FEM (TRANSFER OR ISSUE OF SECURITY BY A PERSON RESIDENT OUTSIDE INDIA) (SECOND AMENDMENT) REGULATIONS, 2016 – AMENDMENT IN REGULATIONS 2, 14, SCHEDULE 1, SCHEDULE 9 AND SUBSTITUTION OF SCHEDULE 11 – CORRIGENDUM TO NOTIFICATION [NO.FEMA.362/2016-RB]/GSR 166(E), DATED 15-2-2016 NOTIFICATION NO. GSR 1089(E) [F.NO.1/3/EM/2016], DATED 25-11-2016 In the Notification of Reserve Bank of India, Foreign… Read More »
Central Board of Direct Taxes Circular No. 39/2016, Dated: November 29, 2016 [F.No.279/Misc./140/2015/ITJ] Subject: Transport, Power and Interest subsidies received by an Industrial Undertaking – Eligibility for deduction under sections 80-IB, 80-IC etc., of the Income-tax Act, 1961- Reg. The issue whether revenue receipts such as transport, power and interest subsidies received by an Industrial Undertaking/… Read More »
Legislation aimed at addressing “ black money ” in tax law changes As a step forward to curb “black money,” bank notes of existing series of denomination of the value of Rs.500 and Rs.1000 were recently withdrawn from circulation by the Reserve Bank of India. There have been concerns also that certain existing provisions of the Income-tax… Read More »
Business connection of offshore funds The Central Board of Direct Taxes issued guidance (a notification) amending the rules concerning the business connection of offshore funds. Read a November 2016 report[PDF 309 KB] of KPMG
No capital gains on transfers in a demerger The Mumbai Income-Tax Appellate Tribunal held that no capital gain tax is to be levied (absent any consideration received / accrued to the taxpayer) for transfers of undertakings under a plan of demerger. The tribunal observed that absent a connection between the transfer of the undertaking and the revaluation… Read More »
Direct Transfer of Fertilizer Subsidy to be introduced The Government has decided to introduce Direct Benefit Transfer (DBT) system for fertilizer subsidy payments. Under the proposed system, 100% subsidy on various fertilizer grades shall be released to the manufacturers and importers on the basis of actual sales made by the retailer to the beneficiaries. Initially,… Read More »