-
Fix specific time limit for initiating & completing TDS proceedings U/s. 201: ICAI
Time limit for TDS assessments of payments made to non-residentsPresently, there is no time limit specified by the Act for initiating & completion of TDS proceedings under section 201 of the Act in re...
-
ICAI suggestion to reduce Mismatch in TDS / TCS data
The non-government deductors majorly comprise of non-corporate sector which is not very organized. Approximately less than 6000 assessees are listed companies who take the help of professionals to fil...
-
ICAI suggest Interest on delayed payment of interest on daily basis
Section 201(1A)- Consequences of failure to deduct or pay TDSAs per the provisions of section 201(1A), interest is charged on monthly basis. Even for delay in payment or deduction of tax at source by...
-
Payment to non-residents: ICAI suggest consideration of section 54 to 54F while issuing Lower or Nil tax deduction certificate
a) Section 195(1) of the Income-tax Act, 1961 provides for the applicability of TDS provisions on “any person” responsible for paying to a “non-resident” subject to exceptions as provided in the secti...
-
Sec.115O Inter Corporate DDT / Grossing up DDT Rate / Abolish DDT: ICAI
a) Inter Corporate Dividend Distribution Tax (DDT)The Finance Act, 2008 amended the provisions of section 115-O to eliminate the hardship of double taxation arising on account of cascading effect of D...
-
Dispose application for Lower deduction U/s. 197 within 30 days of application
Validity of Certificate issued under section 197The Certificate under section 197 is at present issued with a validity date from the date of issue. Though the assessee is applying in the month of Apri...
-
Valuation of shares- Make Report from CA admissible- ICAI
Valuation of shares- Section 56(2)(viib)The Finance Act, 2012 had inserted clause (viib) in section 56(2) to provide that if the consideration for shares is in excess of the fair value of the shares,...
-
Section 40A(3) ICAI suggests on Maintenance of records of Cross Cheques
Any payment for purchase and expenditure otherwise than account payee cheques is disallowed by 30%. Tax auditor has to report in Clause 21(A) that all payments have to be made through account payee ch...
-
Incentivise transactions through credit/debit cards and other banking instruments
Large majority of the Indian consumer market is unorganised due to the presence of small businesses across sectors which largely deal in cash, both, when buying products and selling them.Secondly, the...
-
Double taxation in case of buy back of shares by the company in case of ESOP’s
Section 17At the time of buy back of shares (not being shares listed on a recognised stock exchange), by a company from the shareholder, the company is liable to pay income tax on distributed income u...
-
Say no to Cash Transactions- Income Tax Dept. Advises
DO NOT ACCEPT cash of Rs. 2,00,000/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion.DO NOT RECEIVE OR REPAY Rs. 20,000/- or more i...
-
Clarify in respect of AMP expenditure by companies advertising foreign brands in India
From last many years, companies advertising foreign brands in India are been scrutinized in TP audits, for the AMP expenditure made by them. On this issue large TP adjustments are been made. This has...
-
Clarify on reporting of share Capital transaction in Form 3CEB: ICAI
Clause 16 of the Form 3CEB requires the reporting of particulars in respect of the purchase or sale of marketable securities, issue and buyback of equity share, optionally convertible/ partially conve...
-
Agreement with foreign countries or specified territories Section 90- Tax treaties vis-a-vis the Act
Section 90(2A) of the Act provides that notwithstanding anything contained in Section 90(2) of the Act, the provisions of Chapter X-A i.e. GAAR shall apply to the taxpayer even if such provisions are...
-
Increase Domestic transfer pricing audit limit to INR 50 crores: ICAI
The existing provisions under Section 92BA of the Income-tax Act, 1961, require an assesse to comply with the transfer pricing provisions if the aggregate of the Specified Domestic Transactions (SDT)...
-
Rationalise penalty for non-furnishing of Country by Country report
Country by Country Reporting (CbCR) – Penalty for non-furnishing of Country by Country reportSection 271GB of the Act prescribes stringent penalty for non-furnishing of Country by Country (CbyC) repor...
-
Address concerns on Interpretation of ‘terms’ used in tax treaties U/s. 90/90A but not defined in such treaties
Sections 90 & 90A – Clarification with regard to interpretation of ‘terms’ used in tax treaties under Section 90/90A but not defined in such treaties – Concern to be addressedUnder the existing provis...
-
Applicability of EC & SHEC on rates specified under DTAA needs to be clarified: ICAI
Applicability of Education Cess and Secondary and Higher Education Cess -Double Taxation Avoidance AgreementUnder the Income-tax Act, 1961, Education cess and Secondary and Higher education cess are i...
-
Section 80TTA- Allow deduction of Interest on all types of deposits
Section 80TTA was inserted by the Finance Act, 2012 to provide deduction of up to Rs.10,000 in the hands of individuals and HUFs in respect of interest on savings account with banks, post offices and...
-
Section 80U: Incorporate Rights of Persons with Disabilities Act, 2016
Section 80U – Consequential amendments required due to the enactment of ‘The Rights of Persons with Disabilities Act, 2016’ w.e.f. 28.12.2016Section 80U, inter alia, provide for a deduction to an indi...