"February, 2017" Archive

Budget 2017: Transfer of Unquoted Shares- Double taxation in the hands of seller as well as buyer

Section 50CA and section 56(2)(x)(c)- Fair Market Value to be full value of consideration in case of transfer of unquoted shares –Amendment required in view of double taxation in the hands of seller as well as buyer...

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Posted Under: Income Tax |

ICAI President’s Message – March 2017

I feel extremely privileged to take over as 65th President of ICAI, in the 68th year of its glorious existence and recognition. Realising my increased involvement in the affairs of my dear profession, I feel humbled, as nothing could be more satisfying in the career of a professional than serving his/her alma-mater...

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Posted Under: Income Tax |

Budget 2017- Capital gain in case of joint development agreement – Concerns which need attention

The Finance Bill 2017 proposes to insert sub-section (5A) in the existing section 45 to provide that the capital gains arising to an individual or Hindu undivided family under a Joint Development Agreement shall be taxed in the year in which completion certificate for the whole or part of the project is received...

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Posted Under: Income Tax |

Budget 2017: Exemption Limit of Rs. 50000 U/s. 56 should be raised to 5 Lakh

In order to avoid the unintended hardship to small taxpayer, the limit of exemption under section 56 may be increased from 50,000 to Rs. 5 lakhs....

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Posted Under: Income Tax | ,

Vacancy for Director Position in Indirect Tax

Vacancy for the position of Director, Indirect Tax with a Mumbai Based leading Constancy firm having experience in the field of 10 to 15 Years....

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Posted Under: Income Tax | ,

Advance Pricing Agreements Signed by CBDT Touches 140

Total number of APAs entered into by the CBDT has reached 140. This includes 10 Bilateral APAs and 130 Unilateral APAs. In the current financial year, a total of 76 APAs (7 Bilateral APAs and 61 Unilateral APAs) have already been entered into. ...

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Posted Under: Income Tax |

Companies (Transfer of Pending Proceedings) Amendment Rules, 2017

Notification No. F. No. 1/5/2016-C1-V (28/02/2017)

In exercise of the powers conferred under sub-sections (1) and (2) of section 434 of the Companies Act, 2013 (18 of 2013) read with sub-section (1) of section 239 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the Code), the Central Government hereby makes the following rules further to amend the Comp...

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Aadhaar mandatory for initiatives under National Health Mission

Notification No. S.O. 697(E) (28/02/2017)

Ministry of Health & Family Welfare in the Government of India is supporting multiple programmes and initiatives under National Health Mission to achieve goals as provided in National Framework for Implementation of Scheme...

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Procedure to Reset Password while migrating to ICSI SMASH Portal

ICSI is receiving a number of queries from the students informing therein that they are facing difficulties in resetting the password while migrating to the ICSI SMASH Portal. Even though detailed User Manual has been uploaded on the website, the procedure for resetting the password is described hereunder :...

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Posted Under: Income Tax |

Treatment of IND AS Adjustments under MAT

Financials for FY 2016-17 will be prepared as per IND AS and the presentation will be done as per Division II of Schedule III as per Companies Act 013. The computation of book profit under MAT depends on accounting profit. The financial have become complex due to initial impact of IND AS and recurring impact due to adoption of IND AS...

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Posted Under: Income Tax |
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