities are incorporated based on their specialization in various lines of businesses (like manufacturing, trading, retail, infrastructure etc.) by the parent company.

Remove Equalization levy on specified online advertisement services: ICAI

January 26, 2018 780 Views 0 comment Print

The Finance Act, 2016 has introduced a levy of 6% on consideration paid or payable by an Indian resident carrying on business or profession, or by an Indian permanent establishment of a non-resident to a non-resident not having a permanent establishment in India, for providing specified online advertisement services.

ICAI suggests 10% Tax Rate for income up to Rs. 10 Lakh

January 26, 2018 15102 Views 9 comments Print

When the present Income Tax Act was enacted way back in 1961, the per capita income of this country was extremely low. During the course of five decades of the working of the Income Tax Act, the national per capita income has increased multifold

Consolidate multiple reports to be issued by CAs in a single format: ICAI

January 26, 2018 1191 Views 0 comment Print

Multiple reports to be issued by chartered accountants be compiled and a single form of audit/ certificate be prepared. The said format may have multiple annexures i.e. existing formats in different sections.

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