"26 January 2018" Archive

Computerized notice / document should provision for digital signature: ICAI

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...

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

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

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. ...

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Posted Under: Income Tax |

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

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. ...

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Posted Under: Income Tax |

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

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. ...

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Posted Under: Income Tax |

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

Arise India Limited and others Vs. Commissioner of Trade & Taxes, Delhi and others (Delhi High Court)

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....

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Adopt Tax consolidation Scheme & Introduce Group consolidation tax: ICAI

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....

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Posted Under: Income Tax |

Remove Equalization levy on specified online advertisement services: ICAI

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....

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Posted Under: Income Tax |

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

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...

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

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