-
Raise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI
In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising...
-
Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI
Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting “constructed, a residential house”, with “constructed, one residential house in India”. Similar amendment is made in sect...
-
ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc
a) At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be r...
-
Section 50CA – Valuation of shares of a company in distress- Suggestion by ICAI
In case, where the shares of a company are transferred in distressed condition, the rule 11UA/11UAA prescribing the method to determine the FMV would not provide the correct FMV of shares.The said Rul...
-
Section 56(2)(ix): Taxability of forfeited advance for transfer of a capital asset: Budget Suggestions
Section 56(2)(ix) – Taxability of forfeited advance for transfer of a capital assetClause (ix) is inserted in section 56(2) by Finance (No. 2) Act, 2014 to provide for taxability of any sum received a...
-
ICAI suggests inclusion of Relatives of HUF in Definition of term relative U/s. 56(2)(vii)
Definition of the term relative Explanation to Section 56(2) (vii)Under the existing provisions of section 56(2)(vii), any sum or property received by an individual or HUF for inadequate consideration...
-
Reference to Valuation Officer U/s. 55A – ICAI suggests reasonable tolerance limit to reduce litigation
This section empowers the assessing officer to refer the matter to the valuation officer for the purposes of ascertaining the fair market value of the capital asset.Under clause (a), the power has bee...
-
Capital gain on transfer of residential property -Section 54GB- ICAI Suggestions
Capital gain on transfer of residential property to be taxed in certain cases Section 54GBThe Finance Act, 2012 had inserted a new section 54GB to exempt long-term capital gains on transfer of a resid...
-
Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee
With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result,...
-
Sharp increase in prosecutions of tax evaders by Income Tax Department
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 12th January, 2018PRESS RELEASESharp increase in prosecutions of tax evaders by Income Tax Department...
-
CBI arrests an ITO & Superintendent of Excise & Customs in alleged bribery case
CBI ARRESTS AN INCOME TAX OFFICER AND TWO OTHERS IN A BRIBERY CASEPress Release- New Delhi, 09.01.2018The Central Bureau of Investigation has arrested an Income Tax Officer, Sirhind (Punjab) and two I...
-
Abolish Income Tax, raise banks’ rates to 9%: Dr Subramanian Swamy
Abolish Income Tax, raise banks’ rates to 9%, says Dr Subramanian Swamy at ASSOCHAM meetDomestic savings and not foreign investment can take Indian economy on a 10 per cent growth path, for which Inco...
-
Action on Benami Property holders / Owners steeped up
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNew Delhi, 11th January, 2018PRESS RELEASE Income Tax Department steps up actions under Prohibition of Benami Pr...
-
Quarterly TDS/TCS due dates and new features of RPU version 2.2
Key Features — Return Preparation Utility (RPU) version 2.2♣ In case of non-availability of PAN of deductee for Form 27E% two new fields are introduced under deductee details which are as below:Column...
-
Fully exempt Employer contributions to approved superannuation fund: ICAI
Partial double taxation of contribution to superannuati on fund – Section 17(2)(vii)Issue/JustificationSection 17(2)(vii) of the Act, as amended by the Finance Act, 2016, provides that any contributio...
-
Allow deduction for maintenance charges paid to a housing society: Section 23
Issue/JustificationIn most urban areas, maintenance of building is undertaken by the society, federation, company or common body and the expenses for such maintenance are substantial. The same need to...
-
Order No. 10/2018: Transfer & Postings of officers in ACIT / DCIT grade
F. No. A-22013/1/2017-Ad-VIGovernment of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Direct Taxes)North Block, New Delhi- 110001.Date: 09.01.2018.Order No. 10 of 2018The following p...
-
Order No. 8/2018: Transfer & Postings of officers in Principal CIT grade
F.No. A-2201/2/2017-Ad-VI (Pt.)Government of IndiaMinistry of FinanceDepartment of Revenue(Central Board of Direct Taxes)North Block, New Delhi- 110001.Date: 08.01.2018.Order No. 8 of 2018The followin...
-
Processing of ITR-1 to 6 & applicability of section 143(1)(a)(vi)
Circular No. 01/2018Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesNorth Block, New Delhi, the 10th of January, 2018Order under section 119 of the Income-tax A...
-
Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2%
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 09th January, 2018 PRESS RELEASE Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% u...