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PRE-BUDGET MEMORANDUM 2013-2014 - FICCI The pre-budget memorandum for 2013-2014 by FICCI outlines key economic and fiscal recommendations aimed at addressing India's economic challenges. It emphasizes the need for stable tax policies to boost investor confidence and suggests implementing committee reports on tax reforms. FICCI opposes the introduction of inheritance tax, citing potential negative impacts on capital generation. The memorandum stresses the importance of dispute resolution mechanisms, efficient tax refund processes, and the removal of double taxation on overseas dividends. It advocates for maintaining current import duties to protect domestic industries until comprehensive GST implementation and highlights the need for infrastructure development, including the introduction of GST, to stimulate economic growth.
FICCI-PRE-BUDGET-MEMORANDUM-2015-16 India's economic outlook improved in 2014-15, with GDP growth projected at 5.5-5.6%, up from below 5% in previous years. Inflation concerns eased, and the current account deficit was reduced. Export growth was steady, and foreign investment inflows increased significantly. The government introduced progressive policies to enhance the business environment, including infrastructure development, manufacturing support, and financial inclusion initiatives. The forthcoming budget aimed to boost demand and investments, with suggestions to extend investment allowances, support startups, and implement GST. The fiscal deficit was targeted to decrease, emphasizing revenue growth and efficient expenditure. The agriculture, chemicals, aviation, education, and healthcare sectors received specific recommendations for tax adjustments and policy reforms to support growth and competitiveness.
The Institute of Chartered Accountants of India submitted a Pre-Budget Memorandum in 2018 to the government, focusing on direct taxes and international tax. The memorandum provides detailed suggestions aimed at improving tax collection, minimizing litigation, rationalizing direct tax laws, and addressing administrative challenges. Key recommendations include revising tax provisions related to income tax, capital gains, and deductions, as well as enhancing tax administration and citizen services. The document also emphasizes the need for clarity in tax laws, proposes amendments to existing sections, and addresses issues related to transfer pricing, corporate social responsibility, and tax incentives for specific sectors.
FICCI PRE-BUDGET MEMORANDUM 2018-2019 A pre-budget memorandum by FICCI for 2018-2019 highlights various economic and sectoral issues, emphasizing the need for tax reforms to stimulate growth. Key recommendations include reducing corporate tax rates to 25% for all companies, addressing the inverted duty structure in manufacturing, and expanding GST to include petroleum products. The memorandum advocates for rationalizing GST compliance, enhancing tax incentives for sectors like healthcare and housing, and improving the ease of doing business. It also calls for clarity on tax provisions affecting sectors such as IT, telecommunications, and financial services, and suggests measures to support MSMEs and infrastructure development.
Indo American Chamber of Commerce - Detailed Pre-Budget Memorandum on Direct Taxes for 2015-16 The Indo American Chamber of Commerce has submitted a pre-budget memorandum for the 2015-16 budget, highlighting concerns about high corporate tax rates, surcharges, and dividend distribution taxes, which they argue are detrimental to business operations and investor sentiment in India. They recommend reducing the corporate tax rate to 25% and removing surcharges and education cess. For individual taxpayers, they suggest raising the income level for the peak tax rate and revising tax slabs. The memorandum also addresses issues related to Employee Stock Option Plans, superannuation funds, standard deductions, and various allowances, urging reforms to align with international standards and reduce the tax burden on businesses and individuals.
2017 (1) TMI 266 - ITAT DELHI Enhancing the value of the closing inventory of raw material/ components - Held that:- As decided in assessee own case A Y 2007-08 if valuation of closing stock is changed then the value of opening stock should also be changed on the same basis or method. The closing stock of a particular year is the opening stock of the subsequent year. Not the case of the revenue that the method of valuation of closing stock is materially affecting the accounts and profits disclosed by the assessee. This adjus... ... ...
