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Suggested Model Bill for "The Corporate Income Tax Code,2018"

A concept paper on the simplification of corporate income-tax  is given here https://unionbudgetexpectations.blogspot.in/2018/01/simplify-corporate-income-tax-concept.html A model bill for simplified corporate income-tax is given below The Corporate Income Tax Code,2018 A Bill To make provisions for hassle free taxation of income of  companies at moderate rates by converging taxable income  to pre-tax profit in audited profit and loss account determined in  accordance with Accounting Standards notified under the Companies Act,2013 thereby eliminating the taxation of artificial income and to do away with multifarious exemptions which become a source  of conflict and litigation Be it enacted in the Parliament in the ....... year of the  Republic  of  India  as follows CHAPTER I 1.Short title, extent, commencement and applicability (1)This Act may be called the Corporate Income Tax Code,2018 (2)It extends to the whole of  India (3)It shall come into force with effe
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Simplify Corporate Income Tax-Concept paper

Complexities of taxation of income of corporates Taxation of companies under the Income-Tax Act,1961 is riddled with  too many complexities , exemptions and provisions that give rise to artificial income such as sections 30 to 43B.  In case of companies, we have the unique spectacle of two sets of computations: (A)One for Minimum Alternate Tax (MAT) based on book profits determined with reference to Accounting Standards notified under the Companies Act and  (B)A nother based on regular income-tax provisions riddled with exemptions and complexities giving rise to artificial income and with reference to Income Computation and Disclosure Standards notified under the Income-Tax Act,1961. The ICDS are a poor copy of the AS Then the corporates have to pay the higher of (A) and (B). If (A) happens to be greater than (B), the difference is a MAT credit carried forward and set off in those years when (B) exceeds (A) In Chamber of Tax Consultants vs. Union of India  [2017] 87
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#Budget2018 should clarify #BenamiLaw

The Benami Transactions (Prohibition) Act ,1988  was amended and enlarged from a 9 sections Act to a 72 sections Act by the Benami Transactions (Prohibition)Amendment Act,2016 and renamed as "The Prohibition of Benami Property Transactions Act,1988"  . The amendments came into force with effect from 01.11.2016. 'The word benami is a Persian compound word, made up of   “be”   which means without and   “nam”   which means name. It means literally without name . It denotes a transaction effected by a person(‘beneficial owner’) without using his own name, but in the name of another( ‘benamidar’ ) . The objective of the Prohibition of Benami Property Transactions Act,1988  as amended and enlarged by the Amendment Act of 2016 is to prohibit a benami transaction so that the beneficial owner would be compelled to keep the property in his own name only and the legal complexities owing to the apparent ownership not being the real ownership, could be avoided. The prohibition wou
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