CA, CS, CMA : Explore the ethical issues in auditing, their consequences, and strategies for maintaining integrity. Understand how ethical stand...
CA, CS, CMA : Delve into the CRB Scam case study of 1996, exposing loopholes exploited by Bhansali, implications on public funds, and the vital ...
CA, CS, CMA : Discover how SQC-1 enhances your firm's quality control, ensuring compliance and boosting credibility. Unlock your full potential ...
CA, CS, CMA : Discover the Supreme Court's ruling on ICAI's 60 tax audits limit per Chartered Accountant, its implications, and future impact on...
CA, CS, CMA : Analysis of ICAIs disciplinary action against EY India affiliates for professional misconduct, implications, and insights into reg...
CA, CS, CMA : ICAI announces the extended deadline to 10th September 2023 for online empanelment of members as observers for the Nov/Dec 2023 CA...
CA, CS, CMA : CMA Santosh Pant elected Chairman of Northern India Regional Council of ICMAI for 2024-25. Key members include CMA Satya Narayan M...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
CA, CS, CMA : ICAI schedules Advanced ICITSS - Adv. IT Test in CBT mode for August and September 2024. Check eligibility, test dates, applicatio...
CA, CS, CMA : ICAI has declared the CA Foundation June 2024 results. With 91,900 candidates and a 14.96% pass rate, find detailed results and an...
CA, CS, CMA : Delhi High Court rules that ICAI can hold entire CA firms accountable for misconduct, even if individual guilt isn't found. Full j...
Income Tax : Explore the detailed analysis of P. A. Jose Vs Union of India judgment by Kerala High Court regarding the valuation methodology fo...
CA, CS, CMA : Despite concerns over elections, Delhi High Court rejects plea to delay CA exams. Detailed analysis of the judgment provided....
CA, CS, CMA : Delhi High Court ruling upholds disqualification of bid by Sunshine Caterers in IRCTC tender due to non-mention of certified infor...
Income Tax : In the case of Cavalcade Properties Pvt. Ltd. vs. DCIT, ITAT mandates re-evaluation of advances against flat bookings, challenging...
CA, CS, CMA : Explore Section 12(e) of the Partnership Act 1932 and its implications on sharing firm financials with legal heirs. Detailed analy...
Company Law : Explore NFRA's order under Companies Act 2013 on CA Krishna Bihari Chaturvedi for audit misconduct at DHFL branches in FY 2017-18....
CA, CS, CMA : Explore the detailed analysis of a professional misconduct case under the Chartered Accountants Act 1949. Learn about findings, ch...
CA, CS, CMA : Explore the ICAI Board of Discipline's ruling on an audit dispute where the respondent's communication via registered post was dee...
CA, CS, CMA : The ICAI's Board of Discipline reprimanded CA Devarajan K.E. for misconduct, following an investigation into professional and othe...
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 business under Chapter VIA (Deductions in respect of certain incomes) and Section 10AA of the Act.
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.
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 towards clinical trials
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.
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 and the successor in the case of succession referred to in clause (xiii) and clause (xiv) of section 47
Ind AS Transition Facilitation Group (ITFG) of Ind AS Implementation Committee has been constituted for providing clarifications on timely basis on various issues related to the applicability and /or implementation of Ind AS under the Companies (Indian Accounting Standards) Rules, 2015
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 gains of business or profession.
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 and gains from business or profession.
The Finance Act, 2015, with a view to phase out weighted deduction under Section 35(2AB) of the Act, restricted the allowability of expenditure incurred on scientific research (other than expenditure in the nature of cost of any land or building) on in-house research and development facility incurred on and from 1 April 2020 to 100 per cent from the existing 200 per cent.
The CBDT introduced the rollback rules under the APA program on 14 March 2015. There were some ambiguities about the implementation of the rollback rules, and therefore, CBDT issued Frequently Asked Questions (FAQs) clarifying certain issues.
