The Finance Act 2017 introduced a new section 71(3A) to provide that with effect from financial year 2017-18, set-off of loss under the head Income from house property against any other head of income should be restricted upto Rs 2 lakh per year.
The Finance Act, 2017 amended section 79 to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested and being an eligible start-up as referred to in section 80-IAC of the Act
For instance, for children tuition fees, there is internal cap of Rs. 12,000 per child upto two children. For premium on life insurance policies, internal cap is 20% of sum assured and so on. Similarly, there is internal cap of Rs. 1,20,000 on eligible term deposits with banks.
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.
It is observed that the commodity derivatives exchanges have been adopting varied approach in complying with the above requirement both in the constitution and the functioning of such oversight committees.
The Finance Act, 2017 inserted a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of the sum of money or the property by any person without consideration or for inadequate consideration in excess of Rs. 50,000
S.O. It is hereby notified for general information that the organization M/s LPG Equipment Research Centre (`LERC’) (PAN:- AAAAL0454G) has been approved by the Central Government for the purpose of clause (ii) of subsection (1) of section 35 of the Income-tax Act
The Finance Act, 2017 expanded the scope of section 56(2)(vii) and 56(2)(viia) by inserting a new clause (x) in sub-section (2) of section 56, so as to provide that receipt of the sum of money or any property by any person
ommissioner of State Tax, Maharashtra State, hereby notifies that the provisions of rules 138 so far as they relates to generation of e-way bill, in respect of movement of the goods stated in column (3) of the Table below, within such area as mentioned in column (2) of the said Table and for such value as given in column (4) of the said Table, shall not apply for the period starting from 1st February 2018 and ending on the 30th April 2018.
Regarding amendment in notification No. 89/2017-Cus(NT) dated 21.09.2017 relating to AIRs of Duty Drawback notified vide Notification No. 8/2018-CUSTOMS (N.T.)
