Daily Archives: January 8, 2018

Prohibiting payment of monetary benefits to doctors :CBDT Circular applicable from AY 2013-14

By | January 8, 2018

Issue A.O. disallowed the payment of commission made by the assessee to the above said two doctors namely (i) Dr. Ramanbhai S. Patel Rs.17,52,130/- and (ii) Dr. Ratilal G. Patel Rs.23,87,001/- totaling to Rs.41,39,131/- and added to the total income u/s. 37(1) of the Act. Held Receiving of gifts by doctors was prohibited by MCI… Read More »

Jewellery disclosed in regular return : No addition to income : Judgment

By | January 8, 2018

Issue CIT(A) confirmed addition of Rs. 22,57,632 on account of jewellery u/s. 69A of the Income Tax Act, 1961.  Held CBDT Instruction 1916 dated 11-05-1994 “Instances of seizure of jewellery of small quantity in the course of operation under section 132 have come to the notice of the Board. The question of a common approach… Read More »

Union Budget 2018 of India to be presented on February 1, 2018

By | January 8, 2018

Parliamentary Affairs Minister, Ananth Kumar said that the Budget Session of the Parliament will begin on January 29, 2018 and the Union Budget 2018 will be presented by the Finance Minister on February 1 2018. Both the houses of the Parliament, i.e., Rajya Sabha and Lok Sabha will have a joint sitting on 29th January,… Read More »

Budget 2018 :Tax benefit on Medical reimbursements for retired employees : ICAI suggestion

By | January 8, 2018

Provide Tax benefit on Medical reimbursements for retired employees: ICAI Issue/Justification Under section 17 of the Income tax Act, medical reimbursements to employees are exempted from tax up to Rs. 15,000 per annum. Further, the expenditure incurred by the employer for the medical treatment of the employees and his family in approved hospitals is also… Read More »

Budget 2018: Reintroduce standard deduction for salaried assessees

By | January 8, 2018

Reintroduction of standard deduction for salaried assessees under Section 16 of Income Tax Act Issue/Justification Salaried employees are not allowed deduction of any expenses incurred during the course of the employment other than profession tax on employment. There are various expenses that the employees incur during the course of employment which they cannot claim as… Read More »

MAT on Companies : Relaxation in case of corporate insolvency resolution process

By | January 8, 2018

Ministry of Finance Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016 Posted On: 06 JAN 2018 8:51PM by PIB Delhi The existing provisions of section 115JB of the… Read More »