The Tax Reform Panel provided 20 key suggestions to simplify India's tax provisions:
1. Provide legislative guidance on characterizing investments as capital assets or stock-in-trade to reduce litigation. Surplus on shares held over 1 year as capital assets would always be taxed as long-term capital gains.
2. Introduce a presumptive taxation scheme for professionals estimating income at 33.33% of receipts up to 1 crore rupees to simplify compliance.
3. Defer implementation of Income Computation and Disclosure Standards (ICDS) to allow further study of implications as they generate legal debates and increase compliance burden.
Proposed Amendment in income tax finance bill 2019Mohd.Asif Khan
The document summarizes proposed amendments to the Indian Income Tax Act of 1961 in the Finance Bill 2019. Key changes include increasing the standard tax deduction from salaries to Rs. 50,000, allowing deduction of interest on loans for two self-occupied homes instead of one, and increasing thresholds for tax deducted at source on rental income and bank interest from Rs. 180,000 to Rs. 240,000 and from Rs. 10,000 to Rs. 40,000 respectively. The income tax rebate is also increased for individuals with annual income up to Rs. 500,000.
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
The document outlines key points for a special audit of a company under section 142(2A) of the Indian Income Tax Act of 1961. It lists several areas the audit should review, including proper maintenance of books of accounts, accounting for all income accruals, compliance with tax deduction and deposit provisions, expenses and deductions claimed, and checks for embezzlement. The special audit aims to inspect the company's financial records and transactions in depth to ensure compliance with relevant taxation laws and accounting standards.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
Consideration of Penalty Proceedings Order for Quantum Assessment: Analysis o...DVSResearchFoundatio
Key Takeaways:
- Facts of the Case
- Rulings by the Lower Authorities for Quantum Assessment
- Penalty Proceedings
- Supreme Court Ruling
- Conclusion and Key Takeaways
Proposed Amendment in income tax finance bill 2019Mohd.Asif Khan
The document summarizes proposed amendments to the Indian Income Tax Act of 1961 in the Finance Bill 2019. Key changes include increasing the standard tax deduction from salaries to Rs. 50,000, allowing deduction of interest on loans for two self-occupied homes instead of one, and increasing thresholds for tax deducted at source on rental income and bank interest from Rs. 180,000 to Rs. 240,000 and from Rs. 10,000 to Rs. 40,000 respectively. The income tax rebate is also increased for individuals with annual income up to Rs. 500,000.
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
The document outlines key points for a special audit of a company under section 142(2A) of the Indian Income Tax Act of 1961. It lists several areas the audit should review, including proper maintenance of books of accounts, accounting for all income accruals, compliance with tax deduction and deposit provisions, expenses and deductions claimed, and checks for embezzlement. The special audit aims to inspect the company's financial records and transactions in depth to ensure compliance with relevant taxation laws and accounting standards.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
Consideration of Penalty Proceedings Order for Quantum Assessment: Analysis o...DVSResearchFoundatio
Key Takeaways:
- Facts of the Case
- Rulings by the Lower Authorities for Quantum Assessment
- Penalty Proceedings
- Supreme Court Ruling
- Conclusion and Key Takeaways
1. Section 14A of the Income Tax Act was introduced to ensure that no deduction is allowed against taxable income for expenditure incurred in earning exempt income.
2. There is an ongoing debate around whether disallowance under section 14A can be made in a year where the assessee has not earned any exempt income. While the tax department and a Special Bench view was that disallowance can be made irrespective of exempt income, various High Courts have held that no disallowance can be made in the absence of exempt income in a year.
3. The current legal position, based on recent High Court rulings, is that no disallowance under section 14A should be made for a year
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
The Supreme Court ruled that deductions under Section 80-IA of the Income Tax Act can be adjusted against income from other sources, not just business income.
The Revenue Department had argued that Section 80-IA(1) limits deductions to only business income based on the phrase "derived from". However, the Supreme Court observed that Section 80-IA(5) deals only with computing the deduction amount, not limiting it.
The ruling allows eligible businesses to set off Section 80-IA and similar deductions against any head of income, not just profits and gains from business, subject to the overall gross total income limit. This provides tax relief to companies with other sources of income.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for
dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
Validity of Notice Issued for Income Escaping Assessment - Analysis of SC RulingDVSResearchFoundatio
Key Takeaways:
- Facts of the Case
- Issues Raised by the Department
- Contentions of the Revenue and Assessee
- Analysis and Ruling given by the Supreme Court
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Revised draft of article 12 b income from automated digital servicesDVSResearchFoundatio
Key Takeaways:
Overview of Treaty Provision for Digital Taxation
Clarifications for Source Based Taxation
Amendments in Inclusion and Exclusion List
Way Forward
The document summarizes important amendments made to Pakistan's Income Tax Ordinance through the Finance Act of 2012. Key points include:
1) Increasing the basic tax threshold and revising tax slabs for salaried individuals.
2) Withdrawing tax exemption on capital gains from property held less than two years and introducing a 0.5% advance tax on property sales.
3) Providing commercial importers, traders, and exporters the option to be taxed on net income under normal law instead of presumptive tax, subject to minimum tax liabilities.
4) Introducing various tax credits to encourage investment in shares, insurance, industry, and corporate agriculture.
Aera note it 2021_charitable institute_registration_mar 2021vikash parakh
The Central Board of Direct Taxes (CBDT) has issued a notification dated 26th March 2021 pertaining to the procedure for registration including reapproval/revalidation of existing 12A / 12AA / 80G registrations.
The new Rules and Forms will be applicable from 1st April 2021 and all charitable trusts and institutions already registered u/s 12A or 12AA or having 80G certificate must apply for reapproval/revalidation of their registration before 30th June 2021.
Aera has prepared a note for understanding and process for reapproval/revalidation/approval as per the released Notification.
Please let us know if you need any more details.
This document outlines procedures for filing tax returns in Pakistan. It specifies that companies, high income individuals, non-profit organizations, and others must file an annual tax return. Returns must be filed electronically and include information about income, taxes paid, and assets/wealth. Exceptions to filing are provided for low income salaried individuals and certain property owners. Extensions may be granted for returns in cases of travel, illness or other reasonable causes.
This regulation establishes procedures for collecting fees by the Financial Services Authority (OJK) of Indonesia. It outlines the types of fees OJK charges, including license fees, annual regulatory fees, and penalties. It specifies deadlines and processes for fee payments. If fees are not paid by deadlines, OJK can issue warnings and impose penalties of up to 48% of unpaid fees. After 1 year of non-payment, unpaid fees will be designated as non-performing receivables and handed over to the State Receivables Committee for collection.
