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.
Section 234E provides for levy of fees of Rs 200 per day where there is delay in filing of quarterly TDS returns.
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 companies, prima facie not doing any business, were struck off.
Corporate Governance is in the interests of companies as it enhances their image, acceptability and profitability, says Ministry of Corporate Affairs’ Secretary Injeti Srinivas
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).
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:
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.
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.
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.
• The ratio of domestic saving to GDP reached 29.2 per cent in 2013 to a peak of 38.3 per cent in 2007, before falling back to 29 per cent in 2016. The cumulative fall over 2007 and 2016 has been milder for investment than saving, but investment has fallen to a lower level.
