Textbook on Transfer of Property Law – 2017 Edition by Shriniwas Gupta Contents of this book Textbook on Transfer of Property Law Chapter I : Preliminary Chapter II : of Transfers of Property By Act Of Parties Chapter III : of Sales of Immovable Property Chapter IV : of Mortgages Of… Read More »
Cash Transaction 2016 Frequently Asked Questions The Online response for Cash Transactions, 2016 can be submitted by 15th Feb 2017. Frequently Asked Questions related to Cash Transactions, 2016 are now available Viewing Information 1. Which internet browser should I use to view and file response on e-filing portal? Ans: The e-filing portal and other utilities… Read More »
Harsh punitive actions to be taken against the deviant Shell Companies including freezing of Bank Accounts, striking off the names of dormant companies, invocation of Benami Transactions (Prohibition) Amendment Act, 2016; A Task Force set-up under the Co-chairmanship of the Revenue Secretary and Corporate Affairs Secretary with members from various regulatory Ministries and Enforcement Agencies… Read More »
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 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 »
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 »
Enabling claim of credit for foreign tax paid in cases of dispute The existing provisions of section 155 of the Act provide for procedure for amendment of assessment order in case of certain specified errors. In view of rule 128 of the Income-tax Rules, 1962, which provides a mechanism for claim of foreign tax credit,… Read More »
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 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 »
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 »