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.
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.
The Finance Act, 2016 has inserted section 115BBF to tax royalty income derived from worldwide exploitation of patents developed and registered in India @ 10%. It is a welcome move and would greatly boost the research and innovation environment in the country.
The ICAI had pursuant to the issuance of the Revised SA 700, Forming an Opinion and Reporting on Financial Statements, prescribed a revised format of the auditors report on financial statements. As per SA 700 an auditor shall modify the opinion in the audit report
As per the Foreign Contribution (Regulation) Act, 2010 read with Foreign Contribution (Regulation) Rules 2011 as amended, any contribution received above the specified amount (INR 1 crore) needs to be reported by the recipient bank on behalf of assessee registered
It is suggested that the automated process of PAN Migration applicable to individual assessees may also be provided to other assessees as well so that they do not have to face hardships due to delay in PAN migration.
The Assessee has to file voluminous objections in form 35A, within 30 days of receipt of the order. There is no rule to file a paper book or raise additional arguments or grounds. 30 days is very short time to compile and file before the DRP. There are many mistakes and further many arguments are also missed out.
Presently, interest paid by the Government to an assessee is chargeable to tax. However, interest paid by the assessee to the Government under various sections is not allowed as deduction while computing the total income.
Under the general arrangement of the provisions in the Act under each head of income, normally the charging provision is accompanied by a set of provisions for computing the income subject to that charge.
Interest payments by banking sector may be reconciled with the TDS returns of Banks submitted with respect to section 194A of the Income-tax Act, 1961. For example, as per the balance sheet of SBI on 31.03.2017, it held Rs. 11,13,000 crores of Term deposits from others. It had paid more than Rs.1,05,000 crores of rupees as Interest.
