Union budget 2022: ICAI seeks 14 tax, accounting reforms

The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming

The suggestions essentially aim at making laws simple, fair, transparent. less litigative and user friendly, president Nihar N Jambusaria said.

There are about 14 suggestions from our end submitted to the Central Board of Indirect Taxes & Customs (CBIC) for consideration, he said on the sidelines of an international conference of CA students.

The suggestions include permitting carry back of losses and introducing suitable legislative amendments for its application. It is relevant for hospitality, passenger transport and some other sectors.

Regarding depreciation on slump sale, the suggested amendment of a provision of the Income Tax Act to clarify the legal position as to whether depreciation can be claimed on the basis of proportionate number of days by the transferer and the transferee company.

It also proposed that Section 12 of the Act be amended to clarify that voluntary contributions shall include one in kind and the value of the property so received by a trust or institution shall be the fair market value as on date of receipt of such contribution.

The definition of demerger should include the corporate divestiture in form of spin-off under which a parent company transfers its shareholding in a subsidiary to its shareholders, the suggested.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

See also  Live news: Modi to speak on Budget 2022 as govt preps to bump up spending

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

© 2022, Admin. All rights reserved.

  1. Slot Online
  2. rtp yang tepat
  3. Slot Gacor
  4. Situs Judi Slot Online Gacor
  5. Situs Judi Slot Online
  6. Situs Slot Gacor 2023 Terpercaya
  7. SLOT88
  8. Situs Judi Slot Online Gampang Menang
  9. Judi Slot Online Jackpot Terbesar
  10. Slot Gacor 88
  11. rtp Slot Terpercaya
  12. Slot Gacor Gampang Menang
  13. Situs Judi Slot Online Terbaru 2023
  14. Situs Judi Slot Online Terpercaya 2023 Mudah Menang
  15. Daftar Situs Judi Slot Online Gacor Terbaik
  16. Slot Deposit Pulsa Tanpa Potongan
  17. Situs Judi Slot Online Resmi
  18. Slot dana gacor
  19. Situs Slot Gacor 2023
  20. rtp slot yang tepat
  21. slot gacor yang tepat
  22. slot dana
  23. harum4d slot