Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not deposit TDS, as mens rea is required. Relief from prosecution u/s 276B should be extended to deductors who pay tax after the prescribed time limit but before service of any notice. For secondary adjustments u/s 92CE, the threshold for primary adjustment may be increased from Rs. 1 crore to Rs. 2 crore to align with FEMA limits. Provisions should allow reversal of advances in books when AE relationship ceases or excess money is repatriated. Section 94A should prevail over section 206AA for withholding tax rates on payments to notified jurisdictional areas. To reduce compliance burden: - Reconsider introducing section 194T for 10% TDS on partner remuneration, or reduce the rate to 2%. - Increase the threshold u/r 37BB for filing Part A of Form 15CA from Rs. 5 lakh to Rs. 10 lakh. - Increase the threshold for obtaining tax clearance certificate u/s 230(1A) from Rs. 10 lakh to Rs. 50 lakh. - Extend the due date for filing belated/revise returns.
ICAI's Suggestions for Review of Income Tax Act, 1961: Tax Deducted at Source (TDS) prosecution proceedings are appropriate only where deductors deliberately do not deposit TDS, as mens rea is required. Relief from prosecution u/s 276B should be extended to deductors who pay tax after the prescribed time limit but before service of any notice. For secondary adjustments u/s 92CE, the threshold for primary adjustment may be increased from Rs. 1 crore to Rs. 2 crore to align with FEMA limits. Provisions should allow reversal of advances in books when AE relationship ceases or excess money is repatriated. Section 94A should prevail over section 206AA for withholding tax rates on payments to notified jurisdictional areas. To reduce compliance burden: - Reconsider introducing section 194T for 10% TDS on partner remuneration, or reduce the rate to 2%. - Increase the threshold u/r 37BB for filing Part A of Form 15CA from Rs. 5 lakh to Rs. 10 lakh. - Increase the threshold for obtaining tax clearance certificate u/s 230(1A) from Rs. 10 lakh to Rs. 50 lakh. - Extend the due date for filing belated/revise returns.
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