Minutes of the 14th GST Council Meeting held on 18 and 19 May 2017 The 14th GST Council Meeting, chaired by the Union Finance Minister, was held on 18-19 May 2017 in Srinagar. Key agenda items included confirming the minutes from the previous meeting, discussing interest rates for delayed tax payments and refunds, finalizing tax rates for collection at source, and approving amendments to draft GST rules. The Council also approved the fitment of goods and services into various tax rate slabs, with specific discussions on items like suji, dalia, and low-priced biscuits. Additionally, the Council addressed the constitution of project management teams and committees for GST rollout and discussed service tax exemptions and rates. The next meeting was scheduled for 3 June 2017 in New Delhi.
1997 (2) TMI 566 - ITAT MUMBAI The Tribunal allowed the assessee's claims on various expenditure items such as club subscription fees, repairs and maintenance expenses, and professional fees. Disallowances were upheld for certain expenses like taxi hire charges and representation fees. The Tribunal provided specific directions for each issue, including calculations and exclusions, resulting in partial relief for the assessee in both appeals.
2021 (9) TMI 1164 - ITAT AHMEDABAD TP Adjustment - upward adjustment made on account of international transaction with AE s by treating it (the assessee) as a tested party - HELD THAT:- As t in the identical set of facts circumstances, the ITAT Delhi Bench, in the own case of the assessee, in the AY 2008-09 being [ 2016 (5) TMI 157 - ITAT DELHI ] has held that AE s should be accepted as tested party being the least complex for comparability analysis of international transaction with the assessee. We restore the issue to the file ... ... ...
The circular issued by the Central Board of Direct Taxes outlines the guidelines for income tax deduction from salaries for the financial year 2020-21 under Section 192 of the Income Tax Act, 1961. It specifies the rates of tax deduction applicable to different income brackets, including special rates for senior citizens. It also introduces Section 115BAC, offering concessional tax rates subject to certain conditions. The document details the responsibilities of employers in deducting tax at source, including the issuance of Form 16 and the requirement to obtain evidence for various deductions and exemptions claimed by employees. Additionally, it covers the procedural aspects of filing tax deduction statements and the penalties for non-compliance.
The circular issued by the Government of India's Ministry of Finance outlines the procedures and rates for income tax deductions from salaries for the financial year 2019-20 under Section 192 of the Income-tax Act, 1961. It specifies the tax rates applicable to different income brackets, including special rates for senior citizens. It also details the surcharges and health and education cess applicable to the tax. The document provides guidelines on the calculation of tax deductions, including the treatment of perquisites, salary from multiple employers, and relief for arrears. Employers are instructed on their responsibilities for deducting and depositing taxes, issuing certificates, and filing quarterly statements. The circular also explains various deductions under Chapter VI-A and the conditions for claiming them.
The circular outlines the income tax deduction guidelines for salaries during the financial year 2018-19 under Section 192 of the Income Tax Act, 1961. It specifies tax rates based on income slabs and age categories, including normal rates, rates for senior citizens, and those over 80 years. It introduces a Health and Education Cess of 4% on income tax, including surcharges. The document details the method of tax calculation, employer responsibilities, and conditions for deductions and exemptions. It also describes the process for filing returns, penalties for non-compliance, and the requirement for providing evidence for claims like house rent allowance and deductions under Chapter VI-A.
The circular outlines the tax deduction process from salaries for the financial year 2017-18 under Section 192 of the Income Tax Act, 1961. It specifies the applicable tax rates for different income brackets, including special rates for senior citizens. It also details the surcharge and education cess applicable on income tax. The document provides guidelines for employers on calculating and deducting tax at source, considering various exemptions and deductions under Chapter VI-A of the Act. It includes instructions for filing TDS returns, issuing Form 16, and handling non-monetary perquisites. The circular emphasizes compliance with PAN requirements and outlines penalties for non-compliance.
