"01 February 2017" Archive

Political Parties cannot receive cash donation above Rs. 2000 from one person

In a significant step to cleanse the system of funding of political parties, Shri Jaitley said that donations to political parties can soon be made by purchasing electoral bonds from authorized banks. The Finance Minister said that the Government will soon frame a Scheme in this regard and an amendment is being proposed to the Reserve Ban...

Posted Under: Income Tax |

S.194J TDS rate proposed at 2% on Call Center business Income

In order to promote ease of doing business, it is proposed to amend section 194J to reduce the rate of deduction of tax at source to two per cent. from ten per cent. in case of payments received or credited to a payee, being a person engaged only in the business of operation of call center....

Posted Under: Income Tax |

Budget restricts set-off of loss from House property to Rs. 2 Lakh

It is proposed to insert sub-section (3A) in section 71 to provide that set-off of loss under the head Income from house property"against any other head of income shall be restricted to two lakh rupees for any assessment year....

Posted Under: Income Tax | ,

Mandatory furnishing of return by certain exempt entities

The existing provisions of sub-section (4C) of section 139 mandate filing of return by certain entities which are exempt from the levy of income-tax....

Posted Under: Income Tax |

Secondary adjustments provisions in Transfer Pricing cases

Secondary adjustment means an adjustment in the books of accounts of the assessee and its associated enterprise to reflect that the actual allocation of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary adjustment...

Posted Under: Income Tax |

Limit on Interest deduction to counter cross-border profit shifting

Country's tax administrations often introduce rules that place a limit on the amount of interest that can be deducted in computing a company's profit for tax purposes. Such rules are designed to counter cross-border shifting of profit through excessive interest payments, and thus aim to protect a country's tax base....

Posted Under: Income Tax |

Section 40(a)(ia) proposed to apply to Income from Other Sources

Provisions of section 40(a)(ia) shall, so far as they may be, apply in computing income chargeable under the head income from other sources as they apply in computing income chargeable under the head Profit and gains of business or Profession....

Posted Under: Income Tax |

Budget 2017 widens scope of Income from other sources

It is proposed to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of sum of money or property by any person without consideration or for inadequate consideration in excess of Rs. 50,000 shall be chargeable to tax in hands of recipient under head Income from other sources....

Posted Under: Income Tax |

FMV to be full value of consideration in case of unquoted shares

It is proposed to insert a new section 50CA to provide that where consideration for transfer of share of a company (other than quoted share) is less than the Fair Market Value (FMV) of such share determined in accordance with the prescribed manner,...

Posted Under: Income Tax |

FM announces anti graft & rationalisation measures in Income tax

It is proposed to merge the Authority for Advance Ruling (AAR) for Income-Tax with AAR for Customs, Central Excise and Service Tax; and create common AAR. It is proposed to make the orders passed by the authority under section 10(23C) of the Income-tax Act, appealable before the Tribunal....

Posted Under: Income Tax |

Search Posts by Date

November 2023