Category Archives: Direct Tax

Final Rules prescribing method of valuation of unquoted shares

CBDT has notified amended Rule 11UA prescribing method of valuation of fair market value (‘FMV’) of unquoted equity shares for the purpose of section 56(2)(x) . Section 56(2)(x) provides that where any person received any property without consideration or for … Continue reading

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Final Notification u/s 10(38)

The Finance Act, 2017 (“FA 2017”) brought an important amendment to section 10(38) of the Income‑tax Act, 1961 (“the Act”) to provide that exemption of Long Term Capital Gains (‘LTCG’) under this section arising on transfer of equity shares acquired … Continue reading

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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

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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

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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

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