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.
ITAT quashed order u/s 263 enhancing disallowance observing in appellate proceedings, CIT(A) has power of enhancements of income assessed, if…
Section under which penalty should be initiated cannot be subject matter of revisionary jurisdiction under section 263 of Income Tax…
Related party transaction u/s 40A(2) shall be treated as bona fide, unless AO finds that one of them is trying…
The word ‘transfer of property’ does not include ‘acquiring’ of property or ‘purchasing’ of property and only can be confined…
AO is not justified in questioning the cash withdrawals from bank account on the ground that the assessee had sufficient…
Return/Balance sheet to be considered as being within time if filed within timeline condoned by Hon'ble Supreme Court due to…