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Archive: 20 January 2018

Posts in 20 January 2018

Defaulter of Income Tax TDS arrested and sent to jail

January 20, 2018 20988 Views 5 comments Print

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case.

Keep foreign companies under presumptive taxation having PE in India outside the purview of MAT: ICAI

January 20, 2018 1293 Views 0 comment Print

The Ministry of Finance has clarified that foreign company not having a permanent establishment in India will be exempt from MAT. An appropriate amendment has been made in the Act in section 115JB in this regard vide the Finance Act, 2016.

Allow setting off of MAT credit for 10 Years after completion of period of exemption/deduction U/s. 10A to 10C & 80-IA to 80-IE

January 20, 2018 4752 Views 0 comment Print

It is suggested that for setting off of MAT credit, a fresh period of 10 years be allowed after the completion of period of exemption under section 10A to 10C and deduction under section 80-IA to 80-IE under normal provisions of the Act provided it is the exclusive business of the assessee.

Clarify on MAT u/s 115JB: ICAI

January 20, 2018 8754 Views 1 comment Print

The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government.

ICAI Suggestions on Proposed amendment to Section 115JB(2A)

January 20, 2018 5862 Views 0 comment Print

MAT-Ind AS Committee placed its report dated 17 June 2017 providing recommendations on proposed amendments to the provisions of the Section 115JB of the Act in respect of Ind AS Compliant Companies.

Tax on distributed profits of domestic companies – Section115-O(1A)

January 20, 2018 21909 Views 0 comment Print

As per the provisions of Section 115-O of the Act, the domestic holding company will not have to pay DDT on dividends paid to its shareholders to the extent it has received dividends from its subsidiary company on which DDT has been paid by the subsidiary.

Amend Section 115QA to remove tax when holding results in losses due to foreign exchange fluctuation

January 20, 2018 6024 Views 0 comment Print

In view of the concerns faced by foreign investors after introduction of section 115QA, suitable amendments may be carried out in the Income-tax Act, 1961 so that foreign investors do not have to pay tax when their holding results in losses only due to foreign exchange fluctuation.

Taxes on buyback of Shares effected on or after 01.06.2016 needs clarification: ICAI

January 20, 2018 2319 Views 0 comment Print

As per the amendment to Explanation (ii) to section 115QA(1), (effective from 1.6.16), consideration received by company on issue of shares to be bought back is to be determined as per the Rules to be prescribed.

New regime (section 115TCA) may be made applicable for distributions on or after 1st June 2016

January 20, 2018 2553 Views 0 comment Print

The Finance Act, 2016 inserted section 115TCA to provide for transition of securitisation trusts from distribution tax regime to complete pass through regime (with TDS on distributions). However, the cut-off date between old and new regime is not clear.

Section 132B rws 245C(1)- Application of seized or requisitioned assets

January 20, 2018 858 Views 0 comment Print

After search, as per amended provision by the Finance Act 2010, where assessee files application with Settlement Commission for settlement of his cases, the cash seized during search be permitted to be adjusted against the tax due as per the offer made by the assessee in the settlement application.

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