Income Tax : As the Financial Year 2017-18 is nearing completion, individual tax payers are having hardly one month time to save tax. For indi...
Income Tax : The Finance Bill 2018, has proposed to cover deemed dividend u/s 2(22)(e) of Income Tax Act, also for levy of dividend distributio...
Income Tax : The Union Budget of 2018-19 has changed the tax treatment of all equity and equity-oriented mutual funds. This change was by way o...
Income Tax : This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disa...
Income Tax : As we all are aware that Finance Act, 2018 brought major amendment in the field of Medical Reimbursement Allowance and Mediclaim. ...
Income Tax : POST-BUDGET MEMORANDUM – 2018 1. INTRODUCTION 1.0 The Council of the Institute of Chartered Accountants of India considers it a ...
Finance : Budget Session 2018 of Parliament concludes The Budget Session, 2018 of Parliament which commenced on Monday, 29th January, 2018 h...
Income Tax : The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable...
Custom Duty : With the enactment of the Finance Act, 2018, CBEC is renamed as the Central Board of Indirect Taxes and Customs (CBIC). The change...
Income Tax : The Lok Sabha on March 14, 2018 passed the Finance Bill 2018 after the Finance Minister Arun Jaitley moved as many as 21 amendm...
Corporate Law : In exercise of the powers conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018), the Central Government her...
Income Tax : CBDT releases Explanatory Notes to Provisions of Finance Act, 2018 vide Circular No. 8/2018 dated 26th of December, 2018 and expla...
Income Tax : CBDT has omitted provision related to exemption of transport allowance of Rs. 1,600 per month granted to an employee other than an...
Income Tax : Since the introduction of the Finance Bill, 2018 on 1st February, 2018, several queries have been raised in different fora on vari...
Excise Duty : Notification No. 12/2018-Central Excise Seeks to exempt 10% ethanol blended petrol from additional duty of excise (road and infras...
In order to further facilitate the transaction of money or property between a wholly owned subsidiary company and its holding company, it is proposed to amend the section 56 so as to exclude such transfer from its scope.
In the wake of new capital gains tax regime for unit holders of equity oriented funds, it is proposed to amend the said section to provide that where any income is distributed by a Mutual Fund being, an equity oriented fund, the mutual fund shall be liable to pay additional income-tax at the rate of ten per cent on income so distributed.
Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default.
Section 245-O provides for the constitution of an Authority for Advance Rulings, and constitution of its benches, for giving advance rulings under Chapter XIX-B of the Act or under Chapter V of the Customs Act, 1962 or under Chapter IIIA of the Central Excise Act, 1944
Section 253 of the Act inter-alia provides that any assessee aggrieved by any of the orders mentioned in sub-section (1) of the said section may appeal to the Appellate Tribunal against such order.
Deemed dividend U/s. 2(22(e) is proposed to be taxed at the rate of 30 per cent. (without grossing up) in order to prevent camouflaging dividend in various ways such as loans and advances.
Consequent to the proposal for withdrawal of exemption under clause (38) of section 10 of the Act, such long term capital gain will become taxable in the hands of FIIs also. As in the case of domestic investors, the FIIs will also be liable to tax on such long term capital gains only in respect of amount of such gains exceeding one lakh rupees. The provisions of section 115AD are proposed to be amended accordingly.
The OECD under BEPS Action Plan 7 reviewed the definition of ‘PE’ with a view to preventing avoidance of payment of tax by circumventing the existing PE definition by way of commissionaire arrangements or fragmentation of business activities.
The oranges upon the trees in California are not acquired wealth until they are picked, not even at that stage until they are packed, and not even at that stage until they are transported to the place where demand exists and until they are put where the consumer can use them.
Section 80P deduction to Farm Producer Companies (FPC), having a total turnover upto Rs 100 Crore, whose gross total income includes any income from- (i) the marketing of agricultural produce grown by its members, or
