"02 February 2018" Archive

India Business connection with BEPS and OECD proposals – a perspective

India has been an active participant among the G20 countries and committed to the Base Erosion and Profit Shifting [BEPS] project. India’s Finance Minister on 7 June 2017 signed off the Multilateral Convention to implement Tax Treaty Related Measures...

Posted Under: Income Tax |

Budget 2018 backs legality of ICDS

India Inc. was promised that the government will be staying away from resorting to any retrospective amendment. Conversely, the Finance Bill 2018, has proposed various retrospective amendments to Income-tax Act, 1961 (the Act) for adopting several provisions of Income Computation and Disclosure Standards (ICDS) which are poles apart from ...

Posted Under: Income Tax | ,

Finance Bill 2018 proposes widened ambit of Dividend taxation in India

A dividend is a return by a company to its shareholders out of post-tax profits made by it during a particular year. They are usually declared or distributed in proportion to the number of shares owned. In normal parlance, dividend distribution entails cash outflow for the company distributing dividends....

Posted Under: Income Tax |

Clarification on ‘Expenditure on Tax administration’ in Union Budget 2018-19

Budget at a glance under the title ‘Expenditure on Government of India’, an expenditure of Rs.77,747 crore and Rs.10,5541 crore has been shown against the item Tax administration under the Revised Estimates​ (R.E.)​ for 2017-18 and the Budget Estimates ​(B.E. )​ for 2018-19 respectively. ...

Posted Under: Income Tax |

Highlights of Union Budget Provision for Ministry of MSME

The 2018-19 Budget has given a big thrust to Micro, Small and Medium Enterprises (MSMEs) sector to boost employment and economic growth. The budgetary allocation has gone up from Rs. 6481.96 crore in 2017-18 to Rs.6552.61 crore  in 2018-19. The allocation for individual Schemes (apart from CGTMSE) has gone up by 59%, from Rs.3680 crore [...

Posted Under: Income Tax |

Ind AS Transition Facilitation Group Clarification Bulletin 14

As per Ind AS 23, Borrowing Costs, an entity shall capitalize borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. An entity shall recognize other borrowing costs as an expense in the period in which it incurs them....

Posted Under: Income Tax |

Budget 2018 Proposed Amendments in International Tax- Synopsis

Consequent to the proposal for withdrawal of exemption under section 10(38) of the Act, the FIIs will be liable to tax on long term capital gains arising from transfer of long term capital asset being equity shares of a company or a unit of equity oriented fund or a unit of business trusts only in respect of amount of such gains exceeding...

Posted Under: Income Tax |

Union Budget 2018: Fostering growth and development for a New India

Reiterating the pledge given to the people of India four years ago to give this nation an honest, clean and transparent Government, and to build a strong, confident and a New India...

Posted Under: Income Tax |

Looking Back – Union Budget 2017

Union Budget 2017 was a watershed moment in the history of India. The Government ended the 92-year-old practice of presenting a separate railway budget and the announcement of the budget was advanced by a month to February 1, setting a new precedent....

Posted Under: Income Tax |

Budget 2018 – Analysis of Direct Tax Proposals

The Honorable Finance Minister of India, Mr. Arun Jaitley, delivered the fifth Union Budget of NDA Government, last full budget before the upcoming general elections in 2019 amidst various challenges, compelling the Government to do a balancing act of revival of economic growth...

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