Income Tax : As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For indi...
Income 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 distributio...
Income 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 o...
Income Tax : This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disa...
Income Tax : As we all are aware that Finance Act, 2018 brought major amendment in the field of Medical Reimbursement Allowance and Mediclaim. ...
Income Tax : POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a ...
Finance : Budget Session 2018 of Parliament concludes The Budget Session, 2018 of Parliament which commenced on Monday, 29th January, 2018 h...
Income Tax : The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable...
Custom Duty : With the enactment of the Finance Act, 2018, CBEC is renamed as the Central Board of Indirect Taxes and Customs (CBIC). The change...
Income Tax : The Lok Sabha on March 14, 2018 passed the Finance Bill 2018 after the Finance Minister Arun Jaitley moved as many as 21 amendm...
Corporate Law : In exercise of the powers conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018), the Central Government her...
Income Tax : CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and expla...
Income Tax : CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an...
Income Tax : Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on vari...
Excise Duty : Notification No. 12/2018-Central Excise Seeks to exempt 10% ethanol blended petrol from additional duty of excise (road and infras...
Section 79 of Act provides that carry forward and set off of losses in a closely held company shall be allowed only if there is a continuity in the beneficial owner of the shares carrying not less than 51 percent. of the voting power
It is proposed to amend section 115JB to provide that the aggregate amount of unabsorbed depreciation and loss brought forward (excluding unabsorbed depreciation) shall be allowed to be reduced from the book profit, if a company’s application for corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 has been admitted by the Adjudicating Authority.
It is proposed to amend the provisions of clause (5) of section 43 to provide that a transaction in respect of trading of agricultural commodity derivatives, which is not chargeable to CTT, in a registered stock exchange or registered association, will be treated as non-speculative transaction.
Section 44AE, inter alia provides that, the profits and gains shall be deemed to be an amount equal to seven thousand five hundred rupees per month or part of a month for each goods carriage or the amount claimed to be actually earned by the assessee, whichever is higher.
Under the existing provisions of the Act, certain types of compensation receipts are taxable as business income under section 28. However, the existing provisions of clause (ii) of section 28 is restrictive in its scope as far as taxation of compensation is concerned
The third proviso to clause (23C) of section 10 of the Act provides for exemption in respect of income of the entities referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of said clause in a case where such income is applied or accumulated during the previous year for certain purposes in accordance with the relevant provisions.
Section 2 of the Act defines various terms used in the Act. Clause (22) of the said section defines dividend to include distribution of accumulated profits (whether capitalized or not) to its shareholders by a company
Section 80DDB of the Act, inter-alia, provide that a deduction is available to an individual and Hindu undivided family with regard to amount paid for medical treatment of specified diseases in respect of very senior citizen upto Rs 80,000/-
Rates of income-tax for financial year 2018-19 or Assessment Year 2019-20 A. Income Tax Rates for financial year 2018-19 for Individual below the Age of Sixty Years, Hindu undivided family, association of persons, body of individuals, artificial juridical person are as under- Upto Rs. 2,50,000 Nil. Rs. 2,50,001 to Rs. 5,00,000 5 per cent Rs. […]
Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed to an assessee, being an individual or a Hindu undivided family, in respect of payments towards annual premium on health insurance policy