Finance Act 2016 Amendments in Income Tax Laws - A Y 2017-18CA Janardhana Gouda
Finance Act 2016 Amendments in Income Tax Laws applicable for Assessment year 2017-18 on wards. Major Amendments for Individuals, Companies and Changes in TDS and TCS Provisions etc
The document contains three requests for adjournment or additional time related to tax assessment cases for RRB Consultants & Engineers Pvt. Ltd. for various assessment years. In the first request, the authorized signatory asks that a case scheduled for August 19, 2005 be adjourned to the first week of September due to the dealer being in the process of collecting forms from customers. In the second request, dated July 20, 2006, the authorized signatory asks that an appeal case scheduled for July 25, 2006 be adjourned as the company's counsel will be out of station. In the third and final request dated September 4, 2008, the authorized signatory asks that an assessment case be adjourned for
The document summarizes the procedures for filing income tax returns in India. It discusses:
1) Voluntary returns that must be filed by companies, firms, individuals and HUFs meeting certain income thresholds.
2) Prescribed due dates and forms for different types of taxpayers. Companies and some individuals have a due date of September 30, while most individuals have a July 31 due date.
3) Rules for filing belated or revised returns within one year of the original due date or assessment date.
4) Additional requirements for charitable trusts, political parties, and certain institutions to file by specific due dates using Form ITR-7.
5) Details that must be included in
The document discusses the legislative history and provisions related to presumptive taxation in India. Some key points:
1) Various sections like 44AC, 44AD, 44AE, 44AF were introduced over time to allow computing income on a presumptive basis for certain eligible businesses to simplify tax compliance.
2) Section 44AD was amended in 2009 to expand the scope of presumptive taxation to all businesses with a turnover up to Rs. 60 lakhs, except those covered under other sections.
3) The new provisions allow deeming income at 8% of gross receipts/turnover for eligible assessees engaged in eligible businesses. Various case laws have upheld the constitutional validity
Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill...DVSResearchFoundatio
The document summarizes key amendments proposed in the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 relating to direct tax provisions in India. Some key amendments include providing tax incentives to Category-III Alternative Investment Funds located in International Financial Services Centres, reducing the surcharge on dividend income for Foreign Portfolio Investors, clarifying provisions related to residential status, extending timelines related to the Vivad se Vishwas scheme for settling tax disputes, and introducing faceless assessment schemes for various tax proceedings. The Bill also proposes some other miscellaneous amendments related to exemptions, penalties, and powers of tax authorities.
Key Amendments proposed under the Indirect Tax lawsTaxmann
Budget 2021 has introduced several amendments under the Indirect Tax Laws. In this document, we have highlighted key amendments proposed under Customs and GST.
The document summarizes key provisions related to rectification of mistakes under section 154 and 155 of the Income Tax Act.
[1] Section 154 allows the income tax authority to amend orders to rectify mistakes apparent from records. Rectification can be done on the authority's own motion or on application from the assessee.
[2] Section 155 allows amendment of orders related to partners/members if the firm/AOP/BOI assessment is amended, and amendment of orders to account for recomputed losses or depreciation allowances.
[3] Time limits for rectification are generally 4 years from the end of the assessment year, or 6 months if applied by the assessee.
The document outlines proposed amendments to various sections of the Income Tax Act related to phasing out of exemptions and deductions. Key points include:
- Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate taxpayers by FY 2020-21.
- Accelerated depreciation rates will be restricted to 40% from FY 2017-18.
- Weighted deductions for scientific research will be restricted to 150% from FY 2017-18 to FY 2019-20, and 100% from FY 2020-21.
- No deductions shall be available for new units set up in Special Economic Zones or for eligible projects/schemes commencing after
This document provides highlights of the Union Budget 2014-2015 for India. Some key points include:
- The basic income tax exemption limit has been increased by Rs. 50,000. Tax rates remain unchanged.
- Deduction limits under Section 80C have been increased from Rs. 100,000 to Rs. 150,000.
- Service tax rate remains at 12% and is extended to new services like radio taxis.
- Exemptions under the mega exemption notification have been extended to some services and withdrawn from others.
- Changes have been made to provisions around interest on late payment of taxes, e-payment of service tax, and the reverse charge mechanism.
Este documento presenta un cuestionario de selección múltiple para profesores con el fin de indagar sobre las comunidades de práctica relacionadas con la integración de tecnologías de la información y la comunicación (TIC) en las instituciones educativas. El cuestionario contiene 8 preguntas sobre temas como la planeación curricular de TIC, espacios de colaboración docente, recursos pedagógicos y uso de TIC en el aula.
1. Section 14A of the Income Tax Act was introduced to ensure that no deduction is allowed against taxable income for expenditure incurred in earning exempt income.
2. There is an ongoing debate around whether disallowance under section 14A can be made in a year where the assessee has not earned any exempt income. While the tax department and a Special Bench view was that disallowance can be made irrespective of exempt income, various High Courts have held that no disallowance can be made in the absence of exempt income in a year.
3. The current legal position, based on recent High Court rulings, is that no disallowance under section 14A should be made for a year
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
Commissioner of income tax-iv.reliance energy ltd.[2021] 127 taxmann.com 69(sc)DVSResearchFoundatio
The Supreme Court ruled that deductions under Section 80-IA of the Income Tax Act can be adjusted against income from other sources, not just business income.
The Revenue Department had argued that Section 80-IA(1) limits deductions to only business income based on the phrase "derived from". However, the Supreme Court observed that Section 80-IA(5) deals only with computing the deduction amount, not limiting it.
The ruling allows eligible businesses to set off Section 80-IA and similar deductions against any head of income, not just profits and gains from business, subject to the overall gross total income limit. This provides tax relief to companies with other sources of income.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for
dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
Validity of Notice Issued for Income Escaping Assessment - Analysis of SC RulingDVSResearchFoundatio
Key Takeaways:
- Facts of the Case
- Issues Raised by the Department
- Contentions of the Revenue and Assessee
- Analysis and Ruling given by the Supreme Court
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
Revised draft of article 12 b income from automated digital servicesDVSResearchFoundatio
Key Takeaways:
Overview of Treaty Provision for Digital Taxation
Clarifications for Source Based Taxation
Amendments in Inclusion and Exclusion List
Way Forward
The document summarizes important amendments made to Pakistan's Income Tax Ordinance through the Finance Act of 2012. Key points include:
1) Increasing the basic tax threshold and revising tax slabs for salaried individuals.
2) Withdrawing tax exemption on capital gains from property held less than two years and introducing a 0.5% advance tax on property sales.
3) Providing commercial importers, traders, and exporters the option to be taxed on net income under normal law instead of presumptive tax, subject to minimum tax liabilities.
4) Introducing various tax credits to encourage investment in shares, insurance, industry, and corporate agriculture.
Aera note it 2021_charitable institute_registration_mar 2021vikash parakh
The Central Board of Direct Taxes (CBDT) has issued a notification dated 26th March 2021 pertaining to the procedure for registration including reapproval/revalidation of existing 12A / 12AA / 80G registrations.
The new Rules and Forms will be applicable from 1st April 2021 and all charitable trusts and institutions already registered u/s 12A or 12AA or having 80G certificate must apply for reapproval/revalidation of their registration before 30th June 2021.
