Sub-section (5D) was inserted in section 80G and sub-section (2A) was inserted in section 80GGA to provide that no deduction shall be allowed under these sections in respect of donation of any sum exceeding Rs.10,000 unless such sum is paid by any mode other than cash.
The Finance Act 2017 introduced a new section 71(3A) to provide that with effect from financial year 2017-18, set-off of loss under the head Income from house property against any other head of income should be restricted upto Rs 2 lakh per year.
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.
The computation of book profit under section 115JB is a complicated and vexed issue with diverse interpretations possible on various issues. These issues need to be clarified to reduce litigation before the appellate authorities, which is one of the aims of the Government.
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
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
Standard on Auditing (SA) 720 (Revised) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included in an entity’s annual report. An entity’s annual report may be a single document or a combination of documents that serve the same purpose.
To enable you to express your issues and problems related to GST System and its services, GSTN is launching a Self Help Portal (https://selfservice. gstsystem.in/) as a single platform where tax payer call log tickets for any issues or concerns and for quick resolution. This will be live from 22 Jan 2018.
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.
