Increasing the time period and Turnover for eligibility of section 80-IAC for start-ups Rationalization of provisions of start-ups. The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for […]
Extending time limit for approval of affordable housing project for availing deduction under section 80-IBA of the Act extended to 31st March, 2021. The existing provisions of section 80-IBA of the Act, inter alia, provide that where the gross total income of an assessee includes any profits and gains derived from the business of developing […]
Budget 2020: Extending time limit for sanctioning of loan for affordable housing for availing deduction under section 80EEA of the Act to 31st March, 2021. The existing provisions of section 80EEA of the Act provide for a deduction in respect of interest on loan taken from any financial institution for acquisition of an affordable residential […]
Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Sovereign Wealth Fund Section 10 of the Act provides for exemption in respect of certain incomes and activities under specific circumstances. In order to promote investment of sovereign wealth fund, including the wholly owned subsidiary of Abu Dhabi […]
Section 9A of the Act provides for a special regime in respect of offshore funds by providing them exemption from creating a “business connection” in India on fulfilment of certain conditions. It provides that in the case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on […]
It is, therefore, proposed to amend section 94B of the Act so as to provide that provisions of interest limitation would not apply to interest paid in respect of a debt issued by a lender which is a PE of a non-resident, being a person engaged in the business of banking, in India.
Budget 2020- Increase in safe harbour limit of 5% u/s 43CA, 50C and 56 of the Income Tax Act to 10% Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the […]
The Income Tax Department conducted a search in the case of 4 major players in the Film Industry including a Producer, a prominent Actor, his Distributor and Financier based in Tamil Nadu on 05-02-2020.
Perfect Turners Vs Union of India (Rajasthan High Court) In this case on the issue of Interest Payment under Section 50 of Central Goods and Services Tax Act, 2017 that whether it should be on Gross GST Liability or on Net GST Liability in the case of delayed Submission of form GSTR-3B, High Court has […]
As announced in para II (7) of the Statement on Developmental and Regulatory Policies issued along with Sixth Bi-monthly Monetary Policy Statement 2019-20, it has been decided to allow RRBs to act as merchant acquiring banks using Aadhaar Pay – BHIM app and POS terminals.
