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Author Archives: Parveen Kumar
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
Secondary Adjustment in Indian TP provisions: An international best practice or needs another look?
Keeping pace with the international best practices and its commitment towards OECD BEPS Initiative/ G20, India through Finance Act 2017 has brought in certain unconventional changes in the Transfer pricing (‘TP’) & International taxation regime. After EQL, CBCReporting – BEPS … Continue reading
Posted in Transfer pricing
Tagged Indian TP provisions, Secondary Adjustment, TP provisions
Law of Limitation – Kept Intact
Section 197(C) of the Finance Act 2016 provided for assessment of undisclosed income relating to any period prior to Income Disclosure Scheme, 2016 (IDS) is proposed to repealed in the Budget 2017 presented by Hon’ble Finance Minister Mr. Arun Jaitley on … Continue reading
Posted in Direct Tax
Tagged income tax, law, law of limitation, limitation law