Aera has prepared a note for understanding and process for reapproval/revalidation/approval as per the released Notification.
Please let us know if you need any more details.
This document outlines procedures for filing tax returns in Pakistan. It specifies that companies, high income individuals, non-profit organizations, and others must file an annual tax return. Returns must be filed electronically and include information about income, taxes paid, and assets/wealth. Exceptions to filing are provided for low income salaried individuals and certain property owners. Extensions may be granted for returns in cases of travel, illness or other reasonable causes.
This regulation establishes procedures for collecting fees by the Financial Services Authority (OJK) of Indonesia. It outlines the types of fees OJK charges, including license fees, annual regulatory fees, and penalties. It specifies deadlines and processes for fee payments. If fees are not paid by deadlines, OJK can issue warnings and impose penalties of up to 48% of unpaid fees. After 1 year of non-payment, unpaid fees will be designated as non-performing receivables and handed over to the State Receivables Committee for collection.
Finance Act 2016 Amendments in Income Tax Laws - A Y 2017-18CA Janardhana Gouda
Finance Act 2016 Amendments in Income Tax Laws applicable for Assessment year 2017-18 on wards. Major Amendments for Individuals, Companies and Changes in TDS and TCS Provisions etc
The document contains three requests for adjournment or additional time related to tax assessment cases for RRB Consultants & Engineers Pvt. Ltd. for various assessment years. In the first request, the authorized signatory asks that a case scheduled for August 19, 2005 be adjourned to the first week of September due to the dealer being in the process of collecting forms from customers. In the second request, dated July 20, 2006, the authorized signatory asks that an appeal case scheduled for July 25, 2006 be adjourned as the company's counsel will be out of station. In the third and final request dated September 4, 2008, the authorized signatory asks that an assessment case be adjourned for
The document summarizes the procedures for filing income tax returns in India. It discusses:
1) Voluntary returns that must be filed by companies, firms, individuals and HUFs meeting certain income thresholds.
2) Prescribed due dates and forms for different types of taxpayers. Companies and some individuals have a due date of September 30, while most individuals have a July 31 due date.
3) Rules for filing belated or revised returns within one year of the original due date or assessment date.
4) Additional requirements for charitable trusts, political parties, and certain institutions to file by specific due dates using Form ITR-7.
5) Details that must be included in
The document discusses the legislative history and provisions related to presumptive taxation in India. Some key points:
1) Various sections like 44AC, 44AD, 44AE, 44AF were introduced over time to allow computing income on a presumptive basis for certain eligible businesses to simplify tax compliance.
2) Section 44AD was amended in 2009 to expand the scope of presumptive taxation to all businesses with a turnover up to Rs. 60 lakhs, except those covered under other sections.
3) The new provisions allow deeming income at 8% of gross receipts/turnover for eligible assessees engaged in eligible businesses. Various case laws have upheld the constitutional validity
Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill...DVSResearchFoundatio
The document summarizes key amendments proposed in the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 relating to direct tax provisions in India. Some key amendments include providing tax incentives to Category-III Alternative Investment Funds located in International Financial Services Centres, reducing the surcharge on dividend income for Foreign Portfolio Investors, clarifying provisions related to residential status, extending timelines related to the Vivad se Vishwas scheme for settling tax disputes, and introducing faceless assessment schemes for various tax proceedings. The Bill also proposes some other miscellaneous amendments related to exemptions, penalties, and powers of tax authorities.
Key Amendments proposed under the Indirect Tax lawsTaxmann
Budget 2021 has introduced several amendments under the Indirect Tax Laws. In this document, we have highlighted key amendments proposed under Customs and GST.
The document summarizes key provisions related to rectification of mistakes under section 154 and 155 of the Income Tax Act.
[1] Section 154 allows the income tax authority to amend orders to rectify mistakes apparent from records. Rectification can be done on the authority's own motion or on application from the assessee.
[2] Section 155 allows amendment of orders related to partners/members if the firm/AOP/BOI assessment is amended, and amendment of orders to account for recomputed losses or depreciation allowances.
[3] Time limits for rectification are generally 4 years from the end of the assessment year, or 6 months if applied by the assessee.
The document outlines proposed amendments to various sections of the Income Tax Act related to phasing out of exemptions and deductions. Key points include:
- Profit linked, investment linked and area based deductions will be phased out for both corporate and non-corporate taxpayers by FY 2020-21.
- Accelerated depreciation rates will be restricted to 40% from FY 2017-18.
- Weighted deductions for scientific research will be restricted to 150% from FY 2017-18 to FY 2019-20, and 100% from FY 2020-21.
- No deductions shall be available for new units set up in Special Economic Zones or for eligible projects/schemes commencing after
This document provides highlights of the Union Budget 2014-2015 for India. Some key points include:
- The basic income tax exemption limit has been increased by Rs. 50,000. Tax rates remain unchanged.
- Deduction limits under Section 80C have been increased from Rs. 100,000 to Rs. 150,000.
- Service tax rate remains at 12% and is extended to new services like radio taxis.
- Exemptions under the mega exemption notification have been extended to some services and withdrawn from others.
- Changes have been made to provisions around interest on late payment of taxes, e-payment of service tax, and the reverse charge mechanism.
Este documento presenta un cuestionario de selección múltiple para profesores con el fin de indagar sobre las comunidades de práctica relacionadas con la integración de tecnologías de la información y la comunicación (TIC) en las instituciones educativas. El cuestionario contiene 8 preguntas sobre temas como la planeación curricular de TIC, espacios de colaboración docente, recursos pedagógicos y uso de TIC en el aula.
The document outlines the typical elements that make up the customer experience program offered by Into the Blue consulting. The program includes workshops, training sessions, and collaborative support to help businesses better understand their customers. The key elements of the program involve discovering the current customer experience through employee interviews and mystery visits, educating all employees on customer experience, creating a shared company vision and values, gathering customer feedback, mapping the customer journey, and establishing metrics to measure progress. The overall goal is to develop an engaged workforce and a tailored plan to enhance the customer experience delivered by each business.
El documento describe un procedimiento para hacer un pesticida casero a base de ajo, cebolla, alcohol y agua. Explica que los pesticidas se usan para controlar plagas que dañan cultivos, aunque pueden ser tóxicos. El procedimiento indica cómo preparar el pesticida natural machacando ajo y cebolla con alcohol y agua, dejándolo reposar para luego diluirlo y usarlo para espantar plagas de forma no tóxica y amigable con el medio ambiente.
Fred Souleman had a rare and aggressive form of skin cancer called Merkel cell carcinoma diagnosed in 2014. He underwent a 13 hour surgery to remove the tumor and then 6 weeks of radiation treatment. The cancer and treatments prevented Fred from performing music with his band for over a year, which was difficult for him due to his passion for music. However, Fred recovered fully and credits God and the medical professionals for delivering him from this health challenge. He has since resumed performing with his band and releasing new music to praise God.
