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Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.7% up to 15.01.2018
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 17th January, 2018PRESS RELEASEDirect Tax Collections for F.Y. 2017-2018 show Growth of 18.7% up to 1...
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Profit linked incentives for specified industries vis-a-vis investment-linked incentives – Section 35AD
Section 35AD of the Act extends investment linked incentives to taxpayers with respect to the capital expenditure incurred for setting up and operation of specified businesses. Further, once investmen...
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Allow weighted deduction U/s. 35(2AB) to IT & ITES sectors: ICAI
IT and ITES sectors should also be entitled to weighted deduction under Section 35(2AB) of the ActCurrently, there is no clarity whether a company engaged in the business of development and sale of so...
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Section 35(2AB) Allow weighted deduction in respect of expenditure incurred outside R&D facility: ICAI
Applicability of Section 35(2AB) of the Act on expenditure incurred on scientific research carried outside the in-house R&D facility approved by the prescribed authorityIssue/JustificationIn the pharm...
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Expenditure towards in-house R&D facilities Increase Benefit U/s. 35(1)(iia) to 200%: ICAI
Benefit under Section 35(1)(iia) should be increased to 200 per cent from the present level of 125 per centSection 35(2AB) of the Act has been gradually amended to provide increased tax benefits on ex...
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Depreciation in case of slump sale based on proportionate number of days by transferor and transferee company- Clarify legal position- ICAI
The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furniture, being tangible assets or know how, patents, copyrights, tradema...
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Omit Section 28(iiid) as DEPB Scheme no more in existence: ICAI
Section 28(iiid) provides that any profit on transfer of the Duty Entitlement Pass Book Scheme, being the Duty Remission Scheme under the export and import policy formulated and announced under sectio...
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Omit Section 28(iiia) – Sale of license
Section 28 provides for income that is chargeable to income tax under the head “profit and gains from business or profession”. As per sub-section (iiia) of section 28, profit on sale of license grante...
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Allow Extension of weighted deduction U/s. 35(2AB) for a further period of 10 more years: ICAI
The Finance Act, 2015, with a view to phase out weighted deduction under Section 35(2AB) of the Act, restricted the allowability of expenditure incurred on scientific research (other than expenditure...
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Ground rent shall be allowed as deduction in addition to section 24(a) : ICAI
At present, there is no provision for allowing deduction towards ground rent paid in computation of income from house property & the same has been merged into 24(a). Ground rent shall be allowed as de...
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Section 92CE Introduction of secondary adjustment- ICAI Suggestions
(I) The Finance Act, 2017 introduced the concept of secondary adjustment on Transfer Pricing (TP) adjustments. A taxpayer is required to make a secondary adjustment, where the primary adjustment to tr...
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Tax LTCG on shares of a company in which public are not substantially interested at concessional rate of tax @ 10%: ICAI
Section 112(1)(c) – Long-term capital gains on shares of a company, not being a company in which public are substantially interested, to be eligible for concessional rate of tax @ 10%Section 112(1)(c)...
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APA rollback rules should be made applicable to similar nature of transactions with different AEs: ICAI
The CBDT introduced the rollback rules under the APA program on 14 March 2015. There were some ambiguities about the implementation of the rollback rules, and therefore, CBDT issued Frequently Asked Q...
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Introduce threshold limit of Rs. 25 crore for SDT documentation requirements: ICAI
a) Domestic Transfer Pricing [DTP] – Sections 92, 92BA, 92C, 92CA, 92D & 92EThe Finance Act 2012 has introduced DTP in spite of existing provisions under the Act which empower the Assessing Officer (A...
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Address Concerns in Section 94B Limitation of interest benefit provisions: ICAI
Section 94B Limitation of interest benefit provisions introduced – certain concerns to be addressed(I) The Finance Act, 2017 introduced limitation of interest benefit (deduction) provisions in where a...
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Extend Protection from applicability of GAAR to all transactions upto 31.03.2017: ICAI
Section 95 – Applicability of GAAR to be effective from A.Y.2018-19 – Protection from applicability of GAAR should not be restricted to only investments, but may extend to all transactions upto 31.03....
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Section 23(5) – Deemed Taxability of unsold stock of house property after 1 year of lying vacant – Non-applicability of restriction contained in section 71(3A)
The Finance Act 2017 inserted sub-section (5) in existing section 23 to provide that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the...
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Enable taxpayers from countries like Germany, France, Singapore and Italy to file for bilateral APAs: ICAI
Dispute ResolutionThe Indian APA authorities have been refusing to accept applications for bilateral APAs from countries like Germany, France, Singapore and Italy as the Double Taxation Avoidance Conv...
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Reporting of U.S. TINs for pre-existing accounts by Financial Institutions
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 15th January, 2018PRESS RELEASEReporting of U.S. Tax Identification Numbers (TINs) for pre- existing...
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Section 50C: Option for adopting stamp duty value on date of agreement- ICAI Suggestion
Section 50C – Option for adopting stamp duty value on date of agreement – Amendment to be treated as clarificatory in natureIn relation to computing capital gains tax liability on transfer of land or...