ICAI Pre-Budget Memorandum-2018 on Direct and Indirect Taxes submitted to the Government in view of the ensuing Budget
The memorandum contains suggestions for the consideration of the Government while formulating the tax proposals for the year 2018-19.
The suggestions have been broadly categorized and divided under the following two parts:
As per the Memorandum, the suggestions aim to improve tax collection, reduce/minimize litigations, rationalization of the provisions of direct tax laws and removal of administrative and procedural difficulties relating to Direct Taxes.
The Memorandum contains suggestions on issues relating to Service Tax, CENVAT Credit Rules, 2017, Excise Duty, Customs Duty and Central Sales Tax for the consideration of the Government while formulating the tax proposals for the year 2018-19. The suggestions aim at making tax laws simple, fair and transparent and avoiding litigation.
No disallowance u/s 43B can be made if expenditure has not been not claimed by the assessee in Profit and…
Whether an assessee developing an infrastructure facility of Government is a contractor and ineligible for claim of deduction under Section…
Jurisdictional Principal Commissioner of Income-tax or Commissioner of Income-tax to condone delay in filing Form No. 10A for Registration u/s…
AO was not justified in making addition by adopting method of extrapolation without bringing any material evidence in support -…
Court can not sit over comparative financial attractiveness of rival offers or to substitute its own view for the decision…
When quantum appeal stands restored to the AO, penalty can not be levied u/s 221(1) of the Income Tax Act…