CIRCULAR No. 2/2018 Dated 15.02.2018 Measures to discourage cash transactions. 19.1 Sub-section (3) of Section 40A of the Income-tax Act, before amendment by the Act, specified that any expenditure in respect of which payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank… Read More »
CIRCULAR No. 2/2018 Dated 15.02.2018 17. No notional income for house property held as stock-in-trade. 17.1 Section 23 of the Income-tax Act provides for the manner of determination of annual value of house property. 17.2 Considering the business exigencies in case of real estate developers, the said section has been amended to provide that where the house… Read More »
CIRCULAR No. 2/2018 Dated 15.02.2018 16. Transparency in electoral funding. 16.1 The provisions of section 13A of the Income-tax Act provide inter alia that political parties that are registered with the Election Commission of India are exempt from paying income-tax. To avail the exemption, the political parties are required to submit a report to the Election… Read More »
CIRCULAR No. 2/2018 Dated 15.02.2018 15. Clarity of procedure in respect of change or modifications of object and filing of return of income in case of entities exempt under sections 11 and 12. 15.1 The provisions of section 12A of the Income-tax Act provide for conditions for applicability of sections 11 and 12 of the Income-tax… Read More »
CIRCULAR No. 2/2018 Dated 15.02.2018 14. Restriction on exemption in case of corpus donation by exempt entities to other exempt entities. 14.1 Donations made by a trust to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or… Read More »
CIRCULAR No. 2/2018 Dated 15.02.2018 Exemption of long term capital gains tax under section 10(38) of the Income- tax Act. 11.1 Clause (38) of Section 10 of the Income-tax Act, before amendment by the Act, provided that the income arising from a transfer of long term capital asset, being equity share of a company or a… Read More »
CBDT CIRCULAR NO.2/2018 [F.NO.370142/15/2017-TPL], DATED 15-2-2018 30. Fair Market Value to be full value of consideration in certain cases. 30.1 Under the 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… Read More »
CIRCULAR No. 2/2018 Dated 15.02.2018 Exemption of income of Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund. 9.1 Section 10(23C) of the Income-tax Act provide exemption in respect of income of certain funds which include inter alia the Prime Minister’s National Relief Fund. 9.2 The Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund,… Read More »
Income Tax Slab Rates for FY 2016-17 / AY 2017-18 Income Tax Slab Rates for FY 2016-17 ( AY 2017-18 ) as per Income Tax act of India (Finance Act 2017 ) 1. Introduction 1.1 The Finance Act, 2017 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President… Read More »
Cabinet Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 Posted On: 20 FEB 2018 1:17PM by PIB Delhi In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the… Read More »