Category Archives: Direct Tax

CBDT withdraws Circular on 56(2)(viia) applicability to fresh issuance of shares; Cites subjudice matters

CBDT withdraws Circular no. 10 dated 31st Dec 2018 clarifying that Section 56(2)(viia) of the Income-tax Act, 1961 (‘the Act’) shall not be applicable in cases of receipt of shares by a closely held company (specified company) or a firm … Continue reading

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CBDT: Sec. 56(2)(viia) not applicable to receipt of ‘freshly issued shares’ by closely held co.

CBDT clarifies that Sec. 56(2)(viia) shall not apply to receipt of shares by a closely held company (specified co.) or a firm on fresh issuance of shares; Takes note of representations that the term ‘receives’ used in 56(2)(viia), being of … Continue reading

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CBDT has notified Non-Securities Transaction Tax scenarios for 10% LTCG under section 112A

CBDT has issued Final Notification under section 112A(4) specifying nature of equity share acquisitions in respect of which requirement of payment of Securities Transaction Tax would not apply for 10% LTCG tax, no major changes vis-à-vis the draft notification;

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Exemption on interest income on specified off-shore Rupee Denominated Bonds

CBDT issue press release dated 17.09.2018 announcing tax exemption for interest payable by an Indian company or a business trust to a non-resident or foreign company in respect of rupee denominated bond issued outside India during September 17th, 2018 to … Continue reading

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Be a Part of an Annual Conference on TDS and Get Valuable Insights

Tax Deduction at Source: Issues, Problems and Recent Developments PHD chamber of commerce and industry is a leading and dynamic government body that works at the grass root level with a mission of Skilling India for Global Competitiveness. The multi-state … Continue reading

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