Revenue department notifies new income tax return forms. The tax department extends last date for filing of I-T returns to August 31 (PTI)
The Finance Ministry has notified revised Income Tax Return (ITR) forms. These forms will be used to file return for the assessment year 2015-16 (for income earned during fiscal year 2014-15). It has also been proposed to extend the last date for filing returns to August 31 as against normal practice of July 31.Under the new forms, in lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished. Similarly, as regard to bank account details in all these forms, only the IFS code, account number of all the current/savings account, which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.The Finance Ministry mentioned that an individual, who is not an Indian citizen and is in India on a business, employment or student visa (expatriate), would not mandatorily be required to report the foreign assets acquired by him during the previous years in which he was non-resident if no income is derived from such assets during the relevant previous year.In Form ITR 2 and the new Form ITR 2A, the main form will not contain more than 3 pages, and other information will be captured in the schedules which will be required to be filled only if applicable. This has been done to ensure simplification.Individuals having exempt income without any ceiling (other than agricultural income exceeding Rs 5,000) can now file Form ITR 1 (Sahaj). At present individuals/HUFs (Hindu Undivided Families) having income from more than one house property and capital gains are required to file Form ITR-2. It is, however, noticed that majority of individuals/HUFs who file Form ITR-2 do not have capital gains. With a view to providing for a simplified form for these individuals/HUFs, a new Form ITR 2A is proposed which can be filed by an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income.It may be noted that on April 15, the Finance Ministry notified ITR Forms 1, 2 and 4S for Assessment Year 2015-16. However, these forms soon got entangled into controversy due to more and more informations were asked to be submitted. Finance Minister Arun Jaitley ordered revision of forms and accordingly new and simplified forms notified.
31 May 2015
Revenue department notifies new income tax return forms. The tax department extends last date for filing of I-T returns to August 31 (PTI)
29 May 2015
The Reserve Bank of India ('RBI') has notified amendment to the Foreign Exchange Management (Current Account Transactions) Rules to specify an aggregate limit of USD 2,50,000 for remittance in foreign currency for certain current account transactions, inter-alia, for private visits to any country (except Nepal and Bhutan), gifts or donations, going abroad for employment, emigration, business travels, or medical treatment abroad, etc.
Remittances in foreign currency by an individual for the following current account transactions shall be made within limit of USD 2,50,000:
a) Holiday/Private Visits abroad
b) Business trip
d) Employment or education
e) Remittance for Maintenance of a close relative abroad
f) Medical treatment abroad
g) Emigration facilities
Further, it is provided that an individual can avail of foreign exchange facility of an amount exceeding the limits as prescribed above under the Liberalized Remittance Scheme ('LRS') for the purpose of emigration, education, business travel, medical treatment, etc.
However, the amount so remitted by individual under the LRS shall be reduced from the USD 250,000 by the amount so remitted.
28 May 2015
Government amends FDI rules to allow NRIs to invest in India
The Union Cabinet on Thursday approved amendments to the Foreign Direct Investment (FDI) policy on investments by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs) and Overseas Citizen of India (OCIs) for greater forex remittances.
A decision in this regard was taken by the Cabinet Committee on Economic Affairs, headed by Prime Minister Narendra Modi.
The Cabinet "approved amendments to FDI policy on investments by NRIs, PIOs & OCIs. This will give PIOs & OCIs parity with NRIs in eco & edu (economy and education)," an official spokesperson said.
"The amendment in FDI for OCIs, NRIs & PIOs will lead to greater forex remittances & investment," he added.
As per the DIPP's proposal any investment made by NRIs. OCIs and PIOs from their rupee account in India, will not be treated as foreign investment.
An official said that the non-repatriable NRI funds would be treated as domestic investments.
The government wants to channelise the funds of NRIs, who now have set up large businesses abroad, by treating non-repatriable investments by NRIs as domestic investment.
The proposal was floated by the Department of Industrial Policy and Promotion to tap the NRIs for investments in defence, railways among other sectors. Last year, the government had formed a committee on this matter
Since coming to power in May last year, the Narendra Modi government has liberalised the FDI limit in crucial sectors like defence, insurance, real estate, railways and medical devices. The measures were aimed at improving India's ranking in the World Bank's Ease of Doing Business index, where India stands at 142 among 189 countries.
