With a view to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by companies and persons to whom tax audit is applicable, on voluntary compliance basis, the government has proposed to introduce new Rule 39A and Form No. 28AA in the Income-tax Rules, 1962 (the Rules).
The President, in terms of the authority given to him by the Council at its 363rd meeting held on 12th February, 2017, has constituted a Group to study how Government Departments deal with non-performing employees and to identify non-performers in ICAI, comprising of the following members
ICAI announces Transition Scheme for students of Common Proficiency Course, Intermediate (IPC) Course and Final (old) Course along with the Conversion Fees for Switching Over to Revised Scheme
It is suggested that the TDS limit for payment of professional or technical fees under section 194J may be increased from Rs. 30000 to Rs. 100000.
Declaration of Result for CA Final Examination held in November, 2017 and CPT held in December, 2017. The Institute of Chartered Accountants of India (ICAI) today announced the following results: Chartered Accountants Final Examination held in November, 2017. Common Proficiency Test (CPT) held in December, 2017. Since December 1949, the Chartered Accountancy Examination is held […]
Seeking enhanced outlay for education in the coming Budget, the ASSOCHAM has sent a communication to the Finance Minister Mr Arun Jaitley, also making out a case for relief to higher education under Goods and Services Tax (GST).
Students registered in only one of the Groups of Intermediate (Integrated Professional Competence) / Intermediate (Professional Competence) Course and register for Group 2 / Group 1 in New Scheme of Education and Training implemented w.e.f 1st July 2017 have to compulsorily convert Group 1 / Group 2 in New Scheme of Education and Training
The amendment to Section 35AD(3) of the Act introduced by the Finance Act, 2010, seeks to prevent a taxpayer from claiming dual deduction in respect of the same business. It appears that if a taxpayer carrying on a specified business does not claim deduction under Section 35AD of the Act, he may opt for deduction under the relevant provisions of Chapter VI-A or Section 10AA of the Act, if the same exist for such business and it is more beneficial.
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.
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.
