"30 January 2018" Archive

Leave Travel Concession -Replace Calendar year by Financial year- ICAI

As per the provisions of section 10(5) of the Income-tax Act, 1961, an exemption of the value of leave Travel Concession/ Assistance received by the employee from his employer is provided subject to fulfillment of prescribed conditions....

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Posted Under: Income Tax |

Section 234E- Penalty should not be levied on casual basis and needs to be rationalized: ICAI

Section 234E provides for levy of fees of Rs 200 per day where there is delay in filing of quarterly TDS returns....

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Posted Under: Income Tax |

FAQ’s on Condonation of Delay Scheme, 2018

In this Flash editorial, the author begins by referring the Quick Questions on Condonation of Delay Scheme 2018 in relation to Active Companies or Struck off Companies Both. Condonation of Delay Scheme, 2018 is an Opportunity Scheme for the Disqualified Director to remove their disqualification, which occur due to non filing of Financial ...

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Posted Under: Income Tax |

Analysis of Condonation Of Delay Scheme – 2018

The Companies Act, 2013 aiming to promote Corporate governance has armed the regulator with enormous powers. Exercising these, recently two major steps have been taken by the Registrar of Companies (RoC) in this respect (i) Disqualified directors of the Company that had not filed annual return for continues 3 years, and (ii) the names of...

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Posted Under: Income Tax |

Corporate Governance enhances companies image, acceptability & profitability

Corporate Governance is in the interests of companies as it enhances their image, acceptability and profitability, says Ministry of Corporate Affairs’ Secretary Injeti Srinivas...

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Posted Under: Income Tax |

GST data reveals 50% increase in number of Indirect Taxpayers

A preliminary analysis of the Goods and Services Tax (GST) data reveals that there has been a 50% increase in the number of indirect taxpayers, besides a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of Input Tax Credits (ITC)....

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Posted Under: Income Tax |

Economic Survey Draws Attention to 10 New Economic Facts on Indian Economy

The Economic Survey presented by the Union Finance Minister Shri Arun Jaitley in Parliament today has relied upon analysis of the new data to highlight ten new economic facts:...

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Posted Under: Income Tax |

A New, Exciting Bird’s-Eye View of Indian Economy Through the GST

As an information repository, the Goods and Services Tax (GST) embodies and heralds a radical alteration and enlargement in the understanding of the Indian economy....

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Posted Under: Income Tax |

Ease of Doing Business’ Next Frontier: Timely Justice

The government’s efforts to make business and commerce easy have been widely acknowledged. The next frontier on the ease of doing business is addressing pendency, delays and backlogs in the appellate and judicial arenas. ...

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Posted Under: Income Tax |

Hardship arising out of Apex Court’s decision in Goetze (India) Ltd. v. CIT

In the case Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC) the assessee filed its return of income for the relevant assessment year without claiming a particular deduction. Later on, it sought to claim the deduction by way of a letter addressed to the Assessing Officer....

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Posted Under: Income Tax |

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