The Finance Act, 2015 increased the rate of surcharge levied on domestic companies by 2 per cent. The surcharge at the rate of 7 per cent shall be levied in case of a domestic company if the total income of the domestic company exceeds INR one crore but does not exceed INR ten crore and at the rate of 12 per cent in case total income exceeds INR ten crore.
The proviso to Section 2(15) provides that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade
M/s. Vivekanand Society of Education and Research Vs CIT (Jammu & Kashmir High Court) Where there are more than one such institutions, which are under a particular society or trust, such as the assessee society in the present case, the aggregate annual receipts of each of the educational institutions would have to be considered separately […]
It is suggested that the term ‘yoga’ be defined in order to confine its scope and prevent abuse of the provision by institutions engaged in other activities of similar nature not constituting yoga.
Section 10(23C) should be amended to specifically exclude ‘corpus donations’ from the requirement of mandatory application of income by such trusts / institutions.
Section 2(42A) – Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset – Consequential amendments to be made in sections 54, 54B, 54D and 54F
Order No. 221 of 2017 Consequent upon the approval of the Competent Authority, the following officers are, hereby, promoted to the grade of Chief Commissioner of Income Tax (level 16 in the pay matrix Rs.2,05,400 — 2,24,400) w.e.f the date of assumption of charge of the post or until further orders
Order No. 220 of 2017 The President is pleased to appoint the following officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) on Ad-hoc basis in Level — 12 in the pay matrix Rs. 78800-209200 against panel year 2017-18
Order No. 219 of 2017 The President is pleased to appoint the following five officers of Indian Revenue Service to the grade of Joint Commissioner of Income Tax (JCIT) on Ad-hoc basis in Level — 12 in the pay matrix Rs. 78800-209200 against panel year 2016-17
The Finance Act 2017 amended Section 47 of the Act, by virtue of which conversion of preference share of a company into equity share of that company will not be regarded as transfer. The amendment is made by insertion of sub-section (xb) in section 47.
