Budget

Pre- Budget Memorandum 2018- Indirect Taxes

Income Tax - Service Tax 1. Transition provision for tax paid on receipt basis Rule 6 of Service Tax Rules, 1994 provides that in case of such individuals, partnership firms and one-person companies whose aggregate value of taxable services provided from one or more premises is Rs. 50 lakhs or less in the previous financial year, the service […...

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The Story of India’s Union Budgets

Income Tax - India’s budget documents over the last seventy years since Independence capture the struggles and achievements, frustrations and leaps of faith of India as a nation. These mirror the nation’s aspirations and achievements. The jejune budget figures spring to life in the context of India’s post-colonial history...

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Limit on Interest deduction- Section 94B wef 01.04.2017

Income Tax - As per the newly inserted section 94B through Finance Act 2017, there shall be a limit on the amount of interest deduction in certain specified cases. Provisions have been explained in this tax alert....

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Countrywise Withholding tax rates / Chart as per DTAA

Income Tax - Country wise Withholding tax rate on Dividend (not being covered under Section 115-O), Interest, Royalty and Fee for Technical Services as updated with amendment carried out by Finance Act, 2017...

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Section 50CA: Implications of double taxation

Income Tax - The recently introduced Section 50CA of the Finance Act 2017 provides for adoption of the value to be determined as per the Rules, (for convenience sake referred to by me as FMV ) as the consideration for transfer of shares of a company which are not being quoted , where the actual consideration is lower than that....

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Allow deduction U/s. 80C on annual interest accruing on cumulative deposits: ICAI

Income Tax - At present, Tax Saving FDR is allowed as deduction u/s 80C but its interest is taxable. It is pertinent to note that the deduction u/s 80C on reinvestment of interest on NSC is available....

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Weighted deduction should be available on expenditure incurred on internally developed intangible assets

Income Tax - The DSIR guidelines provide that eligible capital expenditure on R&D will include expenditure on plant, equipment or any other tangible item only. It also provide that capital expenditure of intangible nature is not eligible for weighted deduction....

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Profit linked incentives for specified industries vis-a-vis investment-linked incentives – Section 35AD

Income Tax - Section 35AD of the Act extends investment linked incentives to taxpayers with respect to the capital expenditure incurred for setting up and operation of specified businesses. Further, once investment linked incentive for the capital expenditure is availed under this Section, no benefit shall be allowed in respect of such specified busi...

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Allow weighted deduction U/s. 35(2AB) to IT & ITES sectors: ICAI

Income Tax - Currently, there is no clarity whether a company engaged in the business of development and sale of software or providing IT / Information Technology Enabled Services (ITES) services, is eligible for weighted deduction on the R&D expenditure incurred by it....

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Section 35(2AB) Allow weighted deduction in respect of expenditure incurred outside R&D facility: ICAI

Income Tax - In the pharmaceutical Sector, discovery is a lengthy, risky and expensive proposition. In this business environment, necessitated by the current business needs, companies have to incur expenditure towards scientific research outside their Research & Development (R&D) facility for e.g. expenditure incurred outside the approved R&D facility...

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Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

V. Venkata Siva Kumar Vs The Union of India (Madras High Court) - A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2017. Madras High Court has admitted the plea and issued notice to Finance Ministry.Section 271J of Income Tax imposed a penalty of Rs. 10,000 on Chartered Accountants fo...

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In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

ACIT, Circle 17(1) Vs. M/s Vimlesh Industries Pvt. Ltd. (ITAT Delhi) - U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for additional evidence, the AO need not be given an opp...

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Union Budget of 2018-19- Govt invites suggestions on Changes in direct / indirect taxes

F. No. 334/4/2017-TRU - (16/11/2017) - In the context of formulating the proposals for the Union Budget of 2018-19, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct a...

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Part XIV of Chapter VI of Finance Act 2017 applicable from 26.05.2017

Notification No. S.O. 1696(E) - (26/05/2017) - Central Government hereby appoints the 26th day of May, 2017 as the date on which the provisions of the PART XIV of Chapter VI of the said Act shall come into force....

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Budget 2017: Amendments in Tax Laws in Maharashtra

Trade Cir No. 11T of 2017 - (20/04/2017) - The Acts and Rules, which are amended, vide budget 2017-18 in Maharashtra are as follows: 1. The Maharashtra Purchase Tax on Sugarcane Act, 1962(SCPT Act); 2. The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (PT Act); 3. The Maharashtra Value Added Tax Act, 2002 (...