The measures could also be seen in the context of the Modi government allowing NRIs to vote through e-ballot system or proxy.
25 May 2015
Concurrent audit online application link of United Bank of India
Concurrent audit online application link of Punjab & Sindh bank
FYI - ICAI Notifications
New CA Course applicable from 2016 ( drafted by ICAI ) :
1. Change in CA Foundation :-
- Name changed from CPT to CA Foundation
- Duration increased to 9 months
- Number of Papers 4
Paper 1 - Fundamentals of Accounting (100
Paper 2- Quantitative Aptitude (100 Marks)
Paper 3A - Mercantile Law (60 Marks)
Paper 3B - General Economics (40 Marks)
Paper 4A - General English (50 Marks)
Paper 4B - Business Communication (50 Marks)
- Partly descriptive & partly MCQ paper.
2. Change in CA Intermediate :-
- Cost Accounting & FM to be 2 different subject.
- Duration increased from 9 months to 12 months.
- ITSM removed
- Number of Papers 8
Paper 1 - Accounting ( 100 Marks)
Paper 2 - Company Law, Other law and Ethics
Part I : Company Law (60 Marks)
Part II: Other Law (20 Marks)
Part III: Ethics (20 Marks)
Paper 3 - Cost Accounting (100 Marks)
Paper 4 - Direct Taxes (100 Marks)
Paper 5 - Advanced Accounting (100 Marks)
Paper 6 - Auditing & Assurance (100 Marks)
Paper 7 - Financial Management (100 Marks)
Paper 8 - Indirect Taxes (100 Marks)
3. Change in CA Final :-
- New subject added Capital Markets & Financial Services.
- ISCA removed.
- Eligibility to appear to CA Final only after
completion of articleship.
- Number of Papers 8
Paper 1 - Financial Reporting (100 Marks)
Paper 2 - SFM (100 Marks)
Paper 3 - Advance Auditing & Professional Ethics (100 Marks)
Paper 4 - Corporate & other economic law (100 Marks)
Paper 5 - Advance Management Accounting (100 Marks)
Paper 6 - Financial Services & Capital Market (100 Marks)
Paper 7 - Advance tax management (60 Marks) & International Taxation (40 Marks)
Paper 8 - Indirect Taxation (100 Marks)
Note : New course is expected to be introduced somewhere in 2016, ICAI has also previously announced that both the existing as well as new course will continue for the next few years after which ICAI will gradually shift to the new course.
The existing students need not to worry as they would be given ample time to clear their exams.
Forwarded as received
CA. Ashwin Nagar
24 May 2015
Draft norms for range concept in transfer pricing
23 May 2015
Important CBDT Circular Sets Out Procedure For Speedy Resolution Of Taxpayer's Grievances Regarding Outstanding Tax Demands
The CBDT has issued Circular No. 8 of 2015 dated 14.05.2015 setting out the detailed procedure that has to be followed by taxpayers in response to an arrear demand from the AO. The Ministry of Finance has also issued a press release stating that the said Circular is because the Income Tax Department has taken note of grievances of taxpayers arising on account of outstanding tax demand which may be inaccurate due to non-reporting or delayed reporting of TDS by deductors leading to mismatch between the claim and data available with the Department, non-posting of challans, non-disposal of rectification applications, incorrect details of income or pre-paid taxes reported by taxpayer etc. It is emphasized that the Income Tax Department is committed to early and satisfactory resolution of taxpayers' grievances. It is also stated that about 95% of entries of Demand involve demand up to Rs. 1 lakh and about 90% of such assessees are Individuals and HUFs. It is expected that majority of the grievances of small taxpayers can be redressed by following the procedure prescribed in the circular.ivinayaka Residency,
21 May 2015
19 May 2015
The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: "India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Keeping this in view, the government in Budget 2015-16 has announced the Gold Monetization Scheme which will replace both the present Gold Deposit and Gold metal Loan Schemes. The new scheme will allow the depositors of gold to earn interest in their metal accounts and the jewellers to obtain loans in their metal account. Banks/other dealers would also be able to monetize this gold".
