Suggestions on Clause 45 of Finance Bill / Budget 2017- Insertion of section 115BBG – Income from transfer of carbon credits to be taxed@10% – Inclusion in definition of income under section 2(24) and clarification regarding tax treatment for prior assessment years. The proposed introduction of section 115BBG providing for a 10 percent tax on… Read More »
Suggestions on Clause 29 of Finance Bill 2017 – Section 56- Insertion of new clause (x) in section 56(2) – Reference to be included in the definition of income under section 2(24) The Finance Bill 2017 proposes to insert a new clause (x) in sub-section (2) of section 56 so as to provide that receipt of… Read More »
Suggestions on Clause 22 of Finance Bill 2017 – Section 45(5A) – Special provision for computation of capital gain in case of joint development agreement (JDA) -Certain concerns to be addressed and scope to be enlarged The Finance Bill 2017 proposes to insert sub-section (5A) in the existing section 45 to provide that the capital… Read More »
Suggestions on Clause 26 and 29 of Finance Bill 2017 – Section 50CA and section 56(2)(x)(c)- Fair Market Value to be full value of consideration in case of transfer of unquoted shares –Amendment required in view of double taxation in the hands of seller as well as buyer The Finance Bill 2017 proposes to insert new… Read More »
Suggestions on Section 44AB as proposed to be amended by Finance Bill 2017- Increased threshold for presumptive tax cases under section 44AD – Consequential amendments required in section 194A/ 194H/ 194I & 194J The Finance Bill, 2017 proposes to amend the section 44AB to exclude the eligible person, who declares profits for the previous year… Read More »
ICAI submits Post-Budget Memoranda-2017 – (27-02-2017) Download
Income Tax Effect on Let out property What Finance Bill 2017 says about Loss from House Property As per Finance Bill 2017, the set-off of loss from house property against income from any other source is restricted to R2 lakh per annum. Balance loss, if any, will be carried forward for eight subsequent years to… Read More »
BMR Advisors Webinar on the Finer nuances of Transfer Pricing Budget 2017 Amendments Published on Feb 15, 2017 One of the key amendment proposed by the Finance Bill, 2017 is introducing the concept of secondary adjustment by the insertion of Section 92CE to the Act. This has been widely debated in India and also used… Read More »
BMR Advisors Post – Budget Webinar analyzing the fine prints of Union Budget 2017 Published on Feb 15, 2017 In the light of this year’s Union Budget, BMR Advisors presented a post-budget webinar, with BMR expert panelists analyzing the fine prints of Union Budget 2017.
Change or modifications of object and filing of return of income in case of entities exempt under sections 11 and 12 Summary : Section 12A is proposed to be amended by Finance Bill 2017 to provide that any trust or institution availing benefit of tax exemption under section 11 should inform the CIT within 30… Read More »