Income Computation and Disclosure Standards introduced under section 145 vide Finance Act (No.2), 2014 – ICDSs may be withdrawn Section 145 of the Income-tax Act, 1961 provides for the method of accounting. Section 145(1) requires income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” to be computed… Read More »
Suggestions on Clauses 43 of Finance Bill 2017 – Section 94B- Limitation of interest benefit provisions introduced – certain concerns to be addressed The Finance Bill, 2017 proposes limitation of interest benefit (deduction) where an Indian company, or a permanent establishment of a foreign company in India, being the borrower, pays interest exceeding rupees one crore… Read More »
Suggestions on Clause 83 of Finance Bill 2017- Section 269ST- Restriction on cash transactions –Certain concerns to be addressed In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money, the Finance Bill 2017 proposes to insert section 269ST in the Act… Read More »
Suggestion on Clause 62 of Finance Bill 2017– Claim of Foreign Tax Credit (FTC) pertaining to taxes which are under dispute in the foreign country – Clarification required on certain issues relating to period of limitation and documents which shall constitute evidence of settlement Section 155(14A) proposes to provide that where the payment of foreign… Read More »
Suggestion on Clause 50 & 51 of Finance Bill 2017- Section 132(1), 132(1A) and 132A(1) – reason to believe to conduct a search, etc. not to be disclosed –retention of existing provisions to reduce undue hardship to genuine assessee It is proposed to insert an Explanation to section 132(1), 132(1A) and 132A(1) to declare that… Read More »
Suggestions on Clause 63 of Finance Bill 2017 – Section 194-IB – Requirement of tax deduction at source by individuals/HUFs paying monthly rent exceeding Rs.50,000 – Enabling measures to facilitate ease of compliance to be introduced & issue of clarification regarding the amount on which tax has to be deducted at source in a situation… Read More »
Suggestion on Clause 46(a) of Finance Bill 2017– Section 115JAA – Extension of period of carry forward of MAT credit from 10 years to 15 years – Clarity regarding carry forward and set off of MAT credit in cases where the ten year period has expired on or before AY 2016-17 but the fifteen year… Read More »
Suggestions on Clauses 6 of Finance Bill 2017 – Section 10(38) – Exemption of long term capital gains subject to payment of STT on acquisition – bona fide transactions to be notified by the Central Government for exemption even if STT not paid on acquisition Section 10(38) of the Income-tax Act, 1961, inter alia, provides… Read More »
Suggestion on Clause 55 of Finance Bill 2017- Section 139(5) – Reduction in time limit for filing revised return – Retention of existing time limit for filing of revised tax return at least in cases of claim of foreign tax credit. The Finance Bill 2017 proposes to amend section 139(5) to provide that the time… Read More »
Suggestions on Clauses 3, 23 and 25 of Finance Bill 2017 – Section 2(hf), section 47(xb) and section 49(2AE) – Tax neutral conversion of preference shares to equity shares – Clarification regarding tax treatment for earlier years The Finance Bill 2017, proposes to amend Section 47 of the Act, by virtue of which conversion of… Read More »