Accordingly, a draft outline of the Scheme has been prepared. Comments and views are invited on the Draft Gold Monetization Scheme.
Draft Gold Monetization Scheme (The outline of the Gold Monetization Scheme placed below is only at the draft stage and is being placed here to obtain public opinion. The scheme as it stands at this stage, does not imply any commitment from the government)
16 May 2015
15 May 2015
Supreme Court upholds the constitutional validity of National Company Law Tribunal
IN THE SUPREME COURT OF INDIA
CIVIL ORIGINAL JURISDICTION
WRIT PETITION (C) NO. 1072 OF 2013
MADRAS BAR ASSOCIATION
UNION OF INDIA & ANR.
J U D G M E N T
A.K. SIKRI, J.
This writ petition filed by the petitioner, namely, the Madras Bar Association, is sequel to the earlier proceedings which culminated in the judgment rendered by the Constitution Bench of this Court in Union of India v. R. Gandhi, President, Madras Bar Association1 (hereinafter referred to as the '2010 judgment'). In the earlier round of litigation, the petitioner had challenged the constitutional validity of creation of National Company Law Tribunal ('NCLT' for short) and National Company Law Appellate Tribunal ('NCLAT' for short), along with certain other provisions pertaining thereto which were incorporated by the Legislature in Parts 1 B and 1 C of the Companies Act, 1956 (hereinafter referred to as the 'Act, 1956′) by Companies (Second Amendment) Act,2002.
2) Writ petition, in this behalf, was filed by the petitioner in the High Court of Madras which culminated into the judgment dated 30.03.2004. The High Court held that creation of NCLT and vesting the powers hitherto exercised by the High Court and the Company Law Board ('CLB' for short) in the said Tribunal was not unconstitutional. However, at the same time, the High Court pointed out certain defects in various provisions of Part 1B and Part 1C of the Act, 1956 and, in particular, in Sections 10FD(3)(f)(g)(h), 10FE, 10FF, 10FL(2), 10FR(3), 10FT. Declaring that those provisions as existed offended the basic Constitutional scheme of separation of powers, it was held that unless these provisions are appropriately amended by removing the defects which were also specifically spelled out, it would be unconstitutional to constitute NCLT and NCLAT to exercise the jurisdiction which is being exercised by the High Court or the CLB. The petitioner felt aggrieved by that part of the judgment vide which establishments of NCLT and NCLAT was held to be Constitutional. On the other hand, Union of India felt dissatisfied with the other part of the judgment whereby aforesaid provisions contained in Parts 1 B and 1 C of the Act, 1956 were perceived as suffering from various legal and Constitutional infirmities. Thus, both Union of India as well as the petitioner filed appeals against that judgment of the Madras High Court. Those appeals were decided by the Constitution Bench, as mentioned above.
14 May 2015
Black Money Bill: All You Need to Know
The black money Bill was passed by the Lok Sabha on Monday. Christened the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, it seeks to check the black money menace with stringent provisions for those stashing illegal wealth abroad. The Bill provides for separate taxation of any undisclosed income in relation to foreign income and assets. Such income will henceforth not be taxed under the Income-tax Act but under the stringent provisions of the new legislation.
Here's your 10-point cheat-sheet to the story:
1. According to the Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, those who conceal income and assets and indulge in tax evasion in relation to foreign assets can face rigorous imprisonment of up to 10 years.
2. The offence will be non-compoundable and the offenders will not be permitted to approach the Settlement Commission for resolution of disputes.
3. There will also be a penalty of 300 per cent of taxes on the concealed income and assets.
4. According to the Bill, undisclosed foreign income or assets shall be taxed at the flat rate of 30 per cent. No exemption or deduction or set off of any carried forward losses which may be admissible under the existing Income-tax Act, 1961, shall be allowed. And concealment of income in relation to a foreign asset will attract penalty equal to three times the amount of tax (90 per cent of the undisclosed income or the value of the undisclosed asset). This would be over and above tax at a flat rate of 30 per cent.
