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Clarify whether acquisition of residential flat in ‘OAS’ is ‘purchase’ or ‘construction: ICAI
Exemption under section 54 & 54F Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or co...
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Issue specific Guidelines for empanelment of auditors U/s.142(2A): ICAI
For the purpose of conducting special audit under section 142(2A) of Income-tax Act, 1961, the auditor is nominated by Chief Commissioner or Commissioner. Presently, no specific guidelines have been i...
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Introduce TDS payment challan cum TDS Returns: ICAI
Section 200 – Furnishing of TDS ReturnsSection 200 provides for the payment of TDS and filing of TDS Returns. The Income Tax Law requires payment of TDS every month by 7th of the following month and b...
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Issue Master Circular on TDS within 15 days of passing of Finance Act: ICAI
Master Circular on TDS-Need of the hourIn order to support/clarify the provisions of Chapter XVII, various circulars have been issued from time to time. Further various court decisions, favourable or...
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Mistake in calculation of Interest U/s. 234C for newly formed Firms and Companies
Interest U/s. 234C for newly formed Firms and Companies for the period when they were not in existenceAs per the provisions of section 207 and section 211, the assessee is liable to pay the advance ta...
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ICAI suggests Reporting of Credit Card Transaction by payment gateway services providers
Section 285BA read with Rule 114E – Payment exceeding the specified amount in respect of credit card(s)Currently, every bank/any other company or institution issuing credit card is required to report...
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Stop Mechanical disallowance of expenditure u/s 14A r.w. Rule 8D: ICAI
The mechanical disallowance u/s 14A r.w. Rule 8D is also being added to the book profit by the AO irrespective of the fact whether assessee has actually debited any such expenditure in its P&L Account...
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Section 35(2AB): DSIR guidelines should not deal with allowability of any expenditure: ICAI
Quantum of R&D expenditure entitled to weighted deduction under Section 35(2AB) of the Act by DSIRA plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with resp...
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Set time limit for disposals of application for approval of gratuity trust: ICAI
The employer company contributing towards gratuity for the employees is required to make such contribution to the irrevocable trust. The said trust required to obtain approval under Part C of Fourth S...
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Recognize electronic forms of meal vouchers and increase existing limit of INR 50 per meal: ICAI
Rule 3(7)(iii) exempts prepaid meal vouchers upto Rs. 50 per meal provided to employees. But there is no clarification whether such meal vouchers need to be necessary in physical form or whether elect...
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ICAI suggests increase in Limits for various salary related allowances exempt from tax
Monetary limits in the Income-tax Act, 1961The monetary limits for all exemptions or deductions were provided long back. In has been long since the same have been revised considering the prevailing in...
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ICAI suggests Form 26AS based TDS credit claims during assessment proceedings
TDS credit should be allowed on the basis of Form 26AS, even if the payee has not claimed the same in the return of income (due to non updation of Form 26AS) but has claimed TDS credit during the asse...
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Make Provision for employer to provide tax treaty benefits while calculating TDS: ICAI
Under the current tax regime, there is no provision under the Act which enables an employer to consider admissible benefits under the respective Double Taxation Avoidance Agreements (e.g. credit for t...
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Develop system to issue Lower deduction certificate u/s 197 through TRACES Site: ICAI
TDS CPC has been one of the successful projects of the Government for online tracking of the Tax deducted, deposited, corrections and reconciliations. Now with this system the govt. is tracking the de...
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Dispense requirement for issue or obtaining of TDS certificate in Form 16A: ICAI
TDS credit should be allowed solely on the basis of Form 26AS and procedural requirements for issuance of TDS certificates (Form 16 / 16A) should be dispensed withRegulation in forceSection 203 of the...
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Provide relief from TDS on monthly and year end provision entries: ICAI
Most of the companies record provision entries made towards various expenditures on a monthly basis to report performance to the parent entities that are reversed on the first day of the subsequent mo...
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ICAI suggests on Association of Persons vis-à-vis EPC contracts/turnkey projects
Applicability of the CBDT Circular on formation of AOP vis-à-vis the EPC contracts/ turnkey projects in case of associate enterprise being a member of the consortiumThe term ‘Association of Persons’ (...
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NPS should be made Exempt, Exempt, Exempt (EEE)- ICAI
Currently, the National Pension Scheme (NPS) works on Exempt, Exempt, Tax (EET) regime whereby the monthly/ periodic contributions during the pension accumulation phase are allowed as deduction for In...
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Section 255 – Limit of Rs 50 lakhs may be made w.r.t. disputed income instead of total income
Section 255(3) as amended by the Finance Act, 2016 provides that a single member bench may dispose of a case where the total income as computed by the Assessing Officer does not exceed fifty lakh rupe...
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Section 245Q – Need for Rationalisation of filing fees for AAR
Vide the Finance Act, 2017, section 245Q has been amended so as to enlarge/expand the scope of Authority for Advance Rulings to cover cases relating to central excise, custom duty and service tax and...