Income Tax Archives - Page 2 of 11

Form and Manner of Exercise of option by the domestic company for the purposes of section 115BA

May 8, 2017May 8, 2017 TaxIndiaUpdates In0 comments3611 views

Income-tax (9th Amendment) Rules, 2017 – Amendment of Income-tax Rules, 1962 – Prescribing form & manner of exercise of option by the domestic company for the purposes of section 115BA of the Income Tax Act, 1961-reg CBDT Notification No. 36/2017, Dated: May 2, 2017 S.O. 1381(E). – … Continue Reading →

Income Tax

CBDT Seeks the Stakeholders comments on the Draft Rules relating to Valuation of Unquoted Equity Shares

May 8, 2017May 8, 2017 TaxIndiaUpdates In0 comments2916 views

CBDT seeks the stakeholders’ comments on the Draft Rules relating to valuation of unquoted equity share for the purposes of Section 56 and Section 50CA of the Income-tax Act, 1961. The Finance Act, 2017 inserted clause (x) in sub-section (2) of Section 56 of the … Continue Reading →

Income Tax

Valuation Rules for Accreted Income of Certain Trusts has been Notified

April 26, 2017 TaxIndiaUpdates In0 comments4149 views

Valuation Rules for Accreted Income of Certain Trusts has been Notified vide CBDT Notification No. 32/2017, Dated: April 21, 2017 G.S.R.399(E). – In exercise of the powers conferred by section 295 read with section 115TD of the Income-tax Act, 1961 (43 of 1961), the Central Board of … Continue Reading →

Income Tax

Lease Rent from Buildings in an Industrial Park or SEZ is Business Income

April 26, 2017 TaxIndiaUpdates In0 comments3396 views

Lease rent from letting out buildings/developed space along with other amenities in an Industrial Park/SEZ- to be treated as business income. The issue whether income arising from letting out of premises / developed space along with other amenities in an Industrial Park/SEZ is to … Continue Reading →

Income Tax

Clarification on Removal of Cyprus from the list of Notified Jurisdictional Areas

April 21, 2017April 23, 2017 TaxIndiaUpdates In0 comments3438 views

Clarification on removal of Cyprus from the list of notified jurisdictional areas under section 94A of the Income Tax Act, 1961 CBDT Circular No. 15/2017, dated April 21, 2017 Subject: Clarification on removal of Cyprus from the list of notified jurisdictional areas under section 94A of … Continue Reading →

Income Tax

Date for filing of declaration under PMGKY extended upto April 30, 2017

April 21, 2017April 23, 2017 TaxIndiaUpdates In0 comments3816 views

Date for filing of declaration under PMGKY extended upto April 30, 2017 (CBDT Circular No.14 of 2017 April 21, 2017) The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana,2016 had commenced on 17th December, 2016 and was open for declarations up to 31st March, … Continue Reading →

Income Tax

CBDT Clarification on Taxability of Salary to a Non Resident seafarer

April 13, 2017April 13, 2017 TaxIndiaUpdates In0 comments4593 views

CBDT vide Circular No. 13/2017 dated 11-04-2017 has clarified that salary to a Non Resident seafarer for services rendered outside India on a foreign ship shall not be included in the total income merely because the said salary has been credited in the NRE account maintained … Continue Reading →

Income Tax

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules under alternative procedure of FATCA

April 11, 2017April 12, 2017 TaxIndiaUpdates In0 comments4107 views

Timelines for Closure of financial accounts under Rule 114H (8) of the Income-tax Rules, 1962 under alternative procedure of FATCA The Inter-Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st August 2015. Under the alternative procedure provided in Rule 114H(8) … Continue Reading →

Income Tax

23064 Searches has conducted in Last 3 years; More than Rs. 1.37 Lakh Crore of Tax Evasion has been Detected

April 8, 2017April 12, 2017 TaxIndiaUpdates In0 comments3681 views

23064 Searches has conducted in Last 3 years; More than Rs. 1.37 Lakh Crore of Tax Evasion has been Detected Department of Revenue, Ministry of Finance achieves phenomenal success towards eliminating Domestic Black Money in last three years; 23064 searches/surveys have been conducted (Income … Continue Reading →

Income Tax

Cash Transaction limit of Rs. 2 lakh not Applicable on Banks and Post Offices

April 7, 2017 TaxIndiaUpdates In0 comments4604 views

Cash Transaction limit of Rs. 2 lakh not Applicable on Banks and Post Offices CBDT Press Release: April 05, 2017 Budget 2017 takes Steps to discourage Cash transactions & curb Black Money Various legislative steps have been taken by the Finance Act, 2017 to curb … Continue Reading →