5. The Bill also proposes to make concealment of income and evasion of tax in relation to a foreign asset a 'predicate offence' under the Prevention of Money Laundering Act, which will enable the enforcement agencies to attach and confiscate the accounted assets held abroad and launch proceedings.
6. It seeks to make non-filing of income tax returns or filing of returns with inadequate disclosure of foreign assets liable for prosecution with punishment of rigorous imprisonment of up to 7 years. To protect persons holding foreign accounts with minor balances which may not have been reported out of oversight or ignorance, it has been provided that failure to report bank accounts with a maximum balance of upto Rs.5 lakh at any time during the year will not entail penalty or prosecution.
7. The tax liability on an overseas property would be computed on the basis of its current market price, not the price at which it was acquired.
8. The Bill provides for a short window for those holding overseas assets to declare their wealth, pay taxes and penalties to escape punitive action. Failure to furnish return in respect of foreign income or assets shall attract a penalty of Rs.10 lakh. The same amount of penalty is prescribed for cases where although the assessee has filed a return of income, but he has not disclosed the foreign income and asset or has furnished inaccurate particulars of the same.
9. The Income Tax assesses with overseas assets will get a one-time opportunity for declaring them. The time-frame of the short window will be notified after the passage of the bill.
10. The proposal to come out with a new law on black money was announced by Finance Minister Arun Jaitley in his first full-year Budget in February
13 May 2015
Companies amendment bill passed in Rajya Sabha
Main features and relaxations are as under:
1. No minimum capital requirement of Rs.1 lakh (in case of private company) or Rs. 5 lakh (in case of public company)
2. Approval of shareholders under Section 188 (related party transactions) can be ordinary
3. Transaction between holding and wholly owned subsidiaries whose accounts are consolidated and laid before general meeting are exempt from shareholders’ approval requirement is exempt from requirement of obtaining shareholders’ approval
4. No requirement of common seal. If the company does not have common seal, authority in favour of any person by two directors or one director and company secretary, if any, will bind the Company
5. If deposit is accepted in violation of deposit rules or the company fails to repay deposit or interest thereon the company shall, in addition to the payment of the amount of deposit or part thereof and the interest due, be punishable with fine which shall not be less than one crore rupees but which may extend to ten crore rupees; and every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years or with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees, or with both. If it is proved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shareholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.
6. Exemption for loan given to wholly owned subsidiary and security or guarantee provide on behalf of subsidiary is given 185 itself (earlier exemption was through rules, subordinated regulations)
7. Board resolutions under Section 179 which are filed with RoC, will not be public document
8. Previous losses and depreciation will need to set off out of current year profit before declaring dividend
9. If dividend is claimed and paid, shares in respect thereof should not be transferred to IEPF
10. Fraud exceeding certain percentage need to be reported to Central Government. Other fraud of lesser amount need to be reported to audit committee/ board and details of frauds which are reported to audit committee/ board also need to be disclosed in directors report
11. Audit Committee can give omnibus approval (this will be on the lines of listing agreement; but threshold and other conditions will be prescribed by Rules)
12 May 2015
ICAI has issued today Guidance note on Accounting for Derivatives.
This Guidance Note is an interim measure to provide recommendatory guidance on accounting for derivative contracts and hedging activities considering the lack of mandatory guidance in this regard with a view to bring about uniformity of practice in accounting for derivative contracts by various entities.
Please refer link to view / Download GN on Accounting for Derivatives http://126.96.36.199/37597research27174.pdf
10 May 2015
Forwarding as received from Chintan Patel..
Proposed amendment :
IMPORTANT effective from 1st JUNE, 2015;
TDS provision u/s 194C applicable on payments to transporters vide Finance Bill, 2015
Under the existing provisions of sub section (6) of section 194C of the Income Tax Act, 1961, there is no deduction of tax from payments made to the contractor during the course of plying, hiring and leasing goods carriage if the contractor furnishes his Permanent Account Number (PAN) to the payer.
