It is suggested that the restrictions proposed to be imposed on the interest benefits on overseas borrowings may be done away with entirely or at least deferred for 5-10 years to give India a chance to achieve high growth and achieve significant infrastructural development and maturity.
The Finance Bill, 2017 has introduced the concept of secondary adjustment on Transfer Pricing (TP) adjustments. A taxpayer is required to make a secondary adjustment, where the primary adjustment to transfer price has been made in the following situations
The Commission had notified the period of prohibition of conduct of Exit polls for on-going State legislative assembly elections of Goa, Manipur, Punjab, Uttarakhand and Uttar Pradesh vide Notification dated: 27th January, 2017. The period notified was from 7.00A.M on 04/02/2017 to 17.30 Hours (5.30 PM) on 8/3/2017.
Section 115JAA(2A) – Restriction on carry forward of MAT/AMT credit and claim of FTC in relation to taxes under dispute – Restriction to be removed
For success of its flagship programme to boost manufacturing within the country, the government’s Make in India should first target high import intensive items like electronic goods, machinery, steel and transport equipment which together add close to USD nine billion or over 27 per cent of the country’s monthly import bill, according to an ASSOCHAM analysis.
The Finance Bill 2017 proposes 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.
Under section 80-IBA, inserted by the Finance Act, 2016 from 1.4.2017, deduction of 100% of profits derived from development of affordable housing projects approved on or after 1st June 2016 is available, subject to fulfilment of specified conditions.
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