Income Tax Department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties.
The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt.
Once the assessment in the hands of AOP has been made then the assessment of the same income in the individual capacity tantamount to double assessment of the same income, which is impermissible in the eyes of law.
ACIT Vs Balajee Structural (India) Pvt.Ltd. (ITAT Raipur) It is not in dispute that the appellant has maintained books of account regularly and these are duly audited u/s 44AB of the I.T. Act and the quantitative details were prepared and were duly audited. The variation in percentage of GP/NP or payments in cash, in the […]
Building being under construction during relevant previous year, the same could not be taxed applying provision of Section 23(1)(c) of Income Tax Act, 1961.
Partial double taxation of contribution to superannuati on fund – Section 17(2)(vii) – It is suggested that the employer contributions to an approved superannuation fund may be made fully exempt from tax. This will also encourage one of the key focus areas of the Government of creating a pension based society.
In most urban areas, maintenance of building is undertaken by the society, federation, company or common body and the expenses for such maintenance are substantial. The same need to be allowed as deduction against rental income so as to ensure that it is only the real income that is brought to tax.
The Government of India issued Insurance Laws (Amendment) Ordinance, 2014 which was later formalized as Insurance Laws (Amendment) Act, 2015 which amended certain provisions of the Insurance Act, 1938 and IRDA Act, 1999.
Presently life insurers file proposal forms with IRDAI and reviewed under the File and Use procedure at the time of product clearance. The proposal forms are customized by Life Insurers for the specific products and there is no useful purpose served by mandating a uniform proposal form format for all companies and products.
New Scheme of Education of the CA course, has been implemented with effect from 1st July 2017. The Examinations at various levels under the New Scheme of Education and Training will be held with effect from May 2018 examination onwards.
