• Tax audit report u/s 44AB - Has it travelled beyond business or profession?
    The print and social media is abuzz with accounting professionals lamenting about the non-availability of time and representations being made by the premier accounting body, ICAI for extension of time. Previously an amendment in the tax audit report form created an issue with the Board deferring the implementation of some…
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  • Union Budget 2018 - Analysis of Direct Tax Proposals
    No change in tax taxslabsBig disappointment disappointment disappointment disappointment since since asubstantial substantial increase was expected expected expected expectedNo major relief through through through throughChapterChapter ChapterVIA deductions deductions deductions
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  • Direct Tax Alert — ICDS - Delhi High Court
    Notification No. 87/2016 dated 29.09.2016 was issued by the CBDT in exercise of powers available under Section 145(2) of the Income Tax Act, 1961 and the Government notified 10 Income Computation and Disclosure Standards (ICDS) to be followed by Assessees following mercantile system of accounting for the purpose of computation…
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  • Direct Tax Alert - Rule 114E - Statement of Financial Transactions
    Rule 114E of the Income Tax Rules provides for furnishing of Statement of Financial Transaction in Form No.61A by certain specified persons. Originally, specified categories of persons such as banks, post office, registration authorities, etc. were specified. The table to the Rules identifies the nature and value of transaction and…
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  • Union Budget 2017-18 - Analysis of Direct Tax Proposals
    No change in tax slabsThe rate of income tax for individuals and HUF within the slab of 2.5 lakhs to Rs. 5 lakhs reduced from 10% to 5%.Additional surcharge of 10% on the tax payable by a person having total income exceeding Rs. 50 lakhs but not exceeding Rs. 1…
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