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
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.
There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices.
Details of work carried out in the Operation Clean Money campaign are as under: The cash deposit data was analysed to identify persons whose cash transactions did not appear in line with the tax payer’s profile. Preliminary assessment was undertaken to analyse distribution of large cash deposits across various taxpayer segments (e.g. Business, Non-business etc.). This analysis resulted in identification of about 17.92 lakh persons for verification process in the first phase.
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
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.
As per information received from GSTN, It is informed that links related to following forms, have been disabled on GST Portal w.e.f. 28.12.2017
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
