"03 February 2018" Archive

Union Budget 2018 Demystified

Major Direct Taxation aspects of the Finance Bill, 2018. The Finance Bill has not altered the Slab rate per se but there is some benefit in the form of Standard deduction to the salaried class of people....

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Posted Under: Income Tax |

Measures in Budget 2018 to promote IFSC

In order to promote the development of world class financial infrastructure in India, it is proposed to amend the section 47 of the Act so as to provide that transactions in the following assets, by a non-resident on a recognized stock exchange located in any International Financial Services Centre...

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Posted Under: Income Tax |

Section 80-JJAA Incentive for employment generation: Conditions relaxed

At present, under section 80-JJAA of the Act, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum period of 240 days during the year....

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Posted Under: Income Tax |

Exemption of income of Foreign Company from sale of leftover stock of crude oil on termination of agreement or arrangement

Clause (48A) of section 10 provides that any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India shall be exemp...

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Posted Under: Income Tax |

Royalty and FTS payment by NTRO to a non-resident to be tax-exempt

Given the business exigencies of the National Technical Research Organisation (NTRO), it is proposed to amend section 10 so as to provide that the income arising to non-resident, not being a company, or a foreign company, by way of royalty from, or fees for technical services rendered in or outside India to, the NTRO will be exempt from i...

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Posted Under: Income Tax |

Govt to prescribe New scheme for Income Tax scrutiny assessment

It is proposed to amend the section 143, by inserting a new sub-section (3A), after sub-section (3), enabling the Central Government to prescribe the aforementioned new scheme for scrutiny assessments, by way of notification in the Official Gazette....

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Posted Under: Income Tax |

Companies can be prosecuted for failure to furnish return even if tax payable is Rs. Nil

Section 276CC of the Act provides that if a person willfully fails to furnish in due time the return of income which he is required to furnish, he shall be punishable with imprisonment for a term, as specified therein, with fine....

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Posted Under: Income Tax |

Black Money Act: Joint Director can approve order imposing penalty

Section 46 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 provides for the procedure for imposing penalty. Sub-section (4) of the said section provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner, in the circumstances specified therein....

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Posted Under: Income Tax |

Rationalisation of provisions relating to Country-by-Country Report

Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group. Based on model legislation of Action Plan 13 of Base Erosion and Profit Shifting (BEPS)...

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Posted Under: Income Tax |

Exemption to specified income of class of body, authority, Board, Trust or Commission in certain cases

Clause 46 of section 10 of the Act empowers the Central Government to exempt, by notification, specified income arising to a body or authority or Board or Trust or Commission...

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Posted Under: Income Tax |

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