Budget 2017-Orders passed by the prescribed authority under sub-clauses (iv) and (v) of sub-section (23C) of section 10 shall also be appealable before the Appellate Tribunal.
Under the existing provisions of section 45, capital gain is chargeable to tax in the year in which transfer takes place except in certain cases. The definition of transfer, inter alia, includes any arrangement or transaction where any rights are handed over in execution of part performance of contract
In order to provide further relief to an employee subscriber of NPS, it is proposed to amend the section 10 so as to provide exemption to partial withdrawal not exceeding 25% of the contribution made by an employee in accordance with the terms and conditions specified under Pension Fund Regulatory and Development Authority Act, 2013 and regulations made there under.
Existing sub-clause (ii) of clause 4 of section 10 refers to any income of an individual by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the Foreign Exchange Management Act, 1999 (42 of 1999), and the rules made thereunder.
The existing provisions of section 1 2A of the Act provide for conditions for applicability of sections 11 and 12 in relation to the benefit of exemption in respect of income of any trust or institution.
The Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund, referred at sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G, which is of the same nature at the level of state or the Union Territory as is the Prime Minister’s National Relief Fund at the national level, is not exempted under the said clause.
It is hence proposed to amend the provisions of sub-section (5) of section 139 to provide that the time for furnishing of revised return shall be available upto the end of the relevant assessment year or before the completion of assessment, whichever is earlier.
New definition of ‘Account’ has been inserted which refers to bank account. It seems that interest may be exempted from payment of GST. Earlier this definition was not there. It’s main use will be in the determination of time of supply and place of supply.
As India moves towards International Financial Reporting Standards (Ind-AS/ IFRS) requirements gradually, there are some fundamental changes which are imperative in nature while defining group structure of any entity and/ or requirement to present it on the face of financial statements differently comparing to the present practices in India.
According to section 270 of Companies Act, 2013, there are two ways in which a company can be wound up : either by the tribunal or voluntarily. The sections pertaining to Winding up by the Tribunal have been notified and put into force. The procedure for the same is given hereunder:
