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Monthly Archives: May 2017
Cabinet Approves Phasing Out Foreign Investment Promotion Board
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given it`s approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries/Departments to process applications for FDI … Continue reading
Posted in Regulatory
Taxation of Services under GST
The GST Council, on the second day of its 2-day meeting in Srinagar, has considered and finalised GST rates to be applicable for different types of services. In brief some key aspects related to services decided at the meeting are … Continue reading
Posted in GST
Tagged Finalised GST Rates, gst, GST Taxation
Filing of Statement of Financial Transaction (SFT) for FY 2016-17 – 31st May Deadline
Filling of Statement of Financial Transaction (SFT) for Financial Year 2016-17 – Important Reminder Section 285BA of Income Tax Act, 1961 (‘Act’) read with Rule 114E of Income Tax Rules, 1962 (‘Rules’) requires certain persons/entities to furnish a return/ statement … Continue reading
Posted in Direct Tax
Tagged SFT, Statement of Financial Transaction
Deemed Gift and Deemed Capital Gains – Section 56(2)(x) and Section 50CA
Section 56(2)(x) Finance Act 2017 has inserted a new clause (x) in section 56(2) w.e.f 1st April 2017 (i.e. applicable from AY 2018-19 related to FY 2017-18) which has considerably widened the scope of provisions taxing deemed gift as income. … Continue reading
Posted in Direct Tax
Tagged CBDT, Deemed Capital Gains, deemed gift, Finance Act 2017
Income Computation and Disclosure Standards (ICDS)
The Central Board of Direct Taxes (“CBDT”) vide Notification no. 87 dated 29th September 2016 (“Notification”) has notified revised Income Computation and Disclosure Standards (“ICDS”) along with FAQs for clarifying certain issues vide Circular No. 10/2017 dated 23rd March 2017 … Continue reading
Posted in Direct Tax
Tagged CBDT, Computation and Disclosure Standards, Income Standards