Electoral Bearer Bond Scheme 2018 Sale at Authorised Branches of State Bank of India (SBI) Posted On: 22 FEB 2018 6:50PM by PIB Delhi The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification S.O. No.29 (E) dated 02nd January 2018. As per provisions of the Scheme, Electoral Bonds may be purchased… Read More »
Added features in Form GSTR 1 and GSTR 5.
Taxpayers can search results of last 10 Returns Transaction Status on the GST Portal,
Taxpayers opting to pay tax under Section 10 of CGST Act (Composition Scheme) or where goods or services both supplied becomes wholly exempt, can declare ITC Reversal/ Payment of tax in Form GST ITC 03.
Ministry of Finance Revised Double Taxation Avoidance Agreement (DTAA) between India and Kenya notified; Revised DTAA to improve transparency in tax matters, help curb tax evasion and tax avoidance, remove double taxation and will stimulate the flow of investment, technology and services between both the countries. Posted On: 22 FEB 2018 4:18PM by PIB Delhi… Read More »
CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 37. Rationalisation of deduction under section 80CCD for self-employed individual. 37.1 The provisions of section 80CCD of the Income-tax Act provide that employees or other individuals shall be allowed a deduction for amount deposited in National Pension System trusts (NPS). The deduction under section 80CCD(1) of the Income-tax Act could not… Read More »
CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 36. Carry forward and set off of loss in case of certain companies. 36.1 Before amendment by the Act, the provisions of section 79 of the Income-tax Act provided that where a change in shareholding has taken place in a previous year in the case of a company, not being a… Read More »
CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 34. Disallowance for non-deduction of tax from payment to resident. 34.1 Section 58 of the Income-tax Act specifies the amounts which are not deductible in computing the income under the head “Income from other sources” which include certain disallowances made in computation of income under the head “Profits and gains of… Read More »
CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 33. Widening scope of Income from other sources. 33.1 The provisions of section 56(2)(vii) of the Income-tax Act provided that any sum of money or any property which is received without consideration or for inadequate consideration (in excess of the specified limit of Rs. 50,000) by an individual or Hindu undivided… Read More »
CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 32. Shifting base year from 1981 to 2001 for computation of capital gains. 32.1 Before amendment by the Act, the provisions of section 55 of the Income-tax Act provided that for computation of capital gains, an assessee shall be allowed deduction for cost of acquisition of the asset and also cost… Read More »