REASON FOR THE AMENDMENT:
This exemption (as mentioned above) applies to all the transporters irrespective of their size, which defeat the real intention of bringing this amendment vide Finance Bill, 2009.
The memorandum explaining the provisions of Finance (No.2) Bill, 2009 indicates that the intention was to exempt only small transport operators (as defined in section 44AE of the Act) from the purview of TDS on furnishing of Permanent Account Number (PAN). Thus, the intention was to reduce the compliance burden on the small transporters. However, the current language of sub-section (6) of section 194C of the Act does not convey the desired intention and as a result all transporters, irrespective of their size, are claiming exemption from TDS under the existing provisions of sub-section (6) of section 194C of the Act on furnishing of PAN.
Now to bring the more rationale, it is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation under sub-section (6 ) of section 194C of the Act from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN.
We can depict the changes made by Finance Bill, 2015 in Section 194C(6) as follows:-
Existing Section 194C(6)
Sec 194C(6) After proposed amendment
No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number, to the person paying or crediting such sum.
No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of a contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing ofwhere such contractor owns ten or less goods carriages at any time during the previous year and furnishes a declaration to that effect along with his Permanent Account Number, to the person paying or crediting such sum.
This amendment will take effect from 1st June, 2015.
Points to note:-
1. As per Explanation (ii) of Section 194C the ‘Goods carriages” shall have the meaning assigned to it in the Explanation to subsection (7) of Section 44AE.
2. In continuation of Note 1, “Goods Carriage” means any motor vehicle constructed or adapted for use solely for the carriage of goods, or any motor vehicle not so constructed or adapted when used for the carriage. [Explanation (a) to subsection (7) of Section 44AE read with Section 2 of the Motor Vehicles Act, 1988.]
3. A person, who is in possession of goods carriage, whether taken on hire purchase or on instalments and for which the whole or part of the payment is still due, shall be deemed to be the owner of such goods carriages. [Explanation (b) to subsection (7) of Section 44AE.]
This proposed amendment will have impact on both the parties i.e. payer and payee. As far as payees are concerned, the inflow of cash will be lower now as there going to be a deduction of 1% / 2% from the revenues. Further, it may also bring the larger amount of revenue under the tax umbrella as the deduction of tax will imply to declare that income to the income tax department curbing the unfair practices. Those entities which are not profitable and making losses, this deduction of Tax may block the money for a very long time until they get it back via income tax refund after processing of the income tax return. To cater this problem, one may obtain the certificate u/s 197 of Income Tax Act, 1961 for deduction of tax at lower/nil rate.
Taking the look at the impacts on other side i.e. on payers the major work stands to identify all such cases where no TDS was made and now it is required to deduct the TDS, if declaration is not available. It is advisable on the part of the payer to communicate (if possible) to all the payees and ask for the declaration well in advance so that any lack of communication regarding these provisions can be avoided.. This process will also require the changes in the accounting software/ERP/SAP of the payee so that there will be the deduction of tax. Further, the proper record and documentation of declarations and PAN, should be maintained to substantiate the cases where deduction of tax is not to be made. A sample declaration is enclosed as Annexure –A of the article.
Annexure – A
Sample Declaration u/s 194C(6) for non-deduction of tax at source.
__________ (name of the Payer)
__________ (Address of the Payer)
I, ________, Proprietor / Partner / Director of M/s _________________ (name and address of Payee) [hereinafter “the contractor”] do hereby makes the following declaration as required by sub section (6) of Section 194C of the Income Tax Act, 1961 for receiving payments from the payer without deduction of tax at source:-
1. That I/We am/are authorized to make this declaration in the capacity as proprietor/partner/director.
2. That the contractor is engaged by the payer for plying, hiring or leasing of goods carriage* for its business.
3. That the contractor does not own more than 10 goods carriage* as on date.
4. That if the number of goods carriages* owned by the contractor exceeds ten at any time during the previous year 2015-16 (i.e. 01.04.2015 to 31.03.2016) or after furnishing this declaration, the contractor shall forthwith, in writing intimate the payer of this fact.
