INSUBCONTINENT EXCLUSIVE:
Institute of Chartered Accountants of India has actually sought a slew of tax reforms in the budgetKolkata: The Institute of Chartered
Accountants of India (ICAI) has actually looked for about 14 tax and accounting reforms in the upcoming union budget.The ideas essentially
aim at making laws easy, fair, transparent
less litigative and easy to use, ICAI president Nihar N Jambusaria stated
There are about 14 suggestions from our end sent to the Central Board of Indirect Taxes - & Customs (CBIC) for consideration, he said on
the sidelines of a global conference of CA students.The suggestions consist of allowing return of losses and introducing appropriate legal
amendments for its application
It is relevant for hospitality, passenger transport and some other sectors.Regarding devaluation on slump sale, the ICAI suggested change of
an arrangement of the Earnings Tax Act to clarify the legal position as to whether devaluation can be declared on the basis of proportionate
variety of days by the transferer and the transferee company.It likewise proposed that Section 12 of the Act be changed to clarify that
voluntary contributions shall include one in kind and the value of the property so gotten by a trust or organization shall be the fair
market price as on date of receipt of such contribution.The definition of demerger need to include the corporate divestiture in kind of
spin-off under which a moms and dad business transfers its shareholding in a subsidiary to its investors, the ICAI recommended
