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Section 80- IBA – Relaxation of certain conditions from 1.4.2018 – Relaxation may be effective from 1.4.2017
Under section 80-IBA, inserted by the Finance Act, 2016 from 1.4.2017, deduction of 100% of profits derived from development of affordable housing projects approved on or after 1st June 2016 is availa...
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Affordable Housing Sec. 80-BA(2)(h): Condition of 80% need to be revised to 60% of FAR
This clause (h) prescribes a condition towards utilisation of Floor Area Ratio (FAR) to be 90% in case of four metros and 80% in other places.It is a factual position in the industry that there are tw...
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Incentivise investments in respect of agricultural infrastructure: ICAI
There is an urgent need to invest heavily in building up of a viable and efficient infrastructure in the agriculture sector in India. This would necessitate building up of proper computerized infrastr...
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Section 80D Mediclaim- Allow Pro-rata deduction of single premium paid
Currently, deduction of mediclaim premium is allowed in the year in which the payment has been made.There are many mediclaim policies available in the market for which a single premium is payable in y...
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Section 80 IA Unit-wise deduction should be allowed: ICAI
a) Section 80- IA – Unit-wise deduction should be allowedPlain reading of section 80-IA gives the impression that deduction under section 80-IA is available ‘unit wise’. But, nowadays, losses of other...
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No deduction U/s. 80G/80GGA for donations exceeding Rs. 10000 in cash- Individual contribution or aggregate contributions?
Donations made of any sum exceeding ten thousand rupees in cash sections 80G and 80GGASub-section (5D) was inserted in section 80G and sub-section (2A) was inserted in section 80GGA to provide that no...
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Exclude loan availed before 31.03.2017 from Restriction of set off of loss from House Property: ICAI
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 inco...
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Sec. 79 Carry forward and set off of loss in case of eligible startups: Provide further relaxation
Section 79- Carry forward and set off of loss in case of eligible startups – Condition to be further relaxedThe Finance Act, 2017 amended section 79 to provide that where a change in shareholding has...
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Remove Complexity of internal & external caps on deduction Section 80C: ICAI
The working of overall deduction u/s. 80C is quite complex with several internal caps and overall cap to be computed with reference to other provisions.For instance, for children tuition fees, there i...
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Clarify 6 Issues in computation of book profit U/s. 115JB: ICAI to Govt
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 befo...
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Section 56: Increase exemption limit from Rs. 50,000 to Rs. 5 lakhs
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...
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Taxation on transfer of money/property without or for inadequate consideration
Taxation on transfer of money/property without consideration or for inadequate considerationThe Finance Act, 2017 expanded the scope of section 56(2)(vii) and 56(2)(viia) by inserting a new clause (x)...
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Order No. 14/2018 – Promotion to CCIT grade on notional basis
Order No. 14 of 2018 – Promotion of the officers to the grade of Chief Commissioner of Income Tax (CCIT) on notional basis – reg.F.No. A-32011/2/2012—Ad.VI-(Part)Government of IndiaMinistry of Finance...
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Sec. 10(46) CBDT notifies ‘Central Registry for Securitization Asset Reconstruction and Security Interest of India’
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)NOTIFICATIONNew Delhi, the 18th January, 2018S.O. 283(E).—In exercise of the powers conferred by clause (46) of section 10 of t...
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Sec. 10(46) CBDT notifies ‘West Bengal Electricity Regulatory Commission, Kolkata’
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)Notification No. 1/2018-Income TaxNew Delhi, the 18th January, 2018S.O. 284(E).—In exercise of the powers conferred by clause (...
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Notification No. 2/2018-Income Tax, Dated: 18.01.2018
MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES)Notification No. 2/2018New Delhi, the 18th January, 2018(INCOME-TAX)S.O. 282(E).—In exercise of the powers conferred by clause...
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Section 50CA & 56(2)(x)(c) :Amendment needed in view of double taxation
Section 50CA and section 56(2)(x)(c) – Fair Market Value to be full value of consideration in case of transfer of unquoted shares – Amendment required in view of double taxation in the hands of seller...
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Section 44ADA: Increase Threshold limit of Rs. 50 lakhs & Reduce Rate of estimated tax
Section 44ADA – Special provision for computing profits and gains of profession on presumptive basis – Issues and concerns arising there from to be addressedThe Finance Act, 2016 has inserted a new se...
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Allow Benefit of presumptive taxation U/s. 44AD to LLP: ICAI
Section 44AD relating to presumptive taxation applies only to businesses run by residents Individual, HUF and Firms excluding LLP. Tax on presumptive basis should be extended to all assessees, includi...
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Clarify Depreciation on capital asset acquired vide Cash payment: ICAI
Section 35AD and 43(1) – Cash payment exceeding Rs 10,000 to be disallowed – Exceptions contained in Rule 6DD may be extended to section 35AD and 43(1) alsoSystem through a bank account, exceeds ten t...