IT Department feels that marketing cost (discount) should be treated as Capital Expenditure and not to be deducted from revenue.
The Company amendment bill is passed by Rajya Sabha on December 19, 2017 and by Lok Sabha on July 27, 2017, which shall come into force on getting the President Assent:
Advance Taxes Referred to as ‘Pay-As-You-Earn’ taxation. Everyone does not have to pay advance tax. It is only applicable on sources of income other than your salary. This includes earnings thro
Payment of rent to a resident for land and building exceeding INR 50,000 per month is liable for tax deduction. Payment of rent paid or payable after 1st June 2017 are covered only.
Section 139AA of the Income Tax Act as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar number, for applying PAN & filing income tax return with effect from 1st July, 2017
With the Budget Highlights in February 2017, a move towards restricting the House Property Loss set off against income in other heads was initiated with a clarification that the owner can set off loss