Comunicación y educación Zeila Gutierrez Jan Catalán
Este documento trata sobre la comunicación y la educación. En primer lugar, explica que la comunicación y la educación son pilares fundamentales para el desarrollo de una sociedad y deben apoyarse mutuamente. Luego, describe cómo la comunicación se utilizó en experiencias sociales comunitarias en Colombia para preservar el medio ambiente a través de la creación de emisoras comunitarias. Finalmente, detalla los aprendizajes obtenidos sobre las consecuencias del embarazo adolescente y cómo esto contribuye a su formación profesional como psic
El documento habla sobre conceptos básicos de programación en Scratch como bloques, objetos, escenarios, historias, sprites, scripts, secuencias, posicionamiento, herramientas, variables e interacciones. También incluye una sopa de letras con términos relacionados a Scratch como programación, iteración, cadenas y fondo entre otros.
El documento habla sobre conceptos básicos de programación en Scratch como bloques, objetos, escenarios, historias, sprites, scripts, secuencias, posiciones y variables. Menciona herramientas para editar, duplicar, borrar u otras acciones sobre los objetos.
Este documento proporciona instrucciones para instalar Windows 7 en una máquina virtual usando VirtualBox. Explica cómo configurar VirtualBox para crear una nueva máquina virtual, asignarle memoria y un disco duro virtual, e instalar Windows 7 seleccionando una imagen ISO. Finalmente, guía al usuario a través del proceso de instalación de Windows 7 configurando la contraseña, nombre de usuario, zona horaria y tipo de red.
Trabajo Final Comunicación y Educación.Jan Catalán
Los documentos discuten conceptos de comunicación educativa y experiencias sociales relacionadas. Varios participantes describen cómo la comunicación y la educación deben integrarse para formar ciudadanos críticos y comprometidos. También analizan cómo la comunicación educativa puede abordar problemas como la deserción escolar, el embarazo adolescente y la violencia.
The document analyzes how the word "happy" shapes the plot and characters of Shakespeare's The Merchant of Venice, despite only appearing nine times. It discusses how each main character - Antonio, Shylock, Bassanio, Portia - pursues their own unique path to finding happiness. Antonio seeks purpose through sacrifice, Shylock through revenge, Bassanio through greed and marriage to the wealthy Portia, while Portia pursues power and control over her life. Secondary characters like Lorenzo, Jessica, Gratiano and Nerissa also prioritize their personal happiness through relationships, wealth and escaping oppression. Though their methods differ, achieving happiness is the driving force for all the play's characters.
This document provides an abstract book and program for the 18th European Forum on Urban Forestry held from June 10-12, 2015 in Brussels and Waterloo, Belgium. The forum focused on connecting street trees to urban forests through discussions of green infrastructure, citizen participation, and strategies for managing fragmented urban forests. Field trips explored examples of urban regeneration projects and efforts to reconnect urban residents with nearby nature reserves.
Este documento presenta un módulo sobre lectura y escritura con el uso de las TIC. El módulo tiene como objetivos desarrollar habilidades de lectura y escritura a través del uso de herramientas digitales. Incluye un cronograma de actividades sobre cuentos y fábulas durante junio y julio, así como criterios de evaluación para medir el desempeño de los estudiantes.
WordCamp Lyon 2015 - Grandir avec WordPressThierry Pigot
Support de ma conférence au WordCamp Lyon 2015 sur : Reconversion et business, grandir avec WordPress
Dans cette conférence, je vais vous raconter mon parcours, comment Internet et plus particulièrement WordPress, m’ont aidé à prendre un virage professionnel.
Nous verrons les galères pour trouver les premiers clients, les devis mal rédigés, les prix mal maîtrisés et comment je me suis adapté pour arriver à la visibilité qui est la mienne aujourd’hui.
Je vais m’attacher à répondre sur comment se vendre, comment se former, comment travailler sa visibilité et son réseau, pour enfin trouver votre place dans cet écosystème qu’est WordPress.
It is very important for the Business and Individuals of Bharat to study and adapt to the proposed taxation changes in the Union Budget. Also, the study of provisions may help plan their affairs according to the possible opportunities seen in the budget and also plan the taxation systematically to optimize their outflows.
Here we are with the Thirty fifth successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
The document discusses changes made by the Central Board of Direct Taxes to Form 3CD, which is used for tax audit reports. Key changes include the addition of GST registration numbers under indirect tax laws (Clause 4) and the addition of new reporting requirements for deductions claimed under Section 32AD and deemed profits/gains from Section 32AD (Clauses 19 and 24). New Clauses 29A and 29B were also added related to reporting income from forfeiture of advances for capital asset transfers and deemed gifts under Section 56(2)(x). Guidance is provided on implementation of the new and modified clauses.
A new Decree, which includes changes to the treatment of tax
avoidance and abuse of law, and which should limit the more
enthusiastic challenges by the revenue authorities, has been
approved by the Italian Government.
This document provides guidance on accounting for depreciation in companies according to the Companies Act of India. It discusses the methods of charging depreciation allowed under the Act, the applicability of depreciation rates prescribed in Schedule XIV, adoption of different depreciation methods for different asset types, changing depreciation methods, and other related topics. The key points are:
1) Section 205 of the Companies Act prescribes the methods for charging depreciation, including straight line and written down value methods.
2) Schedule XIV provides minimum depreciation rates that must be used, but companies can use higher rates if justified.
3) Companies have flexibility to use different depreciation methods for different
The Finance Bill 2023 proposes changes to tax rates and slabs, deductions and exemptions, tax benefits for Agniveers, income from business or profession, capital gains, charitable and religious trusts, assessments and appeals, set-off and carry forward of losses, TDS and TCS, penalties and prosecutions, and other amendments. Key changes include revisions to the alternate tax regime, increased basic exemption limit and threshold for rebate, reduced surcharge rate for high income, and extension of standard deduction to salaried employees opting for the new regime.
The document discusses the key provisions and recent changes made to the Income Tax audit process in India.
Some of the key points include:
- Tax audit is required if business turnover exceeds Rs. 1 crore or professional receipts exceed Rs. 50 lakhs
- Form 3CD must be submitted by the auditor by 30th September of the assessment year
- Recent changes to Form 3CD include additional reporting for GST, capital gains, gifts received, transfer pricing adjustments, and cash transactions over Rs. 2 lakhs
- New clauses have been added for secondary adjustments, interest deduction limitations, GAAR impacted transactions, and reporting of specified financial transactions
this latest edition of out quarterly publication summarizes SEC developments in the last quarter. Highlights include SEC staff guidance on tax reform, remarks by SEC Chairman Jay Clayton and members of the SEC staff at the recent AICPA Conference on Current SEC and PCAOB Developments on the new accounting standards, critical audit matters and cybersecurity, and a discussion of Mr. Clayton’s concerns about initial coin offerings. We also discuss recent SEC rulemaking activities, SEC staff guidance updates and significant personnel changes.
