"January, 2018" Archive - Page 33

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 |

Changes in GST on Housing Sector WEF 25.01.2018

In order to provide a fillip to the housing and construction sector, GST Council has decided to give exemption to leasing of land by government to governmental authority or government entity....

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Posted Under: Income Tax |

GST on services provided by Resident Welfare Associations wef 25.01.2018

Services provided by Resident Welfare Associations (unincorporated body or a registered non-profit entity) to their members were hitherto exempt against contribution of up to an amount of five thousand rupees per month per member. Requests were received from several quarters to enhance the contribution limit of five thousand rupees per...

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Posted Under: Income Tax |

Valuation of shares- Make Report from CA admissible- ICAI

The Finance Act, 2012 had inserted clause (viib) in section 56(2) to provide that if the consideration for shares is in excess of the fair value of the shares, the aggregate consideration received in excess of the fair value determined as per method prescribed or substantiated...

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Posted Under: Income Tax |

Amendment in GST rate on admission to amusement parks etc wef 25.01.2018

It is expected and hoped that States do not raise the tax on entertainment and amusement levied by the local authorities (Panchayats/ Municipalities/ District Councils) so as to increase the tax burden on the amusement parks. This will ensure that the rate cut in GST is passed on to children....

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Posted Under: Income Tax |

Section 40A(3) ICAI suggests on Maintenance of records of Cross Cheques

Any payment for purchase and expenditure otherwise than account payee cheques is disallowed by 30%. Tax auditor has to report in Clause 21(A) that all payments have to be made through account payee cheques or not....

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Posted Under: Income Tax |

Incentivise transactions through credit/debit cards and other banking instruments

Large majority of the Indian consumer market is unorganised due to the presence of small businesses across sectors which largely deal in cash, both, when buying products and selling them....

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Posted Under: Income Tax |

E- Way Bill Complete Guide

E-WAY BILL- COMPLETE GUIDE E-way bill provisions are all set to take place on February 01, 2018 for all the inter-state movements of goods. The states may choose any date before June 01, 2018 for applying E-way bill provisions on intra- state movements of goods. This means that intra- state movement of goods will also […]...

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Posted Under: Income Tax |