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Dilution of tax incentive U/s. 35AD by insertion of Section 73A
The underlying idea behind allowing the investment linked incentive granted under Section 35AD of the Act is to enable the taxpayer to set-off the business losses incurred by this write-off against th...
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Address Concerns in Computation of capital gain in case of JDA: ICAI
Section 45(5A) – Special provision for computation of capital gain in case of joint development agreement (JDA) – Certain concerns to be addressed and scope to be enlargedThe Finance Act 2017 inserted...
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Section 44AD Presumptive Income – amend definition of eligible business
Section 44AD was repealed w.e.f. 01/04/2011 i.e. from AY 2011-12.According to the new provisions, in case of an eligible assessee engaged in eligible business, income shall be deemed equal to a sum @...
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Section 44AD Allow deduction of interest and remuneration paid to partners by firm: ICAI
Section 44AD – Deletion of proviso to sub-section (2) providing for deduction of interest and remuneration paid to partners by firm from the presumptive income under section 44AD – Proviso to remain/r...
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Clarify provisions of section 44AD: ICAI
Relevant provisionsThe Finance Act, 2016 amended the provisions of section 44AD w.e.f. from 1.4.2017. The relevant extracts of the amended provisions of section 44AD are given hereunder:“(4) Where an...
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Exclude agricultural land from the ambit of Section 43CA: ICAI
Section 43CA – Special provision for full value of consideration for transfer of assets other than capital assets in certain casesThis section provides for adoption of stamp duty value in case of tran...
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Allow Capitalization of foreign exchange loss for domestically acquired asset: ICAI
Section 43A was inserted in the Income-tax Act, 1961 by Finance (No. 2) Act 1967, which permitted Capitalization of Foreign Exchange Fluctuation Loss in the borrowing used for acquisition of assets ou...
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ICAI suggestions on depreciation on assets acquired in satisfaction of debts Section 43(1)
In many cases, assessees engaged in the business of financing assets, acquire such assets which were used by the borrower for the purpose of his business or profession. Post-acquisition of such assets...
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ICAI suggestions on taxability of interest on Non-Performing Asset
Section 43D of the Act provides that income by way of interest in relation to bad and doubtful debts of a public financial institution or a scheduled bank or a cooperative bank or a state financial co...
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Section 40A(3) Allow cash Payment to electricity companies: ICAI
Currently, bill payments related to electricity consumption made to electricity companies are not allowed through cheque in case payment is made after a certain date or delayed/late payment after due...
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Restrict disallowance for TDS defaults on payments to non-resident to 30%: ICAI Suggests
In relation to section 40(a)(ia), Explanatory Memorandum to Finance (No.2) Bill 2014/CBDT Circular No. 1 of 2015 explained that disallowance of whole of the amount of expenditure in case of payments t...
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Disallowance of expenses incurred in favour of members – Section 40(ba)
S.40(ba) does not permit deduction in the hands of AOP of any interest, salary, bonus, commission or remuneration paid to member of AOP.In many cases, a consortium may be formed by two or more members...
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Section 40(a)(ia): Disallowance of expenditure for non-deduction of tax at source on payment made to resident
Section 40(a)(ia) – Disallowance of expenditure for non – deduction of tax at source on payment made to residentSection 40(a)(ia) is amended via Finance (No. 2) Act, 2014 to restrict the amount of dis...
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Allow deduction for Corporate Social Responsibility Costs: ICAI
Corporates are currently involved in various areas of social responsibility / community development as part of nation building. Further, the concept of Corporate Social Responsibility Costs has been i...
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Section 36(1)(va) Increase Due date for crediting contribution of employees to due date of ROI
Due date for crediting the contribution of employees to the respective fund–Section 36(1)(va) read with Section 2(24)(x)The employee’s contribution credited to the employees account in the relevant fu...
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Section 35D: Allow deduction for all expenses incurred for raising capital
Expenses incurred for raising capital are being treated as capital in nature and no deduction is allowed in tax assessment. Section 35D provides for deduction in respect of some of the expenses, over...
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CBI imprisons then Delhi Inspector of Income Tax in DA Case
Three Years Imprisonment With Fine Of Rs. 5 Lakh To Then Inspector Of Income Tax In A Disproportionate Assets (DA) CasePress ReleaseNew Delhi, 19.01.2018The Special Judge, CBI Cases, Tis Hazari Court,...
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Allow carry forward of AMT credit in the hands of successor entity
Section 115JD – Tax Credit in case of successionSection 115JD provides for tax credit in respect of alternate minimum tax. The provisions of section 115JC are applicable to persons other than a compan...
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Exempt TDS on certain payments for personal purposes: ICAI
There is no specific exemptions from tax deduction at source in case of payments of personal nature, in respect of the cases covered in Section 194A (interest), Sec. 194H (brokerage), and Section 194-...
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Section 194C-: TDS on auto rickshaws and/or buses used for transportation of goods
Section 194C(6) provides exemption to small good carriage contractor/transporter (owning not more than 10 goods carriage at any time during the previous year) on furnishing of PAN along with the decla...