The document summarizes several key proposed changes in the Finance Bill 2023 related to tax rates, deductions and exemptions, tax benefits for Agniveers, income from business or profession, capital gains, charitable and religious trusts, assessment and appeals, set-off and carry forward of losses, and TDS and TCS. Some of the major changes proposed include increasing tax slab limits and deductions, reduced tax rates for manufacturing cooperatives, tax benefits for contributions to the Agniveer corpus fund, increased thresholds for presumptive taxation schemes, and changes to rules for charitable trusts regarding exemptions and registrations.
This document provides an overview of Income Computation and Disclosure Standards (ICDS) implementation in India. It discusses the evolution of ICDS from initial notification of 2 accounting standards in 1996 to the notification of 10 ICDS in 2015 that are applicable from AY 2017-18 onwards. It also summarizes key highlights of ICDS including applicability, precedence over accounting standards/judicial rulings, transitional provisions and additional disclosure requirements.
This book provides clause-by-clause analysis of the Finance Bill, 2021. All complex provisions have been explained with illustrations which helps the readers to comprehend the new provisions, in a simplified manner. This book covers analysis on the following:
Direct Taxes
Indirect Taxes (Including GST & Customs)
Corporate Laws
The Present Publication is the Latest Edition, authored by Taxmann’s Editorial Team, with the following coverage:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Charitable Trusts
Deductions
TDS and Advance Tax
Return of Income
Assessments
Appeals and Dispute Resolution
Miscellaneous
Amendments Proposed under the GST Laws
Amendments Proposed under the Customs laws
Additional Infrastructure and Development Cess
Amendment under the Central Sales Tax Act
Amendments under the Customs Tariff Act
Amendments Proposed under the Corporate Laws
The detailed coverage of the book is as follows:
Tax Rates
Profits and Gains from Business or Profession
Capital Gains
Other Sources
Finance Bill, 2018 Amendments Passed by the Lok SabhaUpasanaTaxmann
The Lok Sabha on Wednesday passed the Finance Bill, 2018 amendments. Here're the snippets of changes made in finance bill, 2018. For more information visit https://www.taxmann.com/.
The document provides an executive summary of direct tax amendments proposed in the India Budget 2022. Key points include:
- Virtual digital assets will be taxed at 30% and TDS of 1% will apply to transfers over ₹10,000.
- Taxpayers can file an updated return within 24 months to disclose additional income but cannot claim losses or refunds.
- Covid related medical expenses paid by employers and amounts up to ₹10 lakhs received for Covid deaths will be tax exempt.
- Faceless proceedings for transfer pricing, DRP and ITAT have been deferred till 2023-24. Startups can claim tax exemptions till March 2023 and
The document provides details about a full day program on tax audits presented by CA Kusai Goawala. It discusses the applicability of tax audits for individuals and businesses based on their gross receipts. It also summarizes key clauses in the tax audit report form 3CD, including those related to registration, partnership details, maintenance of books of accounts, presumptive taxation, depreciation, and certain deductions. The document aims to analyze important clauses and discuss relevant issues that may arise for tax auditors.
Budget 2016-2017 - analysis of direct tax proposalsoswinfo
This document provides an analysis of key changes proposed in the Indian Budget 2016 relating to direct taxes. Some key points summarized are:
1. No change in basic tax exemption limits and rates for individuals. Surcharge of 15% for income over Rs. 1 crore. Section 87A rebate limit increased to Rs. 5,000. Section 80GG deduction limit for individuals without HRA enhanced to Rs. 5,000 per month.
2. Section 80CCC deduction limit increased from Rs. 1 lakh to Rs. 1.5 lakh. Section 10(12) and 10(13) exemptions for provident fund and superannuation fund limited to 40% of accumulated amount for contributions made
Highlights of Changes in Direct & Indirect Taxes in 2016-2017 budget
Direct Tax include Income tax,CHANGES IN INDIRECT TAXES - (CUSTOMS ACT, 1962 ,CENTRAL EXCISE ACT, 1944 ,AMENDMENTS IN SERVICE TAX )
The document summarizes key proposed changes to India's Goods and Services Tax (GST) and customs duties according to the FY 2021-22 Union Budget. Some key points include: 1) Mandatory GST audits by chartered accountants have been removed and replaced by annual return filing with self-certification; 2) Conditions for claiming input tax credit have been tightened to require invoices be reported in GSTR-2B; 3) Penalties for e-way bill violations have been increased. Customs duty rates have been changed for various products and an new Agriculture Infrastructure Development Cess has been introduced on certain goods.
Greetings
Union budget for FY 2018-19 was presented by Hon'ble Finance Minister Shri. Arun Jaitely . As most of you are aware, this budget is unique being presented before election in 2019
Similar to 20 key suggestions of Tax Reform Panel to Simplify tax provisions (20)
Reputational risk has become more prominent globally. In India, reputational risks in financial and other sectors have led to significant losses that are often much higher than direct financial losses. Events that can damage corporate and individual reputations in India include financial frauds, auditor or director resignations, loan defaults, transactions with politically exposed persons or involving conflicts of interest, and notices from government investigative agencies. Case studies found market capitalization declines after reputational events were much greater than direct financial losses, showing the high costs of reputational risk. Global investors, companies doing business in India, and others should monitor Indian corporations and individuals to detect early signs of potential reputational damage.
Amendments to rules for online process for lower/nil deduction certificate no...Kunal Gandhi
This document provides details on proposed amendments to Form 13 and relevant rules in the Income Tax Rules, 1962 to rationalize and make the process of issuing certificates for no/lower tax deduction or collection electronic. Key points:
- The existing process for obtaining certificates is being amended to make it fully electronic by requiring Form 13 to be filed digitally.
- Several rules including rules 28, 28AA, 28AB, 37G and 37H are being amended to incorporate the electronic process and rationalize requirements.
- A draft of the proposed amendments detailing changes to each rule is provided.
- Stakeholder comments on the draft are invited by September 4th, 2018.
Amendments to rules for online process for lower/nil deduction certificate no...Kunal Gandhi
The document is a draft notification from the Central Board of Direct Taxes in India proposing amendments to the Income Tax Rules of 1962 regarding making the process of issuing certificates for no or lower tax deduction/collection electronic. Key points:
- It proposes replacing the existing paper Form 13 with an electronic version to rationalize and streamline the process.
- It outlines amendments to various rules including 28, 28AA, 28AB, 37G and 37H to incorporate the electronic process and specify procedures for secure submission and processing.
- If approved, the changes would mandate electronic filing of Form 13 applications for tax deduction/collection certificates under a digital signature or verification code.
Transferable Development Rights (TDRs) allow land owners who surrender land for public projects to receive additional development rights that can be used or sold. There is debate around whether trading of TDRs is taxable under GST. TDRs have been considered a "benefit arising from land" by courts, making them immovable property. The sale of land is excluded from GST under Schedule III. Since TDRs are a benefit of land, their trading could be considered outside the scope of GST. However, due to conflicting judgments, developers are advised to pay GST on TDR trades and apply for refund until the tax treatment is clarified.
