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Income tax return to incorporate details of tax payments under other legislations: ICAI Suggests

Provide for certification / verification of all claims of deductions U/s. 80C, 80D, 24(b): ICAI

Allow remuneration paid by OPC to member: ICAI Suggests

Make Income Tax Return filing by Non-residents owning a property or asset in India Mandatory: ICAI

Ensure adherence of timelines mentioned in Citizens charter

Make PAN card chip enabled for certain transactions required to be reported in TDS/TCS returns

Budget 2018 – GST – Suggestions

Provide Challan rectification mechanism for all types of challans : ICAI

Provide for Reconciliation of Foreign Currency Remittances with Form No. 15CA: ICAI

Rule 26- Replace Telegraphic transfer buying rate of SBI with Rate on RBI website

Exclude pooling vehicles like Mutual funds, AIFs from the purrview of section 115BBDA

Define Profit level indicators to avoid adoption of different approaches

Clarify on carry forward of MAT credit expiring on or before AY 2016-17

Section 115JB Amend & clarify on taxability of waiver of Principal amount by banks/ NBFC
Explore the latest Budget updates on TaxGuru, including relevant legal provisions, notifications, circulars, case laws, compliance developments and expert analysis. This page brings together important developments and practical guidance to help taxpayers, businesses and professionals stay informed and understand the regulatory and commercial implications of changes.
