Monthly Archives: February 2018

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 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 »