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Pre-Budget - Key Expectations from The Budget 2014

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Below is the article on Pre Budget expectation on the basis of Various Judgement of courts and accordingly amendments are required in the Income Tax Act, 1961 & rules made there under.

1. Interest on Interest on Refund of taxes should be allowed
2. Increase in Maximum Exemption Limit
3. Deductions for ESOP compensation expenses
4. Cost of improvement of 'Trademark' may be taken to be nil
5. Sec. 54/54F benefits for investment in single house only
6. Taxability of advertisement income earned by digital businesses
7. The term 'Association of Person' should be defined
8. Tax on Joint Development Agreements
9. Depreciation on Goodwill
10. MAT: Preparation of books of account as per Schedule III of Companies Act, 2013
11. Electronic Maintenance of books of account
12. No interest or penalty in case of retrospective amendments
13. Deduction for CSR Expenditure
14. Tax treatment of Real Estate Investment Trusts (REITs)
15. Provisions should be introduced to monitor functioning of an Electoral Trust
16. Advance payment of medical and leave travel allowance should not be taxable
17. Contribution to defined benefit scheme should not be taxable
18. Section 40(a)(ia) – Clarification on 'Payable' v. 'Paid'
19. Tax on 'Indirect Transfer' of asset
20. Domestic Transfer Pricing: No adjustments should be made in tax neutral cases
21. Adjustment of TDS in case of cancellations of insurance policy during 'Free Look' period
22. Unsold flats possessed by Real Estate Developer should not be taxed
23. RTGS, NEFT, EFT and ECS should be equivalent to Account-Payee Cheques
24. Additional Depreciation on assets put to use for less than 180 days
25. Meaning of the term 'Month' and computation thereof
26. Distribution of income to life insurance companies by securitization trusts should be exempt from tax
27. Section 206AA should not be invoked if total income is below taxable limit
28. Application for Advance Ruling should be allowed even after filing of return of income
29. Restatements of fraudulent books of account
30. Retirement of a partner without distribution of asset
31. Computation of six months for investment under Section 54EC
32. Exemption limit under Sec. 54EC – Rs. 50 Lakhs or Rs. 1 Crore
33. Scope of Sec. 206AA when income is governed by DTAA
34. Section 50C should not be applicable if entire capital gain is exempted due to Section 54F or 54EC, etc.
35. Permit larger time-limit for payment by employer of employees' contribution to PF / superannuation funds
36. Levy of Surcharge and Education Cess over Withholding Tax
37. Clarification needed in Section 194-IA to tackle some vital issues
38. Transfer of immovable property through a Power of Attorney..
 
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