Income Tax - Over the period of 6 decades, the Income Tax Act of India has undergone various impediments. The judgments of the courts or amendments by parliament has made the Act lengthy and hard to interpret as there was a need to ease up the provisions and make it shorter. It is expected that the government may […]...
Read MoreIncome Tax - The Finance Ministry of India after make-over of Goods & Service Tax is now headed for restructuring the direct tax structure into a simplified version of law. Under which you will meet with the substantial changes along with in depth interpretation on moot question of current prevailing IT act 1961 which gives rise to faulty [&hellip...
Read MoreIncome Tax - New Direct Tax Code (DTC) ‘Assessing Unit’, not ‘Assessing Officer’ To check harassment by taxmen, individual ‘assessment officers’ are likely to be replaced with ‘assessment units’ to deal with individual taxpayers. Corporate taxpayers will also have assessment units including multiple officers...
Read MoreIncome Tax - It has been over 58 years since the Income-tax Act 1961 was drafted, needs an overhaul, but at the same time it should be in sync with the economic circumstances of the country. The income tax act, 1961 is just like a building (Income Tax Act,1961) which was constructed on a piece of land (Democracy) […]...
Read MoreIncome Tax - Bombay Chartered Accountant’s Society made a Representation on Important issues / provisions in the Proposed New Direct Tax Law. Suggestions are made on following lines: 1) Path breaking suggestions for making the law more taxpayer friendly by rewarding and encouraging compliances; 2) Suggestions for reducing litigations by providin...
Read MoreIncome Tax - Stakeholder engagement by the Task Force drafting the New Direct Tax Law extended by a period of three months up to June 15, 2018 The Term of the Task Force constituted to review the existing Income-tax Act, 1961 & to draft a New Direct Tax Law in consonance with economic needs of the country has […]...
Read MoreIncome Tax - Direct Taxes Code, 2013 has proposed to widen the scope of the definition Accountant” to include other professionals as well. It is a fact that various provisions in the Income-tax Act, 1961 under which chartered accountants have been given the responsibilities to undertake audit and certification of accounts of various entities have th...
Read MoreIncome Tax - Ministry of Finance, Government of India has pronounced the DTC, 2013 along with DTC Bill, 2010 is placed on http://incometaxindia.gov.in, inviting public comments. A write-up on the significant changes in the proposed DTC, 2013 is also placed on the website. The report of the Standing Committee on Finance is available at the http://loksa...
Read MoreIncome Tax - I am happy to inform that after several persuasions for long years by the Institute, the name of Cost Accountant have been included in the definition of Accountant in the Direct Tax Code , 2013 which intend to consolidate the law relating to Income Tax and wealth Tax hosted for public comments....
Read MoreIncome Tax - Revenues are of paramount importance. The best source of revenue is taxes and for that we need modern tax laws. I am disappointed that we have not yet been able to introduce GST. I leave it to you to answer the question, who blocked the GST when an agreement on the game-changing tax reform was around the corner? ...
Read MoreF No 370149/230/2017- Part (3) - (27/05/2019) - Task Force for drafting a New Direct Tax Legislation- The term of the Task Force is extended by a period of two months i.e.. the Task Force may be allowed to submit its report by July 31, 2019....
Read MoreF No 370149/230/2017 - (22/05/2018) - The term of the Task Force for drafting New Direct Tax Legislation is extended by three months beyond the initial term of six months, i.e., the Task Force shall now be required to submit its report to the Government by 22ndAugust, 2018....
Read MoreCircular No. 73/73/94-CX - (07/11/1994) - Circular No. 73/73/94-CX In the All India Conference of Collectors (Appeals) held recently at Bangalore on 6th and 7th October 1994, the Collectors (Appeals) complained that the copies of Board"s instructions, notifications, circulars etc. are not being endorsed to them...
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F No 370149/230/2017- Part (3) - 27/05/2019
F No 370149/230/2017 - 22/05/2018