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Section 269ST not applies to receipt from bank or post office

Notification No.28/2017-Income Tax - (05/04/2017) - CBDT notified that Section 269ST not applies to cash receipt from banking company, post office savings bank or co-operative bank....

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Changes in Customs Act, 1962 – Proposed in Finance Bill, 2017

Circular No. 12/2017- Customs - (31/03/2017) - Kind reference is invited to proposals in the Finance Bill, 2017 relating to amendments in sections 46 and 47 of the Customs Act, 1962.These changes would come into effect upon enactment of the said Finance Bill....

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Recent Posts in "Budget"

Allow deduction U/s. 80C on annual interest accruing on cumulative deposits: ICAI

At present, Tax Saving FDR is allowed as deduction u/s 80C but its interest is taxable. It is pertinent to note that the deduction u/s 80C on reinvestment of interest on NSC is available....

Read More
Posted Under: Income Tax |

Weighted deduction should be available on expenditure incurred on internally developed intangible assets

The DSIR guidelines provide that eligible capital expenditure on R&D will include expenditure on plant, equipment or any other tangible item only. It also provide that capital expenditure of intangible nature is not eligible for weighted deduction....

Read More
Posted Under: Income Tax |

Profit linked incentives for specified industries vis-a-vis investment-linked incentives – Section 35AD

Section 35AD of the Act extends investment linked incentives to taxpayers with respect to the capital expenditure incurred for setting up and operation of specified businesses. Further, once investment linked incentive for the capital expenditure is availed under this Section, no benefit shall be allowed in respect of such specified busi...

Read More
Posted Under: Income Tax |

Allow weighted deduction U/s. 35(2AB) to IT & ITES sectors: ICAI

Currently, there is no clarity whether a company engaged in the business of development and sale of software or providing IT / Information Technology Enabled Services (ITES) services, is eligible for weighted deduction on the R&D expenditure incurred by it....

Read More
Posted Under: Income Tax |

Section 35(2AB) Allow weighted deduction in respect of expenditure incurred outside R&D facility: ICAI

In the pharmaceutical Sector, discovery is a lengthy, risky and expensive proposition. In this business environment, necessitated by the current business needs, companies have to incur expenditure towards scientific research outside their Research & Development (R&D) facility for e.g. expenditure incurred outside the approved R&D facility...

Read More
Posted Under: Income Tax |

Expenditure towards in-house R&D facilities Increase Benefit U/s. 35(1)(iia) to 200%: ICAI

Section 35(2AB) of the Act has been gradually amended to provide increased tax benefits on expenditure incurred towards in-house R&D facilities i.e. from 125 per cent to 200 per cent. However, Section 35(1)(iia) of the Act, which provides tax incentives in respect of payments made to R&D company, has remained same at 125 per cent....

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Posted Under: Income Tax |

Depreciation in case of slump sale based on proportionate number of days by transferor and transferee company- Clarify legal position- ICAI

The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furniture, being tangible assets or know how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature, being intangible assets allowable to the predecessor...

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Posted Under: Income Tax |

Omit Section 28(iiia) – Sale of license

Section 28 provides for income that is chargeable to income tax under the head profit and gains from business or profession. As per sub-section (iiia) of section 28, profit on sale of license granted under the Imports (Control) Order, 1955, made under the Imports and Exports (Control) Act, 1947 is chargeable to tax under the head profit a...

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Posted Under: Income Tax |

Omit Section 28(iiid) as DEPB Scheme no more in existence: ICAI

Section 28(iiid) provides that any profit on transfer of the Duty Entitlement Pass Book Scheme, being the Duty Remission Scheme under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992) shall be chargeable to income-tax under the head Profits and g...

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Posted Under: Income Tax |

Union Budget 2018-19: ASSOCHAM seeks 10% customs duty on pulp imports

Apex industry body ASSOCHAM has urged the Centre to impose 10 per cent customs duty on import of hardwood chemical pulp and bleached chemi-thermo mechanical pulp (BCTMP) to encourage domestic pulp production, provide fillip to job creation and promote overall economic development of India’s vast rural hinterland housing pulpwood planta...

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Posted Under: Income Tax |
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