Daily Archives: August 21, 2018

CBDT Circular No 5/2018 : Clarification on immunity provided u/s 270AA of Income-tax Act, 1961

By | August 21, 2018

Circular No 5/2018 F. No. 370149/155/2018-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) New Delhi, Dated 16th August, 2018 Clarification on the immunity provided u/s 270AA of the Income-tax Act, 1961 Section 270AA of the Income-tax Act, 1961 (the Act) inter alia provides that w.e.f. 1 st April,… Read More »

Minimum alternate tax (MAT) credit is allowed inclusive of surcharge & education cess

By | August 21, 2018

Minimum alternate tax (MAT) credit The Delhi Bench of the Income-tax Appellate Tribunal held that the minimum alternate tax (MAT) credit is allowed inclusive of surcharge and education “cess” (the surcharge levy imposed for various governmental functions including education). The amount of tax includes both components of tax and surcharge. The case is: Consolidated Securities Ltd.… Read More »

Exemption notification to be interpreted strictly : Supreme Court

By | August 21, 2018

Exemption notification to be interpreted strictly The Constitutional Bench (five-judge bench) of the Supreme Court held that: (1) exemption from tax guidance is to be interpreted strictly and the burden to prove its applicability is on the taxpayer; (2) any ambiguity in the exemption guidance must be interpreted in favour of the tax department; and… Read More »

New CII Index Base Year 2001-02 Notified by CBDT for FY 2017-18 onwards – Download print Notification

By | August 21, 2018

CII Index / Cost Inflation Index Base Year 2001-02 This notification of CII Index shall come into force with effect from 1st day of April, 2018 and shall accordingly apply to the assessment year 2018-19 and subsequent years. [ Read CII Index of  earlier years i.e from 1981 to 2017 – CII (COST INFLATION INDEX) INCOME… Read More »