Daily Archives: February 10, 2017

Unquoted shares taxable at fair market value w.e.f AY 2018-19 -Section 50CA

By | February 10, 2017

Fair Market Value to be full value of consideration in certain cases Under the existing provisions of the Income tax Act, income chargeable under the head “Capital gains” is computed by taking into account  the amount of full value of consideration received or accrued on transfer of a capital asset. In order to ensure that… Read More »

Shifting base year from 1981 to 2001 for computation of capital gains w.e.f AY 2018-19

By | February 10, 2017

Shifting base year from 1981 to 2001 for computation of capital gains The existing provisions of section 55 of Income tax Act provide that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost of improvement, if any. However, for computing capital gains in… Read More »

How to interpret terms used in DTAA w.e.f AY 2018-19

By | February 10, 2017

Clarification with regard to interpretation of ‘terms’ used in an agreement entered into under section 90 and 90A. Under the existing provisions of Section 90 of the Act, power has been conferred upon the Central Government to enter into agreement with the Government of any country outside India for granting relief in respect of income… Read More »

Increase in deduction for provision for bad & doubtful debts of Banks w.e.f AY 2018-19

By | February 10, 2017

Increase in deduction for provision for bad and doubtful debts The existing provisions of sub-clause (a) of section 36(1)(viia) of the Act, inter-alia provides that a scheduled bank (not being a bank incorporated by or under the laws of a country outside India) or a non-scheduled bank or a co-operative bank other than a primary… Read More »

Taxability of income from NPAs on receipt basis w.e.f AY 2018-19 for Cooperative banks

By | February 10, 2017

Taxability of income from NPAs on receipt basis Extension of scope of section 43D to Co-operative Banks The existing provisions of section 43D of the Act, inter-alia, provides that interest income in relation to certain categories of bad or doubtful debts received by certain institutions or banks or corporations or companies, shall be chargeable to… Read More »

No carry forward of excess Foreign tax credit (FTC) allowed against MAT/ AMT

By | February 10, 2017

Finance Bill 2017 proposed to amend section 115JAA and 115JD of Income tax Act so as to provide that the amount of tax credit in respect of MAT/ AMT shall not be allowed to be carried forward to subsequent year to the extent such credit relates to the difference between the amount of foreign tax credit… Read More »

Government amends the Mega Exemption Notification 25/2012 -Service Tax

By | February 10, 2017

Seeks to amend notification No. 25/2012-Service Tax, dated 20th June 2012, so as to amend certain existing entries granting exemption on specified services and inserting new entries for granting exemption from service tax on specified services. NOTIFICATION NO.7/2017-ST, DATED 2-2-2017 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance… Read More »

CENVAT Credit (Amendment) Rules 2017

By | February 10, 2017

CENVAT CREDIT (AMENDMENT) RULES, 2017 – AMENDMENT IN RULES 6 AND 10 NOTIFICATION NO.4/2017-C.E. (N.T.), DATED 2-2-2017 In exercise of the powers conferred by section 37 of the Central Excise Act,1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to… Read More »

Amendment in Pan Masala Packing Machines (Capacity Determination and Collection of Duty) Rules, 2008

By | February 10, 2017

PAN MASALA PACKING MACHINES (CAPACITY DETERMINATION AND COLLECTION OF DUTY) AMENDMENT RULES, 2017 – AMENDMENT IN FORM NO.2 NOTIFICATION NO.2/2017-C.E. (N.T.), DATED 2-2-2017 In exercise of the powers conferred by sub-sections (2) and (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following rules further… Read More »