Corporate

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FM Arun Jaitley has presented the Union Budget for 2018-19 in Parliament. Here are the Key Highlights : Fiscal Situation * Fiscal deficit is 3.5% of GDP at Rs 5.95 lakh crore in 2017-18. Projecting fiscal deficit to be 3.3% of GDP in the next fiscal * Rs 21.57 lakh crores transferred as net GST to states as against projection of Rs 21.47 lakh crores Tax * 85.51 lakh new tax payers filed income tax returns in FY17   * NO PERSONAL INCOME TAX CHANGES PROPOSED IN BUDGET   * Growth in direct taxes (till Jan 15) is 18.7 %   * Surcharge of 10 pc on income above Rs 50 lakh but less than Rs 1 cr to be continued next year; 15 pc on income above Rs 1 cr to also continue.   * 100% tax deduction is allowed to co-operative societies   * Corporate Tax of 25% extended to companies with turnover up to Rs 250 cr in financial year 2016-17   * Incentives for Senior citizens: Exemptions in income of Rs 10,000 from Banks FD and post offices   * Senior citizens to get Rs 50,000 per annum exemption for medical insurance under Sec 80D * Rs 7.5 lakh per senior citizen limit for investment in interest-bearing LIC schemes doubled to Rs 15 lakh   * Standard deduction of Rs 40,000 allowed for transport, medical reimbursement for salaried tax payers   * Govt to reduce hardships faced in realty deals; no adjustment to be made in case circle rate does not exceed 5 pc of sale consideration   * Rs 8,000 crore revenue lost due to standard deduction allowed to salaried employees  …

Read More Key Highlights of Budget 2018 | Union Budget Updates 2018

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The Companies Amendment Bill seeks to strengthen corporate governance, initiate action against defaulting firms and improve ease of doing business. New Delhi: The Companies (Amendment) Bill, 2017 which seeks to bring about major changes in the Companies Act, 2013, was passed by the Rajya Sabha on Tuesday 19-12-2017 by a voice vote. The bill, which was…

Read More Companies Amendment Bill passed by Parliament – Amendment Bill 2017

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The MCA has announced relaxation of additional fees and extension of last date upto 31 March 2018 for filing of AOC-4 XBRL E-Forms by Companies adhering to Ind AS under the Companies Act, 2013, as under: AOC-4 XBRL Due Date Extended upto 31 March 2018: MCA General Circular 13/2017 dt. 26 Oct. 2017 All companies required…

Read More Due Date Extension for ROC filing of AOC-4 XBRL E-Forms For A.Y 2017-18 to 31st March 2018 – Relaxation of Additional Fees for Companies

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68th Annual Report and Audited Annual Accounts of the Institute for the year ended 31st March, 2017 In accordance with the provisions of sub-section (5B) of Section 18 of the Chartered Accountants Act, 1949, a copy of the Annual Report and Audited Accounts of the Institute for the year ended on 31st March, 2017 is…

Read More Annual Report and Auditor report of ICAI – F.Y 16-17 – A.Y 17-18

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In Budget-2017 ,Major change has been made regarding calculation of Capital gain. One of them is that base year of cost inflation index has been shifted from 1981 to 2001.By doing this capital appreciation during 1981-2001 has been effectively exempted. For capital assets acquired before 01.04.2001,Market price or cost price as on 01.04.2001 is to…

Read More COST INFLATION INDEX 2001 SERIES RELEASED