sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ICAI »
 Withdrawal of the Announcement regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.
 Extension of the Last Date for submission of online application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2019-20
 Launch of Batch of Educational Course by ICAI Registered Valuers Organisation (ICAI RVO) at Ludhiana from 23rd February, 2019 to 17th March, 2019.
 Results of the Post Qualification Course (Insurance & Risk Management, International Taxation (AT), ITL & WTO and TMC (Part-I) / MAC (Part-I)) Examinations declared.
 Exams : Intermediate(IPC), Intermediate Merit List November 2018
 Results of the Chartered Accountants Intermediate (Old Course & New Course) Examination held in November 2018 declared.
 Committee for Capacity Building Members in Practice (CCBMP), ICAI: Arrangement LIC Term Insurance for Members of ICAI
 Ind AS Technical Facilitation Group (ITFG) Clarification Bulletin 18
 Advisory to be issued, inter alia, in the interest of members and students of ICAI
  Regarding Clarification on Applicability of Rotation principles on a company as per Section 139 of the Companies Act 2013 where the company ceases to fall under the ambit of Rotation principles in subsequent years.
 Platinum Jubilee Annual Function to be held on 4th February, 2019 in Convention Hall, The Ashok Hotel, Chanakyapuri, New Delhi.

ICAI suggests standard deduction in salary in Budget
June, 01st 2009

Accounting regulator ICAI has suggested bringing back standard deduction in the regular Budget for 2009-10 which if accepted will be cheered by millions of salaried employees.

"Standard deduction should be restored," the Institute of Chartered Accountants of India (ICAI) said in its pre-Budget memorandum to the government.

If the suggestion goes well with the government, it could result in restoration of standard deduction of some amount in the taxable income of salaried employees and could lessen the tax burden on them.

"This is a form of relief measure we are suggesting for salaried class. If there are some expenses which are allowable in case of other head, then why not salary ?" ICAI President Uttam Prakash Aggarwal told PTI.

Standard deduction was given to employees to compensate for the expenses incurred by them like conveyance for earning their salaries.

Taking into account the recommendations of the Kelkar Committee on Direct Taxes, the then Finance Minister P Chidambaram had announced abolition of standard deduction in the Budget 2005-06. It was abolished with effect from April 1, 2006.

Standard deduction of 40 per cent of employee's salary or Rs 30,000, whichever was less, was allowed for employees whose salary was not more than Rs 5 lakh.

Besides, for employees with salary of more than Rs 5 lakh, a deduction of Rs 20,000 was allowed.

Meanwhile, among other suggestions for direct taxes, ICAI has suggested that corporates' agricultural activities should be brought into the tax net.

With the expansion of the agri-business, many corporates are undertaking composite activities in agriculture, the institute said.

"It is suggested that agricultural activities carried on by corporates may be brought into the scope of the tax net," ICAI said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions