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.
Central Government introduces Condonation of Delay Scheme 2018 [CODS-2018]. Scheme shall come into force with effect from 01.01.2018 and shall remain in force up to 31.03.2018
A suitable amnesty scheme must be thought of for all Central Laws and State Laws which have been merged in GST in one go to reduce existing litigation. The scheme must be well thought out since most schemes have failed for the following key reasons, among others
The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment provides clarity on certain contentious aspects with regards to taxation of income arising or accruing from such indirect transfers.
In order to augment the governance of Credit Rating Agencies (CRAs) registered with SEBI and mitigate the issues of conflict of interest, SEBI Board has approved certain changes in the SEBI (Credit Rating Agencies) Regulations, 1999
POEM Guidelines have been recently finalised only on 24th January, 2017, whereas the POEM provisions are already applicable w.e.f. 1st April 2016 (applicable from AY 2017-18 and onwards)
In Income-tax Act, 1961 is Assessment Year defined in Section 2(9) as: Assessment Year means the period of twelve months commencing on the 1st day of April every year. Previous Year is defined in Section 3 of the Income-tax Act, 1961 to mean “for the purpose of this Act, previous year means the financial year immediately preceeding the assessment year.
The Finance Act, 2012 amended Section 9(1)(i) of the Act with retrospective effect from 1st April 1962 to provide that any share or interest in an entity incorporated outside India shall be deemed to be situated in India if such share or interest derives, directly or indirectly, its value substantially from assets located in India.
The proposition that right to use a copyright is different from right to use a copyrighted article is recognized and it is only the right to use a copyright which is covered within the definition of royalty.
Explanation 5 to Section 9(1)(vi) has been introduced by Finance Act, 2012 w.e.f. 1st June 1976 to clarify that royalty includes and has always included consideration in respect of any right, property or information, whether or not the right, property or information is used directly by the payer or is located in India or is in the control or possession of the payer.
