Income Tax - As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For individual assessees whose Rs.1.5 lakh savings limit as available u/s 80C, 80CCC and 80CCD(1) are exhausted the only option left is contribution to NPS....
Read MoreIncome Tax - The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distribution tax @ 30%, u/s 115-O of Income Tax Act, in the hands of a closely held company paying such deemed dividends. Apprehensions have been raised in some quarters as to whether the proposed amendment will result in...
Read MoreIncome Tax - The Union Budget of 2018-19 has changed the tax treatment of all equity and equity-oriented mutual funds. This change was by way of a 10% tax imposed on any long-term capital gain (LTCG) exceeding Rs 1 lakh a year. Equity mutual funds were exempt from the LTCG tax earlier. Hence, this change has been viewed by investors with some worry....
Read MoreIncome Tax - This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disallowances u/s 40A(3) and section 40(a)(ia) in computation of income of the Trusts or other institutions claiming exemption u/s 11...
Read MoreIncome Tax - As we all are aware that Finance Act, 2018 brought major amendment in the field of Medical Reimbursement Allowance and Mediclaim. Since these both the amendments are enforce together in India, there are some confusion which many of the clients and other professional colleagues are carrying after they heard the budget 2018 and the confusio...
Read MoreIncome Tax - POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Post-Budget Memorandum to the Government. 1.1 In this memorandum, we have suggested certain amendments to the proposals contained in the Finance Bill, 2018 which would help the Governme...
Read MoreIncome Tax - Budget Session 2018 of Parliament concludes The Budget Session, 2018 of Parliament which commenced on Monday, 29th January, 2018 has been adjourned sine die today i.e. Friday, the 6th April, 2018. In between both parts of the session, both Houses also adjourned for recess for a period of 23 days on Friday, the 9th February, […]...
Read MoreIncome Tax - The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head Salaries. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961...
Read MoreIncome Tax - With the enactment of the Finance Act, 2018, CBEC is renamed as the Central Board of Indirect Taxes and Customs (CBIC). The change was necessitated due to enactment of the Goods and Services Tax (GST) which has consolidated the multiple Indirect Taxes into one tax....
Read MoreIncome Tax - The Lok Sabha on March 14, 2018 passed the Finance Bill 2018 after the Finance Minister Arun Jaitley moved as many as 21 amendments. Finance Bill 2018 as passed by Lok Sabha has introduced some changes in the provisions originally proposed in the Lok Sabha on February 1, 2018. The relevant appropriation Bills moved by Jaitley […...
Read MoreNotification No. S.O. 1314(E) - (08/03/2019) - In exercise of the powers conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018), the Central Government hereby appoints the 08th day of March, 2019, as the date on which the provisions of Part VI, Part X and Part XI of Chapter VIII of the said Act shall come into force....
Read MoreCircular No. 8/2018-Income Tax - (26/12/2018) - CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and explained changes made vide union budget 2018. Text of the Circular is as follows:-...
Read MoreNotification No. 17/2018-Income Tax [S.O. 1517(E)] - (06/04/2018) - CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an employee, who is blind or deaf and dumb or orthopaedically handicapped with disability of lower extremities, to meet his expenditure for the purpose of commuting between...
Read MoreF.No. 370149/20/2018-TPL - (04/02/2018) - Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on various issues relating to the proposed new tax regime for taxation of long-term capital gains. The responses to these queries are provided below....
Read MoreNotification No. 12/2018-Central Excise [G.S.R. 138 (E)] - (02/02/2018) - Notification No. 12/2018-Central Excise Seeks to exempt 10% ethanol blended petrol from additional duty of excise (road and infrastructure cess) levied under clause 110 of Finance Bill 2018...
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Notification No. S.O. 1314(E) - 08/03/2019
Circular No. 8/2018-Income Tax - 26/12/2018