Transferable Development Rights (TDRs) allow land owners who surrender land for public projects to receive additional development rights that can be used or sold. There is debate around whether trading TDRs is taxable under GST. TDRs are considered a "benefit arising from land" and immovable property. However, the sale of land is excluded from GST. Judicial precedents indicate "land" includes rights associated with it. Since TDRs are a land benefit, their transfer may not be liable for GST. Until clarified, paying GST on TDR transfers is advisable to avoid potential non-compliance issues.
Gst Update - Draft New Simplified GST returnsKunal Gandhi
The document summarizes key highlights of the new simplified GST returns approved by the GST Council. It outlines features of monthly and quarterly returns such as filing due dates, nil returns, invoices, input tax credit claims, amendments, and payments. It also describes simplified "Sahaj" and "Sugam" quarterly returns for small businesses with annual turnover up to Rs. 5 Cr dealing primarily in domestic supplies. Control measures are proposed for newly registered taxpayers and defaulters regarding invoice uploading.
Summary of Key Changes in ITR Form for FY 2017-18 (AY 2018 19)Kunal Gandhi
The document summarizes key changes to Indian income tax return (ITR) forms for the 2018-19 assessment year. Some of the major changes include:
- ITR-1 can now only be filed by individuals with income up to Rs. 50 lakh instead of Rs. 5 lakh. Non-resident Indians must now use ITR-2.
- Additional details must be provided for deductions, allowances, perquisites, capital gains, foreign income and assets, GST payments, and donations.
- Companies must provide more details on accounting, CSR spending, foreign transactions, and beneficial owners.
- Political parties must disclose any cash donations over Rs. 2,000. Charitable trusts face
The issue of taxation on share premium has been of major tax controversy over the past few years and has rightly taxed money launderers and unearthed sham transactions. At the same time it has created hardships for start-ups and corporates in their fund raising and restructuring transactions.
Union Budget Analysis 2017-18 | U.S.Gandhi & CoKunal Gandhi
The document provides an overview of key proposals in India's Union Budget for 2017-18. Some highlights include:
- Personal income tax rates remain largely unchanged, except the 5-10% slab is reduced to 5%. A rebate of Rs. 2,500 is available for income up to Rs. 3.5 lakhs.
- Corporate tax rate is reduced to 25% for companies with turnover up to Rs. 50 crores.
- Capital gains holding period for immovable property is reduced to 2 years from 3 years.
- Presumptive income scheme threshold increased and cash transaction limits introduced.
- Changes introduced for start-ups, MAT credits, and international taxation provisions.
The Reserve Bank of India (RBI) issued a circular to all scheduled commercial banks regarding accepting cash deposits over the counter from declarants of the Income Declaration Scheme 2016. The circular instructs banks to accept cash deposits of any amount over the counter from declarants paying their tax dues in cash under the Scheme. Banks must comply with Know Your Customer requirements but cannot refuse large cash deposits for this purpose. The RBI advises banks to immediately inform branches to accept cash from declarants without difficulty to deposit their tax dues under the Scheme.
Q&A on the income declaration scheme, 2016Kunal Gandhi
The document is a circular from the Central Board of Direct Taxes clarifying questions about India's Income Declaration Scheme 2016. It provides answers to 14 questions on various aspects of the scheme, such as eligibility, capital gains tax treatment of declared assets, consequences of failing to declare income, and confidentiality of declarations. Key points addressed include that declarants will pay a total of 45% tax on declared income, capital gains will be computed from fair market value of declared assets as of June 1, 2016, and declarations will remain confidential like tax returns.
RBI permits foreign venture capital investors to invest in startupsKunal Gandhi
This document contains amendments made to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 by the Reserve Bank of India. The key amendments include inserting new definitions for Category I Alternative Investment Fund and startup, substituting provisions related to investment by registered Foreign Venture Capital Investors, and substituting Schedule 6 which outlines the terms of investment by registered Foreign Venture Capital Investors. The amendments allow Foreign Venture Capital Investors greater flexibility in investing in startups and Category I Alternative Investment Funds in India.
Government orders investigation against 187 companies involved in collection ...Kunal Gandhi
The Ministry of Corporate Affairs has ordered investigations through the Serious Fraud Investigation Office (SFIO) into 187 companies accused of collecting funds through illegal Ponzi schemes. The government is committed to tackling Ponzi schemes and protecting investors. Measures taken include introducing 'fraud' as an offence under the Companies Act 2013, granting statutory status to SFIO, and increasing technology use to identify fraud cases. An annex lists the 187 companies under investigation.
Government constitutes SIT on Panama Papers LeaksKunal Gandhi
The government of India constituted a multi-agency group in April 2016 to investigate Indian persons named in the Panama Papers leaks regarding undisclosed foreign assets. The group includes officers from the Central Board of Direct Taxes, Enforcement Directorate, Financial Intelligence Unit, and Reserve Bank of India. The investigation team has been ordered to conduct a time-bound inquiry. The government has also taken steps to expedite the investigation through increased international cooperation. However, the investigation is still preliminary and the International Consortium of Investigative Journalists has noted that not everyone in the Panama Papers is necessarily involved in tax evasion. Further actions will depend on the outcome of the investigation.
Simplification in Overseas Direct Investment ReportingKunal Gandhi
The Reserve Bank of India (RBI) has issued a circular rationalizing and revising the reporting of Overseas Direct Investment (ODI) forms. Key points:
1) Form ODI will now have 5 parts instead of 6 by subsuming Part II within Part I to capture all data pertaining to the Indian party undertaking ODI and related transactions.
2) New reporting formats have been introduced for venture capital funds, portfolio investments by mutual funds and alternate investment funds.
3) Online reporting of ODI forms has been introduced to reduce paper-based filing and allow faster reference and monitoring of overseas investment flows.
4) Strict timelines and processes have been established for online submission and
CBEC Clarifies 15 instances for service tax liability on services provided by...Kunal Gandhi
This document provides clarification on issues regarding the levy of service tax on services provided by the government or a local authority to business entities. It addresses 15 issues, providing clarification on topics such as services provided between governments, services to individuals, taxes/fees/duties, fines/penalties, eligibility for service tax exemption based on the amount charged, CENVAT credit eligibility and documents required to claim the credit. Illustrations are provided on how CENVAT credit can be claimed over 3 years for service tax paid on one-time charges for assignment of rights to use natural resources.
DIPP issues FAQ's on Start-up India SchemesKunal Gandhi
The document contains frequently asked questions and responses about registering as a startup in India.
It provides definitions for what qualifies as a startup and outlines the process for registration and obtaining recognition. Startups can register through the Startup India portal and mobile app and will receive a certificate of recognition. To receive additional tax and IP benefits, startups must obtain certification from an Inter-Ministerial Board.
