News

CBDT issues circular, seeks to clarify indirect transfers related ambiguities

CBDT issues clarification, answers 19 questions on indirect transfer provisions contained in Sec. 9(1)(i) of the Income-tax Act, 1961

Dec 21,2016

Government introduces tax-incentive on less-cash transactions, deemed profit rate u/s 44AD reduced from 8% to 6%

CBDT announces reduction in deemed profit rate from 8% to 6% u/s 44AD (which provides for a presumptive tax scheme)

Dec 19,2016

Government notifies rules for IDS – 2 deposits, 31st Mar’17 deadline to avail PMGKY shelter

Govt. notifies rules for declaration of undisclosed income under Pradhan Mantri Garib Kalyan Yojana Scheme, 2016 (‘PMGKY’), the Scheme shall

Dec 16,2016

SC sets-aside Madras HC in Kalanithi Maran on ‘writ’ maintainability against reopening notice

SC sets-aside Madras HC judgement in a batch of over 40 cases including Kalanithi Maran [TS-413-HC-2014(MAD)]; Madras HC had dismissed taxpayers’ writ petitions against

Dec 08,2016

Proceedings' Summary of FIT & IBFD’s International Taxation Conference 2016

Year 2016 has certainly been eventful for tax professionals across the globe! And what better way to end the year

Dec 06,2016

CBDT seeks to clarify rumours around jewellery taxation under proposed demonetisation amendments

CBDT seeks to clear air around rumors making rounds that gold jewellery (including ancestral jewellery) shall be taxed @ 75%

Dec 01,2016

Searches yield Rs. 11,000cr undisclosed income’ admission; Black money rampant in real estate, education

Analysis of data pursuant to searches conducted by IT Department during last three financial years reveals that the main sectors

Nov 30,2016

LS passes demonetization related amendments to Income-tax Act, Taxation Laws Bill

Lok Sabha passes Taxation Laws Amendment Bill, amendments proposed by Govt. to Income tax Act, amid din; Finance Minister Arun

Nov 29,2016

Govt.'s demonetization tax proposals decoded, evaders get another IDS

Government introduces comprehensive proposals to tax unexplained demonetization deposits; Proposes another Income Disclosure Scheme by the name of 'Pradhan Mantri

Nov 28,2016

Govt. introduces amendment to IT Act pursuant to demonetization

Government tables Taxation Laws (Second Amendment) Bill, 2016 relating to demonetization; Proposes amendments to Sec. 115BBE (which provides taxation for unexplained cash

Nov 28,2016

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