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.
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
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.)
The Finance Act 2017 inserted a new section 50CA to provide that in case of transfer of shares of a company other than quoted shares, the fair market value of such shares determined in the prescribed manner shall be deemed to be the full value of consideration for the purpose of computing income chargeable to tax as capital gains.
The Finance Act, 2016 has inserted a new section 44ADA providing for special provision for computing profits and gains of profession on presumptive basis. This measure would definitely help the specified professionals in payment as well as compliances under the income-tax law.
Section 44AD relating to presumptive taxation applies only to businesses run by residents Individual, HUF and Firms excluding LLP. Tax on presumptive basis should be extended to all assessees, including a LLP. Only section 44AD excludes LLP, for which there appears to be no cogent reason. Otherwise under the Act, a LLP and a Firm are treated at par.
