Income Tax

Issue/JustificationSection 10(10AA) provides for exemption for payment received as cash equivalent of leave salary in respect of earned leave period at the time of retirement whether superannuation or...

Press Information Bureau Government of India Ministry of Finance 29-December-2017 16:57 IST Central Board of Direct Taxes (CBDT) enters into three more Advance Pricing Agreements (APAs) during the mon...

Section 2(15) – Substitution of existing provisos with new proviso requiring satisfaction of two new conditions for qualifying as a “charitable purpose” Issue/Justification The proviso to Section 2(15...

Issue/Justification The definition of “charitable purpose” under section 2(15) has been amended to include ‘Yoga’ as a specific category thereunder. However, ‘yoga’ is not defined in section 2(15). Ge...

Press Information Bureau Government of India Ministry of Finance 29-December-2017 17:39 IST Operation Clean Money As a part of post-demonetisation exercise, Income Tax Department had to analyse cash d...

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,...

Section 2(42A), section 47(xb) and section 49(2AE) – Tax neutral conversion of preference shares to equity shares – Clarification regarding tax treatment for earlier years Issue/Justification The Fina...

Issue/Justification The Finance Act, 2015 has amended provisions dealing with indirect transfer of capital asset situated in India. The amendment provides clarity on certain contentious aspects with r...

Issue/Justification Place of Effective Management provisions – section 6(3) POEM Guidelines have been recently finalised only on 24th January, 2017, whereas the POEM provisions are already applicable...

Issue/Justification In Income-tax Act, 1961 is “Assessment Year” defined in Section 2(9) as: “Assessment Year” means the period of twelve months commencing on the 1st day of April every year. “Previou...

Section 9(1)(i)-Benefit of non-applicability of indirect transfer provisions in case of Category I and II FPIs – Provisions for avoidance of double taxation in case of such indirect transfer provision...

Issue/Justification (a) Right to use a copyright vis-à-vis Right to use a copyrighted article Internationally, as evidenced by OECD Commentary and opinion of eminent experts, the following two basic p...

Issue/Justification Explanation 5 to Section 9(1)(vi) has been introduced by Finance Act, 2012 w.e.f. 1st June 1976 to clarify that royalty includes and has always included consideration in respect of...

Issue/Justification Expansion of definition [Explanation 6 to section 9(1)(vi)] of ‘process’ so as to include transmission by satellite, cable, optic fiber or by any other similar technology within de...

Issue/Justification The Income-tax Act, 1961 allows for set off in respect of foreign taxes paid on overseas income. However, in case of loss/inadequate profits, no set off may be possible. In the cur...

Issue/Justification It is seen that that when a cooperative society places deposits in a co-operative bank the Assessing Officers are denying the benefit of Section 8OP on the interest earned on such...

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd December, 2017 S.O. 4011(E).—In exercise of the powers conferred by clause (46) of section...

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 22nd December, 2017 S.O. 4010(E).—In exercise of the powers conferred by clause (46) of section...

Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesPRESS RELEASENew Delhi, 25th July, 2017.Issues arising from the implementation of Minimum Alternate Tax (MAT) pr...

PRIORITYF.No. 272/M-37/2017-ITJGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesRoom No. 276, Samrat Hotel, New Delhi*****New Delhi the dated 14th December, 2017...