The document also addresses questions for incubators and funding bodies about providing recommendation letters to support startup applications. Incubators and funds must meet certain criteria, and letters must validate the innovative nature and commercial potential of the startup's business.
- The document is an order from the Ministry of Corporate Affairs in India establishing the Companies (Auditor's Report) Order, 2016, which specifies matters that must be addressed in audit reports for certain types of companies.
- It supersedes the previous Companies (Auditor's Report) Order from 2015 and applies to most types of companies except for things like banking, insurance, and some smaller private companies.
- The order lists 16 matters that must be included in the auditor's report, covering issues like maintenance of asset records, loans to other parties, statutory dues, fraud, and transactions with related parties.
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A Critical Study of ICC Prosecutor's Move on GAZA WarNilendra Kumar
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Indonesian Manpower Regulation on Severance Pay for Retiring Private Sector E...AHRP Law Firm
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Indonesian Manpower Regulation on Severance Pay for Retiring Private Sector E...
20 key suggestions of Tax Reform Panel to Simplify tax provisions
1. Knowledge Update
20 key suggestions of Tax Reform Panel to Simplify tax provisions
The Govt. had constituted a 10-member Committee ('Tax Reform Panel') on October 27, 2015 under the
chairmanship of Justice R.V. Easwar, Former Judge of the Delhi High in order to simplify the provisions of
the Income-Tax Act.
The committee was constituted with an objective to study and identify the provisions in the Income-Tax
Act which are leading to litigations; to study and identify the provisions which are impacting the ease of
doing business; and to suggest alternatives or modifications with a view to ensuring certainty and
predictability in tax laws without substantially impacting the tax base or revenue collections.
The draft report contains the following set of recommendations:-
1. Taxability of surplus on sale of shares: Shares and other securities can be held either as capital asset
or stock-in-trade or both. However, the Income-Tax Act does not contain any specific guidelines as to
the characterization of any particular investment as capital asset or stock-in-trade. While this
characterization is essentially a facts-specific determination, the absence of legislative guidance has
resulted in a lot of uncertainty and avoidable litigation.
Thus, amendments should be made in section 2(14) and section 45 of the Income-tax Act to provide that
in cases where shares are shown as capital assets and held for one year or less, the Assessing Officer
should not re-characterize the surplus on sale as business income, provided the surplus in a year is Rs
five lakhs or less.
In case shares are held for a period of more than one year and shown as capital assets (and not as stock-
in-trade), surplus should be taxed as long-term capital gains irrespective of the amount thereof.
2. Introduction of presumptive taxation scheme for professionals: The existing provisions provide for a
simplified presumptive taxation scheme only for persons engaged in business. There is a strong case for
introducing a presumptive taxation scheme for professionals. Accordingly, the presumptive taxation
scheme should be introduced for professionals as well whereby the income from profession will be
estimated at 33.33% of total receipts in the previous year. The benefit of this scheme will be restricted
to professionals whose total receipts do not exceed one crore rupees during the financial year.
3. Deferment of Income computation and disclosure Standard ('ICDS'): The Central Government had
notified 'ICDS' with effect from 1-4-2015. These standards are applicable to the computation of income
under the heads "Profits and gains of business or profession" and "Income from other sources". The
preamble states that if there is any conflict between the provisions of the Act and the ICDS, the later will
prevail.
The Committee understands that the taxpayers feel that many of the provisions of the ICDS are capable
of generating a legal debate about which at present there is no clarity. Further, multiple accounting
methods, one for the books of accounts and other for tax purposes, creates confusion, interpretation
2. Knowledge Update
issues, multiplicity of records and additional compliance burden which may outweigh the gains to be
obtained by the application of ICDS.
The Committee therefore feels that a fuller study of the implications of the ICDS is necessary before it is
implemented. Accordingly the implementation of the ICDS should be deferred by making a suitable
amendment under section 145(2) of the Income-Tax Act.
4. No section 234C interest where a new business is started during the financial year: Section 234C
provides that no interest for deferment of advance tax shall be levied in cases where the shortfall in
payment of tax is on account of under-estimate or failure to estimate capital gains or casual income
which has arisen during the year and where the assessee could not have anticipated such income
However, Section 234C requires to be suitably amended with a view to provide that liability for interest
under the said section shall not apply to any case, where a taxpayer declares income from business for
the first time after the first or second installment of advance tax is due and where the taxpayer has
discharged his liability for payment of advance tax in the installments to follow.
5. Amendments proposed in Section 14A
i) Dividend income and share in profit of firm should not be treated as exempt income for Section
14A disallowance: Dispute which arises in the application of the Section 14A is what constitutes exempt
income. In terms of the existing provisions, an income is treated as exempt if the said income is not
includible in the total income of the assessee regardless of the fact that it has suffered economic
taxation. Income like dividend suffers economic taxation by way of dividend distribution tax ("DDT") and
therefore in an economic sense cannot be construed to be exempt income. Such income having suffered
DDT in the hands of the payer-company, should be treated as having been taxed in the hands of the
recipient.
Thus, it is recommended to amend Section 14A to provide that dividend received after suffering
dividend-distribution tax should not be treated as exempt income and no expenditure shall be
disallowed as relatable to them. Other similar income, such as share of profit from a partnership firm
should also be deemed to be part of the total income for the purposes of section 14A.
ii) Section 14A disallowance should not exceed amount of total expenditure: Under the existing
provisions, the application of Rule 8D sometimes results in an unintended outcome whereby the
amount of disallowance exceeds the total amount otherwise claimed as expenditure; obviously, the
disallowance cannot exceed the amount claimed. Thus, it is suggested that a new sub-section (4) shall
be inserted in section 14A to provide that the amount of expenditure determined under section 14A
shall not exceed the aggregate of the amount of expenditure claimed under any provisions of the Act
(other than the provisions of sections 32 to 35E) in respect of any income forming part of the total
income.
iii) Borrowings made in relation to exempt income: In some cases disallowance of interest is made on
the ground that the borrowings are made in relation to exempt income even where the assessee on the
basis of the books of account and other records is able to demonstrate that the borrowings were not
3. Knowledge Update
used to make investments earning tax-free income. This situation can be taken care of by the CBDT by
issuing suitable instructions to the Assessing Officers and no statutory amendment is necessary.
6. Amendment proposed in Section 50C: The scope of section 50C was extended w.e.f. A.Y. 2010-11 to
the transaction which were executed through agreement to sell or power of attorney. However, the
present provisions of section 50C do not provide any relief where the seller has entered into an
agreement to sell the asset much before the actual date of transfer of the immovable property and the
sale consideration has been fixed in such agreement. Hence, the committee has suggested to amend the
provisions of Section 50C to provide that where the date of an agreement fixing the value of
consideration for the transfer of the asset and the date of registration of the transfer of the asset are
not same, the stamp duty value as on the date of the agreement shall be deemed to be the full value
consideration of the property. Such provision shall apply only in a case where the amount of
consideration or a part thereof has been received by any mode other than cash on or before a date of
agreement for transfer of the asset.
