"14 January 2018" Archive

Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion

In relation to computing capital gains tax liability on transfer of land or building, amendment made via the Finance Act, 2016 gives an option for considering the stamp duty value as on date of agreement instead of stamp duty value on date of registration...

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Posted Under: Income Tax |

Raise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI

In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets,...

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Posted Under: Income Tax |

Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

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Posted Under: Income Tax |

ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc

At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....

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Posted Under: Income Tax |

Section 50CA – Valuation of shares of a company in distress- Suggestion by ICAI

In case, where the shares of a company are transferred in distressed condition, the rule 11UA/11UAA prescribing the method to determine the FMV would not provide the correct FMV of shares....

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Posted Under: Income Tax |

E-Way Bill To Be Rolled Out Next Month For Easier Movement Of Goods

The E-way Bill will be rolled out across the country from 1st February after which there will not be any need for separate transit pass from each state through which the vehicle is to pass as the E-way Bill or GST Bill will be valid throughout India for movement of goods, the GSTN informed today. […]...

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Section 56(2)(ix): Taxability of forfeited advance for transfer of a capital asset: Budget Suggestions

Clause (ix) is inserted in section 56(2) by Finance (No. 2) Act, 2014 to provide for taxability of any sum received as an advance or otherwise in the course of negotiations for transfer of capital asset. ...

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Posted Under: Income Tax |

ICAI suggests inclusion of Relatives of HUF in Definition of term relative U/s. 56(2)(vii)

Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate consideration or without consideration is deemed as income and is taxed under the head Income from other sources. ...

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Posted Under: Income Tax |

Reference to Valuation Officer U/s. 55A – ICAI suggests reasonable tolerance limit to reduce litigation

This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair market value of the capital asset....

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Posted Under: Income Tax |

Capital gain on transfer of residential property -Section 54GB- ICAI Suggestions

The Finance Act, 2012 had inserted a new section 54GB to exemptlong-term capital gains on transfer of a residential property, being a house or a plot of land, owned by an individual or HUF, if the net consideration on sale of property...

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Posted Under: Income Tax |

Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee

With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer ...

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Posted Under: Income Tax |

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle

Oracle Systems Corporation vs. Deputy Director Of Income Tax, International Taxation (Delhi High Court)

When the very basis of the reopening of the assessment having been eroded, notice under section 148 quashed in the case of Oracle...

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Troubles in Filing GST Tran-2

Most of the Traders were registered with respective State VAT authorities in Pre GST period and they did not possess any Central Excise Duty paying documents for the stocks held on the appointed date i.e., 01.07.2017....

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Posted Under: Income Tax |

GST and Job-work

Registration of Job worker :The job worker would be required to obtain registration as per GST Provisions if his turnover exceeds prescribed threshold limit....

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Posted Under: Income Tax |

NBFC-Ds: Beyond Border line of Compliances

Introduction India being the divergent Country, focused on economic growth and the Financial Institutions (“FI”) play a dominant role in the economy which spread out its surplus fund to the borrower in unbanked regions. Over the last few decades, Non Banking Financial Companies (“NBFC”) have reckoned as one of the most conspicuous...

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Posted Under: Income Tax |

GST and the Misery in Filing Returns

It appears that most of the businesses, professionals, GST Council and the Government have not yet understood the complexity of the working of GST Network Portal (www.gst.gov.in)....

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Posted Under: Income Tax |

Impact of Amendment to Section 403 of Companies Act, 2013

Companies (Amendment) Bill, 2017 having received the President’s Assent on the 3rd Day of January, 2018 was published in the Official Gazette for general information to the Public on the same date, i.e., on the 3rd Day of January, 2018 as COMPANIES (AMENDMENT) ACT, 2017 further amending the Companies Act, 2013....

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Posted Under: Income Tax |

Facility to claim ITC on stock provided on GST Portal

Facility to claim ITC on stock by filing FORM ITC 01 has been provided on the GST Portal to the following: Newly Registered taxpayers, Taxpayers who have taken registration on Voluntarily Basis Taxpayers who have opted out of Composition Scheme to pay tax as normal taxpayer Registered persons who were providing exempt supply of goods and/...

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