5. That the Income Tax Permanent Account Number (PAN) of the contractor is ____________ . A self-attested photocopy of the PAN is furnished to the payer along with this declaration.
Place : ______
Date : _______ (Name of Declarant)
I, the above named declarant do hereby verify that the contents of the above paragraphs one to five are true to the best of my knowledge and belief, and no part of it is false and nothing material has been concealed in it.
(name of Declarant)
* Goods Carriage” means any motor vehicle constructed or adapted for use solely for the carriage of goods, or any motor vehicle not so constructed or adapted when used for the carriage. [Explanation (a) to subsection (7) of Section 44AE read with Explanation (ii) of Section 194C and Section 2 of the Motor Vehicles Act, 1988.]
08 May 2015
04 May 2015
Amendment to The CENVAT Credit Rules,2004 (CCR,2004)
Rule 3(7)(b) of the CCR,2004 has been amended so as to allow utilization of credit of Education Cess and Secondary Education Cess for payment of basic excise duty in the following situations:
1. Education Cess and Secondary & Higher Education Cess on inputs or capital goods received in the factory of manufacture of final product on or after the 1st day of March,2015;
2. Balance 50% Education Cess and Secondary and Higher Education Cess on Capital Goods received in the factory of manufacture of final product in the financial year 2014-15; and
3. Education Cess and Secondary & Higher Education Cess on input services received by the manufacture of final product on or after 1st day of March,2015;
(Notification No.12/2015-Central Excise (N.T.) dated 30-04-2015 refers)
01 May 2015
ICAI has today issued illustrative formats of an auditors’ report on CFS, covering some of the clauses of section 143(3) of the Companies Act, 2013 (and where the auditor does not have the responsibility for reporting on internal financial controls over financial reporting under section 143(3)(i) of the Companies Act, 2013).
These formats may be applied for the FY 2014-15 and until further announcement.
Format of Auditor's Report
(a) Unmodified opinion on the consolidated financial statements : 188.8.131.52/37520aasb27034-cfs-co.pdf
(b) Modified opinion on the consolidated financial statements: 184.108.40.206/37521aasb27034-cfs-qo.pdf
The Hon'ble Finance Minister had presented the Finance Bill, 2015 in lok Sabha on February 28, 2015. Now the Lok Sabha passed the Finance Bill, 2015 with certain changes. Originally the Finance Bill, 2015 proposed to provide relief from MAT only to FIIs without extending such relief to foreign companies. Now exemption from MAT has been proposed to be provided to foreign companies as well. Key changes as made to the Finance Bill, 2015 are given hereunder:
1) MAT exemption to foreign coImpanies : The Finance Bill, 2015 proposed to provide relief from MAT only to FIIs without extending such relief to foreign companies. Thus, the foreign company would be liable to pay MAT on capital gains arising from transfer of securities and income arising from royalty, interest or FTS even if such income would not be chargeable to tax or taxable at lower rate in India by virtue of applicable double taxation avoidance agreements ('DTAA') or any provision of the Income-Tax Act.
Therefore, the Finance Bill, 2015 as passed by Lok Sabha proposes to provide relief from MAT to foreign companies as well. Capital gains from transfer of securities, interest, royalty and FTS accruing or arising to foreign company has been proposed to be excluded from chargeability of MAT if tax payable on such income is less than 18.5%.
2) Increase in limit of Section 80D deduction to Individuals : The Finance Bill, 2015 had increased the limit of deduction under Section 80D to Rs 25,000 for any member of HUF. It omitted to increase such limit for individuals. Accordingly, necessary changes have been proposed to rectify such omission.
3) Subsidies included in definition of income : Any subsidy which is not reduced from the actual cost of the asset in view of provisions of Explanation 10 to Section 43(1) has been proposed to be included in the definition of income.
4) Interest on loan taken to acquire an asset : Interest on borrowings used for acquisition of asset has been proposed to be disallowed as revenue expenditure till the date on which asset is put to use.
ICAI hosted the draft MEF Panel for 2019-2020 . Pls login https://app.meficai.org/draftPanel and check ur firm status. Dhiraj Khandelwal
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