The circular issued by the Government of India outlines the procedures for income tax deduction from salaries under Section 192 of the Income-Tax Act, 1961, for the financial year 2016-17. It details the applicable tax rates as per the Finance Act, 2016, based on income slabs and age categories, including surcharges and education cess. The circular also explains the responsibilities of employers in deducting tax, providing options for tax payment on perquisites, and handling multiple employers. It includes guidelines for deductions under Chapter VI-A, such as insurance premiums and contributions to pension funds, and emphasizes the need for accurate documentation and compliance with tax laws.
The circular outlines the income tax deduction from salaries for the financial year 2015-16 under Section 192 of the Income-Tax Act, 1961. It specifies the tax rates applicable based on income brackets and age categories, including normal rates, rates for senior citizens, and very senior citizens. It details the surcharge and education cess applicable on income tax. The circular also explains the method of tax calculation, employer responsibilities for tax on perquisites, and handling of salary from multiple employers. Deductions under various sections like 80C, 80D, and 80G are elaborated, along with the process for filing TDS statements and issuing Form 16. Penalties for non-compliance and procedures for corrections in TDS filings are also addressed.
The circular outlines the income tax deduction procedures for salaries during the financial year 2014-15 under Section 192 of the Income Tax Act, 1961. It specifies the tax rates applicable as per the Finance (No. 2) Act, 2014, including normal rates and those for senior citizens. It also details the surcharge and education cess applicable, along with the method of tax calculation. Employers are instructed on deducting tax at source, handling salary from multiple employers, and providing relief for arrears or advance salary. The document also covers deductions under Chapter VI-A, including those for life insurance, provident fund contributions, and medical expenses, among others.
The circular issued by the Central Board of Direct Taxes outlines the procedure for income tax deduction from salaries for the financial year 2013-14 under Section 192 of the Income-tax Act, 1961. It specifies the tax deduction rates based on income slabs and age groups, including surcharges and education cess. Employers are responsible for deducting taxes and issuing Form 16 to employees. The circular details the process for calculating taxable income, considering deductions under Chapter VI-A, and provides guidelines for handling multiple employers, arrears, and other income heads. It also emphasizes the importance of accurate PAN and TAN details and the requirement for filing quarterly TDS statements.
Finance Act, 2005 - Explanatory Notes on the Provisions relating to Fringe Benefit Tax The Finance Act, 2005 introduced the Fringe Benefit Tax (FBT) to address equity and economic efficiency in taxation by taxing fringe benefits provided by employers to employees. FBT applies to companies, firms, associations, local authorities, and artificial juridical persons. The tax base includes expenses on entertainment, hospitality, employee welfare, and more, with specific percentages applied to different expense categories. FBT is payable at 30% of the value of fringe benefits and must be paid in advance. Exemptions apply to entities with no employees or those registered under certain sections. The document also clarifies various scenarios and frequently asked questions regarding FBT applicability.
Taxation of Services - An Education Guide. The press release discusses the evolution of service taxation in India, starting from its inception in 1994 with a modest collection of Rs 407 crore, to Rs 97,444 crore in 2011-12. The document highlights the challenges faced due to overlaps in service categories and the lack of clarity in definitions, leading to tax leakages and litigation. The 2012 budget introduced a new taxation system known as the Negative List, where all services are taxable unless specified otherwise. This guide aims to educate taxpayers and administrators about the new system, providing guidance notes on various topics such as service definition, taxability, exemptions, and valuation.
2015 (1) TMI 653 - ITAT MUMBAI Gains from sale of shares - ‘Income From Business’ OR ‘Capital Gain’ - Held that:- The totality of facts, indicates that the intention of the assessee was making the investment, thus gains arising out of sale of shares should be assessed as capital gain and not business income as has been canvassed by the ld. CIT-DR. Admittedly, no borrowed funds were utilized for making the investment, frequency of transactions, intention of the assessee making investments main through IPOs, being best possible... ... ...
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