E India CA

Professional Updates for Chartered Accountants

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Govt widens scope of direct tax code to make compliance easier for taxpayers

New code will have provisions for GST authorities, customs officials, and the financial intelligence unit to share information, says the order The move to make income tax compliance easier by cutting red tape indicates that direct tax reform is high on the agenda of the Modi administration The government on Wednesday widened...

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Cabinet approval for changes in 35 year old Consumer Protection Act, 1986

नई दिल्ली. केंद्रीय मंत्रिमंडल ने सोमवार को कंज्यूमर प्रोटेक्शन एक्ट 1986 में बदलाव को मंजूरी दे दी है। इस संशोधित बिल में ग्राह...

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ITR Filing: changes that will impact the tax filing

Delayed Form 16 You will not be getting your Form 16 on time this season. “When employers deduct TDS they have to deposit it to the government and submit Form 24Q for the same. The format of Form 24Q and Form 16 recently changed," said Archit Gupta, founder, Cleartax. The government has hence revised the due date of submission o...

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Higher 80C Deduction limit expected in Budget 2019

With less than a month to go before the Budget is announced, there are wide speculations on what the new finance minister will announce for the common man. Tax collections in fiscal year 2018-19 have fallen short of the Budget expectations by 7.4% and ambitious healthcare plans, loan waivers to farmers and other subsidies promised by...

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Budget 2019: Good opportunity to improve investor confidence

In order to meet its commitment of making the corporate tax rate in India comparable with other Asian economies by 2019, the govt should make 25% as the single rate of tax for all firms The government is expected to introduce the Direct Tax Code (DTC) in line with internationally accepted best practices The voters have del...

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Two creditors take Jet Airways to NCLT

Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd have filed two separate insolvency pleas against Jet Airways The insolvency petitions may push other lenders to join the petition as financial creditors for recovery of their dues With banks still making efforts to revive cash-strapped Jet Airways, two operational creditors have ...

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New direct tax code draft by July-end

Finance minister Arun Jaitley extends deadline till 31 July for a task force to come up with a new draft direct tax codeThe proposed new direct tax code will replace the Income Tax Act of 1961NEW DELHI: The government on Friday gave two months extra time to a task force comprising tax officials and outside experts to come up with a ...

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Running out of options, NBFCs sell bonds to public

Faced with high borrowing costs and a sustained shortage of liquidity in India’s money markets, shadow banks are increasingly pitching bonds with high coupon rates to the public, who may not be aware of the risks they’re taking on. Still roiling from the shock of defaults at Infrastructure Leasing & Financial Services Ltd.,...