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...
TDS credit should be allowed on the basis of Form 26AS, even if the payee has not claimed the same in the return of income (due to non updation of Form 26AS) but has claimed TDS credit during the assessment proceedings (during which time the updated TDS credit is reflected in Form 26AS)
Under the current tax regime, there is no provision under the Act which enables an employer to consider admissible benefits under the respective Double Taxation Avoidance Agreements (e.g. credit for taxes paid in another country/ treaty exclusions of income etc.)
TDS CPC has been one of the successful projects of the Government for online tracking of the Tax deducted, deposited, corrections and reconciliations.
Section 203 of the Act requires the deductor of TDS to issue the TDS certificate to the deductee to the effect that tax has been deducted and specifying the amount so deducted.
Most of the companies record provision entries made towards various expenditures on a monthly basis to report performance to the parent entities that are reversed on the first day of the subsequent month.
Applicability of the CBDT Circular on formation of AOP vis-à-vis the EPC contracts/ turnkey projects in case of associate enterprise being a member of the consortium
Currently, the National Pension Scheme (NPS) works on Exempt, Exempt, Tax (EET) regime whereby the monthly/ periodic contributions during the pension accumulation phase are allowed as deduction for Income-tax purposes
Section 255(3) as amended by the Finance Act, 2016 provides that a single member bench may dispose of a case where the total income as computed by the Assessing Officer does not exceed fifty lakh rupees.
Vide the Finance Act, 2017, section 245Q has been amended so as to enlarge/expand the scope of Authority for Advance Rulings to cover cases relating to central excise, custom duty and service tax and thus have single AAR
Presently, there is no time limit specified by the Act for initiating & completion of TDS proceedings under section 201 of the Act in respect of payments made to nonresidents. Thus, the TDS returns are scrutinized by the assessing officers for past years without any limit