7. No reassessment solely on basis of audit objections: The committee has suggested to amend
Section 147 to provide that no reassessment shall be allowed to be permitted solely on basis of audit
objections since it amounts to change of opinion and creates uncertainty for the taxpayer.
8. Widen scope of disposal of appeal by single bench of Tribunal: The existing provisions of Section
255(3) provide that a Single Member Bench of the Appellate Tribunal can dispose of Appeals in cases
where the assessed income of the assessee does not exceed Rs.15 lakhs. The Committee recommends
that in the interest of speedy disposal of appeals such limit should be enhanced to Rs. 1 crore.
9. Reduction in time-limit for rectification of order of Tribunal: The existing provisions of Section
254(2) provide for a time-limit of four years from the date of the order of the Appellate Tribunal for
rectification of mistakes apparent from the record. The committee has suggested to shorten this time as
any mistake in the order should not be allowed to remain for such a long period. The committee has
recommended that the time-limit for rectification of the order of the Appellate Tribunal should be
reduced to 120 days from the date of the order sought to be rectified.
10. No concealment penalty in bona-fide cases: In the larger interests of the taxpayers and the Income
Tax Department, the Committee has recommended that Section 273B should be amended to provide
that penalty for concealment of income or furnishing inaccurate particulars thereof should not be
imposed in following cases-
i) Where any addition or disallowance is made without any evidence or in a routine manner or on
estimate basis; or
ii) Where the Assessing Officer takes a view which is different from the bona fide view adopted by the
assessee on any issue involving the interpretation of any provision of the Income Tax Act or any other
law in force and which is supported by judicial ruling.
11. No delay in refund just because case is selected for scrutiny: Section 143(1D) which provides that
the processing of a return shall not be necessary where a notice has been issued to the assessee under
4. Knowledge Update
Section 143(2), has proved to be a bottle-neck in the commitment of the Department to issue timely tax
refunds.
Completion of scrutiny can take time of upto 32 months or even 40 months (in transfer pricing cases)
from the date of filing tax return and, therefore, taxpayer should not be deprived of his legitimate
refund merely because his case is picked up for scrutiny. Hence, the Section 143(1D) should be deleted
with effect from 1-7-2016.
12. Making of fresh claim during assessment proceedings: Provisions of section 143(3) should be
amended to provide an opportunity to the assessee to make a fresh claim during the assessment
proceedings if same is not made in the return of income filed under section 139. However, such a claim
should also be verified and any wrong claim made by the assessee should also be subject to penal
provisions.
13. Time-limit for disposal of petitions for waiver of penalty and interest: A time limit of 1 year has
been prescribed under Section 264 for disposal of taxpayer's revision petition. But there is no such time
limit for disposal of petition for waiver of penalty and interest. As a result, petitions of taxpayers on
these points remain unattended for long. Hence, committee has suggested to provide a similar time
limit of 1 year for disposal of petition for waiver of penalty and interest.
14. Age-old threshold limit of TDS to be hiked: It is suggested to increase the age-old threshold limits of
TDS. Further, TDS rates should be rationalized keeping in view the restructuring of the Income-tax rates
over the past decade.
15. Release of attached property on submission of bank guarantee: At present, there is no clarity on
the powers and obligations of the Assessing Officer for accepting a request for substituting the
attachment of assets with a Bank Guarantee of the same value. An option should be provided to the
taxpayer to submit a Bank guarantee for the value of the assets attached u/s 281B and seek relief from
attachment of its assets. In such cases no recovery should be allowed from such Bank Guarantee until
time for filing an appeal against the Assessment order has expired.
16. No TDS at higher rate if NR furnishes TIN in country of residence: Exemption should be provided to
non-residents (recipient of income) from applicability of Section 206AA if they provide Tax Identification
Number in their country of residence instead of PAN.
17. Higher rate of interest on delayed refund: The rate of interest paid by tax administration on refund
of income-tax is not adequate and does not reflect opportunity cost of money to the assessee.
Moreover, the low rate of interest (6% p.a.) creates a perverse incentive for the tax administration to
delay the processing of returns. Accordingly, the Committee recommends that interest on refunds
should be payable at the rate of -
a) 1% per month or part thereof on refund, if return is processed under section 143(1) after six months
from end of month in which refund is filed, or, if refund is issued any time after the end of said six
months.
5. Knowledge Update
b) 1.5% per month or part thereof if return is processed under section 143(1) after twelve months from
the end of month in which return is filed or refund issued any time after end of said twelve months
period.
It has been observed that there is delay in granting refund arising from orders in appeal and also in
many cases, interest due to assessee is not correctly worked out. Therefore, it is recommended that
there should be a provision to grant refund to assessee without requiring assessee to file refund claim.
The refund should be granted within period of 3 months of such orders and in case of delay, additional
interest should be given to assessee. Moreover, there is no provision in the Act to grant interest on
refund arising due to self-assessment tax. So, it is recommended that assessee should not be deprived of
interest in such cases as well.
18. Refund should be knocked off with outstanding demand after intimating to assessee: Adjustment
of refunds due to assessees against erroneous demands shown outstanding in their cases causes' great
heartburning. Even where the assessee lodges his objection on the CPC Portal (pointing out that the
demand sought to be adjusted against the refund was not outstanding and therefore is being
erroneously adjusted), there is no remedy by which the CPC can take note of the same. In view of the
above, Section 245 is proposed to be suitably amended so as to provide that no set off of refund under
this section shall be made by any income-tax authority without giving intimation in writing to such
person of the action proposed to be taken under this section and without dealing with the objections if
any, filed by such person in response to such intimation served on him.
19. Amendments in rules relating to granting of certificate for lower deduction of TDS: The committee
has suggested the following amendments in the Rules relating to granting of certificate for lower
deduction of tax at source (TDS):-
i) Application ('in Form No. 13') for granting of certificate for lower deduction of TDS should be
allowed to be filed electronically so that process of issuance of said certificate could be speed up.
Further, department should start accepting such application at least three months prior to the
commencement of the financial year.
ii) The existing certificate issued by the department for immediately preceding previous year, shall
continue to be valid till the issue of a fresh certificate if the assessee has filed the application for issue of
a fresh certificate.
iii) When a Certificate for TDS at nil/lower rate u/s.197 is presented by a deductee to a deductor, the
benefit of the same should be available to the deductee, qua all units of the deductor and not only a
specific unit with a specific TAN.
20. Age old threshold limits for maintenance of books should be raised: The committee has suggested
to align the provisions relating to maintenance of books of accounts and audit thereof. Accordingly, it
has been recommended that the threshold limit for maintenance of books of account and audit thereof
should be raised to Rs. 2 crore where the assessee is engaged in business or Rs. 1 crore where the
assessee is engaged in profession.